信托受益权登记背景下的信托产品销售决策变化及影响——基于不同渠道偏好和成本的视角

信托受益权的登记细则出台及国内信托受益权账户系统的上线,对信托产品的销售渠道产生影响。通过模型构建,研究新制度背景下服务水平变化对信托公司销售成本的影响,并推导出直销和代销两种渠道的市场份额会发生变化,信托公司直销的市场份额将增加,由第三方财富公司代销的市场份额将逐步减小。销售渠道的改变会降低信托融资的总成本,从而会对信托业以及整个金融监管模式产生积极影响。     

吉林省储蓄国债投资者研究

随着我国经济持续增长和利率市场化不断推进,个人投资者资产管理方式及渠道日益丰富,而储蓄国债因品种单一、购买渠道狭窄、流动性不强等因素,与其他投资品种相比失去了往日"金边国债"魅力,储蓄国债发行和管理工作面临着挑战。本文从问卷调查入手,深入分析了吉林省储蓄国债投资者的结构特征、行为特点和投资偏好,并就优化期限结构、丰富国债品种、完善发行兑付渠道、强化宣传以及拓展农村市场五个方面提出意见建议,供参考。     

定向增发热潮背后的我国上市公司股权融资偏好研究

近年来,定向增发成为我国上市公司最为青睐的股权再融资方式,其主要原因在于定向增发为上市公司控股股东提供了更为便利的攫取控制权收益的渠道,并带来了实现无风险套利的机会,这使上市公司股权融资偏好问题体现的更为突出。     

组织隐性知识转移的演化博弈——基于互惠性企业环境

知识转移是知识管理的重要内容,隐性知识转移是提高组织知识管理效率的有效手段。互惠性企业环境为隐性知识转移的实现提供了有效的手段,从而克服了隐性知识转移过程中的诸多障碍。互惠性偏好环境下个体间隐性知识的转移效率要显著高于理性经济环境下的知识转移效率,改善了知识转移主体的利益支付,同时也为互惠性企业环境下组织隐性知识转移的演化博弈分析创造了条件。演化博弈分析的结果显示,在一定的外部机制的激励下,组织隐性知识转移主体的总体存在着向互惠型知识转移主体演化的倾向,从而使互惠型个体间隐性知识转移进入主导性的稳定状态,最终提高了组织隐性知识转移的效率。     

Regional airport choice: Consumer behaviour and policy implications

The analysis of origin airports in multi-airport regions has a well established tradition in transportation and regional economics. The main goal of the paper is to estimate the importance of the different attributes that determine origin airport choice. In our case we adopt a stated preference approach to study this problem and evaluate the effects of possible policy interventions. We also perform a detailed segmentation of the sample studied according to the socio-economic variables that prove statistically relevant when interacted with the attributes used to characterise airport choice. Moreover, in order to test for the presence of heterogeneity in agents’ preferences we estimate several mixed logit models with different specifications, including heteroscedasticity and error component. With respect to previous studies we develop and extend the traditional SP approach by also analysing the role and relevance of attribute cut-offs in this research field. The policy simulations produced are based on the estimation of airport-specific attributes. The study concentrates on a multi-airport region in central Italy where four competing airports are located.     

利益集团、行为偏好与黄宗羲定律——中国封建王朝更替动因的经济学分析

中国封建社会特殊的社会结构下,封建王朝在其演进过程中,农民集团和官僚集团之间的利益博弈对税赋改革的影响会导致＂黄宗羲定律＂的形成。税赋愈改愈重使得农民在当朝所能获得的效用随时间的推移而降低,从而导致农民预期起义成本的降低,当这种预期成本下降到一定水平后,农民集团会采取有效的集团行动并转向对新的政治体制的寻求,最终完成朝代的更替。这一过程可以运用经济学的基本理论,并建立适当模型,从而对中国社会特有的王朝更替现象进行解释。     

农民的土地产权偏好及其影响因素研究

利用2005年全国城乡居民生活综合研究中的农村数据,分析了农民的土地产权偏好及其影响因素。从偏好的分布来看,有37.2%的农民偏好土地调整,而62.8%的农民偏好稳定的土地产权,但他们对永久土地使用权的偏好(23.9%)并不太强烈。农民的土地产权偏好主要受个体、家庭和社区三类解释变量的影响,从研究结果来看,土地情结说难以成立,而政策变量的影响不确定;理性小农的特点虽然明显,但不能解释全部;村庄社区变量对农民的偏好有重要影响,但呈减弱的趋势;区域因素也会影响农民的偏好。因此,在较长时期内,土地调整的压力依然很大,但在农民认同、规则明确的条件下,村组内部的土地调整与产权稳定可以相容。     

农村区域性公共品有效供给的新视角——基于浙江村级公共品供给的调研

实现农村公共品有效供给一直是三农问题关注的焦点,而且政府承担着主要的供给责任。对于具有需求偏好差异的农村区域性公共品而言,政府完全主导的供给模式却是导致效率损失的主要原因。正是基于这一点考虑,并结合浙江省村级公共品的调研,本文提出实现农村区域性公共品有效供给的新模式———政府诱导供给模式,即通过税收惠免、财政奖补等激励政策,诱导私人或村集体积极参与农村区域性公共品供给,弥补县级政府效率损失。     

Using choice experiments to value catchment and estuary health in Tasmania with individual preference heterogeneity*

Choice experiments (CE) have become widespread as an approach to environmental valuation in both Australia and overseas. However, there are few valuation studies that have addressed natural resource management (NRM) changes in Tasmania. Furthermore, few studies have focussed on the estimation of estuary values. The CE study described in this paper aims to analyse community preferences for NRM options in the George catchment, Tasmania. Catchment health attributes were: the length of native riverside vegetation; the number of rare native animal and plant species in the George catchment; and area of healthy seagrass beds in the Georges Bay, which was used as a measure of estuary condition. Mixed logit models with interactions between socio‐economic variables and the choice attributes were estimated to account for systematic and random taste heterogeneity across respondents. Results reveal considerable variation in preferences towards the attributes and show that value estimates are significantly impacted by the way in which we account for preference heterogeneity. Preference heterogeneity thus needs to be considered when estimating community willingness‐to‐pay for environmental changes. This study further shows little responsiveness to the presented changes in estuary seagrass area.     

现金股利分配政策是评价投资的基本标准

文章论及股东投资的目的;企业与股东的关系;以及股东与企业的行为规范.论证了现金股利是股东能从企业那里获得的最切实的利益.因此,现金分红应成为对企业的基本要求--不低于银行同期存款利率;同时指出在股权分置的证券市场中,企业分红愈多,对中小股东的侵害便愈大.仅此一点,解决股权分置也就成为必然.股权分置改革将营造更加公平公正的投资环境.