行业系统性风险的动态特征及其影响因素

现代经济主体间网络关联性越来越强,风险很容易在不同行业间扩散,因此有效识别并分析系统性风险是防范金融危机的关键步骤。基于条件风险价值(CoVaR)和边际期望损失(MES)两个指标,对巨潮行业指数系统性风险的静态和动态特征进行了研究。结果发现,各行业间系统性风险的相关性较强,动态特征显示2009年年初和2016年3月为系统性风险的两个峰值;从分行业来看,材料行业的系统性风险最高,而消费和医药行业的系统性风险最低。采用动态面板模型分析影响行业系统性风险的市场面因素发现,短期涨幅较高、长期涨幅较低及流动性较充分的行业,其系统性风险往往更低。因此,应加强对系统性风险较高行业的监管力度,建立好金融防火墙,防止外部金融风险的过度传染;同时应加强对各行业的实时监控,尤其是关注短期暴涨暴跌及流动性充分与否的监控。     

Incumbent capability enhancement in response to radical innovations

Schumpeterian market disequilibrium marked by entrepreneurial entry and incumbent exit has long held an important place in management literature. The extant literature has overwhelmingly championed the newcomer, despite incumbents' obvious advantages in resources, experience and market knowledge. The current research provides evidence for the effectiveness of the incumbent's strategy of capability enhancement (along an established technological trajectory) while responding to radical technological innovations. We develop a cognitive process model that integrates managerial cognition with capability development and deployment views, depicting the dynamics of the incumbent's capability enhancement process. We analyze the cognitive drivers of organizational actions in all stages (rigidity, triggering event, and capability renewal) and elucidate the role of top management cognition in the processes of detecting and correcting errors in a strategic course of action. We ground our model in the case of a cork-stopper industry veteran's decline as corks ceded ground to screw tops and other stoppers in the wine industry. How a major company fought back in response to the emergence of these, in the industry context, radical technological innovations, provides the basis for our narrative. The proposed theoretical model contributes to literature on technology management (with regard to incumbent strategies in response to radical innovation threats) as well as the role of cognition in strategy (providing an explanation of the cognitive underpinnings of capability development).     

“I feel and think,therefore I am”: An Affect-Cognitive Theory of management decisions

I propose an Affect-Cognitive Theory to comprehensively understand how decisions occur in organizations. To this aim, I first review the assumptions of sensemaking and decision-making streams of research, especially the influence of bounded rationality, affective states and their relationships with cognition; then, I integrate them on the common basis of socially situated cognition. This new theory emphasizes the role of affective states in determining/being determined by cognition and its errors, pointing out decision makers’ affect as the result of multi-level adaptations to the physical and social environment. Management decisions are path dependent but not immutable; they, indeed, bank on the predominant feeling resulting from the modifying interactions and regulations of decision makers with their physical and social environment. Here, decision makers are proposed as “emotional cognizers” overcoming the thinking-feeling dichotomy that has often featured in the study of management decisions. This theory is beneficial for behavioral strategy, offering the needed assumptions to intertwine human cognition, emotions, and social behavior.     

虚拟空间交织的取向原则

虚拟空间交织是人们常用的思维与认知方式之一。本文通过对交织及其原则的介绍,描述了虚拟空间交织的运作,指出虚拟空间交织构建中主观取向的原则应为最佳关联。     

四级写作低分段评分样本的功能分析

为了客观、系统地研究大学英语四级低分段写作的基本语法和文体特点 ,有必要从系统功能语法的角度对评分样本进行统计分析。系统功能语法比传统语法具有诸多的优越性 ,能够全面细致地对语言现象进行分析。对评分样本的分析 ,有助于客观地研究克服经验主义倾向     

正式英语的语言特征

正式英语是人们在辩论、演讲、写作和各种仪式等正式场合中使用的标准英语。掌握正式英语的语体风格、词汇色彩和语法结构 ,对英语学习者提高语言交际水平 ,增强英语语感大有裨益     

商业银行董事会治理的独立有效性研究

根据经济合作与发展组织、巴塞尔银行监管委员会和中国银行业监督管理委员会等组织关于公司治理的相关原则、指引和法律规定,对商业银行董事会的独立有效性进行了综合分析,得出商业银行董事会的独立有效性主要体现在独立董事的独立性,职能委员会的独立性以及独立董事占董事会成员的比例3个方面以及规范的独立董事、职能委员会的产生机制和明确的独立董事、职能委员会的责权利制度是确保商业银行董事会独立有效性基础的结论,并提出中国商业银行董事会的适度规模为11人,其中独立董事占董事会成员的合适比例为50％以上的建议。     

"V 什么V"式的句法、语义、语用分析

"V什么V"式是现代汉语中常用的表否定的句式。它形式上最大的特点是"什么"前后的词语相同,它的基本句法结构是主谓结构;"V什么V"式的基本语义特征是表否定,这是通过"什么"实现的;"V什么V"式的语用特点是表示强烈的否定、表达强烈的意志性及简略性。     

高新技术园区社会创新环境的系统整合

今天的高新技术园区在发展的意义上 ,已经成为现实的社会实体。从这一理念出发 ,思考园区的建设和发展 ,其创新环境是个非常重要的问题 ,也可以说它是各类高新技术园区得以发展的基本条件。创新环境状况的好坏直接关系到园区内高新技术产业的发展。从严格意义上讲 ,缺少这个基本条件 ,高新技术园区难以形成 ,创新环境不完善 ,即便是已经建立起来的园区 ,也难以得到真正的发展。由此决定了建设高新技术园区必须重视对园区社会创新环境的研究 ,通过精心培育创新环境 ,推动我国高新技术园区在 2 1世纪得到健康、持续的发展。     

对建构主义教学观的几点认识

围绕建构主义教学观与传统教学观、建构主义教学策略、建构主义教学模式等几个方面 ,就数学教学谈了对建构主义教学观的几点认识