营运资本管理效率对公司盈利能力的影响——基于中国制造业上市公司的经验证据

本文使用2004-2006年我国沪深两市519家制造业上市公司作为研究样本,考察营运资本管理效率与公司盈利能力之间的关系.研究发现,公司盈利能力与反映营运资本管理效率的综合指标现金周期显著负相关,而且与现金周期的各组成部分应收账款周转期、存货周转期和应付账款周转期显著负相关.研究结果表明,管理层可以通过制定适当的信用政策和存货政策,将现金周期、应收账款周转期、存货周转期和应付账款周转期控制在合理的最优水平,实现营运资本的高效周转,提高公司盈利能力.     

中国金融风险周期监测与央行货币政策非对称性效果识别

本文采用时变参数因子增广向量自回归模型（TVP-FAVAR）,并基于动态模型平均法测度了金融子系统变量的时变权重,通过加权计算得到我国金融风险周期指数（FRI）。然后改进构建了分区制货币政策模型系统,并采用逻辑平滑转换向量自回归模型（LST-VAR）研究了高低区制下,价格型和数量型货币政策对金融风险的传导效应,在此基础上,设计并测度了我国货币政策的时滞效应。研究发现,我国金融风险具有明显的两区制特征,样本区间内FRI大多时期处于低风险区制,而高风险区制的时间段与国内外重大金融风险事件相吻合。两种紧缩的货币政策均有利于抑制金融风险及其波动,且在高风险区制的抑制效应更为显著。对于货币政策时滞效应,数量型货币政策对金融风险的抑制作用大于价格型货币政策,但2008、2012和2015年三个高金融风险期的时滞效应均较小。最后,根据研究结果提出相应政策建议。     

Family life cycle differences for shopping styles,information use,and decision-making

This article identifies shopping styles, information use, and decision-making differences by family life cycle stage in a purchase of a durable good. Data were collected using mailed questionnaires. The sample consists of 378 cases. Data are analyzed using factor analyses, analysis of variance, and cross tabulations. The shopping style factor indicates younger adults are brand conscious. The consumer factor indicates that people in older life cycle stages read more than people in younger life cycle stages. The inexperience factor indicates single parents, younger families, and younger adults are more inexperienced. The decision-making variable indicates that younger adults and single parents make decisions by themselves and younger families make decisions with their spouses. Reasons for purchases indicate that single parents do not own the product, older families are replacing, and retirees want new product characteristics.Leona K. Hawks is an Assistant Professor in the Department of Home Economics and Consumer Education, Utah State University, Logan, UT 84322-2910. She received her Ed.D. from Brigham Young University. Her current research interests include consumer decision-making and behavior.Norleen M. Ackerman is an Assistant Professor in the Department of Home Economics and Consumer Education, Utah State University, Logan, UT 84322-2910. She received her Ph.D. from Michigan State University. Her current research interests include consumer purchase behavior, family financial security, and life quality of farm families.     

狮岭皮革皮具专业镇产业升级战略研究

本文从促进专业镇发展的角度,根据产业生命周期理论,用实证的方法,以地处广州副中心区域的一个发展了近30年的成功案例——狮岭皮革皮具专业镇产业集群为对象,具体探讨了其所处的产业周期的阶段及其对应的产业升级战略。提出企业集聚地区产业结构的调整应充分考虑该地区的产业集群的演变趋势和特点,并在此基础上制定其发展战略,为国内中小企业集聚地区制定产业升级政策提供参考。     

中国媒介语境下的突发灾难事件与传播学理论的检视与思考——以汶川地震报道为例

汶川地震报道为我们提供了一次检视传播学理论与本土化媒介语境如何契合的机会。研究和思考传播学理论在中国突发灾难报道这一特殊的“媒介语境”下的呈现与表征，具有重要的现实意义和学理意义。在地震报道中，媒介的议程设置理论、沉默的螺旋理论、传播免疫理论以及传统的受众理论等都值得我们重新审视和思考。从事实层面来看，在汶川地震的报道中，议程设置理论、沉默的螺旋理论以及受众理论等较之历史语境及西方社会语境，都有一定的“变异性呈现”，体现了传播理论进入中国媒介语境后显示的本土化特征。从规范层面来看，单一的媒介议程、单一而强势的舆论场、单一的媒介强效果论和消极受众理论等，都不利于打造一个健康的媒介生态。在重大突发事件的报道中保持议程设置的多样性，保持声音的多元性才有利于公共利益。     

企业家与企业持续成长

企业家是企业中资源要素的重要配置者和市场力量的重要决定者，在实现企业持续成长方面起着不可替代的作用和有着不可推卸的责任。本文首先分析了中国企业成长的三种类型，指出中国企业必须尽快实现由亏损型、短期盈利型企业向持续发展型企业转变；第二部分从中国企业家的目标追求、行为模式和素质能力等方面入手，分析了中国企业家的特点；最后提出了中国企业家在推动企业持续成长方面的几点建议。     

工资与物价会螺旋波动吗？

VECM模型分析表明,我国工资与物价间存在明显的螺旋波动关系。将工资进一步分解为城镇劳动力工资和农民工工资后发现,这一螺旋关系是由城镇劳动力工资与物价之间的直接螺旋关系以及农民工工资与物价之间的间接螺旋关系组合而成的。城镇劳动力的工资波动会对物价构成直接压力,而农民工工资波动会通过城镇劳动力工资对物价构成间接压力。文章进一步从二元就业制度下劳动供给机制扭曲的角度分析了两类螺旋关系的原因。     

Poverty over the family life cycle

The Panel Study of Income Dynamics is used to investigate vulnerability to poverty over the family life cycle. An examination of 1981–83 interview years reveals that family life cycle stage is a significant predictor of poverty status. Two-parent families are more vulnerable to poverty in the childbearing stage, and also when they are launching children. Female-headed families are more vulnerable to poverty when younger children are present in the household. Reasons for these different vulnerabilities to poverty are given, and the implications of these findings are discussed.An earlier version of this paper was presented at the 1987 meeting of the Midwest Sociological Society. I would like to thank Joan Aldous, David Klein and Rodney Ganey for their reviews of this paper.Robert C. Tuttle is an assistant professor, Department of Sociology/Anthropology, Wilkes College, Wilkes-Barre, PA 18766. He received his Ph.D. from the University of Notre Dame and includes the economic situations of families, and family policy among his research interests.     

Maximum cyclic 4-cycle packings of the complete multipartite graph

A graph G is said to be m-sufficient if m is not exceeding the order of G, each vertex of G is of even degree, and the number of edges in G is a multiple of m. A complete multipartite graph is balanced if each of its partite sets has the same size. In this paper it is proved that the complete multipartite graph G can be decomposed into 4-cycles cyclically if and only if G is balanced and 4-sufficient. Moreover, the problem of finding a maximum cyclic packing of the complete multipartite graph with 4-cycles are also presented. Dedicated to Professor Frank K. Hwang on the occasion of his 65th birthday.     

双重视角下的中国经济周期混频测度

本文同时在混频动态因子模型截距和方差项引入马尔科夫区制转换过程,从经济增长速度和波动强度的双重角度对我国经济周期不同阶段间的运行特征进行详细考察。研究表明,我国经济周期呈现出明显不同的阶段性特征;不同状态间的转移概率存在非对称性;新常态背景下经济运行继续保持微波化的平稳运行态势是大概率事件。此外,本文提取的一致景气指数与我国实际季度GDP增长率的走势基本一致,能较为准确地反映各个时期的经济形势。