资金合理流动:理财目标的现实考察

本文通过对企业目标的考察,认为以企业的社会使命为企业的目标才能使企业有所发展,而要做到这一点,必须以资金合理流动作为企业财务目标,才能使企业的长久目标有可能实现。资金合理流动作为理想企业目标与现实存在的结合就成为了必然。     

Game theoretic derivations of competitive strategies in conjoint analysis

While conjoint analysis has been applied in a wide variety of different contexts in Marketing, most applications fail to explicitly consider retaliatory reactions from competitors. In this paper, a methodological extension is developed for conjoint analysis by explicitly modeling competition in a game theoretic context. The Nash equilibrium concept is employed to model competitive reactions to produce design, and its implications for reactive product strategies are discussed. The optimal product design problem for each firm is formulated as a nonlinear integer programming problem, which is solved via a specialized branch and bound method combined with a heuristic. In order to compute a Nash equilibrium, a sequential iterative procedure is proposed. The proposed procedure is illustrated under several scenarios of competition using previously published conjoint data.This research has been supported by the Henry Rutgers Research Fellowship, Rutgers University.     

韩国企业对中国直接投资的实情分析和决定因素

文章通过对韩国企业对中国直接投资的实情分析,考察不同规模企业的特征,并依 据投资国的国内因素分析了对中国直接投资的决定因素。     

试论生态旅游与生态补偿机制的构建

本文分析了生态旅游的特性和生态旅游的现状，并提出通过构建生态补偿机制可以改善生态旅游存在着的对生态环境的负面影响。构建生态补偿机制是使环境与经济获得动态平衡，使生态旅游获得可持续发展的重要途径。     

中国政府科技投入绩效的考察报告--基于国家级六项科技计划投入效率与问题的研究

近年来,随着世界科技进步速度的加快,提高政府科技投入越来越成为一种带有普遍性的看法。但打破原有的资金预算平衡,大幅度提高政府的科技投入存在诸多问题。所以,对于增量投入而言,能提高现有资源投入的配置效率具有更重要的意义。因此有必要对政府科技投入的总体有效性进行分析,同时,针对影响政府科技投入绩效的成因进行对策研究。     

Do converters facilitate the transition to a new incompatible technology? A dynamic analysis of converters

This paper analyzes the process of transition in standards between incompatible technologies when converters are available. Contrary to a common presumption that converters facilitate the transition from an old technology to an otherwise incompatible new technology, I find circumstances in which the possibility of transition is blockaded by the existence of converters. In the welfare analysis of converters, a distinction is made between ex ante and ex post efficiency effects. Finally, I also analyze the equilibrium behavior in the provision of converters and compare it to the socially optimal outcome.     

An Analysis of Trade Patterns and the Effects of the Real Exchange Rate Movements in East Asia

This article investigates the patterns of vertical specialization in trade among China, Japan and Korea, and the effects of real exchange rate fluctuations under a multistage production process. By extending the models of Yi (2003, 2010), we derive two distinct features of vertical specialization and test them using Time-Varying Parameter (TVP) VAR. We find that a positive shock to China’s final good consumption increases the intermediate goods trade between Korea and China, with expanding magnitude over time. In addition, the positive effect of a real exchange rate depreciation on intermediate goods trade is strengthened through the competitiveness-enhancing channel, with this effect being more pronouncing in Korea-China trade than in Korea-Japan trade.     

Financial System and Housing Price

The 2007/2008 US financial crisis is related to the securitization of mortgage loans and the housing-price boom and bust. In this article, we test the hypothesis that housing-price change is related to the development of the financial system. Using panel data for 23 countries from 1988 to 2012, we have found that the housing-price growth rate increases as the financial system moves a bank orientation to a market orientation. The policy implication is that the government should beware sudden increases in the capital market relative to the banking sector. Especially, more sophisticated financial supervision with respect to housing-price movement is required when a bank-based financial system progresses quickly to a market-oriented financial system.     

BANK PRIVATIZATION AND CONVERGENCE OF PERFORMANCE: INTERNATIONAL EVIDENCE

We trace the extent of performance deviation of privatized banks from established private banks in 30 countries from 1994 to 2005 and investigate the role of bank regulatory and supervisory norms, market competition, ownership structure, deposit insurance scheme, and governance structure affecting the deviation. Evidence shows that privatization does improve the performance of banks in the first year of being privatized, but performance gradually declines, which is consistent with the government restructuring argument before the privatization. Governance, foreign ownership, banking freedom (regulations), and the deposit insurance scheme in respective economies are found to affect performance deviation significantly.