Evaluating China's Exchange Rate Regime

The U.S.in the last couple of years has been up in arms about China's exchange rate regime. In 1994 China established a de facto currency peg.The dollar-RMB ex- change rate was fixed at 8.28.The People's Bank of China(PBC)al- lowed the rate a narrow band of around .01 to.02 percent in which it could shift daily.The exchange rate program did not become newsworthy until U.S.Treasury Secretary John Snow's visit in 2003.In fact as a study by Frankel and Wei(2007) showed,the RMB's forward was actually selling at a discount against the dollar prior to Secretary Snow's visit to China     

长三角地区石化塑胶行业上市公司环境绩效信息披露研究——基于社会责任报告

在长三角地区石化塑胶行业76家上市公司中,搜集到17家公司2008-2010年度社会责任报告40份,总披露率22.37%。对社会责任报告中环境绩效信息采用内容分析法进一步研究发现,时序看环境绩效信息披露形式和内容方面均显示数量和质量的提高,但地区间、市场间和公司间差异显著,30项环境绩效指标中每份报告平均披露仅9.1项,定量环境绩效指标披露率仅为15.83%,样本公司的环境绩效信息披露数量和质量尚有很大提升空间。     

风向投射角对建筑组团能耗的影响——以西安地区住宅组团为例

以西安地区为例,利用能耗模拟程序对不同风向投射角对建筑组团热环境的影响进行了研究。采用依次改变建筑组团朝向与风向之间夹角的方法,建立了适合不同季节要求的算例模型。以全年建筑物能耗最低为判据,定量地阐述了风向投射角对建筑物能耗的影响。研究得到了西安地区建筑组团布局朝向的推荐方案:当建筑物的风向投射角在30度时,建筑物能耗最低;风向投射角在45度或逆时针旋转在15度范围内,建筑物能耗比较稳定。     

上市公司年报披露的及时性:公司业绩与审计意见的影响

以我国上市公司2003—2005年的数据作为样本,主要采用非参数方法检验上市公司年度报告披露的及时性与公司业绩和审计意见两个因素的关系。结果显示:业绩差的公司比业绩好的公司年报披露更加不及时;被出具非清洁审计报告的公司比被出具清洁审计报告的公司年报披露更加不及时;公司被出具的审计报告严重程度越高,年报披露越不及时。     

三大突出矛盾制约经济健康运行

本文分析了当前我国经济总体向好背后的三大隐患:高投资与低消费、高投资与低效益以及国民经济快速增长与农民收入增长缓慢及城乡居民收入差距拉大的矛盾。同时指出这些隐患的巨大危害性,如果我们在这些问题上处理不当,致使矛盾更加突出,甚至进一步激化,则很可能断送来之不易的大好形势。     

财务报告问询函对会计稳健性的影响:直接效应与溢出效应

基于非处罚性监管的视角，考察财务报告问询函对收函公司会计稳健性的直接效应，以及与收函公司具有联结关系的公司会计稳健性的间接影响即溢出效应。结果发现：财务报告问询函能提高收函公司的会计稳健性，并对与收函公司具有审计师联结和高管联结关系的上市公司（简称“关联公司”）的会计稳健性产生积极的监管效应；正式制度与非正式制度的异质性会导致问询函监管效应的差异，即在交易所监管力度较强和社会信任环境更好时，财务报告问询函对收函公司及具有审计师联结关系的关联公司的会计稳健性影响更明显，但对具有高管联结关系的关联公司的会计稳健性影响并不显著。     

基于LDA主题模型的上市公司违规识别——以中国A股上市银行为例

以我国2010—2019年的A股上市银行年报为样本,利用LDA主题模型深度挖掘年报语义信息并构建银行年报的主题指标,在多种机器学习模型上对比主题指标与常用的财务指标、文本特征指标及其与主题指标的合并指标在检测上市银行违规时的性能。研究发现：年报文本主题内容对上市银行的违规行为有一定的预测作用,且与单一传统指标相比,主题指标可以提升传统指标的违规识别性能。研究结果为使用年报文本主题信息和机器学习方法识别上市银行违规的有效性提供了直接的证据,为市场构建了一种有效的违规识别指标体系,为审计师找到了一种较为高效的违规识别方法,有助于进一步规避与防范审计风险。     

Urban wireless traffic evolution: The role of new devices and the effect of policy

The emergence of new wireless technologies, such as the Internet of Things, allows digitalizing new and diverse urban activities. Thus, wireless traffic grows in volume and complexity, making prediction, investment planning, and regulation increasingly difficult. This article characterizes urban wireless traffic evolution, supporting operators to drive mobile network evolution and policymakers to increase national and local competitiveness. We propose a holistic method that widens previous research scope, including new devices and the effect of policy from multiple government levels. We provide an analytical formulation that combines existing complementary methods on traffic evolution research and diverse data sources. Results for a centric area of Helsinki during 2020–2030 indicate that daily volumes increase, albeit a surprisingly large part of the traffic continues to be generated by smartphones. Machine traffic gains importance, driven by surveillance video cameras and connected cars. While camera traffic is sensitive to law enforcement policies and data regulation, car traffic is less affected by transport electrification policy. High-priority traffic remains small, even under encouraging autonomous vehicle policies. Based on peak hour results, we suggest that 5G small cells might be needed around 2025, albeit the utilization of novel radio technology and additional mid-band spectrum could delay this need until 2029. We argue that mobile network operators inevitably need to cooperate in constructing a single, shared small cell network to mitigate the high deployment costs of massively deploying small cells. We also provide guidance to local and national policymakers for IoT-enabled competitive gains via the mitigation of five bottlenecks. For example, local monopolies for mmWave connectivity should be facilitated on space-limited urban furniture or risk an eventual capacity crunch, slowing down digitalization.