Motives behind retailers’ post-entry expansion - Evidence from the Chinese luxury fashion market

This study aims to examine the motives behind retailers’ post-entry expansion in foreign markets. Through case studies of eleven participating luxury fashion retailers in China, qualitative data was collected from twenty-two executive interviews. Although their initial market entry was driven by both reactive (push) and proactive (pull) factors, the motives behind their post-entry expansion have become predominantly proactive, especially long-term growth strategies, the ambition to extend their brands and retail formats to more cities, and the experiences gained in entry markets. The desire to optimize the retail store portfolio through multiple channel strategies have slowed down the expansions of physical stores.     

论本币升值对国内物价的影响路径

本币升值可通过实体经济、虚拟经济以及货币政策三个途径影响一国的国内价格;本币升值通过国内物价影响经济稳定存在一个正反馈机制;从短期来看,人民币升值不仅不能抑制国内物价上涨,还可能推动国内物价的上涨。     

The impacts of Hong Kong’s Currency Board reforms on the interbank market

Among the economies with a Currency Board System (CBS), Hong Kong (HK) is probably the one with the largest and most developed financial sector, as well as the highest capital mobility. Hence, studying HK’s CBS is not only crucial to HK, but also important for the understanding of the modern CBS. This paper outlines the major monetary reforms in HK since the late 1980s. The impacts of these reforms and the 1997–1998 Asian Financial Crisis are then examined empirically. We focus on the differentials between the US and HK interbank interest rates. We assume the conditional-mean equation follows an autoregressive process and the conditional-variance equation follows a generalized autoregressive conditional heteroscedasticity process. This model captures the time-varying level and volatility of the differential. In light of the empirical results we provide an assessment of the reforms in HK.     

Rethinking the role of NCBs in the EMU

Five years after the introduction of unified monetary policy in the EMU, some member countries are wondering whether they have ceded too much of their policy-making powers. The fact that National Central Banks no longer carry out sizable expansionary open market or foreign exchange market operations suggests that they face substantially reduced abilities to set economic policy.This paper demonstrates that, in fact, very little power has been yielded: on the fiscal front, the force of such policy initiatives is enhanced by the fixity of the exchange rate. On the monetary front, we show that there is an observational equivalence between all Central Bank actions under fixed exchange rates. This implies that the authorities retain the same amount of policy flexibility as before. So long as they use an alternative form of policy initiative, carrying out what previously would have been characterized as sterilized foreign exchange market operations, their ability to influence the macro performance of their economy is undiminished.     

国有资产管理及营运模式研究

加入WTO ,中国企业与全球经济融会一体 ,企业人才国际化势在必然。为此 ,必须树立企业人才国际化战略的紧迫感 ,明确企业人才国际化的深层内涵 ,致力营造企业人才国际化的生态环境。     

国际贸易发票货币的选择——兼论人民币国际化

一国货币作为国际贸易发票货币取决于货币汇率的波动性、该国在占据的出口市场份额以及该国出口产品的差异性程度。随着人民币汇率形成机制更加灵活和弹性化及在国际贸易中采用本币计价以回避汇率风险,人民币成为国际贸易发票货币有期可待。     

哥伦布发现美洲的动因和影响

哥伦布发现美洲是世界史上的划时代大事 ,使世界历史发生了历史性的变化 ,是人类历史的一个重大转折点。它打破了世界各民族的原始封闭隔离状态 ,扩大了世界各民族间相互影响活动范围 ,从而使世界历史开始形成。本文就哥伦布发现美洲的动因和所产生的影响做一些肤浅的论述。     

The relevance of currency risk in the EMU

We investigate how the elimination of intra-European exchange risk may affect international financial markets using a conditional version of the International CAPM. We estimate the EMU and non-EMU components of aggregate currency risk and document significant exposures to both. The premium for EMU risk is positive and associated with exposure to the French, Italian and Spanish currencies. The premium for non-EMU risk is consistently negative and accounts for most of the aggregate currency premiums. In the 1990s, exposures to EMU risk declined significantly while exposures to non-EMU risk increased. Hence the adoption of the Euro is unlikely to have a large impact on aggregate currency risk premiums.     

Haier＇s Trilogy of Internationalization：＂Going Out, Going In and Going Upward＂

This paper analyzes Haier＇s trilogy of internationalization. Following an introduction of Haier, its internationalization is analyzed in three parts： the first part is ＂Going Out＂ the sowing phase as a niche marketer in exporting; the second part is ＂Going In the rooting phase as a brave contender in FDI; and the third part is ＂Going Upward＂-the fruiting phase as a fighter in building a world brand.     

关于高等教育的国际化与民族化

经济全球化的加快必然推动高等教育国际化的发展。国际化应该是建立在民族化基础上,只有具有民 族特色化的高等教育,才更具有国际化的价值和意义。树立国际化办学的观念,确立国际化的培养目标,深化国际合 作与交流的层次,加大高等教育的投入是我国高等教育国际化的主要发展策略。