Evaluation of Role of Home Market Effects in China′s Manufacturing Industries

Under the theoretical framework of the New Trade Theory and the New Economic Geography, Home Market Effects (HMEs) is considered to be important sources of comparative advantage and significant reasons for industry agglomeration. Through the analysis on the input-output tables in China, the paper confirms the existence of HMEs for the manufacturing industries and their export trades on the national and provincial level in China. Several conclusions have been drawn in this study. Firstly, there exist prominent HMEs for manufacturing industries related with nondurable goods and materials in China. Secondly, 10 of the 15 kinds of manufacturing industries considered in this study display the existence of HMEs. Thirdly, the comparative advantage of factor endowment for the export trade of manufacturing industries is declining, while HMEs for them are increasing. Fourthly, among the 30 provincial regions studied in this paper, 11 regions show the existence of HMEs, most of which are located in the eastern coast region. This paper illustrates the simultaneous existence of the comparative advantage of factor endowment and scale economies of HMEs for China's manufacturing industries. HMEs will not only be the new dynamic for the increase of manufacturing industries and their export trade, but also be the primary power for urban economic growth, industry improvement, and urban space expansion for China.

Investigation on the Quality of Financial Enterprises＇ XBRL Formatted Financial Report and Its Market Effect

The application of extensible business reporting language （XBRL） has been widely used across the globe in recent years. Many countries already made XBRL mandatory in their accounting system. The financial industry is normally the first XBRL network report implementer in these countries and it has its own industry classification standard. However, there are many issues been reported on the quality of XBRL formatted financial statement in the financial industry, such as project omission, project misstatements, account omission, and amount misstatements. This paper has conducted an empirical research on the quality of XBRL financial statement in the financial industry based on all samples available from the Shanghai stock exchange and analyzed the market effect of these issues for over six year window period. A web presentation quality evaluation criteria evaluation model was used in the investigation. Evidences indicate that the number of errors in report item omissions was the biggest problem in XBRL formatted financial reports comparing with other types of errors, while this affected the growth rate of company, unexpected rate of return, and the adoption of XBRL. Suggestions on solving these issues are then provided after comparing with the data point methodology （DPM） implementation for XBRL financial reporting in European countries, especially the World Bank.

Empirical Analysis of the Market Effects of China＇s Listed—— Company＇s Dividend Policy ——Empirical Evidences from Shanghai Stock Exchange from 2004 to 2005

Dividend policy is one of the three core contents of financial management in listed companies. On one hand, it is the extension of financial and investment activities; on the other hand, appropriate dividend policy can not only set up a good company reputation, but also arouse enthusiasm of many investors to continue invest in this company, consequently acquire long and stable development opportunities and conditions. In this paper, the author has put forward some suggestions in order to solve the problems which existing in Chinese listed companies＇ dividend policies based on the result of positive test. Firstly, optimize the structure of equity title and perfect the corporate governance. Secondly, to establish wholesome shareholder protection mechanism, and also it is important measure for investors, especially medium and small investors to protect their rights and interests. According to the present situation of Chinese stock market, the authors consider we can protect the shareholder＇s benefits by carrying out cumulative vote system, establishing hortative derive lawsuit system, perfecting civil compensation system and establishing shareholder voting removing system and so on. Thirdly, the establishment of listed companies＇ dividend policy and the release of message should be standardized for the sake of good relationship of melon-cutting and corporation＇s refinancing plan. Finally, listed companies＇ dividend policy can be optimized by modifying and perfecting stock dividend distribution mode of accounting management, perfecting exit mechanism of listed companies.

Fama-French-factor model,size and book-to-market effect:An empirical investigation of the Chinese stock market

In this study, we use Chinese A-share stock market data from 1995 to 2005 to test the persistence of the size and valueeffect and the robustness of the Fama-French three-factor model in explaining the variation in stock returns.Wefind that the three-factor model can explain the common variation in stock returns well.However, it is mis-specifiedfor the Chinese stock market.We demonstrate that the size effect and the book-to-market effect are significant andpersistent over our sample period.Interestingly, the book-to-market effect for China is much stronger than the averageones in mature markets and other emerging markets documented by Fama and French (1998).Moreover, we find noevidence to support the argument that seasonal effects can explain the results of the multifactor model.Last, our mixedobservations on firm-specific fundamentals suggest that the risk-based explanation proposed by Fama and French(1995) cannot shed light on the size and BM effect for China.In view of the features of the Chinese stock market, weinstead argue that China’s size and book-to-market effect may be attributed to syndicate speculators’ manipulation andmispricing caused by irrational investor behavior.

Contribution of the MERISE-Type Conceptual Data Model to the Construction of Monitoring and Evaluation Indicators of the Effectiveness of Training in Relation to the Needs of the Labor Market in the Republic of Congo

This study proposes the use of the MERISE conceptual data model to create indicators for monitoring and evaluating the effectiveness of vocational training in the Republic of Congo. The importance of MERISE for structuring and analyzing data is underlined, as it enables the measurement of the adequacy between training and the needs of the labor market. The innovation of the study lies in the adaptation of the MERISE model to the local context, the development of innovative indicators, and the integration of a participatory approach including all relevant stakeholders. Contextual adaptation and local innovation: The study suggests adapting MERISE to the specific context of the Republic of Congo, considering the local particularities of the labor market. Development of innovative indicators and new measurement tools: It proposes creating indicators to assess skills matching and employer satisfaction, which are crucial for evaluating the effectiveness of vocational training. Participatory approach and inclusion of stakeholders: The study emphasizes actively involving training centers, employers, and recruitment agencies in the evaluation process. This participatory approach ensures that the perspectives of all stakeholders are considered, leading to more relevant and practical outcomes. Using the MERISE model allows for: • Rigorous data structuring, organization, and standardization: Clearly defining entities and relationships facilitates data organization and standardization, crucial for effective data analysis. • Facilitation of monitoring, analysis, and relevant indicators: Developing both quantitative and qualitative indicators helps measure the effectiveness of training in relation to the labor market, allowing for a comprehensive evaluation. • Improved communication and common language: By providing a common language for different stakeholders, MERISE enhances communication and collaboration, ensuring that all parties have a shared understanding. The study’s approach and contribution to existing research lie in: • Structured theoretical and practical framework and holistic approach: The study offers a structured framework for data collection and analysis, covering both quantitative and qualitative aspects, thus providing a comprehensive view of the training system. • Reproducible methodology and international comparison: The proposed methodology can be replicated in other contexts, facilitating international comparison and the adoption of best practices. • Extension of knowledge and new perspective: By integrating a participatory approach and developing indicators adapted to local needs, the study extends existing research and offers new perspectives on vocational training evaluation.

Home Market Effects of Foreign Trade in China's Manufacturing Sector:Analysis Using International Standard Industry Classification Panel Data

In this paper, we use 2002-2008 International Standard Industry Classification two-digit bilateral trade paneI data for manufacturing industries in China and the OECD countries to test for the existence of home market effects. We find that significant home market effects exist in 8 out of 12 industries. These industries include the food, beverage and tobacco industry, wood products, the paper products and printing industry, chemical products, other non- metallic mineral products, machinery and equipment, transport equipment, and miscellaneous products and waste resources recycling industry. Textile, clothing and leather manufacturing, oil refining and nuclear fuel manufacturing, rubber andplastics, and basic metals and fabricated metal products industries do not exhibit home market effects. Indeed, strong reverse home market effects occur for oil refining and nuclear fuel manufacturing and for the rubber and plastics industry. The empirical results reveal that certain industries benefit from new export opportunities due to the expansion of domestic demand in China.

Market Scale, Home Market Effect and Evolution of Spatial Economic Structure: China's Regional Coordinated Development on Different Spatial Scales

By using a new economic geography model of multi-region to study the impact of market scale on spatial economic structure,we find that the home market effect plays a key role in it.At different development periods,under external shocks such as transportation costs and so on,industry shares will change due to the distribution of market scale.The spatial economic structure will gradually evolve into such forms as single core or dual-core structure,especially"central collapse"will be found in the process.Such results can be used to analyze the practical problems,including the"central collapse"in the east,central and west regions of China,the structure of city clusters,etc.With the rapid development of transportation infrastructures,China will form a variety of development patterns on different spatial scales owing to home market effect.The regional convergence can be reached through reducing the economic distance and promoting agglomerative economies,which will help achieve regional coordinated development.

Comparative Analysis of the Effects of False Low-Price Marketing Strategy on Multiple Platforms

In order to make full use of the characteristics of commodity prices,merchants on e-commerce platforms have adopted the low-price marketing strategy.Regular promotional discounts can bring new vitality to the commodity sales market,but extreme discount marketing methods would lead to serious impacts on the sales of competing products,thus affecting the stable development of the online shopping market.The sales data of four electrical products using the false low-price marketing strategy on three e-commerce platforms(Taobao,JD,and Amazon)were used in this study.The sales data from different e-commerce platforms and different time periods were analyzed,and one-way ANOVA was used on the factors affecting the effect of marketing strategy.The results showed that there is a significant difference between the direct marketing of high-priced products and low-priced products on Taobao;the difference between the marketing effects of high-priced products and mid-priced products on JD and Amazon is significant.This analysis would help businesses formulate reasonable marketing strategies and promote the stable development of the online shopping market.

Was there a Portfolio Effect of the Micro-economic Leverage ？ Some Empirical Evidence from the Chinese Stock Market

The study is on a linear model of the relationship between the systematic risk and the micro-economic leverage and analyzed the data from the steel, energy source and chemical fibre industry listed companies in the Chinese stock market in 2002 and 2001. Using the linear regression method, empirical equations were found. The portfolio effect was shown so that some empirical evidence had been found to support the micro-economic leverage portfolio effect theory, which was that the listed companies balanced the operating and financial leverage to minimize the systematic risk.

Lemon Effect of Green Agricultural Products and Its Marketing Strategy

The paper introduces the lemon effect of green agricultural products,analyzes the formation reasons of the lemon effect of green agricul-tural products and summarizes problems brought by the effect,such as malicious deception and high price.The paper proposes countermeasures toavoid the lemon effect of green agricultural products from a perspective of marketing.The first is to strengthen the quality supervision of green agri-cultural products,upgrade the quality of products,and build up branded products.The government should foster the main body of the products andguide the main body to realize the importance of brand construction and management.The second is to construct a sales channel system of greenagricultural products,making use of the trading center of modern green agricultural products to sell products,developing a long term partnershipwith processing industries,big supermarket and restaurants,making use of internet and selling products online and offline.The third is to propagatethe products.Make a good use of advertisement,personal sales,propagation and public relations to accelerate the healthy development of greenagricultural market.

PTA Import's Effect on Domestic Market

In recent years,the polyester industry has kept a stable development,and the consumption for PTA has been lifted up year by year.From 2001 to 2006,the growth rate of PTA consumption was around 20.7% averagely.Though it began to be not as fast as it used to in recent a couple

智慧物流与企业可持续发展——基于经济绩效与环境绩效的双重验证

在“双碳”战略目标和可持续发展背景下,智慧物流为促进企业可持续发展提供了新契机。利用2009—2021年我国地级及以上城市数据,测度城市层面智慧物流水平,并将其与A股制造业上市公司数据进行匹配,考察了智慧物流对企业经济绩效和环境绩效的影响。结果表明,智慧物流对企业经济绩效和企业环境绩效具有显著的正向影响,这意味着智慧物流可以促进企业可持续发展。机制检验表明,智慧物流通过发挥成本效应、市场整合效应以及学习效应三种机制促进企业可持续发展。异质性分析表明:智慧物流的可持续发展效应主要存在于交通条件便利地区和外部媒体关注度高的企业;对于市场激励型环境规制地区,智慧物流仅发挥了经济效应。拓展研究发现,智慧物流对企业可持续发展的影响具有网络效应,现代物流创新发展试点政策的激励作用尚未实现经济与环境“和谐共生”。研究结论为我国政府优化智慧物流政策和“双碳”愿景下制造业企业实现可持续发展提供了路径选择。

Analysis of Volatility Spillover Effect of Soybean Price between Domestic and International Markets

Sharp fluctuation of soybean prices in international and domestic markets has caused big risks for both domestic soybean producers and processing enterprises in recent years. It also increases the difficulties in implementing price stabilization policy for the government. This paper analyzes the volatility spillovers in soybean prices between international and domestic markets using the multivariate VAR-BEKK-GARCH model based on the data set from December 22,2004 to December 19,2014. The estimate results indicate that there are volatility spillover effects from domestic futures market to spot market and bilateral spillover between international futures market and domestic spot market. In order to prevent market manipulation and to reduce the impacts of price volatility in international soybean market on Chinese market,this paper proposes the following policy measures such as establishing early warning mechanism for soybean price fluctuations,improving soybean futures contract design and strengthening trading risk management mechanism,amplifying information disclosure system,and regularizing speculation activities of big traders.

农产品加工企业市场势力与技术创新

农产品加工企业创新是乡村产业高质量发展的重要驱动,但鲜有文献从市场势力视角研究农产品加工企业创新激励。为此,基于创新决策模型解释企业市场势力对技术创新的影响及机制,并采用2008—2021年农产品加工业上市公司数据,运用DLW市场势力测度方法,建立动态面板模型进行实证检验。结果显示:第一,市场势力对农产品加工企业技术创新存在显著促进作用,在使用Bartik工具变量和2SLS方法处理内生性后,该促进作用依然显著;第二,市场势力通过溢价效应和成本效应等机制共同推动农产品加工企业技术创新;第三,市场势力对技术创新的促进作用随着城市交通便利度、企业产权属性等不同呈现出异质性特征。需要从培育领军企业、加强交通基础设施建设、发挥国有企业创新引领作用等方面制定相关政策,以促进农产品加工企业创新,从而助推乡村产业高质量发展。

数字金融对地方政府债务的影响研究——基于省级面板数据的实证检验

本文基于2015—2021年中国省级面板数据实证研究数字金融对地方政府债务的影响,发现两者呈现出显著为负的非线性关系,数字金融的发展对地方政府优化自身债务、降低系统性金融风险具有积极作用。采用系统聚类将31个省(区、市)分为发展中、次发达、发达地区三大组别,发现数字金融对地方政府债务的抑制作用在发展中地区表现得最为显著。市场化水平在数字金融抑制地方政府债务过程中具有正向调节作用,特别是当市场化水平跨越一定的门槛值以后,数字金融对地方政府债务的影响显著增强。在此基础上,提出了数字金融背景下分类施策缓解各级地方政府债务问题的相关建议。

奖励式众筹的后续市场效应:基于场景视角的研究

场景化赋予奖励式众筹独特的情感体验与社群价值,使得国内的众筹模式逐渐脱离早期单一的融资属性,向新品推广、品牌孵化、场景营销等多元化功能演变。文章选取小米有品众筹平台数据作为研究样本,基于场景视角探讨了奖励式众筹的场景化运作与价值创造逻辑,通过有序Logistic模型考察了奖励式众筹的后续市场效应,以及场景营销、场景互动的调节作用。研究发现,奖励式众筹绩效对于产品后续市场表现具有显著的正向影响,场景营销能够强化这一关系,而普通用户互动比领先用户互动的调节作用更为显著。异质性分析发现,奖励式众筹的后续市场效应在平台嵌入程度较高的企业中更为显著。进一步研究发现,奖励式众筹具有品牌推广效应,能够显著提升企业的品牌关注度。文章基于场景视角拓展了众筹研究的边界,对奖励式众筹平台及企业的场景化创新具有一定的指导意义。

计算视域下的中国特色社会主义经济运行机制

基于计算视域的角度,不同的经济运行机制的竞争就是不同的数据处理和算法系统的运行效率之争。本文研究表明,市场机制是采用竞争协同规则且有时滞的反馈神经网络系统,其以利润最大化为目标,具有分布存储、并行处理、数据驱动、非线性动态、自组织等特性和黑箱、马太效应、不稳定等缺陷;政府引导的市场机制是知识引导的采用竞争协同规则且有时滞的反馈神经网络,其将基于知识的逻辑推理和基于数据的神经网络相结合,有望既能发挥市场经济的优点,又能规避市场经济的弊端。本文给出了有为政府与有效市场有机结合的条件,基于此,分析指出坚持以人民为中心确保神经网络系统的目标、链接机制和反馈机制的统一性,改革开放扩大了市场网络规模和增加现有链接的流通自由度,通过知识、数据和检验的有机结合,保障了中国特色社会主义经济运行机制的试错、纠偏、迭代和优化,推动政府引导和市场经济共生协同进化,从而促进中国经济持续快速健康发展。

考虑同侧和跨侧网络效应的UGC平台广告投放和内容创作补贴策略

UGC平台连接着内容创作者和消费者,双边用户间存在的同侧和跨侧网络效应吸引着他们进入一个或多个平台,从而形成不同的部分多归属结构。基于Hotelling模型,通过构建UGC平台的竞争模型,研究了双方均单归属(SS)、仅消费者边部分多归属(MS)和仅内容创作者部分多归属(SM)3种部分多归属结构下同侧和跨侧网络效应影响下的平台广告投放与内容创作补贴决策,以及其对市场份额和平台利润的影响。研究发现:当消费者边单归属(SS或SM)时,平台的广告投放随同侧网络效应单调递减;当消费者边多归属(MS)时,平台的内容创作补贴和消费者规模会随同侧网络效应单调递增,而同侧网络效应对平台的广告投放水平的影响是非单调的,其受到消费者对广告厌恶水平的影响。当消费者边多归属(MS)时,随着消费者边的跨侧网络效应的增加,平台会采取提高广告投放水平和内容创作者补贴,即从消费者处获得更多的广告收入以补贴内容创作者的策略;而随着内容创作者边的跨侧网络效应的增加,平台会降低广告水平并提高内容创作者补贴,即采取同时向两边用户让利的策略。当内容创作者边多归属(SM)时,随着消费者边的跨侧网络效应的增加,平台会同时向两边用户让利;而随着内容创作者边的跨侧网络效应的增加,平台会降低广告投放和内容创作者补贴水平,即降低对内容创作者的补贴而让消费者观看更少的广告。当某一边用户选择多归属时,该边用户的规模会随跨侧网络效应的提升而增长。通过对不同情形下均衡结果的横向比较,还发现双边用户中存在多归属的前提是较强的跨侧网络效应,而内容创作者多归属时,平台更容易对内容创作者提供补贴。

利率市场化改革的信贷配置质量效应研究

不当行政干预造成区域壁垒,诱发寻租问题,是导致要素市场分割与资源错配的重要成因,信贷市场尤为如此。基于商业银行信贷行为选择视角,运用2003—2019年我国31个省份的面板数据,对地方政府干预情形下我国利率市场化改革的信贷配置质量效应加以研究。结果表明,在干预市场条件下,商业银行具有较强的信贷寻租动机,信贷投放更倾向于迎合地方政府需求而非商业化导向;利率市场化改革带来的市场约束收紧尽管可促使商业银行增强信贷投放的商业性,显著增强区域贷款增长对盈利能力的敏感性,但无法对其信贷寻租动机形成有效抑制,以致其对信贷配置的质量效应难以发挥。而良好的地方政府治理可有效提升利率市场化改革的信贷配置质量效应。研究结论有助于厘清高质量发展要求下深化利率市场化改革的关键点,也为新形势下破除地方行政壁垒、增强地方金融监管效能以助推全国统一大市场建设提供经验参考。

基于EVT-Copula-CoVaR的石油市场对中国碳市场风险溢出效应研究

石油是全球碳排放的重要来源,而碳排放权交易市场是节能减排的有效工具,将石油市场与碳市场进行关联分析,特别是考虑到中国特殊的制度设计问题,测度国内外石油市场对中国不同碳市场的风险溢出效应受到理论界和实务界的关注与重视。本文在考虑到市场极端风险的基础上,选取2014年4月2日至2019年10月31日国内外石油市场与5个交易较活跃的中国碳市场的碳价格数据作为研究样本,构建EVT-Copula-CoVaR模型量化分析石油市场对中国碳市场的风险溢出效应。研究表明,国内外石油市场的风险事件对各碳市场均产生正向溢出效应,且对比不同碳市场可发现同一置信水平下石油市场对碳市场的风险溢出强度从大到小依次为:湖北、广东、深圳、北京、上海。同时,对比国内外石油市场发现,国外石油市场对碳市场的风险溢出效应更大。研究结论有助于丰富和延伸我国碳市场与石油市场之间的联动机制研究,同时对我国碳市场的稳定发展及风险管理具有重要的意义。