农业微观功能转换与金融制度安排

从微观功能来讲,中国农业已经开始从传统的生存农业向追逐利润的现代农业转变.传统农业的自足特征决定了与其相匹配的正规金融制度安排必然是政策性农贷;而现代农业的兴起,为商业金融制度嵌入农业经济部门准备了物质条件.为推动农业经济发展方式的演变,现行的政策性农贷制度应加速完成其市场化蝉变过程.农业产业化的速度和规模决定着即将嵌入农业经济部门的商业金融制度的特殊存在模式.     

国债收益率对信贷市场均衡的影响

国债市场规模的扩大可以满足机构投资者的收益性和流动性偏好,机构投资者投资组合的调整使得国债具有影响信贷市场均衡的功效:国债收益率变化影响信贷市场利率和信贷市场均衡规模。实证研究表明,在协整关系上国债收益率和信贷资金增长率具有负相关关系,表明国债收益率上升对信贷资金增长率具有降低作用,不过效果不明显,不足以成为影响信贷市场资金规模的原因。国债收益率和信贷资金增长率不互为因果关系,这与中国国债规模偏小、持有者结构不合理和交易所国债市场逐渐边缘化的趋向有关。     

Business process re-engineering in the logistics industry: a study of implementation,success factors,and performance

As business process re-engineering (BPR) is an important foundation to ensure the success of enterprise systems, this study would like to investigate the relationships among BPR implementation, BPR success factors, and business performance for logistics companies. Our empirical findings show that BPR companies outperformed non-BPR companies, not only on information processing, technology applications, organisational structure, and co-ordination, but also on all of the major logistics operations. Comparing the different perceptions of the success factors for BPR, non-BPR companies place greater emphasis on the importance of employee involvement while BPR companies are more concerned about the influence of risk management. Our findings also suggest that management attitude towards BPR success factors could affect performance with regard to technology applications and logistics operations. Logistics companies which have not yet implemented the BPR approach could refer to our findings to evaluate the advantages of such an undertaking and to take care of those BPR success factors affecting performance before conducting BPR projects.     

A hermeneutic analysis of critical success factors for Enterprise Systems implementation by SMEs

ABSTRACT

This study employs the critical hermeneutic approach to identifying current knowledge limitations and propose future research directions. Through five hermeneutic cycles of review, analysis, synthesis and interpretation of the existing literature and success stories reported by 30 small-and-medium enterprises (SMEs), this study identifies critical success factors (CSFs) that are unique to SMEs, frequently cited in the literature, and influential as perceived by SMEs. The study offers contributions by providing a synthesis of CSFs for SMEs; highlighting current knowledge gaps; proposing avenues for future research; and demonstrating the suitability of the critical hermeneutic approach to studying CSFs for ES implementation.     

Role and impact of the environment on entrepreneurial learning

Abstract

This article is presenting an overview of the literature devoted to entrepreneurial learning and, more specifically, those research bringing environmental elements into the study of the entrepreneurial learning process. Then, it shows how each of the four Special Issue selected research papers contribute to enhancing our knowledge of the complexity of the learning process vis-à-vis entrepreneurial processes placed in context. By doing this, it makes an attempt to explain the specific context behind each contribution as well as presenting the wider context. Finally, the article is suggesting a set of key challenges and research pathways that might be explored in the future.     

Factor pricing of cryptocurrencies

In this paper, we study the cryptocurrency pricing factors. We review the literatures which state that the cryptocurrency market is weakly efficient. We use the Fama–MacBeth method to investigate the pricing factors. The classical equity-based risk factors including size, momentum, and value to growth from the Fama–French three factor model are studied. We use crypto-unique coin-to-token as a proxy for value-to-growth. For volatility risk factor category, we investigate realized volatility, skewness and jump. We also investigate liquidity factors including bid–ask, volume growth and Roll’s measure. The macro factors are found not to be an explanatory factor. The attention factor works sometimes. The factor model constructed by the significant factors explain most of the excess return of cryptocurrencies.     

Cross-sectional tests of asset pricing models with full-rank mimicking portfolios

In the standard tests of asset pricing models, factor risk premia are estimated on a test asset span so that models are tested with degrees of freedom reduced by the number of factors. Risk premia of traded factors can be further restricted to be equal to their expected returns, but such restrictions cannot be imposed on models with nontraded factors, which may create a problem of testing without full restrictions or on unequal asset spans across models. We propose a full-rank mimicking portfolio approach by projecting nontraded factors onto a combined span of test assets and benchmark traded factors. Under the Hansen-Jagannathan distance framework, we demonstrate that full-rank mimicking portfolios can provide improved power and fair performance comparison against a benchmark model in both specification and model comparison tests.     

浅析影响食品饮料中糖分检测的因素

糖类是食品饮料中的重要组成部分。糖类物质是食品工业的主要原料和辅助材料。食品饮料中的糖分的高低不仅影响产品的口感、风味,而且会影响到产品的保质期。因此,食品生产企业必须严格控制食品饮料中的糖分的高低并且能够有效地检测出它的含量。本文从食品饮料中糖分的检测方法出发,主要论述了食品饮料中微量糖分检测的技术要领及其检验中的关键步骤,以实用性强,检测结果准确可靠为宗旨。特别是对于加工低糖、无糖食品及干型、半干型葡萄酒、黄酒、果酒的企业来说,提供一种检测技术以指导企业的生产。     

重庆市金融要素市场培育的政府行为边界分析

随着重庆建设我国金融中心步伐的日益加快,本文针对如何界定重庆政府在建设金融中心的金融要素市场培育的三种理论为出发点,根据制度经济学"政府在制度变迁中提供的基本服务是博弈的基本规则"的原理,运用道格拉斯·诺斯制度变迁和经济增长的理论模型,提出重庆政府行为边界的具体构建框架,即完善稳定金融要素体系,提供配套基础设施及环境支持;为健全金融要素市场提供政策保障;随着金融要素市场不断形成出台并规范相关法律法规,明确规定政府行为边界,为重庆金融要素市场的培育提供有力的支持和保护。     

Sustainable development carbon pricing initiative and voluntary environmental disclosures quality

Although corporate environmental disclosures have been researched extensively, empirical evidence regarding the indirect impact of carbon pricing on firms' voluntary disclosures is scarce. The objective of this study is to identify the indirect impact of carbon pricing initiatives on the voluntary environmental disclosures (VEDs) of electricity generating companies, analyzed through the lens of institutional theory. This study adds to the growing literature on the determinants of VED, investigating the impact of adoption of the Global Reporting Initiative and ISO 14001 on VED. Secondary data were collected from 2015 annual reports and/or standalone sustainability reports of electricity generating companies from 53 countries around the world. Content analysis approach was adopted for measuring the extent of the quality of VED. Findings of multiple regression analysis suggest that there is an indirect institutional impact of carbon pricing on the quality of VED. This study also finds that, as the form of nongovernment guidance, the Global Reporting Initiative adoption and ISO 14001 certification also have an institutional influence on the VED. VED is also affected by company size although this study reveals no significant relationship of leverage with VED.