融资流动性与市场流动性

市场流动性刻画市场的交易能力,融资流动性反映投资者的融资能力,两种流动性及其相关程度是衡量金融市场健康发展的重要指标,为了控制与防范危机时期金融市场的风险,有必要准确分析和量化融资流动性与市场流动性的关系。以融资流动性和股票市场流动性为研究对象,以美国次级债危机作为研究背景,选择2000年1月3日～2008年4月30日作为样本区间,运用DCC-MVGARCH模型估计融资流动性与股票市场流动性之间的动态相关系数,并通过t检验对比金融危机前后两者之间动态条件相关系数的时间走势,以证实两种流动性在危机时期是否存在相互增强的促进作用。实证结果表明,危机爆发前,融资流动性与股票市场流动性的动态相关性较低,且相对稳定,但危机爆发后,两种流动性的相关性显著增强,且波动程度变大,呈现出流动性螺旋的现象。这一结论为危机中市场流动性突然消失提供了理论解释,并以此提出提升市场流动性的相关政策和建议。     

Confluence and Contours: Reflexive Management of Environmental Risk

Government institutions have responsibilities to distribute risk management funds meaningfully and to be accountable for their choices. We took a macro‐level sociological approach to understanding the role of government in managing environmental risks, and insights from micro‐level psychology to examine individual‐level risk‐related perceptions and beliefs. Survey data from 2,068 U.K. citizens showed that lay people's funding preferences were associated positively with beliefs about responsibility and trust, yet associations with perception varied depending on risk type. Moreover, there were risk‐specific differences in the funding preferences of the lay sample and 29 policymakers. A laboratory‐based study of 109 participants examined funding allocation in more detail through iterative presentation of expert information. Quantitative and qualitative data revealed a meso‐level framework comprising three types of decisionmakers who varied in their willingness to change funding allocation preferences following expert information: adaptors, responders, and resistors. This research highlights the relevance of integrated theoretical approaches to understanding the policy process, and the benefits of reflexive dialogue to managing environmental risks.     

基于滞后DEA的我国高校科研经费使用效率评价

研究我国高校科研经费使用效率。基于2002-2006年31所高校的截面数据分析,运用统计方法建立了高校科研经费使用效率评价指标体系,测算了科研产出滞后于投入的时间,建立了滞后DEA效率评价模型,从投入产出角度动态分析了我国31所代表性高校科研经费相对使用效率,并对非有效的高校进行了规模有效性和投影分析计算,得出了我国高校科研经费使用特点和存在的问题。结果表明我国高校科研经费使用效率整体不高,48%的高校存在一定程度的投入不足和产出剩余问题,最后针对存的在问题提出了改进建议。     

养老金统筹账户与个人账户最优组合策略研究

本文使用投资组合理论对养老金统筹账户与个人账户的最优组合策略进行研究。为此,我们首先分析了确定性条件下的账户选择问题,然后,在随机假设下对不同账户的收益进行精算建模,在此基础上构建了养老金账户最优组合模型,最后,对上述模型进行了数值求解。研究表明:(1)统筹账户与个人账户的收益负相关,二者的组合能够形成一个有效的风险对冲机制;(2)混合制的有效边界在现收现付制和累积制的上方,因此,从风险—收益的角度讲,混合制优于单一养老金制度;(3)与最优账户组合相比,现行统筹账户的占比偏高,个人账户占比偏低。本文的政策含义在于,适当的降低现行统筹账户的占比,提高个人账户的占比能够降低养老金账户的风险水平,增加账户的收益。     

股票市场融资管制与公司最优资本结构

资本市场不完美对企业融资和资本结构带来的"供给方效应"日益受到公司金融学术界关注。转轨时期的中国资本市场存在严格证券发行管制与金融创新管制,给企业融资和资本结构带来了供给方约束。本文选取了1993~2007年期间A股市场发生过股权再融资的上市公司为研究对象,研究股票再融资管制政策变更对上市公司资本结构的影响。结果表明,股票再融资管制政策的变更,是影响上市公司资本结构的重要因素;股票市场估值的"市场时机"并不是影响上市公司资本结构的显著因素。     

基于特化系数的我国区域科技投入结构演变分析

在从跟随模仿向自主创新战略转变的背景下,政府科技投入已经成为战略性公共资源。本文运用特化系数测算了1999年至2006年我国八大经济区科技投入来源结构与执行结构的演变。研究结果表明:1999年至2006年,我国科技投入来源结构呈现出从政府主体向企业主体转变的趋势,南部沿海和东部沿海企业来源资金实现了从非特化向特化的转变;科技投入执行结构呈现出从大中型企业和科研机构双主体向企业单主体转变的趋势,南部沿海企业执行资金实现了从非特化向特化的转变。     

Quality Cutting: Perceived Faculty and Staff Effects of State Budget Cuts on Institutional Quality

Product degradation is the deterioration of a commodity over time. Since the beginning of the 21st century, higher education in South Carolina has engaged in a process of cutting state funding to higher education. During this process questions emerged on the effects of the cuts on the many education programs that depend on state funding. The purpose of this study was to measure the perceptions of university faculty and administrators’ concerning the recent budget cuts in South Carolina and determine if the term product degradation can be appropriately applied to the educational product at state-supported four-year institutions in South Carolina.     

The shift towards entrepreneurial universities and the relevance of third-party funding of business and economics units in Austria: a research note

Review of Managerial Science - The importance of public and private third-party funding of universities has changed over the last decades. However, the knowledge about how universities finance...     

The 2007 Subprime Market Crisis Through the Lens of European Central Bank Auctions for Short‐Term Funds

We study European banks' demand for short‐term funds (liquidity) during the summer 2007 subprime market crisis. We use bidding data from the European Central Bank's auctions for one‐week loans, their main channel of monetary policy implementation. Our analysis provides a high‐frequency, disaggregated perspective on the 2007 crisis, which was previously studied through comparisons of collateralized and uncollateralized interbank money market rates which do not capture the heterogeneous impact of the crisis on individual banks. Through a model of bidding, we show that banks' bids reflect their cost of obtaining short‐term funds elsewhere (e.g., in the interbank market) as well as a strategic response to other bidders. The strategic response is empirically important: while a naïve interpretation of the raw bidding data may suggest that virtually all banks suffered an increase in the cost of short‐term funding, we find that, for about one third of the banks, the change in bidding behavior was simply a strategic response. We also find considerable heterogeneity in the short‐term funding costs among banks: for over one third of the bidders, funding costs increased by more than 20 basis points, and funding costs vary widely with respect to the country‐of‐origin. The funding costs we estimate using bidding data are also predictive of market‐ and accounting‐based measures of bank performance, reinforcing the usefulness of “revealed preference” information contained in bids.     

An Examination of Public Private Academic Partnerships: Does Program Success Enhance University Performance Outcomes?

In response to a steady decline in State funding, universities have become heavily involved in a variety of public private academic partnerships (PPAPs) in such areas as medical research, business incubation, technological commercialization, continuing professional education, and intercollegiate athletics. Despite this trend, research which examines if such partnerships actually enhance university funding is rare within the public organization literature. Given this, we focus on university intercollegiate athletics programs, which represent one of the largest PPAPs ever undertaken by universities, to examine whether PPAP success can potentially enhance university performance outcomes leading to increased funding levels. Such programs represent a PPAP because public, private, and academic entities all come together to form an organization (division 1 football at the bowl subdivision level) which seeks to benefit all three entities through sharing resources and responsibilities. Study results showed that athletic success positively influenced a variety of university performance outcome variables such as enrollments and endowments. While results indicate that PPAP success can enhance university funding, we also suggest modifications that should enhance the chances that PPAPs will be successful.     

Brexit,Private Equity and Management

We analyse the expected impact of Brexit on private equity and its implications for management research. Specifically, we explore the implications for private equity funds and funding, and at the portfolio firm level with respect to employment and performance.     

Finance and innovation in British small independent firms

This paper is concerned with the effects of internal and external capital investment funding patterns on the innovativeness of British small independent firms. By using a combined sample of firms from the relatively prosperous South East and the more problematic Scottish development region, an additional diverse regional economic perspective is given to data initially presented in a national context. Beyond a presentation of the extent of external borrowing, the paper seeks to establish the characteristics of firms obtaining external funds and to assess whether this external capital borrowing sub-sample is mainly comprised of low technology firms in decline, or of high technology firms fueling innovation-led expansion. Data is included on the role of both public and private loan agencies in the external funding process. Conclusions are based on the pattern of results and focus on ways in which the delivery of financial aid might be improved to assist expansion, particularly in fast growing high technology small firms.     

Leadership,Passion and Performance: A Study of Job Creation Projects during the Recession

In the aftermath of the economic recession that began in 2008, governmental bodies have been assisting private sector companies to create jobs. To increase financial performance under greater economic uncertainty and liquidity constraints, this study proposes that a leader's type of passion could explain why some project leaders who receive government funding succeed in creating jobs whereas others do not. Harmonious passion, a voluntary but not overpowering urge to engage in an activity, leads to higher job creation, especially under greater environmental complexity. Obsessive passion, an uncontrollable urge to engage in an activity, also leads to higher job creation, particularly under increasing environmental dynamism. Using survey data from 105 European Union projects and archival data on job creation from the EU funding agency, we find support for the proposed framework. The findings provide a basis for acknowledging the relevance of a leader's passion for environmental adaptation.     

Graduate medical education funding crisis

Medicare, the major funding source for graduate medical education, is under intense scrutiny. Some think that Medicare should not continue to overtly pay to train graduate physicians, while others believe continued direct funding is an important social obligation. Recent policy discussions could dramatically transform the way graduate physician training is funded and teaching hospitals are paid. This is an important debate because of the strong influence Medicare has in determining the willingness of other payers to contribute to graduate medical education. Funding reductions are already threatening the viability of the U.S. teaching hospital system.     

Effect of R&D expenditures and funding strategies on the market value of biotech firms

Market value of biotech firms is important to investors and venture capitalists who keep this industry alive and dynamic. It is a particularly valuable index of investors' estimate of current and future success of the firms in this industry because other conventional indices of performance and success are inappropriate. Our hypothesis is that market value in this industry can be explained in terms of funding strategies and R&D expenditures. Using all sixty publicly-held biotech firms, that are included in a national directory for such firms engaged in the research of biotech products for human use, we estimate multiple regression models that explain most of the variance in market value using funding strategies and R&D expenditures (R-squared = 0.93). Our models also demonstrated that small biotech firms (< $10 million in total revenue) are substantially different from larger ones.     

金融泡沫与企业投资

研究了金融泡沫对企业投资策略影响的微观机理.在投资项目市场价值中引入金融泡沫因子,建立起企业的投资决策模型,研究了泡沫对投资概率的影响,并对泡沫持续期、决策者视窗和融资规模和方式与金融泡沫对投资的共同影响进行了分析.结果表明:正泡沫对投资具有推动作用,负泡沫具有抑制作用;正泡沫期间进行的投资长期具有折价趋势,负泡沫期间进行的投资价值有上升趋势;正泡沫持续期越长,投资的可能性越小;负泡沫的持续期越长,投资可能性越大;在正泡沫期,若决策者越短视,立即投资的动机越强,企业偏向于出售股权进行投资;在负泡沫期,若决策者越短视,投资将会推迟,企业偏向于以其他融资方式进行投资.     

中国管理科学学科发展态势计量分析

本文从国家自然科学基金资助情况和在国际重要期刊上发表论文情况两个维度，梳理中国管理科学2009-2018年的发展态势。研究结果显示国家自然科学基金是管理科学研究资助的主渠道，资助项数和资助金额稳步增加。中国学者在国际重要期刊上发表的论文数量增长迅速，从2009年的1314篇增长到2018年的6309篇，年均增长19.04%。此外，第一作者或通讯作者论文占比也从2009年的69.03%增长到2018年的88.57%。2009-2018年中国学者的发文总量居世界第三，2018年单年发文量居世界第二，国际合作论文数稳步增长，表明近年来中国管理科学研究呈现出快速发展态势。结合基金资助和发表论文的增速来看，发文量的年均增长率高于基金资助的增长率，并且受资助论文数量和占比逐年增加，表明国家自然科学基金对中国管理科学研究的资助效果明显。