战略性新兴产业上市公司金融支持效率及其影响因素研究

培育战略性新兴产业是当前我国促进经济结构转变,顺应世界经济发展趋势的必然选择。本文运用DEA方法测度战略性新兴产业金融支持效率,以此为基础构建金融支持效率影响因素模型。实证研究表明,市场性金融支持行为在经济波动期存在效率缺失;金融支持效率的实现伴随风险的增高;在间接融资驱动力不足情况下,直接融资成为战略性新兴产业发展的主要支撑。分析结果认为,提高战略性新兴产业金融支持效率需要充分发挥政策金融的引导作用,突出银行的支持功能,推进金融服务多元化,提高产业的风险抵御能力。     

World Leisure and Recreation Association International Position Statement on Leisure Education and Youth at Risk

Researchers have noted the utility of the Investment Model in explaining the formation of loyalty. This study extends the Investment Model in a leisure service context by including two additional constructs of quality and value. Quality and value are proposed as antecedents of satisfaction, with their effects on loyalty mediated by satisfaction. Results from an online panel survey of American cruise passengers support these hypotheses. The study provides a model of loyalty building that may shed new insight on loyalty research.     

Cost Efficiency of International Tourist Hotels in Taiwan: A Data Envelopment Analysis Application

This paper uses the data envelopment analysis approach to measure cost, allocative and overall technical efficiencies of international tourist hotels (ITHs) in Taiwan during 1997–2006. There are three outputs, three inputs, three input prices and four environmental variables in the empirical model. The cost inefficiency of these hotels is from overall technical inefficiency. International tourist hotels in Taiwan have an average efficiency of 57%. Chain systems, non-metropolitan areas and occupancy rate have significantly positive impacts on all efficiency scores of Taiwan's ITHs. The distance from the nearest international airport significantly worsens their efficiency scores.     

Performance Analysis of Lodging REITs in Relation to Market Segments

This article examines the financial performance of lodging real estate investment trusts (REITs) in relation to their market focus. Secondary data were collected for from 2004 to 2008 from lodging REITs that were traded on major U.S. stock exchanges. Data envelopment analysis (DEA) was used to assess the efficiencies of market segments to generate financial performance. The results showed that two lodging REITs were consistently efficient during the study period relative to other lodging REITs. In particular, lodging REITs investing and/or operating in one or more relatively similar market segments and those focusing on the upper-upscale segment were more efficient than others. This study could provide managers, owners, and investors of lodging REITs preliminary evidence of the relationship between market segments and firm performance. This article also proposes a framework for future investigations to assess the performance of REITs.     

旅游市场效率及其博弈分析--以旅行社产品为例

虽然我国旅游业发展迅速，国际、国内旅游收入总量大，但是旅游企业的效益和整体市场效率却较低，旅游供需处在一种低水平的均衡点上，为什么会产生这种现象呢?本文以旅行社产品为例，从旅游市场低效率的原因入手，通过对旅游市场博弈及其均衡结果的分析，指出目前只有政府加强市场监督管理，才是提高旅游市场效率的最佳策略选择。     

基于DEA方法的内外资星级酒店效率评价与差异分析——以东部省份14个城市为例

近年来,酒店投资规模不断扩大,但整体收益却不尽如人意,内外资星级酒店利润率差距明显。应用DEA方法对2011~2016年我国东部省份14个主要城市的内外资星级酒店效率进行评价,研究发现:从综合效率来看,虽然内外资酒店存在差异,但两者总体水平均较高,且两者波动趋势一致;从技术效率来看,外资酒店略高于内资酒店,两者差距不明显,且差距有缩小的趋势;从规模效率来看,内外资酒店均处于较高水平,但两者差距明显;从效率分类来看,不同效率水平下的内外资酒店技术效率和规模效率表现不同。据此,对内外资星级酒店综合效率与影响因素之间的关系进行了进一步研究。     

国有企业员工个体差异与提高整体效能初探

强化企业管理,提高整体效能,这是一个值得企业研究的课题。国有企业的可持续发展涉及千方百面,员工个体差异多彩纷呈。文章初步探讨在企业管理中发挥员工的主观能动作用,在各自的工作岗位上,人尽其才,才尽其用,并提出建议。     

Evaluating the efficiency change and productivity progress of the top global telecom operators since OTT's prevalence

The telecommunications industry has undergone significant evolvement from fixed to mobile substitution (FMS) to fixed mobile convergence (FMC) and now to over-the-top (OTT) services due to the huge rise in data usage. This paper explores efficiency variation during the period 2012–2017 for the top 41 global telecom operators in Forbes Global, 2000. Based on the data envelopment analysis (DEA) meta-frontier approach to reflect differences in production functions, the empirical results herein show that the number of operators achieving technical efficiency with respect to the meta-frontier fell from 13 firms in 2012 to 10 firms in 2013 to 8 firms in 2014 to 8 firms in 2015 and then to 7 firms in 2016, but then rose to 11 firms in 2017, displaying the impact from rise in OTT. For the mobile-only group, the average technical efficiency with respect to the meta-frontier is 0.841, which is superior to the fixed-mobile group's 0.774 and the fixed-only group's 0.714, and the group difference is significant among the three facilities-based groups. The meta-frontier estimation suggests that the fixed-mobile group has the highest meta-technology ratio (MTR) of 0.901 versus the mobile-only group's 0.886 and fixed-only group's 0.718. The empirical results offer policy implications for regulators to encourage telecom operators to have fixed-mobile operations. We further suggest that telecom operators cooperate with OTT service providers and invest in them in order to take advantage of people's more personalized digital life.     

Measurement of competitiveness in smallholder livestock systems and emerging policy advocacy: An application to Botswana

Farm level cross sectional data of 556 randomly selected livestock producers were used to investigate the competitiveness of smallholder beef farmers in Botswana. The results show the presence of inefficiency, with about 74% of the variation in actual profit from maximum profit (profit frontier) between farms mainly arising from differences in farmers’ practices rather than random variability. Further the mean profit efficiency level of 0.58 suggests that there is a substantial scope to improve beef profitability in Botswana. Significant profit efficiency drivers include, among others, education, distance to market, herd size, access to information and access to income from crop production. Considering the importance of livestock sector for wealth creation and poverty eradication in the rural areas where poverty is more pronounced, there is a need for appropriate development strategies and policies directed towards addressing these factors. In particular there is need to invest in market infrastructure in order to improve market access, hence profit efficiency of smallholder livestock farmers.     

“一带一路”倡议下中国与西亚贸易潜力研究--基于引力模型的实证分析

西亚地处亚欧非交界地带,自古以来就是丝绸之路的重要组成部分,广泛开展与西亚各国的经贸关系对“一带一路”建设具有重要意义。本文以中国与西亚各国的进出口贸易数据为基础,利用扩展的贸易引力模型分析了中国与西亚各国的贸易潜力,测算了双边贸易效率。实证结果表明:双方人均GDP、西亚各国的人口规模和区域贸易协定可以显著促进双边贸易,双边距离和中国的人口规模会阻碍贸易发展。据此建议中国在与西亚贸易往来时,应注重优化贸易结构、加强区域合作、发展港口运输和基础设施建设以及防范贸易风险。