资本外逃的经济效应与应对政策选择研究

资本外逃是一个复杂的经济问题,是由多种原因造成的,并会给一国经济发展带来不可估量的风险和损失。基于此,论文梳理了资本外逃的研究现状,提出了资本外逃所产生的经济效应,在此基础上,提出了资本外逃的政策选择,为一国在治理资本外逃时提供了政策选择和借鉴。     

新能源材料物理化学课程教学改革探究

新能源材料物理化学课程内容抽象、概念多、涉及面广、公式应用严格,与生活和科学前沿联系紧密。为提高课程教学质量,教师引入案例教学抓住课程核心;联系材料发展历史,增加课堂教学的趣味性;结合科学发展前沿,使教学内容能够与时俱进;注重概念和公式的融会贯通,增加材料调研大作业;线上线下教学模式相结合,采用多样化的教学方法及教学手段;通过形成性评价考核,加强教学过程监管。     

政府购买服务中高校参与及提升服务能力路径研究

高校是政府购买服务的承接方,但其对政府购买服务的响应还处在起步探索阶段。文章首先厘清政府购买服务中高校的角色定位,接着从外在驱动和内在诉求两个角度分析了高校参与政府购买服务的可行性,并在此基础上阐述高校参与政府采购服务的实施路径以及提升服务能力的路径。文章认为,高校应该把握好参与政府服务项目这个良好契机,以积极的态度参与政府购买服务,拓宽自身的发展路径,促成政府和高校实现双赢。     

出口、贸易成本和专利出海

作为一种重要的知识产权形式,专利为创新产品中无形资产的专有权利提供了正式保障,是推动中国制造业全球价值链上移的重要手段.近年来,中国企业在海外市场面临的知识产权纠纷日渐增多.在此背景下,布局海外专利对保障中国企业高质量"走出去"参与全球竞争的重要性日益凸显,但关于中国专利出海的研究较为鲜见.基于2001-2018年国民经济行业大类层面的出口和专利申请数据,本文考察了出口对中国海外专利布局的影响.结果显示,制造业出口显著地推动了中国在海外专利申请数量的增长.进一步的研究表明,地理距离在其中表现出调节作用且在制度维度上表现出异质性.具体而言,在知识产权保护强度较高的国家,地理距离会进一步放大出口对海外专利申请数量的促进作用;而在遗传距离和文化距离邻近的国家,地理距离则表现出负向调节作用.另外,"一带一路"倡议也促进了出口对中国专利出海的影响.在当前全球贸易环境较为动荡和中国出口产品努力走向全球价值链中高端的背景下,本文的经验证据对推动中国以专利为代表的无形资产海外布局有一定的启示和参考.     

How is Benevolent Leadership Linked to Employee Creativity? The Mediating Role of Leader–Member Exchange and the Moderating Role of Power Distance Orientation

Previous research has shown that virtuous leader behavior in the form of benevolent leadership has considerable impact on employee creativity. However, little is known as to how and under what conditions these constructs are linked. In the current research, we proposed and tested a moderated mediation model positing leader–member exchange (LMX) as a mediator, and employee power-distance orientation as a moderator of this relationship. Two studies were conducted to test our hypothesized model. In Study 1, repeated measured data collected from 284 Chinese employees in an information technology company demonstrated that benevolent leadership had a lagged effect on LMX. In Study 2, analyses of multisource and lagged data from 391 Chinese employees in 42 research and development teams, and their direct supervisors indicated that benevolent leadership was positively related to supervisor-rated employee creativity via LMX. In addition, the relationship between benevolent leadership and LMX was stronger for employees high in power-distance orientation. Theoretical implications of benevolent leadership’s research and practical contributions concerning promoting creativity in organizations where benevolent leaders prevail are also discussed.     

跨越竞争丛林与范式重构：全球治理改革进程中的疫苗产业创新治理

疫苗作为新冠疫情防控的最关键手段之一，已在各国抗疫中发挥积极影响。疫苗研发、生产、注射意愿以及全球分配的公平性与可及性等一系列问题日益受到世界关注。分析全球治理改革中，疫苗作为一种全球公共产品的创新治理问题，讨论疫苗产业发展特征与创新规律演化，剖析西方国家疫苗产业创新治理困境以及“竞争丛林”逻辑，阐释中国行动方案及对全球治理改革的贡献。最终提出疫苗产业创新治理机制对推动全球治理改革的政策含义。     

Board directors with foreign experience and stock price crash risk: Evidence from China

This study examines the impact of board directors with foreign experience (BDFEs) on stock price crash risk. We find that BDFEs help reduce crash risk. This association is robust to a series of robustness checks, including a firm fixed effects model, controlling for possibly omitted variables, and instrumental variable estimations. Moreover, we find that the negative association between BDFEs and crash risk is more pronounced for firms with more agency problems, weaker corporate governance, and less overall transparency. Our findings suggest that the characteristics of board directors matter in determining stock price crash risk.     

Volatility forecasting: long memory,regime switching and heteroscedasticity

In this article, we account for the first time for long memory, regime switching and the conditional time-varying volatility of volatility (heteroscedasticity) to model and forecast market volatility using the heterogeneous autoregressive model of realized volatility (HAR-RV) and its extensions. We present several interesting and notable findings. First, existing models exhibit significant nonlinearity and clustering, which provide empirical evidence on the benefit of introducing regime switching and heteroscedasticity. Second, out-of-sample results indicate that combining regime switching and heteroscedasticity can substantially improve predictive power from a statistical viewpoint. More specifically, our proposed models generally exhibit higher forecasting accuracy. Third, these results are widely consistent across a variety of robustness tests such as different forecasting windows, forecasting models, realized measures, and stock markets. Consequently, this study sheds new light on forecasting future volatility.     

When Do Qualitative Risk Disclosures Backfire? The Effects of a Mismatch in Hedge Disclosure Formats on Investors' Judgments

Disclosure standards mandate the quantitative disclosure of hedging‐instrument‐related risks but not the disclosure of hedged‐item‐related risks. We examine how a match (mismatch) in formats, caused by making quantitative (qualitative) hedged item disclosures alongside quantitative hedging instrument disclosures, affects investors' integration of information from these two related disclosures. Our first experiment varies the hedged item disclosure format (quantitative or qualitative) and the portion of risk hedged (small or large). We find that when disclosure formats are mismatched, the less comparable nature of the two disclosures caused investors to neglect the offsetting relationship when assessing net risks. As a result, risk and investment judgments were influenced by the more prominent quantitative hedging instrument disclosures. Our second experiment finds that the use of a qualitative debiaser that clarifies the relationship between the two disclosures led to the integration of information and mitigated this effect.