基于家族管理的人力资本与企业绩效的实证研究

人力资本理论认为员工所具备的技能与知识能够增进生产力,故可视为一种资本。鉴于以往的研究文献只单纯研究了人力资本与企业绩效的关系,没有考虑家族管理对二者关系的影响。文章以台湾上市公司为样本,实证探讨高阶管理团队人力资本与企业绩效的关联性如何受到家族管理的影响。实证结果表明,当家族企业规划家族成员扩大参与公司管理时,若能增加高阶管理团队中高阶主管规模、增加高阶管理团队中拥有管理学历主管的比率、减少高阶管理团队中拥有管理经验背景主管的比率,应有助于公司绩效的提升。

我国货币政策是否关注资产价格？--基于马尔科夫区制转换BEKK多元GARCH模型

本文借鉴并扩展现有宏观经济模型,导出含有多种资产价格关注特征的货币政策规则。然后分别将房地产、股票价格以及金融状况指数(FCI)作为资产价格变量,使用包含马尔科夫区制转换的BEKK多元GARCH模型来研究我国货币政策对资产价格的反应,以捕捉货币政策的时变特征。研究发现:(1)货币政策对资产价格的关注具有马尔科夫区制转换特征;(2)使用综合性的FCI指标,效果要优于使用单一的房价指数或股价指数;(3)货币政策仅在资产价格波动剧烈时才对其进行关注,在其他时期仍符合传统泰勒规则,仅关注产出缺口和通货膨胀率。分时段检验发现以上结论是稳健的。这说明,央行确实关注了资产价格并体现出维护金融稳定的宏观审慎管理特征。

风险敞口、国家异质性与合意外汇储备规则

本文根据140个经济体1980-2013年的数据探究为何大量经济体的外汇储备偏离合意储备规模。研究发现各国在外汇储备管理实践中并未充分执行基于外部风险敞口加权的合意储备规则,具体表现为:实际外汇储备规模与流动性风险最高的债务风险敞口显著负相关,实行钉住汇率制度的国家并未持有更多的外汇储备。而且当前的合意储备规则并未充分考虑国家异质性因素,即经济金融发展水平的不同、文化的差异性以及汇率低估目标选择的差异均对实际外汇储备需求有非常显著的影响,上述因素并未在当前的合意储备规则中体现。因此,在重构当前的国际储备体系时,合意储备规则的制定应当关注国家异质性因素以及规则是否有效执行的问题。

Temporal and Spatial Characteristics and Optimization of the Intensive Use of Cultivated Land in Maoming City

Improving the level of intensive cultivated land use is an important measure to ensure food security and promote the sustainable development of the regional society and economy.Based on data from the statistical yearbook of Maoming City and its counties and districts from 2005 to 2018 and the land use change database of Maoming City for 2018,this study constructed an evaluation index system for four aspects:cultivated land use intensity,cultivated land use degree,cultivated land output benefit and cultivated land sustainable use status.The level of intensive use of cultivated land in Maoming City from 2004 to 2017 was evaluated by AHP,the range method and the comprehensive evaluation model,and its temporal and spatial characteristics were evaluated.The results revealed three major points.(1)The intensive use of cultivated land in Maoming City in the past 14 years was good,and its level showed an overall upward trend,with the intensive use degree of cultivated land rising from 0.4045 in 2004 to 1.3148 in 2017.(2)The levels of intensive use of cultivated land in each county and district of Maoming City were generally on the rise,with no significant differences between them.However,according to the regional distribution,the intensive use level of cultivated land was highest in Maonan District,while it was relatively low in Dianbai County.The largest increase in the level of cultivated land intensive use was in Gaozhou,and the smallest was in Dianbai County.(3)According to the existing problems of cultivated land utilization in Maoming City,combined with the current international and domestic measures to effectively improve the level of intensive use of cultivated land,four suggestions are put forward:to improve the efficiency of cultivated land utilization and effectively protect basic farmland;to improve the overall urban planning and rationally adjust the layout of construction land;to raise farmers’awareness of the intensive use of cultivated land;and to increase agricultural investment and improve agricultural infrastructure.

Analysis of the Spatio-temporal Differentiation of Cultivated Land Pressure in the Pearl River-Xijiang Economic Zone and Its Influencing Factors

Cultivated land pressure is often used to reflect the shortage of cultivated land resources. By using the methods of the Cultivated Land Pressure Index, coefficient of variation and cold-hot spot analysis, this paper analyzes the spatial-temporal differentiation pattern and dynamic change processes of cultivated land pressure in the counties of the Pearl River-Xijiang Economic Zone from 2008 to 2017, and measures the factors which influence cultivated land pressure by using Principal Component Analysis. The results show that the cultivated land pressure in the Pearl River-Xijiang Economic Zone has been in a “high pressure” state, and the Cultivated Land Pressure Index has been rising continuously from 2008 to 2017. The coefficient of variation of the Cultivated Land Pressure Index in the Pearl River-Xijiang Economic Zone and various prefecture-level cities is fluctuating and rising, which indicates that the overall spatial differences in the cultivated land pressure in this region are expanding and polarization is obvious. In addition, the area where the municipal district of the provincial capital city is located is the core area of urban development and also the area with the greatest cultivated land pressure. The spatial pattern of cultivated land pressure cold-hot spots in the Pearl River-Xijiang Economic Zone is obviously heterogeneous, in which the Pearl River Economic Zone is the main hot spot gathering area and the Xijiang Economic Zone is the main cold spot gathering area. Farmers’ income, investment in fixed assets, GDP, population and other socio-economic factors are the main factors driving the changes in the cultivated land pressure in the Pearl River-Xijiang Economic Zone. Furthermore, farming production factors, such as the multiple cropping index and grain yield per unit area,will also have an important impact on the changes in the cultivated land pressure.