关于提升农业经济管理信息化水平的策略分析

当前,我国经济飞速发展,在经济、文化等各领域发生了巨大的变化。随着信息化时代的来临,农业经济管理同样实现了基于信息化的革新和进步。基于此,论文主要针对如何提升农业经济管理的信息化水平进行深入的探究与讨论,旨在不断推进我国农业经济管理体系的信息化发展。     

Error Calculus and Path Sensitivity in Financial Models

In the framework of risk management, for the study of the sensitivity of pricing and hedging in stochastic financial models to changes of parameters and to perturbations of the stock prices, we propose an error calculus that is an extension of the Malliavin calculus based on Dirichlet forms. Although useful also in physics, this error calculus is well adapted to stochastic analysis and seems to be the best practicable in finance. This tool is explained here intuitively and with some simple examples.     

The effect of the euro on foreign direct investment

In this paper the recent effect of the European Monetary Union on inward FDI-flows is examined using a difference-in-differences approach. The estimated results show that the introduction of the euro raised inward FDI flows by approximately 16% within the euro area, by approximately 11% to non-members and weakly by around 8% from non-member countries into the euro area. Moreover, the geographical effects of the euro are explored. The results show partial agglomeration tendencies for the euro area. There are also some indications of increased importance of vertical specialization in the sample.     

BIG QUESTIONS IN AUSTRALIAN ECONOMIC HISTORY: FROM THE OUTSIDE LOOKING IN1

The conventional story of Australian economic history is worth challenging. Rather than just assuming a national economy with conventional turning points such as Federation, economic historians would do well to investigate more complex processes like the interplay between regions, races and development, and the changing patterns of interaction with the outside world. The big question for economic historians is whether in the future they can undertake economic research which informs history and so contributes to the national debate.     

基于因子分析的各省市物流水平的研究

现代物流业作为"第三利润源"具有广阔的发展前景,利用因子分析方法对各省市物流水平进行研究,分析各省市的物流水平,比较它们之间的差距并分析原因,努力提高各省市的物流水平,可以为社会创造更多的价值。     

我国上市公司股权集中度影响因素分析

股权集中度的高低决定了公司代理问题的本质，因此确定合理的股权集中度有助于降低代理成本，提高企业价值，所以逻辑研究的前提是首先要了解影响股权集中度的相关因素。本文对我国上市公司股权集中度影响因素的实证分析结果表明，终极控制人性质、控股大股东性质、控制层级、地区市场化程度以及上市公司业绩、规模、风险、负债率高低及所属行业情况是影响股权集中度的主要因素。     

Technological Capability and FDI in Asia: Firm‐level Relationships among Japanese Manufacturers*

The present paper reexamines the relationship between technological capabilities and FDI decisions at the firm level. The data cover 118 300 Japanese firms in all manufacturing industries. The R&D of Japanese firms has a noticeably weaker relationship with FDI in Asia than with FDI in industrial countries. This finding is confirmed to be robust even when alternative estimation techniques are used and when R&D expenditure data are replaced by patent data. The estimation results also reveal non‐negligible fixed entry costs for FDI, a finding consistent with the observation that only approximately 2 percent of the firms invest abroad.     

预期寿命对中国养老保险支出的影响效应——基于省级面板数据的实证分析

利用1995—2014年我国31个省份的省级面板数据实证检验了预期寿命延长对我国养老金支出的影响效应。结果发现：人口平均预期寿命对我国养老金支出水平具有显著的正向影响。实证结果显示：研究样本期间内人口平均预期寿命的增加导致了我国养老金支出水平增加了0.94个百分点,对养老金支出水平增加的贡献度高达76%,成为了我国养老金支出增加的主导因素。随着我国人口预期寿命延长模式逐渐进入到以老年人口死亡率下降为主导,这种人口增龄效应对养老金支出的影响还会进一步增强和深入,在未来养老保险制度改革优化过程中需对预期寿命这一因素加以重点关注。     

Three Decades of IPO Markets in Canada: Evolution,Risk and Return

This article explores the extent that the long‐run returns following initial public offerings (IPOs) can explain the asserted decrease in IPOs in Canada. The causes of such a decrease remain controversial, in part because of our limited knowledge of this market. We first describe in detail the evolution of Canadian IPOs on the senior and the venture stock exchanges over three decades (1986–2016). This evolution differs considerably between natural resource and non‐natural resource firms. Second, using other junior markets as a benchmark, we show that the Canadian IPO market is very particular, mainly because it lists very small firms at an early development stage. Third, using 2,145 Canadian IPOs, we provide evidence that these IPOs generate three‐year negative average abnormal returns, and more than 70 percent report negative abnormal returns. Large issuers reporting profits constitute the only subsample that provides fair returns, but they account for less than 5 percent of IPOs. Such a market probably survived for many decades because of investors' preference for skewness and the characteristics of the returns' distribution. We observe a high level of skewness of abnormal returns, consistent with the behavioral finance proposition that investors are often unduly optimistic when valuing lottery stocks.