论新时期中国的准联盟外交

近代以来,西方大国的崛起在对外关系上主要依靠联盟外交,如英、法、德等国家在欧洲的"合纵连横",日本的"与强者为伍"战略,二战后美国对北约和亚太联盟体系的经营,冷战后俄罗斯对独联体集体安全条约组织的依赖等。受制于自身独特的发展阶段以及社会主义国家性质和地缘环境,中国缺乏历史上大国崛起所拥有的"后院",中国的战略文化也排斥"势力范围"和"联盟政治"思想。作者从中国的时代需要出发,认为现阶段中国的四大外交战略——大国协调战略、区域整合战略、政治联合战略和国际危机管理战略均难以满足中国的安全需要,中国应在联盟外交与伙伴外交之外探索"第三条道路"——准联盟外交。实施这种"联而不盟"的特殊外交类型需具备四个条件:竞争性政治集团、动态性权力关系、严重性安全威胁和"统合性"战略文化。在新时期国际"多元格局"下,中国应尝试开展灵活务实、相互联动的"三环准联盟外交"——多边组织型、新兴合作型与传统友好型,它是中国实现和平发展,运筹与美国、欧洲大国、日本、印度等大国关系的战略支点。     

Information assimilation and stock return synchronicity: Evidence from an investor relations management platform

In this paper, we employ a unique information assimilation measure for listed firms in China based on their communications with investors through an online platform designated by the China Securities Regulatory Commission (CSRC). We examine whether a firm's efforts in enhancing investors’ information assimilation, such as providing more quality clarifications and explanations, helps facilitate the incorporation of firm-specific information in stock prices and reduces stock return synchronicity. We find robust evidence that more quality-clarifying communications contribute to lower stock return synchronicity after controlling for other information sources, and the decrease in synchronicity is mostly due to increased firm-specific information rather than noise. The causal relationship is established using a stacking DID approach and a PSM method. In a further analysis, we find that more quality communications can strengthen investors’ reaction to good news and smooth their reaction to bad news. Our study provides direct evidence that enhanced information assimilation benefits firms by entrenching more firm-specific information into stock prices.     

MSP430用于专业遥控器的硬件设计

用于智能楼宇的专业遥控器的设计要求既有特色又要出色。以TI公司的MSP430混合信号处理器为主MCU，以160X160点阵液晶触摸屏为人机对话部件，辅以其它高性能外围元器件构筑成其硬件电路。充分利用MSP430的超低功耗特性和丰富的片内资源以及极高的运算／控制性能，通过软件编程实现了电池供电的高性价比专业遥控器：具有自学习和用户重定义重编辑菜单及图标功能，具有游戏功能。具有既万能又专业的双重特点。