融资融券制度与市场定价效率——基于卖空摩擦的视角

我国融资融券制度不同于国外成熟市场的一个重要特征是存在较大的卖空摩擦,但这一卖空摩擦对市场定价效率的影响及其作用机制尚未被研究揭示.本文运用双重差分固定效应模型、处理效应模型和倾向性匹配双重差分模型,研究了融资融券制度中的卖空摩擦对市场定价效率的影响及其内在机制.实证结果表明,融资融券制度中的卖空摩擦抑制了市场参与者对公司特质信息的充分挖掘,促使其过度利用市场或行业信息进行交易,从而延缓了公司特质信息融入股价,加速了市场或行业信息融入股价,最终加剧了股价同涨同跌现象,不利于市场定价效率的提高.本文研究结论为监管部门合理扩大融资融券标的范围、降低交易成本和交易门槛,营造高效的市场环境提供了依据和思路.     

“推广街区制”的规划思辨

2016年2月,《中共中央国务院关于进一步加强城市规划建设管理工作的若干意见》中明确了"推广街区制"和"开放封闭小区"为我国住宅未来发展的方向。在《意见》印发后,与之相关的内容也成为公众和城市规划专业领域共同关注的焦点。本文在解读《意见》的基础上,深入探讨"推广街区制"在围墙设置、街区尺度、街道活力、产权划分、社会公平等方面引发的一系列争议,并进一步提出当前在城市规划中"推广街区制"的实施路径。     

China–Italy–Ticino Family Business Cooperation Forum Held in Ningbo

Nearly 200 family business leaders from China, Italy and Switzerland, experts, scholars and "Ningbo Enterprise Successors Union" met in Jiangbei District of Ningbo City on September 17 to attend the first China Italy Ticino Family Business Cooperation Forum.     

Invisible computer for collaborative design: evaluation of a multimodal sketch-based environment

In the areas of design, especially in architectural design, collaboration has become an important challenge. The specialization of skills increase, work teams are more and more extensive and the geographic distance between them increases too. The economic and ecological stakes related to remote collaboration are an evidence. This context involves the need to support most efficiently possible remote working meetings. We present the Distributed Collaborative Digital Studio (DSDC), a tool designed to recreate, in distant situations, the context of copresence meetings. This shared environment is created in the "invisible computer" approach [11]. The idea is that the tool should disappear from user's consciousness. Indeed, creative design activities require some fluidity in their process. Therefore, any involuntary interruption created by the system can potentially brake creativity. In this perspective, we investigate specifically the "invisibility" of our environment. To do this, we propose a framework for the operationalization of the concept and a methodology to test the system invisibility. This methodology was applied through a case study consisting of a corpus of 12 hours of remote collaborative design sessions with the DSDC. We highlight the learning effects while using our system, conclude on its effectiveness and discuss our methodology.     

Left Behind by Parents in China: Internal Migration and Adolescents’ Well-Being

This study investigates how growing up as a left-behind child due to parents’ labor migration in China is associated with adolescents’ cognitive and socioemotional development, based on data from the China Family Panel Studies. We find that adolescents do worst when both parents are absent in all developmental indicators we examined: short-term and long-term word recall tests, numeracy test, self-concept, and self-expectation of educational attainment. However, the differences between left-behind children and those in rural two-parent families are not statistically significant. Left-behind adolescents do have significantly lower well-being than those in urban two-parent families. These differences can largely be accounted for by father's education, family spending on the adolescent's education, quality of parenting, and the social support available to an adolescent. The gap in Chinese adolescents' development is, thus, not so much related directly to how many parents one grows up with as it is to whether one grows up in a rural or urban environment.     

英、美、新加坡公共服务模式比较研究——理论、模式及其变迁

随着经济全球化和政治民主化的发展,公共服务领域也相应出现了一系列的变革,诸如从公共行政、到新公共管理、再到新公共服务,每次变革都与公共服务有关.故尔本文尝试对英、美、新加坡三国的公共服务模式进行理论的梳理与分析.通过研究与思考,笔者认为英国模式代表了典型的福利国家公共服务的模式,美国的公共服务是以多元文化为基础的产物、新加坡的公共服务模式以亚洲文化为基础,体现了另一种以政府为主导的模式,本文试图揭示它们的主要特征、实践与发展;寻找它们的共性与差异,探求这些模式已经取得的经验与教训,解读公共服务改革的核心问题是什么以及对我国公共服务的改革有何借鉴意义.     

古代西方哲学“本体论”起源探究

"本体论"一直是古代西方哲学的中心议题.世界的本原是什么,古代西方的哲学家提出许多不同的见解.从泰勒斯的"水"到柏拉图的"理念"再到亚里士多德的"第一实体",他们始终围绕这一哲学的基本命题进行探索.     

建立现代大学制度的当下困境

学术自由、大学自治既是现代大学制度的核心和基础,也是我国建设世界一流大学与创新型国家的前提.然而,长期以来,这种理论上的认识与表述并没有在我国转化成实践中的政策与行动.个中原因既有学术界自身的失范,也有管理者认识上的误区.本文从学理与现实的维度对这些问题进行了较为深入的分析.     

企业集团内部管理体制的生成与演进分析--以湖南华菱集团"二元分层经营"体制为例

华菱集团"二元分层经营"体制是由参与人关联博弈产生的"内生性规则",它的多条反馈路径构成了复杂的互动机制,使"二元分层经营"体制具有自我维系或自组织倾向,路径依赖和创新是其演进特征.     

A lower bound for the adaptive two-echelon capacitated vehicle routing problem

Adaptive two-echelon capacitated vehicle routing problem (A2E-CVRP) proposed in this paper is a variant of the classical 2E-CVRP. Comparing to 2E-CVRP, A2E-CVRP has multiple depots and allows the vehicles to serve customers directly from the depots. Hence, it has more efficient solution and adapt to real-world environment. This paper gives a mathematical formulation for A2E-CVRP and derives a lower bound for it. The lower bound is used for deriving an upper bound subsequently, which is also an approximate solution of A2E-CVRP. Computational results on benchmark instances show that the A2E-CVRP outperforms the classical 2E-CVRP in the costs of routes.