环境信息披露的污染减排效应评估

本文利用我国2008年正式实施环境信息披露制度这一外生冲击构造准自然实验,基于2004-2017年我国285个城市的面板数据,通过双重差分法系统评估环境信息披露对工业污染物排放的影响。克服环境信息披露的测量困难与内生性问题,首次考察环境信息披露的污染减排效果,并借助数理模型对其影响机制进行规范阐释。研究发现,环境信息披露能够显著降低工业污染物排放水平,且该影响具有一定的时滞性和长期性;同时,减排作用会随地区环境污染程度和环境规制力度的增强而呈现递增规律;此外,机制分析的结果表明,其传导机制主要来自于产业结构转型和减排技术进步。为验证研究结论的稳健性,本文提供了平行趋势、工具变量、安慰剂等多种方法的检验结果。本文的研究在经验上丰富了环境信息披露与环境污染治理之间关系的相关讨论,为提升我国环境污染治理水平、打赢污染防治攻坚战提供有益的政策启示。     

财政分权和环境规制促进了中国绿色技术创新吗？

基于我国2003-2017年省级面板数据测算财政分权水平和财政分权效率,结合两阶段关联网络DEA测算绿色创新效率、绿色技术研发效率、绿色技术成果转化效率。结合理论模型与实证模型,分析了财政分权、环境规制对我国绿色技术创新的影响。结果表明：从整体上看,财政分权水平、财政分权效率和环境规制都是推动我国绿色创新发展的积极因素,财政分权还通过影响环境规制对绿色技术创新产生积极间接影响;但也导致了地方政府不注重绿色研发的短视行为。从不同时段看,财政分权和环境规制对绿色创新影响发生了变化,一是国际金融危机以后,财政分权加大了经济刺激政策对绿色创新发展的挤出效应,但这在新时代以后得到缓解;二是2013年以后地方环境规制水平提升过快,在一定程度上反而不利于绿色创新。从发展处于不同分位的地区看,财政分权对高、低分位地区绿色创新发展支持都稍显不足,但提高财政分权效率则能显著带动高分位地区发展;环境规制只在高分位地区促进了绿色创新发展,但对绿色创新效率较低的地区而言,过高的环境规制并没有实际意义。     

锚定比率可以衡量股价高估吗？——基于崩盘风险视角的经验证据

股价高估指的是公司市场价值超出其内在价值的现象,但如何衡量内在价值一直存在争议。借鉴行为金融文献中锚定效应的概念,结合中国资本市场的特殊性,本文提出了锚定比率(简称"RPR")这一新的股价高估指标。为了证实该指标的有效性,本文利用事后的股价崩盘风险进行了相关检验。结果表明:第一,锚定比率与股价崩盘风险正相关;第二,更少的分析师跟踪、更多的散户持股以及更高的股票流动性均会强化锚定比率对股价崩盘风险的影响;第三,在控制常用的股价高估指标、两类代理问题和管理层"捂盘"行为后,本文的结果依然成立;第四,利用崩盘事件,本文证实了锚定比率会加剧股价下跌的程度,且长期来看股价会保持"惯性"而非"反转"。本文的研究表明投资者做决策时对股价高点存在明显的锚定效应,丰富了锚定效应在中国资本市场中的运用。更重要的是,本文提出了一个可能更适合于中国资本市场的股价高估指标,该指标意味着资本市场定价机制的不完善是导致股价高估和频繁崩盘的重要原因,这对于改善资本市场定价效率、降低股价崩盘风险有一定的启示作用。     

中国上市 ITO 企业经营效率评价及影响因素分析

运用基于规模报酬可变的投入导向的超效率DEA模型,对在沪深两市上市的具有代表性的30家中国ITO企业的经营效率进行实证研究,结果表明中国上市ITO公司整体运营效率不高,且各企业之间存在显著差异性。为分析企业规模、员工素质、研发投入等因素对中国上市ITO企业效率的影响,采用Tobit模型发现企业规模、员工素质、政府支持等因素对企业运营效率有着积极地影响,而研发投入对企业运营效率的影响并不显著。     

科学辨识蔡伦造纸术之历史真实--以《中国造纸史》为对象讨论

《中国造纸史》一书,对晋代以后的造纸史、技术以及造纸术传播国外的情况,显得比较权威,但对涉及造纸的考古论断依据不足,认为西汉初已经有“造纸基地”、东汉初中州各地又成为“造纸中心”,凭主观臆想否决蔡伦的发明史实。该书对古代典籍的一些释读以及祭祀蔡伦习俗,也缺乏文史研究和田野考察。深入发掘、辨析典籍、各类文献、工具书与考古实物,考察蔡伦家乡祭祀习俗、南岭生态条件、生产生活方式,是揭开和还原历史真相的科学途径。蔡伦发明造纸术的史录、评价,不应轻率修改。     

Temporal Disaggregation: Methods,Information Loss,and Diagnostics

This research provides a generalized framework to disaggregate lower-frequency time series and evaluate the disaggregation performance. The proposed framework combines two models in separate stages: a linear regression model to exploit related independent variables in the first stage and a state–space model to disaggregate the residual from the regression in the second stage. For the purpose of providing a set of practical criteria for assessing the disaggregation performance, we measure the information loss that occurs during temporal aggregation while examining what effects take place when aggregating data. To validate the proposed framework, we implement Monte Carlo simulations and provide two empirical studies. Supplementary materials for this article are available online.     

网络空间与公共领域实践

以哈贝马斯的"公共领域"为理论基础,从网络空间的特质出发分析了网络空间成为公共领域的潜质,并进一步指出由于进入网络空间受经济、知识等门槛限制,以及网络空间语言霸权、数字鸿沟等面向所造成的不平等,仍制约着网络空间成为公共领域的可能。     

基于Malmquist指数的我国航空公司业全要素生产率分析

运用Malmquist生产率指数方法,对我国5个主要航空公司2002-2006年期间的全要素生产率的变化作了测算。结果显示,2002-2006年中国航空公司业的全要素生产率的平均增长率为1.2%,生产效率总体上有所提高,并且这种增长增长同时受到综合效率改善与技术进步的影响。中国航空公司业全要素生产率水平的提高,除继续强调综合效率的重要性之外,也要进一步加强对技术进步的重视,单独依靠一个方面,全要素生产率的增长将是有限的。     

The Pacific Rim Library: A Surprising Pearl

The Pacific Rim Library (PRL) is an initiative of the Pacific Rim Digital Library Association (PRDLA). The project began in 2006 using the OAI-PMH paradigm and now holds over 300,000 records harvested from OAI data provider libraries around the Pacific. PRL's goal is to enable the sharing of digital collections amongst PRDLA members and the world, but greater unexpected benefits have been discovered. Through mirroring their metadata, PRL increases the chance that their data will be discovered in Google and other general search engines. With its many disparate collections, PRL is not a repository for traditional information discovery and retrieval. Initially users will bounce from a Google hit to the PRL metadata record in Hong Kong and then begin an intensive search on the original site which hosts the full digital object, in Vancouver, Honolulu, Wuhan, Singapore, or other PRDLA member location.     

Visualizing the factory through meta- manufacturing processes

Milestone or deadline driven production management is predominant in most manufacturing companies. Problems and other disturbing occurrences tend to see their first daylight during phases where plans are implemented into reality, for example, when production commences, prototypes enter manufacturing and deliveries are expected. Conventional control routines fail to depict the true progress and procedures of the company on an on-line basis, which means that instead of being proactive they serve as means to react to already existing problems. This paper studies the application of advanced visualization techniques to the already existing information embedded in a comany's information infrastructure, and how it can help management to anticipate probable near future pitfalls. By studying those daily operations of a company which share a document relationship with the true manufacturing process, that is, the meta-manufacturing processes, a completely new perspective on the company's value-adding activities is drawn. By mining the existing data reservoirs of a company traditionally difficult management processes, such as product development, vendor integration, production planning, can be analysed and the problems identified in a novel way to react in advance. The paper displays several empirical examples from bulk to one-of-a-kind production where the method has been successfully implemented.