第三方支付企业间的竞争和发展分析

随着电子商务在国内的快速发展,电子商务对电子支付的需求增强,第三方支付平台市场规模增长极其迅速。随着第三方支付平台市场规模的迅速增长,第三方支付企业之间的竞争日趋激烈,第三方支付企业与银行之间、第三方支付企业与企业之间及在我国目前面临的政策环境下第三方支付企业如何生存和发展显得尤为重要。     

Deal characteristics and M&A performance: How do hospitality firms fare?

The global hospitality industry has experienced significant consolidation in the past several decades. While evidence in the general business literature suggests that the target firm shareholders gain instead of the acquiring firm shareholders, some studies in the hospitality industry have suggested that mergers and acquisitions (M&As) are also beneficial to acquiring firms. Using a comparative study design and a comprehensive sample over 41 years, we empirically examine whether M&As create more value in the hospitality industry than in other industries and whether certain deal characteristics may explain the potential performance differential. Overall, we find that M&As in the hospitality industry outperform M&As in non-hospitality sectors. When examining deal attributes, we find that relative size of target, cash method of payment, and an unlisted target are characteristics positively related to merger performance and help explain some of the performance differential. We contribute theoretically and empirically to the literature by demonstrating that industry and deal effects play an important role in M&A performance.     

垂直财政不对称与收入不平等——基于转移支付依赖的门槛效应分析

收入分配不平等是现阶段我国社会的主要矛盾之一。本文实证考察了分税制改革以来政府间纵向财政分配体制对居民收入差距的影响。结果显示,垂直财政不对称提高总体上未起到缩小居民收入分配差距的作用。转移支付依赖度较低时,垂直财政不对称提高有助于降低居民收入不平等;而转移支付依赖度超过某个阈值时,垂直财政不对称提高反而加剧居民收入分配不均衡。在一般性转移支付的门槛效应中,垂直财政不对称提高会降低收入不平等;在专项转移支付的门槛效应中,垂直财政不对称对收入不平等的影响呈现“U型”关系。这意味着政府间财政分配关系改革应合理控制转移支付规模,进一步提高一般性转移支付的比重。     

Paying before consuming: Examining the robustness of consumers’ preference for prepayment

Prior research on consumers’ preference for timing of payment suggests that consumers prefer to prepay for certain kinds of purchases (e.g., vacations) and postpay for others (e.g., washer dryers). This research extends this finding by first comparing preference for timing of payment for products that vary by type (hedonic vs. utilitarian) and durability (nondurable vs. durable) to reveal that it is only hedonic-nondurable products that elicit a preference for prepayment (study 1). The two studies that follow examine the robustness of the prepayment preference by (1) varying the favorability of the transaction (study 2), and, (2) by eliminating the choice of payment timing from the transaction (study 3). Results reveal that the preference for prepayment for hedonic-nondurable goods is robust when transaction characteristics are favorable but shifts when transaction characteristics are unfavorable. Furthermore, when the choice of payment timing is not offered, consumers become indifferent towards when they prefer to pay for hedonic-nondurable products. The implications of these findings for marketers and retailers are discussed.     

财政分权视角下中国农村义务教育落后的原因分析

本文认为,中国农村义务教育落后与财政分权有密切关系.分税制特别是偏离公平目标的政府间财政转移支付制度,使得贫困地区具有极强的压缩农村义务教育投入的内在动力,这是导致20世纪90年代中期以来中国农村义务教育状况不断恶化的重要原因.缓解中国城乡义务教育发展差距,必须全面改革分税制,特别是政府间财政转移支付制度.     

Economic and Household Impacts of Projected Policy Changes for the Irish Agri‐food Sector

The policy environment for the Irish agri‐food sector could change rapidly in the coming decade. A potentially positive factor will be the elimination of milk quotas in 2015, although a potentially negative factor will be further trade liberalisation and increased import competition. These changes come on top of the move to decouple direct aids to farmers in 2005 as part of the Mid‐Term Review of the EU's Common Agricultural Policy agreed in 2003. This paper examines these reforms and their impacts on the Irish economy and income distribution using a CGE model particularly rich in detail on the agri‐food sectors, differentiated household groups, and agricultural policy instruments including their links to productive factors and households. The results suggest that the past and projected changes in the policy environment have, in sum, a small positive impact on GDP and household income. However, the gains and losses are unequally distributed across sectors and household groups due to the highly differentiated distribution of support and protection. Although all households generally gain from the sequence of policy reforms in the long run, some experience strong adverse effects from particular reforms and in the medium term.     

构建现代化农村支付体系的思考

农村支付体系是农村金融体系的重要组成部分，建立现代化农村支付体系对推进社会主义新农村建设意义重大。在对福建省农村支付体系调查的基础上，分析存在的问题，提出通过确立长期发展战略，统筹推动农村支付体系建设；健全农村金融组织体系，培育有序竞争的支付服务环境；完善农村支付基础设施，进一步畅通农村支付渠道；丰富农村支付工具体系，推广适合农村的非现金支付工具；政策扶持与加强监管的结合等方式构建现代化农村支付体系的建议。     

农民工工伤保险模式设计与仿真

农民工工伤保险模式要求在政府统一的农民工社会保障体系下,实行缴费资金先由省市政府统一管理、再逐步发展为全国统一的管理体系,实行单位缴费,个人不承担。文章在重点调查研究农民工工伤保险现状基础上提出合理的工伤保险缴费和待遇新模式,并进行计算机仿真计算,检验设计的模式是否科学、合理和可操作的。     

Environmental grants and regulations in strategic farm business decision-making: A case study of attitudinal behaviour in Scotland

This paper addresses the question of farmer responses to agri-environmental programming in light of the Single Farm Payment, focusing on the role of environmental regulations and grant schemes in strategic farm decision-making. Utilising Ajzen's theory of planned behaviour in a qualitative case study of farmers in Upper Deeside, Scotland, it was found that farmer respondents actively consider environmental regulations and grant opportunities as part of their decision rationale in making investments in farm development, such as agro-industrial building construction or securing additional land. Fulfilling agri-environmental regulations is constructed by respondents as being part of ensuring farm viability, while eligibility for agri-environmental schemes is impacting on how tenanted land is valued. The author identifies three mechanisms facilitating farmer up-take of environmental schemes, and makes a case for consideration of farmers as experts in producing environmental outcomes while maintaining economic sustainability of farming operations.     

Prices,institutions, and determinants of supply in the Malian cotton sector

Cotton, both a source of livelihood for millions of poor rural households and a major source of export revenues, is a vital commodity for the economic and social development of Mali. Inefficiencies in the Malian cotton system at the ginnery and producers’ cooperative levels (e.g., late payment to farmers and poorly functioning credit schemes) have recently led to an important decline in supply, threatening the sustainability of the sector. Using regional data from 1998/1999 to 2008/2009, this study aims to quantitatively assess the contribution of key determinants, such as cotton prices and timely payment, toward the downward trend in cotton area. A dynamic supply model, based on adaptive expectations and partial adjustment, is employed to estimate the effects of prices and institutional factors, such as credit recovery rates and date of payment to farmers, on the Malian cotton supply. Results show that supply responds significantly to cotton prices relative to cereal and fertilizer prices. Date of payment varies across agricultural cycles and late payment negatively influences land devoted to cotton. Low credit repayment rates create disincentives to grow cotton. Therefore, the revitalization of the Malian cotton sector depends upon getting both prices and institutions right.