略论我国提高对外开放水平及其基本途径

进一步推进对外开放，是全面建设小康社会并最终实现社会主义现代化的重要途径。面对经济全球化深入发展和我国加入世界贸易组织的新形势，必须抓住机遇，化解挑战，最大限度地争取利益而又最有效地规避风险，切实掌握对外开放的主动权。制定和实施正确的涉外经济方针政策；必须继续保持高超的竞争本领、开阔的国际视野、顽强的竞争意识，进一步提高对外开放水平，为我国国民经济的发展和综合国力的提高做出不懈努力。     

Market Liberalization,Regulatory Uncertainty,and Firm Investment

This paper analyzes the effects of regulatory uncertainty regarding labor costs on investment in a liberalized market. We distinguish between the external investment margin (market entry) and the internal investment margin (technology), and establish that regulatory uncertainty affects these margins differently, encouraging market entry, but discouraging technological investment. As a consequence, the impact of regulatory uncertainty on competition in liberalized markets is a combination of these two countervailing forces.     

Pet‐related consumption as a consumer identity constructor

The objective of this paper was to analyse how pet‐related consumption can be connected to consumer identity construction. This objective is based on the idea that consumers use symbolic meanings from possessions to construct and communicate their identities. Objects of attachment have especially been found to be closely connected to the formation of consumer identity. Furthermore, it is often assumed that consumers struggle to maintain a true sense of self or personal identity while retaining a feeling of belonging and social identity. This may be portrayed through layers of identity, which are composed of personal identity, social identity and other people. Empirical research was conducted using focus groups to create individual collages. The findings indicated that pet‐related consumption was used in the following six ways to construct consumer identity: ‘character developer’, ‘source of well‐being’, ‘means to connect’, ‘status communicator’, ‘object of devotion’ and ‘intermediary’, all of which found their places in the layers of identity. Each of these ways of using pet‐related consumption was paired with one other so that the extremes formulated three dimensions in a consumers' identity construction: the personal dimension, the social dimension and the dimension of emotional attachment. In conclusion, it was proposed that consumer identity construction illustrated via pet‐related consumption as created within both social interactions with meaningful others and those three dimensions is multi‐levelled and multifaceted. The paper invites future research to study both identity construction and emotional attachment, being such multifarious phenomena, and to explore the dynamic interactions that may exist.     

规制俘获理论跨学科研究进展述评

规制俘获理论是刻画政府规制过程中各利益集团相互行为关系的理论,它将经济学的有关理论及分析方法引入对政府规制目标和效果的研究,从而大大拓展了规制研究的视野。随着规制环境的变化,规制俘获理论研究呈现出跨学科、跨边界、跨层次的趋势,管理学、法学、政治学和社会学与经济学中规制俘获理论的交叉、融合,发展了许多新的研究内容和领域。本文从规制俘获的前因、方式、结果和治理措施等方面对这些领域的理论基础、研究范式和最新进展进行介绍,并结合现有各学科研究的特点与不足,提出为形成科学的理论体系,在未来研究中需要进一步拓展的方向。     

2012年全国林业计划财务工作的思路与任务

论述了2012年全国林业计划财务工作核心目标、任务与工作重点,强调林业计划财务工作要服务国家战略大局和林业发展全局,更加注重生态建设质量、发展实体经济、保障和改善民生;加大对生态建设、林业改革、林业产业、木本粮油、资源保护和科技兴林支持力度;确保生态贡献总量稳定增加,确保农民和林业职工稳定增收和林区社会和谐稳定。     

Collective-based ad transparency in targeted hotel advertising: Consumers’ regulatory focus underlying the crowd safety effect

Facing transparency requirement of ad generation process, digital marketers need to design proper transparency messages to preempt consumer backlash. Based on crowd psychology literature and the regulatory focus theory, we proposed and tested the crowd safety effect of the collective-based (vs. individual-based) ad transparency strategy with two experimental studies in the context of online hotel booking. Results of two studies consistently demonstrate the crowd safety effect of the collective-based transparency on enhancing hotel booking intention and ad click-through willingness. Furthermore, we found that consumers’ trust toward the ad, rather than privacy concern, mediates this positive effect. These findings help us better understand how social dimensions in ad transparency messages shape consumer responses, as well as the role of consumer trust in promoting targeted ad effectiveness through promotion focused behaviors.     

CEO regulatory focus and myopic marketing management

This study details the mechanisms on how CEO regulatory focus affects the salience of the gains versus losses involved in myopic marketing decision-making, and how such CEO psychological attributes interact with internal equity-based compensation, external pressure from equity analysts, and environmental turbulence to affect firms’ myopic marketing management propensities. We find that when faced with short-term earnings pressure to meet earnings expectations and when time is no longer a resource, predominantly promotion-focused are more likely to engage in myopic marketing management to benefit from the temporary stock price increase, which comes from meeting or beating earnings expectations. Conversely, predominantly prevention-focused CEOs are less prone to such short-termist actions which results in long-term value loss. For the moderating variables, we find that: (1) equity-based compensation tends to attenuate myopic marketing tendencies of promotion-focused CEOs but have no impact on prevention-focused CEOs, (2) whether equity analysts improve monitoring or aggravate short-term earnings pressure depends on the CEO’s regulatory focus, and (3) environmental turbulence does not increase the myopic marketing management tendencies of predominantly promotion-focused CEOs but rather intensifies the relunctance of prevention-focused CEOs to take short-termist actions. We further find that myopic marketing management mediates the impact of CEO regulatory focus on future firm performance. These findings have important implications for firms and boards when selecting new CEOs and structuring the compensation of existing CEOs. Firms need to simultaneously consider the fit between the CEOs’ regulatory focus, firms’ needs, the business environment, as well as CEO compensation structure.     

The Perfect Fit: The Moderating Role of Selling Cues on Hedonic and Utilitarian Product Types

With the need among retailers to create effective promotional campaigns, scarcity, and popularity cues are increasingly used. Drawing from regulatory focus and popularity versus scarcity cues literature, this research explores the impact of popularity versus scarcity cues and product types on consumer perceptions of risk, product uniqueness, and purchase intentions. Results from three studies provide primary insights: (1) A utilitarian product aligns with prevention goals and hence the popularity cue will enhance consumers’ purchase intentions, and (2) a hedonic product aligns with promotion goals and hence the scarcity cue will enhance consumers’ purchase intentions. Further, we theorize that perceived risk and perceived product uniqueness will act as psychological mechanisms. We discuss theoretical contributions and strategic insights for retailers and marketers that the findings indicate.     

山高皇帝远:地理距离与上市公司股价崩盘风险的经验证据

鉴于信息不对称程度、制度实施成本和心理文化差异，文章提出"监管距离"假说，认为监管者和被监管者之间距离远近可以影响监管效果。实证分析中国沪深上市公司数据，文章从非对称风险视角出发，研讨了上市公司注册地距所在地中国证监会派出机构的地理距离对公司层面的股价崩盘风险的影响。我们发现，监管机构与上市公司总部的地理距离越远，该上市公司股价的崩盘风险越大。进一步分析发现，如果开通高铁或者上市公司所在地社会信任水平足够高，那么监管距离和崩盘风险的正相关关系是不显著的；如果监管负担严重或政府效率低下，那么监管距离和崩盘风险之间正相关关系更为显著。文章认为，地理距离具有监管信息效应、监管威慑效应和监管执行效应，能够影响股价崩盘风险。也就是说，"山高皇帝远"可以改变上市公司行为，提高金融监管效率不应忽视非正式制度的影响。     

资产透明度、监管套利与银行系统性风险

资产不透明的金融机构过度依赖批发性融资进行监管套利不利于系统性风险的防控。在此背景下,本文首先在经典银行道德风险模型的基础上引入关联性,从资产透明度和监管套利的视角分析银行系统性风险累积的内在机理。而后利用2007-2018年中国上市银行微观数据,构建资产透明度指标和系统性风险指标(SRISK、MES),对理论推论进行实证检验。主要结论有:(1)资产不透明、监管套利会提高银行的系统性风险。(2)监管套利弱化了资产透明度和资本监管机制对银行系统性风险承担的约束作用,资产透明度与资本监管机制在约束系统性风险承担中的协调作用不明显。(3)以大银行为主的债权银行受监管套利的影响相较于受资产透明度的影响更明显。在此基础上,我们对完善金融风险防范体系以及监管机制提出了若干建议。