交易额、A 股比例、势效应和三因子模型

利用回归和构造动态投资组合方法,对中国股票市场1995 年7 月到2000 年12 月股票 月收益率、交易额、总市值及其财务数据进行分析,发现中国股票市场具有显著的交易额效应、 A 股比例效应、市值效应、账面市值比效应等. 这些效应有密切的相互关系,但不能用市场beta 值来解释. 市场beta 值、市值因子、账面市值比因子一起,也就是Fama2French 三因子模型,可以 很好地解释这些效应     

B2B下服务质量对关系质量的影响研究

在B2B背景下,以认证行业的顾客为调研对象,探究了服务质量对关系质量的影响.在已有的研究基础上,界定了服务质量的4维度结构和关系质量的3维度结构,构建了服务质量对关系质量的影响模型.对认证行业的721家顾客企业的实证研究表明,过程服务能力对关系质量有着正向的影响,结果质量对关系质量中的合作性、适应性有正向的影响,对关系氛围则没有显著影响,而过程交互质量与潜在服务能力对关系质量的影响不显著.     

从货币职能面分析我国M2/GDP的偏高现象

本文将主要从M2/GDP的两种增长方式和货币的五个基本职能出发,结合货币经济和实体经济的发展,总结我国M2/GDP偏高的原因,货币的僵化和低能是最重要的两个方面,并由此给出相应的政策建议.     

基于双边减排成本信息不对称的排污权二级交易市场拍卖机制研究

本文构建了一个基于双边减排成本信息不对称的排污权二级交易市场拍卖模型,分析了统一价格、歧视价格及混合拍卖机制下卖方收益、排污权价格波动及排污权供给量差异,在此基础上给出了排污权二级交易市场最优拍卖机制,并进一步讨论了相关参数对最优拍卖机制的影响。结果表明：从收益最大化角度来看,最优的拍卖机制为歧视价格拍卖机制,但考虑到价格波动及排污权供给量等其他因素,排污权二级市场交易应选用混合拍卖机制。风险偏好变化对混合拍卖机制下卖方收益及价格波动的影响存在不确定性,当风险偏好超过某一阈值时,随着风险偏好程度增大,需求隐蔽效应占主导,收益及价格波动增大;相反,当风险偏好小于某一阈值时,随着风险偏好程度增大,竞争效应占主导,收益及价格波动减小。价格变动的供给影响系数对卖方收益的影响随买方参与人数的不同而不同。当买方参与人数较小时,需求隐蔽效应占主导,竞争效应不明显,随着价格变动的供给影响系数增大,混合拍卖机制下卖方的收益不断增加;当买方参与人数较大时,卖方收益同时受到需求隐蔽和竞争效应影响,随着价格变动的供给影响系数增大,收益呈先增大后减小趋势。随着价格变动的供给影响系数增大,价格波动呈先增大后减小趋势。     

制造系统生产单元碳排放核算模型

制造业是我国国民经济的支柱产业,但也是环境污染物排放的主要来源、能源消耗主体和温室气体排放大户。制造系统高能耗、高物耗、高碳排放的加工过程是造成制造业碳排放量大的重要原因。生产单元作为制造系统的加工的主体,其碳排放量的核算是确定整个制造系统乃至制造业碳排放总量的关键。本文首先对生产单元的原材料、电能、辅助物料及废屑处理所引起的碳排放进行分析,确定生产单元的碳排放源;其次,产品合格率的不同会造成生产单元输入及输出的成品/半成品数量的差异,进而影响生产单元单位产品的碳排放量,在此基础上,综合考虑了原材料、电能、辅助物料及废屑处理的碳排放情况,构建了给定工艺流程下生产单元碳排放核算模型。最后,结合一汽车排气装置加工实例,分别核算加工过程中九个生产单元的碳排放量,验证了模型的可行性。     

京津冀节能减排政策措施的差异与协同研究

在对京津冀1981年以来节能减排政策措施进行量化处理的基础上,建立针对节能减排政策措施有效性的计量模型,分析了京津冀节能减排政策措施的演变状况,并探究京津冀节能减排政策措施对其节能减排效果影响的差异性.研究结果表明:京津冀节能减排政策颁布经历了早期各年份相对零散、缺乏连续性到新世纪以来政策颁布数量显著增多、政策总体力度逐渐增大的过程,但三地政策总效力的增加主要是由于节能减排政策颁布数量增多引起的;京津冀三地在政策的制定过程中更多的是趋于实现短期目标,政策整体缺乏系统性和权威性;人事措施、行政措施、引导措施、财税措施、金融措施等不同节能减排政策措施对京津冀节能和减排的有效性具有明显的差异;三地对不同政策措施的使用方式、使用程度方面存在明显的差异,这对京津冀协同推进节能减排的治理工作提出挑战.论文还从京津冀完善单一节能减排政策措施的使用、加强市场手段的应用及京津冀区域协同治理等方面提出了相应政策建议.     

Output-Flexibilität in der Dienstleistungsproduktion

Zusammenfassung  Den Ausgangspunkt der überlegungen bildet die Interpretation von Dienstleistungen als Probleml?sungen, die eine M?glichkeit zur formalen Analyse der Output-Flexibilit?t er?ffnet. Im vorliegenden Beitrag werden in einer eigenschaftsorientierten Betrachtung zun?chst die Komponenten der Output-Flexibilit?t identifiziert, um dann darauf aufbauend ein Kalkül zur Gestaltung der Output-Flexibilit?t von Dienstleistungsunternehmungen abzuleiten.

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Summary  Output flexibility enables the service provider to cope with both uncertainties in demand and the external production factor. This paper aims at formulating a calculus for the design of output flexibility based on production theory. The interpretation of services as specific problem solutions serves as a basis for a feature-oriented modelling of service production.

Die Autoren danken zwei anonymen Gutachtern für wertvolle Verbesserungsvorschl?ge.     

企业信息化与面向竞争的信息系统开发

本文在分析J2EE技术特点、中小企业信息化与信息系统建设的意义以及中小企业信息系统的构成内容的基础上,提出了一个基于J2EE的面向竞争的中小企业信息系统开发模式框架结构,并给出了面向竞争的中小企业信息系统建立与完善的若干建议。     

A study on cyclic bandwidth sum

Suppose G is a graph of p vertices. A proper labeling f of G is a one-to-one mapping f:V(G)→{1,2,…,p}. The cyclic bandwidth sum of G with respect to f is defined by CBS _f (G)=∑ _uv∈E(G)|f(v)−f(u)| _p , where |x| _p =min {|x|,p−|x|}. The cyclic bandwidth sum of G is defined by CBS(G)=min {CBS _f (G): f is a proper labeling of G}. The bandwidth sum of G with respect to f is defined by BS _f (G)=∑ _uv∈E(G)|f(v)−f(u)|. The bandwidth sum of G is defined by BS(G)=min {BS _f (G): f is a proper labeling of G}. In this paper, we give a necessary and sufficient condition for BS(G)=CBS(G), and use this to show that BS(T)=CBS(T) when T is a tree. We also find cyclic bandwidth sums of complete bipartite graphs. Dedicated to Professor Frank K. Hwang on the occasion of his 65th birthday. Supported in part by the National Science Council under grants NSC91-2115-M-156-001.     

Engaging leader – Engaged employees? A cross-lagged study on employee engagement

The goal of this study is to provide a cross-lagged examination of the relationships between engaging leadership, job resources and employee work engagement. We propose a mediation model and we postulate that engaging leadership can increase perceptions of three specific job resources (i.e. autonomy, support from colleagues and opportunities for learning and development) which theoretically correspond to the three facets of engaging leadership (i.e., inspiring, connecting and strengthening, respectively). Subsequently, in keeping with the extant body of Job Demands-Resources (JD-R) research, we link job resources to employee work engagement. Our hypotheses were tested on data collected at two time-points – T1 (N = 759) and T2 (N = 273) –from employees working for a hotel chain in the Netherlands. In line with our expectations, engaging leadership showed a significant cross-lagged relationship with autonomy and support from colleagues, but did not predict learning opportunities and work engagement across time. While we formulated specific hypotheses, we also tested reversed causation relationships. We found no direct effect from engaging leadership on employee work engagement, however, the reversed effect was significant; employee perceptions of engaging leadership were shaped by their own engagement experiences. Importantly, engaged employees at T1 reported more job resources at T2. By providing a cross-lagged examination of our model, we showed that engaging leaders as well as employees’ positive affective state of being engaged, are essential to shaping a resourceful work context. A comprehensive view on the triggers and outcomes of work engagement and engaging leadership is needed, as the traditional unidirectional cause-effect rationale fails to explain how these concepts relate to one another and to employee experiences of job resources.