金融危机、货币政策与企业贷款行为——基于企业风险承担的微观视角研究

货币政策调控会先影响企业的风险偏好或风险容忍度,进而对企业的贷款行为产生影响。并且,金融危机冲击和货币政策调控会引起不同特征企业贷款行为的异质性反应。经验研究发现：宽松的货币政策会显著引起我国企业风险承担的上升,而企业风险承担上升也显著引起其银行贷款规模的增加,中小企业、股权分散型企业和民营企业其银行贷款规模对企业风险承担变化的反应更加敏感。在2008-2009年金融危机期间,企业风险承担水平对货币政策变动的反应更加灵敏,而企业贷款规模对企业风险承担的敏感度有所下降,大型企业、股权集中型企业和国有企业其基于企业风险承担传导的银行贷款行为受金融危机冲击影响更大。     

结构性货币政策工具对农商银行风险承担的影响

基于2014—2018年21家农商银行的微观数据构建动态面板模型,采用系统广义矩估计方法分析结构性货币政策工具对农商银行风险承担的影响。研究发现:结构性货币政策工具对农商银行风险承担的影响差异显著,银行层面变量对农商银行风险承担的影响差异显著,宏观经济层面变量对农商银行风险承担的影响差异显著。据此,提出优化货币政策工具、健全宏观监管体系、提升风险监管能力等对策,以有效控制结构性货币政策工具对农村商业银行风险承担的影响,维护宏观金融市场的稳定。     

从全球风险投资的趋势看我国风险投资业的发展

当今世界,发展风险投资事业,推进高新技术产业化已成为世界各国取得竞争优势和提升综合国力的必由之路.就中国而言,风险投资还处于起步阶段,投资体系的不完善仍是制约中国高新技术产业化发展及民族经济创新能力的主要因素之一.通过对当今世界风险投资未来发展趋势和特点的分析,结合中国实际情况,作者认为,完善中国风险投资体系,促进风险投资事业发展,应本着立足国情、借鉴提高的方针,有针对性地建立和完善发展风险投资的软硬环境,从宏观和微观两个层面分步骤对阻碍风险投资发展的几大类问题加以规避和解决.     

Retrospective Paternal and Maternal Parenting Styles,Regulatory Self-Efficacy and Adolescent Risk Taking

This study aims to calculate a scaled risk-taking behavior index and to test a model in which maternal and paternal parenting styles affect risk-taking behavior with a mediation of adolescents’ regulatory self-efficacy. Participants were 816 adolescents (44% males) responding to a self-report questionnaire about their risk-taking behavior, regulatory self-efficacy, and retrospective memories of paternal and maternal parenting styles. Results suggested an item rating in the index showing that behaviors considered less risky referred to alcohol use and the unplanned first sexual intercourse, whereas behaviors considered more risky referred to the lack of use of contraceptives and the age of the first sexual intercourse. Results revealed a significant indirect effect of authoritative and authoritarian styles on risk-taking behavior. These styles shaped the adolescents’ regulatory self-efficacy, which in turn predicted adolescent risk-taking behavior. Results underline the complex interplay of relationships between parents and their children.     

It is risky business: can social capital reduce risk-taking behaviours among disadvantaged youth?

This study addresses the gap in the research for sound multidimensional assessment of social capital and its relationship with risk-taking behaviour among youths living in disadvantaged communities. Social capital and adolescent risk-taking outcomes were studied cross-sectionally in 1371 secondary students living in two disadvantaged communities within Australia. First, a multidimensional measure of social capital was developed and tested using confirmatory factor analysis. Then, the associations between social capital and a range of youth risk-taking behaviours were examined using structural equation modelling across five-year groups (Grades 7–12). With a few exceptions, higher levels of social capital and belongingness within the school and community were generally associated with decreases in smoking, alcohol and drug consumption, and physical violence. Some outcomes were more strongly associated with family and peer social capital, while others associated more with neighbour and community social capital, indicating that attempts to build social capital need to be targeted across the whole community. This study supports the notion that social capital can be measured empirically and is beneficial in alleviating many of the detrimental health outcomes commonly associated with risk-taking behaviours during adolescence.     

Evolutionary and Cross-Cultural Perspectives on Gambling

Few attempts have been made to incorporate evolutionary and cross-cultural perspectives on gambling. This paper begins with the assumption that gambling represents a risky endeavor undertaken for the purpose of winning stakes. This assumption leads to the derivation from evolutionary theory of two hypotheses concerning the socio-demographic characteristics of gamblers: (1) gambling should be over-represented among males, and (2) among young adults. To test these hypotheses, data are drawn from three sources. A cross-cultural sample of 60 societies reveals that males are more often identified as gamblers than females, and these results do not appear to reflect reporting biases. The data are insufficient to enable conclusions about age patterns associated with gambling within this cross-cultural sample. Nationally representative studies of problem and pathological gamblers drawn from seven nation states show that such gamblers tend to be over-represented by young males, as predicted. Lastly, available demographic data on casino gambling hint at sex differences in the games played and the stakes wagered, but require further research for robust conclusions to be drawn.     

Uncertain identities and health-risking behaviour: the case of young people and smoking in late modernity

This paper argues that 'uncertain identities' are a distinct contributing factor to the residual and intractable level of smoking among young people. Further, it argues that the significance of this factor is increased by the specific social/historical context of late modernity. Findings from research with 15 to 16 year olds in the East Midlands of England are used to explore the role that smoking is perceived to play in constructing a self identity. A voluntaristic perspective is adopted on the use of tobacco, reflecting both the focus on young people's motivation to smoke and the tendency for many young people to perceive smoking as a matter of personal choice. Smoking was found to have a symbolic significance not only in terms of the presentation of self to others but also in terms of the reflexive construction of the self by those involved. The paper analyses the role of smoking in relation to self-image, self-empowerment and self-affirmation and it is concluded that for many young people smoking has certain benefits in terms of coping with uncertain identities.     

近代记者敢为天下先的“侠士”品质述评

近代中国是一个动荡不安的社会,官场腐败、国家贫弱、屡遭列强欺凌。而其中产生的一批勇于犯难涉险的记者,如邵飘萍、黄远生、邹韬奋、成舍我、范长江等,在这种险恶的社会环境中,以天下为己任、以社会为终极,体现了真正的报人敢为天下先、勇做船头嘹望者的“侠士”品质。     

分析师在企业风险承担中的作用:治理抑或压力

现有基于国外数据的实证研究对于分析师在企业风险承担中发挥的作用尚存争论——"治理假说"和"压力假说"分别认为分析师跟踪会促进和抑制企业的风险承担。为进一步验证上述假说在我国的适用性,以我国A股非金融类上市公司为样本,进行了实证研究。结果表明:分析师跟踪提高了企业的风险承担水平,而且该增量效应在创新性较低的非高新技术企业以及竞争性水平较低的垄断性行业中更强。这说明,在我国市场中分析师跟踪的"治理假说"占主导。进一步分析发现,分析师跟踪通过提高企业风险承担水平增加了企业价值,且该价值效应在上述不同类型企业或行业间不存在显著差异。替换相关变量、控制内生性问题后,研究结论依然稳健。上述发现提供了分析师如何影响企业价值创造的具体证据,对于上市公司的外部治理生态优化及分析师行业发展具有一定的启示意义。     

A Profile of Adolescent Health

SUMMARY

As the adolescent population living in this country undergoes dramatic demographic changes in the 21st Century, increasing both in numbers and ethnic/racial diversity, practitioners and policy makers need to understand the prevalence of and trends in adolescent risk-taking behaviors, morbidity and mortality. Significant disparities in health status exist by ethnicity/race and gender in areas including: unintentional injury, violence, mental health, substance use, sexual behavior, and disease prevention. The epidemiological profile can help mobilize communities to address adolescent health issues. Developing effective interventions will require an ecological approach that builds on adolescents' assets and takes into account the contexts in which they live.