我国小额贷款公司可持续发展的探讨

小额贷款公司的出现和发展,避免了金融机构小额信贷业务的诸多弊端。为确保其可持续发展,仍需明确小额贷款公司的宗旨与定位,要满足农民具有个性化、区域化的融资需求,扩大和加强基层信贷员队伍建设,切实提高农民的还款率、实现公司的盈利,从而更好地为低收入农民提供金融服务,在条件成熟时允许盈利的小额贷款公司吸纳存款。     

Value Orientations, Income and Displacement Effects, and Voluntary Contributions

Identifying the value orientations of subjects participating in market or non-market decisions by having them participate in a ring game may be helpful in understanding the behaviour of these subjects. This experiment presents the results of changes in the centre and the radius of a value orientations ring in an attempt to discover if the measured value orientations exhibit income or displacement effects. Neither significant income effects nor displacement effects are identified. An external validity check with a voluntary contribution game provides evidence that value orientations from rings centred around the origin of the decision-space explain significant portions of voluntary contributions while value orientations from displaced rings do not.     

New product development in foreign customer relationships: a study of international SMEs

Abstract

This study identifies a gap in research concerning how small and medium-sized enterprises (SMEs) can benefit from pursuing locally (rather than globally) oriented internationalization strategies. Becoming overly dependent on one single foreign market could potentially reduce the inflow and diversity of new knowledge that can serve as input for new product development. This study discusses how this risk can be minimized. In this endeavour we create a theoretical model that investigates how the local sales concentration and relationship-specific commitment of SMEs relates to new product development. To do this we draw on the behavioural internationalization process framework. The theoretical model is tested on an effective sample of 188 Swedish SMEs. The results show that relationship-specific commitment mediates the effect of local sales concentration on new product development. The implication is that investments which enable collaboration in important business relationships are crucial requisites for keeping firms innovative and in pace with market fluctuations. The findings thus contribute to international business literature by showing that a local market scope of operations combined with a relationship orientation are beneficial for new product development in international SMEs.     

Unilever's Latin American Strategy in Yellow Fats,Ice Cream and Teas

Abstract

The article investigates the interplay between the changes in the large corporate strategy of a multinational and changes in the business environment in Latin America. In its international expansion, Unilever has traditionally used a decentralized national responsive strategy where local subsidiaries develop their markets with a great degree of autonomy. In response to globalization, Unilever moved towards greater business coordination and a more focused approach in the nineties. The article examines the impact of this reorganization on the firm's regional strategy in Latin America. We examine the firm's strategy in three food categories: fat oils, ice cream and tea-based products. We conclude that Unilever continues to use a strategy of national responsiveness with no attempt to coordinate its experiences across the region.     

“合规性”贸易壁垒影响产业国际竞争力的效应分析

“合规性”贸易壁垒的应用已成为当今贸易保护的最明显特征。本文首先简要讨论了产业国际竞争力的内涵及其评价方法,进而说明产业国际竞争力受“合规性”贸易壁垒影响的作用机理,并分别就“合规性”贸易壁垒对实施国及对象国的产业国际竞争力的影响效应进行了具体分析。     

我国胶合板国际竞争力的比较分析

本文首先回顾了我国胶合板的生产与贸易现状;然后依据三种不同的国际竞争力测算方法,在选取不同类型国家的基础上,进行了胶合板国际竞争力的国际比较分析;紧接着,从理论与实证角度,对不同指数测算结果进行了系统的比较;最后,通过整合与归纳不同的分析结果,提出了对于提升我国胶合板国际竞争力的几点启示。     

对外直接投资与贸易的关系:互补或替代

本文运用2000-2004年我国进出口贸易和对外直接投资的数据资料,使用引力模型分析了我国对外直接投资和对外贸易之间的关系。结果表明:在我国,对外直接投资与出口贸易之间存在显著的互补性,即对外直接投资与出口相互促进。本文的研究结论对我国实施"走出去"战略具有重要的政策含义。     

论中国金融发展中的结构制约

加入WTO以后中国金融发展面临的主要问题是既要增强国际竞争力,又必须维护国家的金融安全.但目前中国的金融结构存在着严重缺陷,制约了中国金融业的进一步发展与国际竞争力的提升,对金融稳定与安全产生了诸多的不利影响,因此,中国金融发展不能继续依赖数量增长和加快速度的路径,需要转变思路,以结构调整为重点推进中国金融的改革开放与发展,寻求提升国际竞争力与安全性相统一的金融发展之路.     

我国进行国际税收竞争的最优战略与策略分析

本文依据国际税收竞争对我国的积极意义以及我国是发展中大国的战略定位,认为我国应该采取"积极、适度竞争,理性、必要协调"的战略;在竞争策略的选择上,通过对我国主要资本来源国对待本国资本海外投资的规定以及竞争对手国吸引外资相关做法的研究,提出我国应选择"低税率、宽税基、少优惠"的竞争方式和手段,并应注重形成有比较竞争力的税收制度,而不应进行频繁的政策调整.     

Disclosure and the cost of equity in international cross-listing

In this paper, we examine the relationship between disclosure level and the cost of equity capital for a sample of international firms cross-listing on the New York Stock Exchange. Increased disclosure has the potential to reduce information asymmetry, reduce the cost of financing and increase analyst following. Using an international asset pricing model, we find that listing firms experience a decrease in both disclosure risk and systematic risk while matching firms do not. Further, we find that the magnitude of the decrease is related to three types of disclosure: accounting standards; analyst following; and exchange/regulatory investor protection. Our results suggest that increased disclosure through accounting standards is beneficial to investors and that disclosure can be accomplished through information intermediaries, e.g., analyst following. For firms with the lowest levels of disclosure prior to cross-listing, all three types of disclosure appear to be valuable.