Towards expenditure rules and fiscal sanity in the euro area

The study demonstrates the key role of expenditure policies in explaining fiscal developments during EMU in the euro area, its three largest members and four “macro-imbalances” countries. It compares actual primary expenditure trends with those that would have prevailed if countries had followed neutral policies based on expenditure rules since the start of EMU. Moreover, the implications for debt trends are calculated. Results show that all sample countries except Germany applied expansionary expenditure policies already before the crisis. Consequently, expenditure and debt paths were much higher compared to a counterfactual neutral expenditure stance. Rule-based expenditure policies could have led to much safer fiscal positions much more in line with the EU's Stability and Growth Pact. An empirical analysis of the determinants of countries’ expenditure stance confirms the need for stronger fiscal rules and institutions in the euro area.     

《回回原来》及其相关研究述评

本文对已往学术界对有关《回回原来》的研究作了较为细致的梳理,并将有关研究从方法上分为实证史学研究和民族民间文学研究两类。同时,对两种不同研究策略作了比较和评价。     

THE DEMAND FOR LIQUID ASSETS,CORPORATE SAVING,AND INTERNATIONAL CAPITAL FLOWS

The recent period of capital outflows from emerging economies has coincided with an increase in their corporate saving. In this paper, we model corporate saving as a demand for liquid assets by credit‐constrained firms in a dynamic open‐economy macroeconomic model. We find that the implications of this model are very different from standard models, because the demand for foreign bonds is a complement to domestic investment rather than a substitute. We show that this complementarity is at work when an emerging economy is on its convergence path or when it has a higher TFP growth rate. This framework is consistent with a number of stylized facts found in high‐growth, high‐investment emerging economies.     

内控有效性、高管代理成本与多重并购绩效

立足于企业转型升级和跨越式发展的战略诉求,并购成为企业实现迅速扩张和优化资源配置的重要工具.本文选取2009-2014年发生并购重组事件的A股上市公司作为研究对象,以并购交易绩效、并购整合绩效和并购可持续增长绩效多重指标为研究侧重点,结合我国特有的产权制度背景,考察内部控制有效性、高管代理成本对多重并购绩效的影响.研究发现,高质量的内部控制能够有效改善多重并购绩效,高管代理成本会抑制并购后主并公司的多重并购绩效;同时,内部控制能减弱代理成本对并购绩效的损害程度,但这一治理作用在国有企业与非国有企业中表现各异.研究结论为我国进一步加强包括内部控制和公司治理机制在内的制度建设提供决策依据.     

字字珠玑呈创意 篇篇锦绣绘文明 ——评佘意明先生新著《株洲文明史略》

佘意明所著《株洲文明史略》一书,为株洲地域文化的研究开辟了新领域,发现了新史料,提出了新观点,填补了株洲地方史研究的一个空白,具有重要的学术价值。其在语言表达方面,则非常讲究修辞艺术,行文生动活泼。     

从《大话西游》中的台词解读唐僧形象

《大话西游》是一部后现代经典喜剧电影,艺术成就卓越,其突出之处在于运用台词艺术实现了对唐僧原有经典形象的解构与颠覆。文章通过对《大话西游》台词的研讨,挖掘出大话语境下唐僧 “人性”“佛性”“现代性”三重合一的新形象,并在此基础上探讨了上世纪90年代香港人的情感世界与身份认同感。     

中国企业海外并购行为研究

基于企业并购的一般理论和中国企业海外并购的特点,提出了中国企业积极从事海外并购的 四个主要动因,并通过对中国企业海外并购行为进行SWOT分析,指出了并购中存在的问题及 成功进行并购的战略措施。     

产权市场的外资并购分析

并购活动包括目标甄选、交易实施和企业整合三大步骤。由于证券市场的局限性和场外交易的风险性,产权市场将会成为外资并购理想的主要交易场所。文章以交易实施中的交易市场作为研究对象,重点阐述了外资并购在产权市场中的情况、问题和对策。     

董小宛入宫说始于何时——兼略探吴梅村《清凉山赞佛诗》的创作意图

董小宛入宫说始于清末之见不确,仅仅一部《红楼梦》就能证明早在乾隆年间即存在董小宛入宫说,而导致此说产生、传播的,则当是对顺治末年吴梅村《清凉山赞佛诗》的误解。     

贾宝玉“恋母情结”的泛化与错位

由于对贾宝玉养育关系的混乱,造成他早年接受母爱的缺失和"恋母情结"的泛化。贾宝玉的"恋母"是"恋"着给予了自己母爱的一个群体;"仇父"是"仇"视代表父权体系的一个群体。贾宝玉"恋母情结"具体指向的错位主要体现在精神上对秦可卿的依恋和"意淫",以及生活上对袭人的依恋和占有欲望。