赊销战略与债权资产结构趋减之谜

借助Tobit模型和Interval模型对我国非金融类上市公司1990年—2009年非平行面板数据进行双重实证分析后发现,省域经济景气、公司年龄、额外借贷成本、竞争优势、金融发展、法治秩序等都是影响上市公司赊销战略实施的稳健显著因素,而且除了竞争优势外,其他因素近20年来都促使债权资产结构朝着减少的趋势变化。此外,20年来上市公司赊销战略萎缩的同时赊购战略却呈扩张趋势,这可能源于上市公司低的合同执行技术和充足的流动性。     

A Heteroskedastic Multivariate Tobit Analysis of Price Dynamics in the Presence of Price Floors

This article presents an econometric analysis of the effects of price floors on price dynamics and price volatility in a multimarket context. We investigate the implications of a government price-support program providing a censoring mechanism to the price determination process. The analysis uses a dynamic multivariate Tobit model under time-varying volatility. The model is applied to the U.S. dairy markets with a special focus on the effects of government price-support programs in a period of market liberalization. The econometric analysis provides useful information on the multimarket effects of price supports on price dynamics and price volatility.     

A bivariate Poisson count data model using conditional probabilities

The applied econometrics of bivariate count data predominantly focus on a bivariate Poisson density with a correlation structure that is very restrictive. The main limitation is that this bivariate distribution excludes zero and negative correlation. This paper introduces a new model which allows for a more flexible correlation structure. To this end the joint density is decomposed by means of the multiplication rule in marginal and conditional densities. Simulation experiments and an application of the model to recreational data are presented.     

Computing the covariance of two Brownian area integrals

We compute the expected product of two correlated Brownian area integrals, a problem that arises in the analysis of a popular sorting algorithm. Along the way we find three different formulas for the expectation of the product of the absolute values of two standard normal random variables with correlation θ . These two formulas are found: (a) via conditioning and the non-central chi-square distribution; (b) via Mehler's formula; (c) by representing the correlated normal random variables in terms of independent normal's and integration using polar coordinates.     

Covariance formulas via marginal martingw

Prenctice and Cai recently introduced and studied the function C defined as the covariance function of the two marginal counting process martingales of a pair of dependent survival times (T₁, T₂ ). They show that the function C together with the marginal distributions determines the joint survival function F of (T₁, T₂ ). In this note we show how the key characterizing equation of Prentice and Cai yields a formula for the covariance of T₁ and T₂ in termsof the marginal mean residual life functions and C. The resulting formula generalizes a formula for the variance of a one-dimensional random variable Tdueto Pyke (1965). We also explore several generalizations of the covariance formula, and obtain a valid k-dimensional version of the Prentice and Cai formula.     

Dynamic efficiency assessment of the Chinese hotel industry

The paper introduces for the first time a totally dynamic two-stage approach to analyzing the hotel industry's technical efficiency at the sub-national level. The first stage uses data envelopment window analysis (DEWA) to assess regional hotel sectors' technical efficiency over time. Unlike previous studies, the second stage uses a dynamic Tobit model to investigate the impact of macro contextual factors on the hotel sector efficiency. The study chooses the Chinese hotel industry during the period 2001-2006 as its application setting. The findings of the investigation indicate that the Chinese hotel industry is approaching an efficient operation in general, recovering from a major dip in 2003 resulting from the Severe Acute Respiratory Syndrome (SARS) outbreak. In addition, the study introduces a novel two-dimensional efficiency-based matrix to assess the competitive advantage of different regions of the Chinese hotel sector. The paper presents strategic market implications for hoteliers, government decision-makers, and destination management organizations. The proposed methods are applicable for situations in which an exogenous event of a destabilizing impact (e.g., SARS) does occur.     

倒“U”型城市规模效率曲线及其政策含义——基于中国地级以上城市经济、社会和环境效率的比较研究

关于城市规模问题在中国城市化进程中受到广泛关注,各种关于城市规模的理论和政策争论的焦点在于,城市规模效率与城市规模之间的倒“U”假说是否成立。本文利用数据包络分析（DEA）中的BCC模型、超效率模型和Tobit回归模型,系统测算和分析了中国城市和地级市及以上城市2005—2010年的规模效率及其与城市规模之间的关系。总体来看,中国城市规模效率与其规模正相关,地级市及以上城市经济、社会和环境规模效率与其规模基本上呈“倒U”型关系,倒“U”曲线顶点对应的城市规模对城市发展具有较强的政策含义。据此,本文提出“促进中小城市发展、限制超大城市、完善城市管理、协调区域城市发展”的政策思路。     

基于Tobit回归的融资决策影响因素分析

运用中国上市公司1990～2009年的有关数据,采用Tobit回归模型分析了中国A股上市公司融资决策的影响因素。结果表明融资决策(资产负债率)与实际所得税率正相关;公司规模与资产负债率正相关,而资产担保价值、获利能力和成长性与资产负债率负相关,这一结果与发达国家和其他新型国家的发现相一致。     

长江经济带文化与旅游产业协调发展及其影响因素研究

以长江经济带11省市为研究对象,基于2010—2019年面板数据,运用耦合协调、Tboit模型分析长江经济带文化与旅游产业协调发展及影响因素。结果表明：文旅产业协调水平整体呈上升趋势,总体均值由0.446增至0.627,中上游协调发展较为迟缓,下游处于领先水平,梯度差异较为明显;文旅产业协调发展影响因素差异性较大,经济发展、对外开放、产业结构、城镇化均是文旅产业协调发展的重要驱动因素。