Noise traders,firm-specific uncertainty and technical trading effectiveness

This is the first study to document evidence of technical trading effectiveness at firm level in the Chinese A-share market by investigating the relationship between excess profits of technical trading rules and firm-specific characteristics. Our results reveal that firms with higher excess profits from technical trading have more noise traders and higher institutional ownership and that those firms tend to be growth firms with lower liquidity and higher firm-specific uncertainty. Further analysis shows that the profitability of technical trading rules is unsustainable and the excess profits of the highest technical trading profit quintile portfolio disappear in the following year.     

Exploring the male Chinese tourists’ motivation for commercial sex when travelling overseas: Scale construction and validation

Sex and tourism has long been understudied. Little is known about tourists' motivations for consuming commercial sex while travelling, and even less, if indeed anything, is known about that of Chinese outbound tourists in particular. Based on twenty interviews and two surveys with a sample of 534 male Chinese tourists who had engaged in commercial sex when travelling overseas in the previous 12 months, this study aimed first to explore why male Chinese tourists travelled overseas and purchased commercial sex, and second to construct a comprehensive scale for measuring male tourists’ motivations for overseas commercial sex. With acceptable reliability and validity, the measurement scale yielded in this study consisted of eight motivation dimensions labelled as socialisation, relaxation and escape, travel-related novelty, sexual desire fulfillment/excitement seeking, sex-related learning, sexual mastery, social prestige, and business/pragmatic purpose. Both the theoretical and methodological implications related to the developed scale are also discussed.     

中国高端装备制造业自主技术创新效率稳定性及影响因素研究

在全面实施创新驱动发展战略的时代背景下，揭示中国高端装备制造业自主技术创新效率稳定性，测度相关因素的影响强度与方向，对揭示中国高端装备制造业自主技术创新规律，制定其发展策略具有重要指导意义。聚焦中国高端装备制造业自主技术创新效率稳定性及影响因素，采用DEA-Malmquist指数方法和Tobit回归模型进行实证研究，结果表明，中国高端装备制造业自主技术创新效率存在一定波动性，且各细分行业技术创新效率内部稳定性较差，产业自主技术创新效率整体稳定性不高；自主技术创新投入因素和环境影响因素对产业自主技术创新效率的影响具有较高的异质性，其中创新资金投入和人力资源投入对自主技术创新综合效率、纯技术效率及规模效率具有正向影响，而新产品开发投入和企业规模对自主技术创新综合效率、纯技术效率和规模效率的影响具有异质性，政策因素与市场因素分别具有显著和非显著负向影响，外源性创新因素具有显著正向影响，且影响强度较大。在此基础上，提出调整政府对高端装备制造业创新支持模式、加强外源性创新与智力引进等策略建议。     

基于技术轨道的制造企业服务化机理研究

基于技术轨道理论与制造企业服务化间的关系，认为技术轨道对制造企业服务化的影响机理包括3类：驱动机理、拉动机理和差异化机理。制造企业服务化转型内在机理是技术轨道驱动下投入服务化、企业边界变化以及用户需求、产出、政策拉动下与技术轨道的协同演化过程，且通过技术轨道形成服务化转型差异。制造企业对自身技术轨道的识别有利于确定发展所需主要技术来源及技术演化轨迹，把握实现服务化的关键机理。     

中国商业银行市场结构分析——基于Panzar-Rosse模型

运用Panzar--Rosse模型这一国际上前沿的市场结构判定方法，分析中国商业银行的市场结构，发现其目前正处于垄断竞争状态，垄断性较强。在此基础上本文提出了降低市场准入门槛、改善市场竞争环境的政策措施。     

论我国经济转型时期新一轮经济结构调整的任务及政策取向

在计划经济向市场经济转轨的条件下 ,我国宏观经济出现了由供给约束向需求约束的转型 ,在转型中宏观经济的结构性矛盾日益严重。这一结构性矛盾具有综合性、深层次性、萎缩性特征。在转型时期 ,新一轮经济结构战略性调整的任务是积极发展高新技术产业 ,搞好国有企业的职能定位 ,优化经济结构 ,提高国民经济的整体素质。新一轮经济结构调整政策取向的内涵是 :全面推进市场化改革 ,形成以市场为基础的经济结构调整 ;解决结构优化过程中的制度缺位问题 ;进一步调整国有经济结构 ,加快非公有制经济的发展 ;发展特色经济 ,提升产业结构。     

毛泽东关于中国革命的科学预见及其重大意义

毛泽东具有高超的科学预见的能力。毛泽东的科学预见能力在于他掌握了社会调查的方法 ,正确地运用对立统一规律和量变到质变的规律 ,以及采取“从群众中来 ,到群众中去”的方法。学习毛泽东关于中国革命的科学预测理论与方法 ,对于处理当今国际国内的各种复杂问题有着十分重要的意义。     

专业化管理的家族企业——新加坡的华人企业

通过考察大量口迷历史记录、个人访谈、文献研究及有关新加坡经济、社会的评论，研究了亚洲金融危机（以下简称危机）前后新加坡华人企业变化及其发展的持续性，表明危机前，这些大型企业由家族制管理变为专业化管理；危机后，其变化趋势有两种，一种由于面临着西方企业日益激烈的竞争，在政府密切关注下，同时也因缺乏有能力、有管理家族企业意愿的后代，家族制度已松散；另一种由于没有政府的直接管制，在危机后消极的市场形势下，为谋求生存，任用有能力的家族后代充分发挥优势，维持着传统的家族制。本文分别从市场、制度（包括文化和政府）及一些主要大公司的领导者行为分析，推导一个路径清晰、条脉分明的管理变化模式，同时提出进一步的研究方向——专业化管理家族企业的结构及政府的角色。     

Research on the Present Situation and Countermeasure of the Development of Chinese Architectural Industry

Along with the development of Chinese social economy and the innovation of government policy, Chinese Architectural Industry is playing a more and more vital role in the entire national economy. This paper first abstracts the connotation and basic characteristic of the Architectural Industry, then discusses the present situation of the development of Chinese Architectural Industry and carries on the analysis on the entire construction industry. Finally discusses the development tendency of Chinese architectural industry, and put forward the corresponding policy proposals to its developmental strategy.     

What＇s So Special about China＇s Exports？ A Comment

Dani Rodrik argues that China's exports are unusually sophisticated for a country at its income level. He also claims that China's export sophistication reflects the government's successful industrial policy and has been instrumental in the recent acceleration of its economic growth. Although Rodrik's interpretation of China's economic growth is broadly correct, the accuracy of his empirical analysis is questionable. This note identifies several problems regarding the “export sophistication” index used in his empirical work and casts doubt on his analysis.