Some Potential Linkages for Input-Output Analysis with Flow-of-Funds

Three major, interrelated accounting statements, at the frontiers of quantitative economic analysis, are three interrelated systems, namely: (1) National income and product accounts (NIPA), (2) The input-output tableaux, (IO), and (3) flow-of- funds accounts (FF). The third-mentioned system is somewhat less available and used in only limited areas of macroeconomic analysis. This paper is mainly concerned with use of FF accounting systems. This system shows where financial resources originate, and where they go in support of real capital formation. In this respect, interest rates and other market-based financial rates are of key importance. While much macroeconomic analysis is based on the rates that fit the yield curve, showing the interest rate structure over various maturities of debt associated with a given degree of risk. In contrast, the FF accounts throw light on the whole spectrum of interest rates, across maturities and debt qualities. For example, in analysis of the real estate market and funding of capital formation there, it is important to have a full understanding of the course of mortgage rates of different maturities and qualities. In short, it is necessary to develop a full appreciation of supply and demand forces in the mortgage market, which often is not obviously related to movements of the operative rate for monetary policy, such as very short-term inter bank rates or call money rates. This paper attempts to provide material from the flow-of-funds accounts that would make it possible to analyze the movement of relevant mortgage rates or whatever other rates are needed to understand the financing of capital formation in real estate.     

现金流对上市公司投资行为的影响分析

本文采用实证方法，检验我国上市公司融资约束、现金流与投资决策之间的关系。以沪深300指数样本上市公司为基础，结合面板数据和时间数据，利用线性回归方法检验公司投资行为与现金流量、营业收入、负债率、托宾Q等财务指标的关系，并进一步分析上市公司的投资与现金流量等指标的敏感性。     

知识型员工流动动因分析

知识型员工的流动受多种因素的影响，如年龄、性别、知识拥有水平、工作满意度、薪酬水平、组织承诺、工作自主性、职业发展等。本文从经济学和组织行为学的角度分析了知识型员工流动影响因素，对知识型员工的流动动因进行理论分析。     

"净利+利息+折旧"抑或"净利+税后利息+折旧"?——对会计资格考试辅导教材中经营现金净流量计量方法的商榷

计算项目净现值(NPV)等投资决策指标时,现金流量与折现率应具有匹配关系。从两者的匹配关系看,全国会计专业技术资格考试辅导教材《财务管理》一书中的经营现金净流量(NCF)计量公式有欠妥当。因为以项目的加权平均资本成本(WACC)作为折现率时,与之相应的NCF的计量方法不应是教材中的“净利 利息 折旧”,而应该是“净利 税后利息 折旧”,或者是“息税前利润(1-所得税率) 折旧”。     

以物流业为核心的近代早期产业结构演进与启示

目前的所谓“物流”不是经济学上的概念，而是管理学上“物流业”的概念。中国近代经济结构是以近代物流业为核心建立起来的。随着物流业的发展，中国近代重要工业结构初现端倪，并且初步显现出对经济发展的重要推动作用。当前，世界范围的现代物流业“革命”正在兴起，从近代物流业产生与发展中得到的一些规律性的总结，对我国现代物流业的发展，赶上国外物流业发展步伐，将大有裨益。     

Online consumer behaviour and its relationship to website atmospheric induced flow: Insights into online travel agencies in China

Although the study of flow has recently received a lot attention, little is published about what factors controllable by firms influence its formation. Furthermore, there is a lack of knowledge between the relationship of website atmospheric cues and flow experience. Using a stimulus–organism–response framework (S–O–R framework) as the theoretical basis, this study examines the impact of consumer perceptions of website atmospheric cues (informativeness, effectiveness and entertainment) on the development of flow and its subsequent impact on purchase intention and satisfaction. A self-administered online survey was used for data collection through an internet market research firm which randomly selected individuals from its online panel. Our results support the validity of the S–O–R framework in the context of online tourism and indicate that flow fully mediates the three site atmospheric cues with regards to purchase intention and satisfaction with the travel website. This study enhances our understanding on the determinants of online purchase intention and satisfaction as well as on how a proper web atmospheric design alters consumer shopping experience which entices favourable purchase intention and generates satisfaction.     

Macro-Networks: An application to euro area financial accounts

This paper develops a financial network, designated the “Macro-Network”, that depicts the connections between the main financial and non-financial sectors of the economy in the various financial instruments of the euro area. The Macro-Network comprises of linkages across financial and non-financial sectors in each country. These country-level sector networks are then connected by the cross-border links between the individual banking sectors. Using the Macro-Network to simulate financial shocks, we find that the propagation effects depend on the underlying network structure, which evolves over time. After the financial crisis, bilateral linkages contracted sharply, reflecting the surge in counterparty risk and the de-leveraging processes. Nonetheless, our analysis suggests that even after this process, vulnerabilities remained in the euro area financial system, while a more diversified portfolio of cross-border exposures might mitigate the shock effects. We identify sectors which are most relevant for the propagation of financial shocks in the Macro-Network.     

Examining the relationships between online store atmospheric color,flow experience and consumer behavior

Although atmospherics and flow experience are widely studied, the relationship between online store atmospheric cues and flow experience has received a little attention. Furthermore, there is a lack of published results about the role of atmospheric color in creating flow. Using the Stimulus – Organism – Response model and the theory of optimal experience of flow, this study investigated the impact of online store background color on the achievement of flow and its effects on online consumer behavior. In this study, an online experiment was conducted to investigate the effects of a warm hue – yellow versus a cool hue – blue of the background and used a self-administered online survey for data collection. The results underscore the important role online store color plays in creating the flow experience and revealed that blue hue induces more flow than yellow. The two dimensions of flow (perceived enjoyment and concentration) have direct and mediating effects on purchase intention and revisit intention. Concentration, but not enjoyment, has direct and mediating effects on the number of viewed pages and time spent per visit. This research enhances our understanding of the relationship between online store atmospheric color and flow and highlights the role of flow as an extension of SOR model applied online. Other theoretical and managerial implications of the results are discussed. Finally, suggestions regarding future research are presented.     

石衡沧港城际铁路互联互通方案研究

突出功能定位,发挥路网互联互通作用,是高速铁路互联互通方案研究的关键。在阐述石衡沧港城际铁路互联互通现状的基础上,针对石衡沧港城际铁路客流特点和功能定位,分析石衡沧港城际铁路石家庄铁路枢纽、衡水铁路枢纽、沧州铁路枢纽和黄骅铁路枢纽等互联互通主要节点枢纽,通过衡水、沧州和黄骅铁路枢纽比选方案分析,提出石衡沧港城际铁路在通道中的枢纽方案,为区域连接线、城际铁路在方案互联互通作用提供研究支撑。     

Impacts of land-cover change on the water flow regulation ecosystem service: Invasive alien plants,fire and their policy implications

Land and water resource issues typically fall under separate governance systems. For example, agricultural policy regulates land-cover change while water departments regulate water quality. However, land-use changes can directly affect water resources. Water flow regulation is a key service which is affected by changes in land-cover but its dynamics are poorly understood by most policy makers and land management organisations. We simulated and quantified the effects of plant invasions on land-cover, hydrological soil characteristics and catchment responsiveness on flow regulation using a hydrological model. The case study was located in the indigenous fynbos shrublands in South Africa. Fynbos requires fire to regenerate, has moderate biomass, occurs mostly in areas with a potential to erode and is prone to invasion by woody plant species, particularly trees. Invasions can affect flow regulation by changing community structure and function and increasing fuel loads. The greater fuel load increases fire intensity and severity which, in turn, changes the hydrological responses of catchments. Few studies have assessed the effects of invasion on hydrological responses but studies on plantations have recorded significant increases in soil water repellence following fire, resulting in increased overland flow similar to impacts of fires in invaded areas. Simulation of clear-felling of pines and different degrees of water repellency increased both the responsiveness of the catchment to rainfall and extreme rainfall events. The simulated fire effects were consistent with other studies of hydrological responses to fire. Our study indicates that invasions of pines and acacias in the study area could substantially increase the risk of flood damage even from moderate rainfall events, and highlights the importance of maintaining flow regulation capacity. New policy approaches are required which take account of the linkages and interactions between land-use choices, water resources and ecosystem services, and address them when considering governance arrangements.