中国古代社会私有财产权利分析

本文分析了中国古代社会私有产权,依据产权经济学分别考察了古代社会中土地私有产权、商人产权以及关于私有产权的观念,通过对土地私有产权的分析发现,古代土地私有产权处于残缺的状态,而且土地所有权与使用权相分离,土地收益权不完整,土地转让权也受到诸多限制;同时,商人的产权也屡受侵犯,表现在政府对商人财富的侵夺,以及商人的经营范围受到诸多限制。最后,回顾了自战国直至明清时期关于私有产权的观念,发现关于私有产权的观念主要是“抑私”,即对私有产权的抑制。     

CREDIT DEFAULT SWAPS – WEAPON OF MASS DESTRUCTION OR RELIABLE INDICATOR?

Credit Default Swaps (CDS) are said to increase systemic vulnerability, but they also serve as an ex‐ante indicator of default probabilities, more finely‐tuned and more responsive than ratings agency reports. And they provide a useful mechanism for trading risk and an incentive for good management by businesses and governments.     

Do employee dimension ratings reflect employee performance? Evidence from MSCI’s ESG database

We investigate whether the ratings of employee dimension in MSCI’s ESG database reflect employee performance of a firm. Using a large panel sample with 23,739 observations from 1991 to 2015, we find a significant positive relation between employee performance and employee dimension ratings. To mitigate concerns about endogeneity issues and robustness of our study, we perform various additional tests and still obtain consistent results. Overall, our findings suggest that the employee dimension ratings in MSCI’s ESG database accurately reflect employee performance.     

商贾历史剧中的儒商文化及其现代意义

近年来商贾历史剧热播,中国近现代史上的商人风采、商场风云异彩纷呈,有力地展现了仁、德、信、义等富有中国儒家传统特色的商业文化、道德和伦理,可为现代市场经济发展提供新的＂契机＂,为构建现代商业伦理提供新的文化资源。     

我国外部评级使用现状和发展方向

近几年,我国债券市场发展迅猛,外部评级在我国资本市场中发挥的作用越发凸显。然而,由于对信用评级的认识偏差,我国在对外部评级的使用方面存在一些问题,阻碍了我国债券市场以及资本市场的发展。借鉴国外在使用外部评级方面的先进经验,我国除应继续发挥外部评级的作用外,也应及时纠正对外部评级的不合理使用问题,减少对外部评级的过度依赖和不当使用。     

Credit ratings of Chinese online loan platforms based on factor scores and K-means clustering algorithm

The rapid development of Chinese online loan platforms (OLPs), as well as their risks, has attracted widespread attention, increasing the demand for a complete credit rating mechanism. The present study establishes a credit rating indicator system for 130 mainstream Chinese OLPs that combines 12 quantitative metrics of online loan operations similar to commercial bank credit rating indicators, including platform transaction volume and average expected rate of return. We also consider two qualitative indicators of online loan background, namely platform background and guarantee mode, that reflect Chinese characteristics. Subsequently, a factor analysis was conducted to reduce the 14 indicators’ dimensions. The loads of the rating indicators in the resulting rotating component matrix were refined into an OLP operation scale factor, fund dispersion factor, security factor, and profitability factor. Finally, a K-means clustering algorithm was employed to cluster the factor scores of each OLP, thereby obtaining credit rating results. The empirical results indicate that the proposed machine learning–based credit rating method effectively provides early warnings of problem platforms, yielding more accurate credit ratings than those provided by two mainstream online loan rating websites in China, namely, Wangdaitianyan and Wangdaizhijia.     

试论商人伦理

当前社会上许许多多的丑恶现象与商人不讲商人伦理有关.研究商人伦理内涵、商人伦理作用及如何构建我国的商人伦理秩序问题,对协调我国市场经济中的各种利益矛盾,营造商人相互之间良好的人际关系以及促进我国市场经济的健康有序发展有着举足轻重的作用.     

商贾诗源流初探

本文论述了商贾诗的内容和形式的演变规律。内容上,对商人和商业由贬抑到褒扬,渐渐加大了褒扬的成分。形式上,由附属于其它诗歌到独立成体,获得了姓名权;由五字四句到五字或七字上十句乃至几十句。历史上,经历了从萌生到发展到成熟到消泯的全过程。     

论中晚明士商关系的转变及士对商的人文关怀

在明代中后期社会经济和文化因素的影响之下,基本上处于对立状态的传统士商关系呈现出交互融合和双向转化的特征:即创士对商的看重及向商的转化;商对士的吸引及向士的靠拢.就话语权而言,士人在其中始终处于主导地位,并从现实、艺术及伦理三个层面对商人进行了人文关怀.     

Employee overqualification and manager job insecurity: Implications for employee career outcomes

In this study, we propose that manager job insecurity will moderate the nature of the relationship between perceived overqualification and employee career-related outcomes (career satisfaction, promotability ratings, and voluntary turnover). We tested our hypotheses using a sample of 124 employees and 54 managers working in a large holding company in Ankara, Turkey, collected across five time periods. The results suggested that average perceived overqualification was more strongly, and negatively, related to career satisfaction of employees when managers reported higher job insecurity. Furthermore, employee perceived overqualification was positively related to voluntary turnover when manager job insecurity was high. No direct or moderated effects were found for promotability ratings. Implications for overqualification and job insecurity literatures were discussed.