Price distortions and municipal bonds premiums:evidence from Switzerland

This study examines the pricing of municipal bonds before and after a currency shock in Switzerland.Two approaches are used to decompose the municipal to treasuries bond spreads into liquidity,maturity,and default risk premiums.The first approach is the model of the cross-sectional instrumental variables,and the second approach is the model of the instrumental variables with panel data.This study examines the composition of spreads for both approaches,in three scenarios:before,throughout,and after the currency shock.The study performed Durbin-Wu-Hausman tests for each decisive model to verify endogeneity issues,including the Lagrangian Multiplier test,the Cragg-Donald Wald F statistic to confirm the relationship of instrumental and endogenous variables,and the structural break test(Bai-Perron test)to determine the existence of structural breaks in bond distortions.This study finds that the currency price distortions of the Swiss franc in January 2015 made long-run changes in the composition of the municipal bond spreads.This research contributes to the understanding of municipal bond pricing by showing that default risk accounts for a large portion of the municipal bond spread,while maturity risk plays a lesser role.According to our empirical findings,unexpected large currency price shocks may have long-term implications on the municipal bond spreads.

Distributed Harmonic Power Sharing with Voltage Distortion Suppression in Islanded Microgrids Considering Non-linear Loads

In contemporary power grids or microgrids,harmonic distortion has emerged as one of the critical power quality issues for utility power grids,which has escalated especially due to the high penetration of power-electronic-converter-interfaced distributed generation(DG).This paper first illustrates the prevalent dispute revolving around the harmonic power sharing and distortion restraint,and subsequently proposes a consensusbased framework that facilitates an accurate sharing of harmonics among multi-DGs connected in parallel,with an effective suppression of the output voltage distortion.Compared with the majority of existing studies addressing the issue of voltage harmonics at the point of common coupling(PCC),our method primarily emphasizes on the output voltage distortion since the power quality requirement for certain local critical loads is often known to be high.With the help of adaptive regulation,the overall distortion produced at the output terminals of DGs can be retained within an acceptable range.The working principle of the proposed control method,which is not only easy to implement but also independent of model parameters,is further described in detail.Employing the small-signal dynamic model,the system stability and robustness are analyzed.The hardware-in-the-loop(HIL)simulations aid in determining the outcome of the proposed strategy in microgrid control.

Factor Price Distortion,Technological Innovation,and High-Quality Economic Development

The entropy method is used to measure the high-quality economic development levels of 30 provinces(autonomous regions,municipalities)in China from 2011 to 2020,and the impacts of factor price distortion,technological innovation,and their interaction terms on high-quality economic development are analyzed based on Tobit regression.The results show that highquality economic development of 30 provinces(autonomous regions,municipalities)in China is on the rise;factor price distortion has an inhibitory effect on high-quality economic development,while technological innovation has a promoting effect on high-quality economic development,and both of them have a lag effect;technological innovation level can help alleviate the negative impact of factor price distortion on high-quality economic development;and sub-regional research shows that the inhibitory effect of factor price distortion on highquality economic development in the east is significantly higher than that in the central and western regions,but the positive effect of technological innovation and the interaction terms between the two on high-quality economic development is significantly lower than that in the central and western regions.Accordingly,it is proposed to optimize top-level design for the two-wheel drive for high-quality economic development,strengthen the primary role of enterprises in innovation to promote high-quality economic development,and optimize the market-oriented allocation of factors to improve the efficiency of resource allocation.

Regional Competition in China under the Price Distortion of Construction Land: A Study Based on a Two-regime Spatial Durbin Model

This study examines regional competition in China by considering the spatial correlation and spillover effect of construction land price distortion using a two-regime Spatial Durbin Model to investigate the patterns and trends of the competition between 285 cities in China from 2006 to 2015. The study finds:(i) price distortion of construction land is a common phenomenon but the distortion index generally shows a declining trend;(ii) regional competition through construction land price distortion shows a weakly intensified pattern, although the competition patterns in the four regions of China varied;and (Hi) the intensity of competition between regions was lower during the 12th Five-year Plan compared to the 11th Plan. The intensity of competition between cities was also lower inside than outside urban agglomerations. These results provide policy implications for remedying the price distortion of construction land and promoting regional coordinated development.

The Threshold Effect of Factor Price Distortion on Technological Content of Exports:Evidence from China

Using panel data from 31 provinces in China,covering the period from 2003 to 2017,this article analyzes the threshold effect of factor price distortion on the technological content of exports.The results show that factor price distortion does not necessarily impede improvement in the quality of the technological content of exports.Instead,the adverse ejfect can be weakened when the value of per capita GDP is higher than RMB13,154 or the value of FDI goes beyond RMB480.9 billion.This is because a high regional economic development level alleviates the adverse effect of factor price distortion on the technological content of exports.Our results are robust when the dependent variable and sample years are changed.This article also addresses the endogeneity issue.We also consider the underlying mechanism through which factor price distortion affects the technological content of exports.

The Extent of Voluntary Information in the Annual Report and the Share Price Volatility： Application of DEA and SFA on the French Market

In the current paper, the authors investigate empirically the relationship between the share price volatility and the amount of voluntary information disclosed in the corporate annual report. The authors use the data envelopment analysis （DEA） and the stochastic frontier analysis （SFA） models on a sample of 50 listed French firms belonging to the Soci6t6s des Bourses Fran^aises （SBF250） index from 2004 to 2008. The authors focus on the extent of voluntary disclosure in the annual reports that have been measure by using a composite disclosure index. Then, the authors study the relevance of disclosure policies through the ability of the voluntary disclosure level to effectively reduce the share price volatility. The findings of DEA and SFA provide, in average, highly efficient scores of the sample, reveal the several dispositions taken by the French Exchange Market authorities and the initiative of French firms to improve the market stability. In addition, the findings highlight, in average, stability of the firms＇ efficiency scores over the studied period. The authors explain these findings by the stability of corporate disclosure policy as suggested in previous literature （e.g., Botosan, 1997）. However, there are some differences between the findings of SFA and DEA models.

Minority Protection in Proceedings for the Settlement of Disputes Between Shareholders

“A limited company is more than a mere judicial entity, with a personality in law of its own： Behind it, or amongst it, there are individuals, with rights, expectations and obligations inter se”. The competitive attitude of the member states of the EU （European Union）, to become the most attractive for companies results in law reforms aiming at more flexible conflict between shareholders. Besides, the economic objective of avoiding a company＇s dissolution, the English, Dutch, and Belgian exit proceedings for the settlement of disputes between shareholders set up a social objective： protecting the interests of the minority shareholder of a private limited company. The paper consists of four chapters. The introduction lays out the necessity of buy-outs for shareholders of a private limited company. The first chapter describes the different facts justifying the buy-out of a shareholder on the basis of serious grounds. The second chapter presents the findings of a comparative research of the valuation of the shares transferred in an English, Dutch, and Belgian procedure. Finally, the conclusion summarises in which way the English, Dutch, and Belgian legal system protect the interests of the minority shareholder of a private limited company.

Market Share Model of Price and Advertising Combined Game in Duopoly

The marketing share model of price and advertising in a duopoly market was studied in this paper. Market response curves of price and advertising were presented to calculate the reasonable range based on the market forecast results. The interaction effect of price and advertising was considered,and the game theory was applied to a two-stage price and advertising competition which involved the market share model. A marketing decision support system (MDSS) was developed and simulation data was provided to give the solutions. The operation results show that the leading enterprise makes higher price,spends more on advertising,and earns more profit,while the small-scale enterprise has to lower the price,spend less on advertising,and has slightly higher profit rate. The system is shown to be adaptable to a wide variety of realistic situations.

绿色金融:破解“碳诅咒”困境的有效策略

本文立足资源型地区经济增长过度依赖化石能源的特征,探讨利用金融手段破解“碳诅咒”困境问题的路径。首先,将绿色金融嵌入包含二氧化碳排放的经济增长理论分析框架,通过数理模型,阐释绿色金融通过缓解资本价格扭曲、加速碳排放与经济增长脱钩的作用机理,证实绿色金融发展应当以资本配置达到最优为上限,避免由于绿色金融发展过度导致绿色产业领域产能过剩,从而制约其他产业的发展。其次,运用空间计量经济模型,对理论模型的现实解释力进行实证检验。主要研究结论包括,我国资源型省份过度依赖化石能源产业,更倾向于碳密集型发展,迈入“碳诅咒”困境;资源型地区的绿色金融发展可以通过缓解资本价格扭曲加速碳排放同经济增长的脱钩,进而破解资源型地区由“资源诅咒”引致的“碳诅咒”困境;资源型地区的绿色金融发展能够加强邻居地区的能源脱钩与碳脱钩。研究结论为有序推进绿色金融高质量发展提供有益指导,为破解资源型地区“碳诅咒”困境提供合理可行的政策思路。

The Model of Indirect Pricing Transactions and the New Boundaries of the Sharing Economy

In recent years,the sharing economy has become more prevalent in many lives.While bringing convenience to the public,it has also improved resource efficiency,thus gradually driving economic development.By studying indirect pricing transactions,the authors have discovered a new sort of sharing economics which may be able to resolve the issue presented by intangible assets(such as entrepreneurship)and provide new ideas for addressing social problems.Compared with the traditional sharing economy,this new economic pattern has wider potential utility.The authors hold that their indirect pricing theory establishes the theoretical foundation of new sharing economics,while the model of indirect-pricing transaction extends the boundaries for the existing sharing economy.

Value Relevance of Accounting Information and Share Rate:A Study of Manufacturing Companies in Nigeria

This research work determined the impact of value relevance of accounting information on the stock price of manufacturing companies in Nigeria.More specifically,the study determines the impact of earnings per share and dividends on the stock price of Nigerian manufacturing companies.Ex post facto research and data were obtained from twenty audited annual reports and financial statements.This study used the ordinary least squares(OLS)estimation from 2012 to 2021 and covered ten years with the help of E-view 9.0 data analysis revealed that there is a positive insignificant relationship between stock dividends,earnings per share and stock price in the manufacturing sector in Nigeria.

物品共享对双渠道供应链的影响

建立了基于物品共享平台的双渠道供应链模型,在分析了消费者的购买决策及物品共享决策基础上,运用博弈论方法求得模型最优解,比较了无物品共享和物品共享2种情况下双渠道供应链中的产品价格、购买需求、制造商和分销商利润的变化情况,并对相关结果进行了算例分析.研究发现:物品共享使双渠道供应链中制造商和分销商的利润减少;但物品共享对消费者是有益的,消费者会积极参与物品共享;物品共享还可以减少产品闲置并提高产品使用率,对于构建资源节约型社会是有益的.

中国碳酸锂期货市场的价格发现功能研究

自碳酸锂期货上市以来,其价格发现功能对引导碳酸锂现货市场健康发展具有重要作用。以中国碳酸锂期货市场价格为研究对象,选取2023年7月21日—2024年8月21日中国碳酸锂期货和现货市场的交易数据,建立向量误差修正模型,探究碳酸锂期货和现货市场价格之间的动态调整关系,并结合共同因子份额模型、信息份额模型和信息领先份额模型等三个模型,测算碳酸锂期货市场的价格贡献度。结果表明,中国碳酸锂期货市场价格是现货市场价格的格兰杰原因,碳酸锂期货市场对新信息的反应更为迅速,在价格发现中起着主导作用,并已经成为碳酸锂现货价格的有效参考依据,有助于促进碳酸锂价格的稳定和锂电企业的健康发展。

Technological anxiety:Analysis of the impact of industrial intelligence on employment in China

Employment is the greatest livelihood.Whether the impact of industrial robotics technology materialized in machines on employment in the digital age is an“icing on the cake”or“adding fuel to the fire”needs further study.This study aims to analyze the impact of the installation and application of industrial robots on labor demand in the context of the Chinese economy.First,from the theoretical logic and the economic development law,this study gives the prior judgment and research hypothesis that industrial intelligence will increase jobs.Then,based on the panel data of 269 cities in China from 2006 to 2021,we use the two-way fixed effect model,dynamic threshold model,and two-stage intermediary effect model.The objective is to investigate the impact of industrial intelligence on enterprise labor demand and its path mechanism.Results show that the overall effect of industrial intelligence on the labor force with the installation density index of industrial robots as the proxy variable is the“creation effect”.In other words,advanced digital technology has created additional jobs,and the overall supply of employment in the labor market has increased.The conclusion is still valid after the endogeneity identification and robustness test.In addition,the positive effect has a nonlinear effect on the network scale.When the installation density of industrial robots exceeds a particular threshold value,the division of labor continues to deepen under the combined action of the production efficiency and compensation effects,which will cause enterprises to increase labor demand further.Further research showed that industrial intelligence can increase employment by promoting synergistic agglomeration and improving labor price distortions.This study concludes that in the digital China era,the introduction and installation of industrial robots by enterprises can affect the optimal allocation of the labor market.This phenomenon has essential experience and reference significance for guiding industrial digitalization and intelligent transformation and promoting the high-quality development of people’s livelihood.

考虑网络口碑的供应链定价与协调研究

随着电子商务和社交网络的迅速发展,网络口碑正在影响和改变消费者的购买习惯,并对企业决策产生重要影响。本文考虑由一个制造商和一个零售商组成的二级供应链,通过建立两阶段定价模型研究网络口碑对供应链定价和协调的影响。首先,文章分析了集中决策下网络口碑对供应链最优定价策略和整体利润的影响;其次,设计批发价契约和收益共享契约对分散决策下的供应链进行协调。研究表明:当受正面口碑影响时,系统会降低第一阶段价格,提高第二阶段价格,且口碑影响力度越大,两阶段的价格差异越小,供应链整体利润越高;当受负面口碑影响时,系统会提高第一阶段价格,降低第二阶段价格,且口碑影响力度越大,两阶段的价格差异越大,供应链整体利润越低;批发价契约无法实现供应链的协调,收益共享契约可以同时改善制造商、零售商和供应链整体利润,实现供应链协调。

平准基金干预与上市公司股票定价效率——“价值发现”与“价格扭曲”

2015年股灾后,我国成立平准基金,其对资本市场的影响,引起了业界和学界的广泛关注。本文收集整理了我国A股市场2014—2021年平准基金的交易数据,并利用该数据实证检验了平准基金干预对上市公司股票定价效率的影响,揭示了其影响机制、渠道及异质性表征。研究发现:平准基金交易这一典型的政府直接干预行为对上市公司股票定价效率的影响呈现非线性特征,随着平准基金持股比例由低至高,股票定价效率先升后降。这种倒U型关系反映了平准基金影响上市公司股票价格两种相反的作用机制,即“价值发现”和“价格扭曲”。从作用渠道来看,随着平准基金持股比例由低至高,投资者对上市公司基本面信息的关注度先升后平,而投机性交易倾向在干预强度突破阈值后显著提升。平准基金对上市公司股票定价效率的影响在公司产权性质、市值规模、平准基金交易方向、持股周期等多个方面表现出异质性。本文从股票定价效率角度拓展了政府直接干预市场的相关文献,对于我国建立更规范、更高效的证券市场具有现实意义。

消费者风险厌恶的运费险分担机制与供应链定价研究

考虑消费者的退货行为、风险厌恶态度和运费险价值敏感,建立零售商承担、消费者承担、零售商与消费者共同承担、零售商与制造商共同承担4种不同运费险承担方式的Stackelberg价格博弈模型,研究供应链的定价决策和在线零售商的最优退货运费险策略。研究表明:低退货率和高运费险敏感性有助于提高供应链的整体利润;低退货率时,在线零售商主动为消费者购买运费险优于消费者自行购买;运费险的分担机制不能实现供应链协调。

异质资本持股、内外部治理与国有企业股价崩盘风险

防范系统性金融风险是经济健康发展的重要保障。鉴于股价崩盘风险与系统性金融风险的关联性,以2014~2020年国有企业为样本,实证检验不同性质的非国有资本参股对国有企业股价崩盘风险的影响,并进一步考察企业内外部治理对非国有资本参股与国有企业股价崩盘风险之间关系的调节效应。研究结果表明,民营资本参股降低了股价崩盘风险,机构投资者参股增加了股价崩盘风险,而外资参股不存在显著影响。在进行一系列稳健性检验之后,结果仍然成立。就内外部治理而言,内部治理水平仅对民营资本持股比例与股价崩盘风险之间的关系有显著的正向调节作用,外部治理环境仅对机构投资者持股比例与股价崩盘风险之间的关系有显著的负向调节作用。

企业数据资产的区块链交易定价机制研究

数据资产是数据时代的重要资产形式,只有推动数据的充分利用、高度分享,才能引领颠覆性技术创新,形成数字经济时代经济增长的新动能。当前,数据资产在市场上的归属权和使用权较为模糊、定价不统一,其交易存在收益激励不足、价格机制不统一、交易技术不安全等问题。数据资产的需求日益增长,但其交易定价机制尚未形成有效共识,其重要性、模糊性、安全性要求加快技术研发,完善数据资产确权制度和追溯技术。为充分挖掘数据价值、保障数据资产的产权权益、推动数据共享,需确立数据资产的交易定价制度。从数据所有、经营、使用和监管的角度分析数据资产的形成过程和交易流程,提出基于收益分工的数据资产定价策略和基于区块链智能合约的自动化交易方法。

要素价格扭曲对绿色经济效率的影响研究——基于中国省级动态面板数据的分析

1994年中国正式启动分税制改革,明确了央地财政收支关系,充分调动各地政府促进经济增长积极性,成为支撑改革开放的重要制度安排之一。但是,以GDP为导向的经济增长目标和晋升激励加剧了地方政府竞争,区际行政壁垒林立,要素价格扭曲、资源配置低效问题长期存在,同时生态环境隐患悄然累积,影响人与自然和谐共生,制约了中国经济绿色转型。文章基于1994-2021年中国省级数据,运用动态GMM模型实证分析,发现要素价格扭曲对绿色经济效率的影响主要体现于抑制绿色进步层面;影响机制方面,要素价格扭曲通过阻碍产业升级和技术创新抑制绿色经济效率;消除扭曲后绿色经济效率将提升7.72%。门槛效应结果显示,吸引FDI的“逐底”竞争会加剧要素价格扭曲,产业结构升级则会抵消要素价格扭曲的负向影响。基于以上发现,文章提出深化要素市场改革,合理引导资本要素流向,推进劳动力要素升级,规范FDI引进等政策建议,为推进绿色转型、实现高质量发展提供了方案与方向。