基于ISM的精敏供应链实施的影响因素分析

针对精敏供应链实施效果不明显的现象,文章找出了影响其实施的因素,建立精敏供应链实施影响因素关系的ISM模型,并运用ISM模型对各影响因素进行分层解释,分析各影响因素之间的内在关系,为企业降低成本,提高经济绩效和客户满意度,以及更好的实施精敏供应链提供指导。     

虚拟企业信任的动态变迁及构建对策研究

信任在虚拟企业治理中具有重要作用。从虚拟企业组建到持续运行过程中,信任是动态变迁的。首先论述了信任在虚拟企业治理中的作用,认为建立信任机制是解决虚拟企业"管控断层"的重要治理手段。其次,分析了虚拟企业信任动态变迁的过程和其中的影响因素。最后,探讨了建立有效的虚拟企业信任机制的相关对策。     

我国城镇化发展趋势研究及相关政策建议

目前我国正处于城镇化发展的关键时期,一方面面临着难得的发展机遇,一方面存在许多问题和挑战.作者通过分析影响我国城镇化进程的主要因素,对我国城镇化的发展趋势进行了讨论,并提出了相关政策建议.     

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.     

On the predictability of the distribution of excess returns in currency markets

This paper investigates the predictability of foreign exchange (FX) volatility and liquidity risk factors on returns to the carry trade, an investment strategy that borrows in currencies with low interest rates and invests in currencies with high interest rates. Previous studies have suggested that this predictability could have been spuriously accounted for due to the persistence of the predictors. The analysis uses a predictive quantile regression model developed by Lee (2016) that allows for persistent predictors. We find that predictability changes remarkably across the entire distribution of currency excess returns. Predictability weakens substantially in the left tail once persistence is accounted for, implying a moderate negative predictive relation between FX volatility risk and carry trade returns. By contrast, it becomes stronger in the right tail. Furthermore, we provide evidence that FX volatility risk still dominates liquidity risk after controlling for persistence. These findings suggest that the persistence of the predictors needs to be taken into account when one measures predictability in currency markets. Finally, out-of-sample forecast performance is also presented.     

民营企业员工敬业度影响因素研究

当前,在国内企业中普遍存在员工敬业度低的现象。中国民营企业在现阶段的人力资源开发和人才培养体系创建上缺乏有效的机制。同时,员工敬业度和忠诚度对企业发展有着重要意义。民营企业作为国民经济和社会发展的主力军,为了适应市场中激烈的竞争,只有吸引、留住和用好人才,建立行之有效的人力资源管理体系,才是民营企业发展、生存的关键。论文综合了部分国内外的文献资料,阐述了员工敬业度的概念,指出了影响员工敬业度的因素,提出了解决民营企业员工敬业度问题的方法。     

财务信息披露差异的影响因素分析

现实中财务信息的披露存在很大的差异性,会计环境、企业经济性质以及企业个体差异是导致差异性的主要因素,通过对这三种要素的分析,得出了不存在最优的财务信息披露模式的结论,企业应在提高管理、增加企业价值的前提下选择最适合的信息披露方式。     

负债代理成本影响因素实证分析——来自我国上市公司的证据

本文以我国上市公司面板数据及横截面数据为基础,运用线性回归分析对影响公司负债代理成本的因素进行了实证检验。结果发现,负债代理成本与债务期限结构、公司规模、财务灵活性及盈利能力的变化显著负相关;与公司未来成长性、资产期限、负债规模的变化显著正相关。     

基于要素分析的生态产业发展与对策

生态产业是实现循环经济的产业基础。面对环境的压力和国际技术壁垒的挑战,在我国建立生态产业具有十分重要的意义。生态产业能否顺利推行取决于制度、技术、市场、人才、管理等相关因素的综合作用。