人民币汇率波动与江苏上市公司权益风险的相关性研究——兼论美国金融危机的影响

以2005年7月21日汇改以来的人民币兑美元汇率和江苏省上市公司日收盘价为研究对象,利用DCC—MVGARCH模型实证分析人民币汇率波动与上市公司权益风险之间的动态相关性,结果表明：人民币汇率波动与上市公司权益风险间总体而言呈动态负相关关系,美国金融危机的冲击对这种相关性产生了显著的改变,相比而言,食品、纺织和运输类上市公司的这种相关性受金融危机的影响比较大。     

Haste makes waste: Political entrepreneur’s rent-seeking choices in anti-corruption campaign

This paper provides firm-level empirical evidence of the policy effects of China’s anticorruption campaign on SOE (state-owned enterprise) entrepreneur behaviour and corporate governance. While conflicts between corruption monitoring and performance of SOEs do exist, the 2012 anticorruption movement has profoundly changed Chinese political entrepreneurs’ power choice and accountability for SOE corporate governance. Specifically, this paper shows that the anticorruption measures have effectively reduced the sum of perks but aroused excessive asset extraction. When perk consumption has been seriously curtailed by the anticorruption rules, SOE executives’ reversed expectation precipitates their opportunistic activities in SOE’s tangible asset management and undermines SOE’s long-term corporate value.     

Corporate Governance and Firm Performance: A Sociological Analysis Based on Chinese Experience

Based on the 1997-2007 panel data of 676 listed companies and in-depth interviews with the senior executives, independent directors, fund managers and securities analysts of these companies, this paper tries to analyze the relationship between corporate governance and firm performance from a sociological perspective. The results show that the relationship between corporate governance and firm performance in the Chinese institutional environment is sharply different from the predictions of the agency theory. The empirical findings from China lend strong support to the new institutional argument that “best” corporate governance practices are socially “constructed” by various social forces and interests groups in specific social, political and cultural contexts, and how “good” a corporate governance practice is depends to a large extent on whether it fits in with the institutional environment in which it is embedded. There exists no universally “best” model of corporate governance across the world. Our empirical sociological study based on Chinese experience offers new perspectives and evidence for deconstructing the global myth of corporate governance.     

Corporate Governance and Firm Performance： A Sociological Analysis Based on Chinese Experience

基于676家上市公司1997-2007年问的面板数据及对上市公司高管、独立董事、基金经理和证券分析师等的深度访谈资料,分析公司治理和企业绩效之间的关系,揭示在中国制度背景下与代理理论的预测颇为不问的公司治理与企业绩效的关系模式。而所谓的“最佳”公司治理做法是在特定社会、政治、文化等制度环境下各种复杂社会力量和利益群体进行“建构”的结果,其作用的发挥在很大程度上取决于是否契合所在的制度环境,因此,并不存在普适的“最佳”公司治理模式。基于中国经验的社会学实证研究,为解构这一世界性公司治理迷思提供了新视角和证据。     

Toward an inclusive system for informal workers? Diverging impacts of labor informality on Chinese workers’ pension enrollment

The Chinese pension reform of 2011 allowed informal workers to enroll either in the employment-based pension program or in the residency-based pension program. Despite this historic pension reform, the question of how labor informality influences one's pension participation under the reformed pension regime has been insufficiently discussed. This article fills this gap by analyzing two waves of a national-level survey—the China Labor Dynamic Survey of 2012 and 2014. This article makes the following two points. First, the impact of labor informality differs across the two pension programs. Second, local citizenship filters the negative impact of labor informality, but only for the residency-based pension program. Having “local” citizenship does not offset the negative impact of labor informality on workers’ enrollment in the employment-based pension program. These findings show how the recent reform is ironically reinforcing the existing social cleavages between different types of Chinese workers.     

我国资本市场的发展战略和市场构建

中国的崛起离不开一个强大的资本市场,而我国在走向资本大国的过程中,必须克服体制机制缺陷,尤其缓解行政权力对市场的过度干预。只有我国股市建立了一个市场化的运行机制,优秀的上市公司成为市场主流,监管者审时度势依法进行管理,投资者理智而成熟,股指和市值才可能和宏观经济琴瑟相谐,中国资本市场也才能真正进入黄金发展期。     

资源获取与对外直接投资——基于中国采矿业上市公司数据的经验研究

基于企业层面数据对中国采矿业对外直接投资的动因进行实证分析.使用中国采矿业上市公司的对外直接投资数据,在计量模型中纳入微观企业特征、东道国特征、中国与东道国的联系三类影响因素,计量结果表明,中国采矿业上市公司在投资决策中更关注的因素是未来从东道国获取矿产资源的潜力,证实了中国采矿业上市公司对外直接投资的主要目标是从东道国获取资源.与此同时,中国采矿业上市公司进行对外直接投资决策时还受到其他多方面因素的影响.采矿业企业未来需要进一步提高投资技巧,保证投资手段的多元化、合理化,加强对投资项目的经营管理能力,加强投资风险意识,规避投资风险,提高投资收益率,同时努力改善采矿业企业的对外投资环境,提高未来采矿业企业与东道国投资合作的成功率.国家应加强对外经贸合作,充分挖掘与其他国家和地区的合作潜力,并在政策激励和制度安排上提供必要支持,促进和优化中国采矿业企业对外直接投资.     

Whisper campaigns: market risks through online rumours on the Chinese Internet

The rapid growth of the Chinese Internet has brought about the emergence of many new channels of communication between businesses (B2B), between businesses and consumers (B2C and C2B) and between customers (C2C). Amidst this growth, Chinese Internet users have demonstrated a fondness for online rumours that has become dangerous for a variety of organisations and businesses. Within the Chinese market consumers have emerged as actors whose interactions are posing a new form of risk for companies wishing to enter the Chinese market. Since 2009, companies have repeatedly been harmed by fast-spreading online rumours that called the quality of products into question, or attacked their ethics in dealing with the general public. Starting in 2010, online rumour campaigns have also been on sale to harm rivals, or to promote one’s own product. Using a few example cases from food-related incidents, this article will argue that companies operating in this highly suspicious and fraught environment should shift their focus from pure marketing to a much deeper level of engagement with their customers, and also keep track of the online chatter about their brand, their products and their image so as to minimise risks to their enterprise and to successfully sell their products and services.     

我国上市公司可持续发展问题研究

上市公司可持续发展能够极大地促进经济结构的调整和产业结构的优化 ,从而推动国民经济健康发展。通过阐释上市公司可持续发展的内涵 ,针对我国上市公司可持续发展运行机制的现状 ,剖析其产生的根源 ,从制度创新、培养核心竞争力等方面提出提升上市公司可持续发展能力的主要对策。     

中国企业国际化模式分析与政策建议

中国企业在国际化进程中表现出了双重国际化模式,即传统的生产国际化和新兴的资本国际化。前者包括自有产品与技术的直接出口企业、对外合资或独资的企业和开展跨国并购的企业;后者包括境外上市的中国企业、境内上市外资股的公司和其他具有外资股的中国境内企业。中国企业应结合业务特征和产品市场结构,寻求符合企业发展战略的国际化模式。一方面,积极扩大产品的海外市场,特别是开辟具有增长潜力的新兴经济体市场,追寻全球生产链中的最佳位置;另一方面,引进战略机构投资者或寻求境外上市,加快企业内部重组与机制创新。     

Beyond Piketty: A new perspective on poverty and inequality in India

The socio-economic literature has focused much on how overall inequality in income distribution (frequently measured by the Gini coefficient) undermines the “trickle down” effect. In other words, the higher the inequality in the income distribution, the lower is the growth elasticity of poverty. However, with the publication of Piketty’s magnum opus (2014), and a subsequent study by Chancel and Piketty (2017) of evolution of income inequality in India since 1922, the focus has shifted to the income disparity between the richest 1% (or 0.01%) and the bottom 50%. Their central argument is that the rapid growth of income at the top end of millionaires and billionaires is a by-product of growth. The present study extends this argument by linking it to poverty indices in India. Based on the India Human Development Survey 2005–12 – a nationwide panel survey-we examine the links between poverty and income inequality, especially in the upper tail relative to the bottom 50%, state affluence (measured in per capita income) and their interaction or their joint effect. Another feature of our research is that we analyse their effects on the FGT class of poverty indices. The results are similar in as much as direction of association is concerned but the elasticities vary with the poverty index. The growth elasticities are negative and significant for all poverty indices. In all three cases, the disparity between the income share of the top 1% and share of the bottom 50% is associated with greater poverty. These elasticities are much higher than the (absolute) income elasticities except in the case of the poverty gap. The largest increase occurs in the poverty gap squared – a 1% greater income disparity is associated with a 1.24% higher value of this index. Thus the consequences of even a small increase in the income disparity are alarming for the poorest.     

Perceptions concerning research integrity and the practice of data audit in the biotechnology industry

A survey was conducted in order to evaluate the responses of biotechnology executives concerning their perceptions of the frequency of questionable R & D studies performed in their companies and to assess the extent to which their companies voluntarily conducted data audits. Data audit was found to be commonly practiced on a voluntary basis by biotechnology companies, in contrast to its almost lack of practice by universities. However, public companies were more likely to practice data auditing than privately held companies. Moreover, the likelihood that managers suspected or detected questionable studies in their companies was significantly increased if the company practiced data auditing.     

Opting out of workers’ compensation: Non-subscription in Texas and its effects

Journal of Risk and Uncertainty - Texas is the only state that does not mandate that employers carry workers’ compensation (WC) insurance coverage. In place of traditional WC, companies can...     

上市公司可转换债券发行条款价值分析

上市公司发行可转换债券在我国已有三年的历史。由于可转换债券兼有债务资本和权益资本的双重特性,其定价方法比较复杂。我国可转换债券的发行条款执行条件多为有条件执行,其定价方法更为复杂。蒙特卡罗模拟数值算法在赎回条款和特别向下修正条款两个发行条款共同作用下的可转换债券期权价值,在赎回条款的作用下,特别向下修正条款对可转换债券期权价值的贡献较小,但当发行公司的股价大幅下跌时,损害了发行公司的原有股东的利益。     

A qualitative exploration of parenting representations amongst mothers with young children on the edge of care

Mothers who are at risk of losing custody of their children represent a vulnerable population whose voices are seldom heard. Exploring their perspectives of parenting, their child and the relationship with their child—their ‘parenting representations’—can improve our understanding of their struggles and inform interventions. Research in this area so far has been predominantly quantitative, meaning valuable information about subjective experiences is often lost. The present study sought to address this gap by thematically analysing interviews with eight mothers with under-3-year-olds on the edge of Local Authority care, completed at the beginning of a therapeutic intervention. Results are reported around five themes: ‘Idealistic portrayal of the child and the relationship’, ‘Struggling as a parent’, ‘Shadows of the past’, ‘The child and motherhood as comfort’ and ‘Anxiety about loss and fighting for the child’. The parenting struggles of mothers in this population are complex and multi-faceted, fuelled by unresolved relational trauma, fears of further pain, adversity and difficulties in accessing and trusting support. Successful interventions are likely to require comprehensive, long-term approaches that holistically address mothers' unmet physical and emotional needs and begin with building relational trust.     

收入如何影响中国夫妻的家务劳动分工？

在市场劳动领域的性别隔离程度快速下降的时代,是什么因素使得传统主义的家务劳动性别分工模式得以延续？既往研究将原因指向性别差异依旧明显的个人收入,但学界在收入对家务劳动分工的作用机制与作用方向上存在明显争议。通过对CGSS2012数据的考察发现：妻子对配偶经济依赖的下降会减少其家务劳动比例,二者关系不受个人及配偶绝对收入的影响;配偶绝对收入的加入使得经济依赖与丈夫家务劳动比例的联系从线性负相关关系转变为倒“U”型曲线关系。上述发现对于理解当代中国社会收入与劳动性别分工的关系提供了更为准确与具体的证据,并预示了一种不同于已有理论与经验研究的联系性机制与行动策略。     

中国创业板市场现存风险及对策分析

创业板市场是中国证券市场的一个重要组成部分。尽管取得了一定成功,但在上市公司方面仍存在着成长性风险以及经营性风险;在市场准入、退出和监管制度方面存在着上市风险以及缺乏退市制度的风险;在投资者方面存在着理念和行为风险。为此,政府和监管部门应采取进一步完善创业板上市定价机制;完善上市公司的治理结构与信息披露制度;加强对保荐机构和保荐代表人的监管;提高机构投资者比例,进一步保护中小投资者利益;进一步促进创业投资的发展等政策措施,使中国的创业板市场更加健康地发展。     

试析上市公司的资产重组及其价值效应

上市公司资产重组的动因 ,可以从内因和外因两个方面进行归纳分析 ,从内因看 ,它是内在经济推动的需要。从外因看 ,现阶段国有企业的资产重组离不开政府的支持与推动。上市公司的资产重组 ,其常用形式有 :并购、托管、借壳买壳上市。上市公司资产重组的价值在于取得 1 1 >2的效果 ,即协同价值     

Stimulating effects of intelligent policy on the performance of listed manufacturing companies in China

Based on the pilot projects of intelligent manufacturing of the Ministry of Industry and Information Technology of the People’s Republic of China and the annual data reported by listed companies, this paper studies the effect of China's intelligent policy on the performance of listed manufacturing companies by using the panel data of relevant enterprises from 2011 to 2017, as well as the mechanism of impact. Our empirical tests, using the difference-in-difference method, shows that intelligent policy can significantly improve the economic performance of manufacturing enterprises by guiding enterprises to optimize their intelligent management, strengthening investment in intelligent equipment and promoting collaborative manufacturing. Further empirical tests show that the impact of intelligent policy on economic performance is different in time. In the later selected pilot enterprises, the impact of intelligent policy on their economic performance is more significant; there is regional heterogeneity in the effects of intelligent policy: in regions with low intelligence, the positive impact of intelligent policy on the economic performance of manufacturing industry is more significant. Based on these conclusions, relevant intelligent policy suggestions are put forward.     

Activation,Public Employment Services and their Clients: The Role of Social Class in a Continental Welfare State

This article fills a gap in the existing literature by investigating how public employment service (PES) staff actually deal with their clients under a continental regime of activation. The results reported here are based on interviews both with PES staff and their unemployed clients in Germany. We argue that due to its Bismarckian origins as an insurance‐based system of ‘unemployment protection’, Germany's system of unemployment compensation is attractive not only for the marginalized, but also for core workers. As a result, PES staff deal with clients from very heterogeneous class backgrounds. We demonstrate that social class is a significant factor in client outcomes, and that earlier research has perhaps overemphasized the role of frontline staff as ‘street‐level bureaucrats’. While staff do have considerable power, the result of the encounters between the administration and clients also depends on the capabilities of the clients, which, in turn, are strongly related to social class.