A panel data-based analysis of factors influencing market demand for Chinese outbound tourism

This paper presents data on the top 50 outbound destinations for Chinese tourists from 2002 to 2013. The total number of Chinese tourists traveling to these 50 destinations accounts for 95.38% of outbound travelers from China. We built a dynamic panel data model to measure factors that influence market demand for Chinese outbound tourism. The results show that economic variables such as income, tourism prices, and exchange rates have a significant influence on outbound tourism volume. The effect of bilateral goods trade and leisure time significantly differ between the full sample and the two subsamples, whereas political stability of the destinations and special incidents in China have no significant impact on demand for outbound tourism. Based on these findings, this study proposes strategies to strengthen the management of China’s outbound tourism market.     

Endogeneity and the Dynamics of Voluntary Disclosure Quality: Is there Really an Effect on the Cost of Equity Capital?*

Research on the effects of voluntary disclosure quality on the cost of equity capital is often plagued by endogeneity concerns. In this paper, I use a dynamic panel system GMM estimator, which provides internal instruments from the firm's history that directly address endogeneity arising from unobserved heterogeneity and simultaneity. By using hand-collected voluntary disclosure scores for firms listed in the Swiss stock exchange, I examine the dynamic relation between voluntary disclosure quality and the cost of equity capital in a panel over a period of 10 years. The results suggest that the relation between voluntary disclosure quality and the cost of equity capital becomes insignificant after controlling adequately for potential dynamic endogeneity, simultaneity, and unobserved heterogeneity.     

Innovation as a driver of eco‐innovation in the firm: An approach from the dynamic capabilities theory

The aim of this study is to investigate how innovative capabilities of the firm affect eco‐innovation from a dynamic capability lens. We build on OECD research to conceptualise eco‐innovation as the capacity with which firms modify, redesign, and create products, processes, procedures, and organisations in order to reduce environmental impact. We propose and test the temporal and relational properties of eco‐innovation as a capability. We demonstrate that eco‐innovation possesses two properties of innovative capabilities, namely, persistence over time and interrelation with other innovations. We thus shed new light on the mechanism through which firms engage in eco‐innovation. We also provide empirical evidence to the debate on the relationship between the “normal” innovation (technological or nontechnological) and eco‐innovation. We show that eco‐innovation and innovation are interrelated both simultaneously and sequentially. Moreover, we show that innovation capabilities and eco‐innovation are not only related, but they also have a complementary nature, which facilitates the development of future eco‐innovation.     

The Relationship between Interest Rates and Inflation: Examining the Fisher Effect in China

This study revisits the Fisher effect using a different empirical method that considers a potential nonlinear relationship between interest rates (treasury bond rates) and inflation in China. The rising uncertainty and asymmetric information in financial markets between bond holders and bond issuers suggest such a potential nonlinear relationship. To this aim, we apply Shin et al.’s (2014) nonlinear autoregressive distributed lag (NARDL) model with asymmetric dynamic multipliers for the sample period 2002M7–2018M4. The empirical findings reveal symmetric and asymmetric partial Fisher effects for all sample bond rates in China. Furthermore, we find that 20-year bond rates experience the lowest partial Fisher effect.     

带阻尼器拉索结构的索力识别研究

为解决带多个阻尼器索结构的索力识别问题,依据动力学相关理论,建立带3个减振器的拉索-减振器动力学模型,推导其频率方程,构造相应的无量纲参数并进行参数分析.结果表明:随着减振器支撑刚度的增加,无量纲振动频率逐渐增大,但这种增大趋势随支撑刚度的继续增加而趋于平缓;随着减振器安装距离的增加,无量纲振动频率逐渐增大,且这种趋势接近线性变化.最后利用有限元分析软件ANSYS并分别采用LINK单元与BEAM单元对其结论进行验证.     

澳大利亚水敏城市设计(WSUD)演进及 对海绵城市建设的启示

海绵城市建设需要多层面、全方位综合推进，针对目前中国海绵城市建设中面临的问题，通过解析澳大利亚城市水管理目标的转型及水敏城市设计(WSUD)演进过程，将水敏城市设计演进分为萌芽、产生、示范及应用4个阶段，进而分析其演进中的成功经验与前沿趋势，为我国当前海绵城市建设与低影响开发景观规划设计以启示与借鉴。认为我国海绵城市建设需要从行政与制度建设、设计科学依据、项目监测与评价、项目示范推广，以及处置序列合理组织5个方面进行改进与突破，从而真正实现海绵城市的建设目标。     

解析企业发展的动力系统

文章认为,企业的发展有其内在的动力系统,而企业利益相关各方的需求、责任是企业发展的原动力;创新、危机感、人才、激励机制、科技投入是企业发展的助动力;企业制度则是融合、协调、启动企业动力系统的总枢纽。     

品牌识别的动态管理

品牌识别有品牌精髓、品牌核心识别和品牌延伸识别。在保持品牌核心价值持续稳定的前提下,应对品牌的核心识别,特别是延伸识别进行适度的调整,以适应消费者需求的变化,即品牌识别必须进行动态管理。品牌识别动态管理的内容主要包括调整时机的选择、调整内容的决策和调整方法的应用。     

The informative sample size for dynamic multiple equation systems with moving average errors

Abstract  The problem considered here, is that of finding suitable conditions for dynamic economic systems that exclude the existence of observationally equivalent structures. Here observational equivalence refers to equality of distributions or first and second moments of a small finite sample from the observable process. It is shown, that under these conditions we may act as if the lagged endogenous variables are nonrandom exogenous variables, when global identifiability is investigated.     

结合计算机技术的动态材料管理

"项目管理"作为实现既定目标的手段已被广泛的认识并认可,管理创新带来的价值比技术创新带来的经济效益更快更大,因此管理作为一门技术也在不断地得到重视和提高.传统的材料管理模式已不能适应当今项目建设高效率的需要,作为占工程成本比重超过60%材料费的管理更是建设项目成功与否的决定性因素.建议使用计算机技术建立材料管理的动态数据模型,通过统一基准的信息管理系统,进行及时库存不足报警的实时控制,实现材料管理的控制目的.