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数量经济研究(2017年第8卷第1期)

书 名: 数量经济研究(2017年第8卷第1期)
英 文 名: The Journal of Quantitative Economics
作 者: 张屹山 主编
I S B N: 978-7-5201-0835-5
关 键 词:  数量经济学 文集
出版时间: 2017年06月

中文摘要

《数量经济研究》遵循百花齐放、百家争鸣的方针,坚持理论研究和实践研究相结合、定量分析和定性分析相结合,关注我国社会、经济等领域的重大学科前沿问题,刊登结合中国的实际和现实问题进行深入分析、阐述和探索的高水平研究成果,以加强国内外交流,促进学术繁荣,为数量经济学的理论与应用研究提供平台,为我国的社会主义现代化建设服务。

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文章列表

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CommonID:DIR_50145887,ID:8570526,SiteID:14,Type:formerAidText,Code:null,ParentId:0,InnerCode:325827,name:主编寄语,ShortName:null,SubName:null,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:13144128,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:13144140,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2017-07-26 13:40:55.0,ModifyUser:Admin,ModifyTime:2021-11-03 01:39:39.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:主编寄语,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:主编寄语,_RowNo:2
CommonID:DIR_50145888,ID:8570530,SiteID:14,Type:formerAidText,Code:null,ParentId:0,InnerCode:325828,name:内容简介,ShortName:null,SubName:null,EnTitle:null,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:13144128,AbstractCH:null,AbstractEN:null,KeyWords:null,EKeyWords:null,SubjectWords:null,LiteratureId:13144142,Fileref:null,OrderFlag:0,IsLeaf:Y,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:null,XmlID:null,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2017-07-26 13:40:55.0,ModifyUser:Admin,ModifyTime:2021-11-03 01:39:39.0,HitCount:0,ShowType:putong,LogoID:0,PdfID:0,DownCount:0,AuthorInfos:null,BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:内容简介,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:内容简介,_RowNo:3
CommonID:DIR_50145889,ID:13144146,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:325829,name:通货膨胀“盯住制”与通货膨胀持续性研究50098074,ShortName:null,SubName:null,EnTitle:Inflation Targeting and Inflation Persistence,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:13144128,AbstractCH:

通货膨胀“盯住制”是货币政策操作过程经常采取的规则和标准,其与通货膨胀持续性之间的关系有待研究。本文利用货币政策的泰勒规则建立了通货膨胀持续性的动态模型,并检验了7个引入通货膨胀“盯住制”国家的数据,进而对通货膨胀的“盯住制”与通货膨胀率的持续性进行了检验,发现明确的通货膨胀率目标会显著降低通货膨胀率的持续性,因此通货膨胀率的“目标盯住”有助于缓解通货膨胀压力、稳定经济增长。

,AbstractEN:

Inflation targeting is often considered the most appropriate monetary policy framework as a strategy dealing with the persistence of inflation fluctuations. It is expected that the adoption of this monetary regime could reduce inflation and inflation volatility. In this paper,a theoretical literature on inflation persistence was established by introducing a Taylor Rule for monetary policy into a model. We investigated the changes in the time series properties of inflation in seven countries that introduced inflation targets. The findings suggested that the adoption of “IT” is an ideal monetary regime for stabling economies growth and,in addition to reducing inflation persistence,can drive inflation down to internationally acceptable levels.

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刘金全(1964-),男,吉林大学数量经济研究中心博士生导师,主要研究方向为宏观经济计量分析。

"},"杨玉丰":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

杨玉丰(1988-),男,吉林大学商学院数量经济学专业博士研究生,主要研究方向为宏观经济计量分析。

"},"Liu Jinquan":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Yang Yufeng":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:通货膨胀“盯住制”与通货膨胀持续性研究,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:通货膨胀“盯住制”与通货膨胀持续性研究,_RowNo:4
CommonID:DIR_50145898,ID:13144154,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:325830,name:我国货币政策转型机制研究,ShortName:null,SubName:——基于国际经验视角50098075,EnTitle:Research on the Transformation Mechanism of Monetary Policy,EnShortTitle:null,EnSubTitle:—Based on International Experience,Level:0,BookId:13144128,AbstractCH:

随着金融市场化改革逐步加深,数量型货币政策规则的有效性明显减弱,构建以利率为核心的价格型货币政策调控体系势在必行。在此背景下,本文先全面分析了新兴市场经济体和发达经济体货币政策的转型实践,而后在新凯恩斯框架下推导出最优价格型货币政策规则,最后基于国际数据对新兴市场经济体和发达经济体进行实证研究,并将其与我国进行比较。结果发现:第一,我国货币政策的平滑性较弱,特别是与发达经济体的差距较大,具有较强的相机抉择特点,存在利率的短期波动,不利于引导市场形成稳定的预期;第二,我国货币政策展现出过度盯住经济增长目标而对通货膨胀率目标反应不足的特征,影响政策实施的公信力;第三,后危机时期,我国货币政策的规则性和前瞻性有所提高,为向价格型货币政策调控框架转型提供了有利条件,但在未来的政策转型实践中,应更加关注利率的短期波动性,弱化货币政策对经济增长目标的盯住力度,提高央行政策的独立性和公信力,有效引导市场预期,强化政策的前瞻性。

,AbstractEN:

With the deepening of the financial marketization reform,the effectiveness of the quantity-based monetary policy has declined. It is imperative to construct a price-based monetary framework with the interest rate as a major policy tool. In this context,this paper analyzed the practice of monetary policy transformation in emerging market economies and developed economies,and then deduced the optimal price-based monetary policy rule under the New Keynesian framework. Finally,it made an empirical research on emerging market economies’ and developed economies’ panel data,and compared them with China. The results show that:Firstly,the smoothness of China’s monetary policy was weaker than the emerging market economies and developed economies,which will lead to a short-term fluctuations in interest rate and be harmful to forming the stable market expectations;Secondly,China’s monetary policy over-pegged to economic growth,which weaken the credibility of the central bank;Thirdly,after the financial crisis,the regularity of monetary policy in China had improved,which provided favorable conditions for the transformation of monetary policy. However,in the process of policy transformation practice,we should pay more attention to the short-term volatility of interest rate,and weaken the focus on economic growth target to improve the independence and credibility of the central bank,to effectively guide market expectations and make more forward-looking monetary policies.

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张屹山(1949-),男,吉林大学商学院教授、博士生导师,主要研究方向为数量经济。

"},"孟宪春":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

孟宪春(1990-),女,吉林大学商学院博士研究生,主要研究方向为宏观经济。

"},"李天宇":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

李天宇(1988-),男,吉林大学商学院博士研究生,主要研究方向为宏观经济。

"},"Zhang Yishan":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Meng Xianchun":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Li Tianyu":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:我国货币政策转型机制研究——基于国际经验视角,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:我国货币政策转型机制研究——基于国际经验视角,_RowNo:5
CommonID:DIR_50145910,ID:13144162,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:325831,name:中国金融周期的动态特征分析50098082,ShortName:null,SubName:null,EnTitle:Characterizing the Evolution of China’s Financial Cycle:An Empirical Analysis,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:13144128,AbstractCH:

本文分析了金融系统高压力出现前后的宏观经济和金融环境,揭示出金融不稳定性的动态演变特征;通过联合分析金融变量的周期特征,划分出我国的金融周期,并进一步通过其与经济周期的对比分析,研究金融周期与经济周期的关联。研究结果表明,高金融压力出现前的宏观经济呈现繁荣的景象,而高金融压力出现后这一景象反转,经济增长快速回落,各项贷款减少且资产价格迅速下降;样本期内我国金融系统经历了三个主要的衰退期。金融周期领先于经济周期的动态特征意味着可以将金融衰退期作为经济下滑期的早期预警。

,AbstractEN:

In this paper,the macro-economy and financial environment before and after the occurrence of high financial stress was analyzed,and then the characteristics of the evolution of financial instability were given. Through the studies of financial variables’ cyclical features,China’s financial cycle was determined. Furthermore,by comparing the financial cycle with the business cycle,the relationship between the financial cycle and the business cycle was analyzed. The findings were:before the occurrence of the high financial stress,the macro-economy was booming,however,after the high financial stress occured,everything reversaled,the economic growth declined to a lower level,the loans reduced and the asset prices declined rapidly;in the sample period,China’s financial system had gone through three major recessions. China’s financial cycle keeps ahead of the business cycles generally,which means that the recession of financial system can be an early warning signal of a following economic downturn.

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王妍,女,对外经济贸易大学统计学院讲师,主要研究方向为金融计量分析。

"},"Wang Yan":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:中国金融周期的动态特征分析,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:中国金融周期的动态特征分析,_RowNo:6
CommonID:DIR_50145921,ID:13144169,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:325832,name:结构计量经济学模型识别研究综述50098086,ShortName:null,SubName:null,EnTitle:A Review of Structural Econometric Model Identification,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:13144128,AbstractCH:

结构计量经济学模型识别的基本功能是解决能否根据可观测数据唯一地揭示样本数据的真实生成过程的问题,模型的可识别性分析是估计与检验计量经济学模型的前提。本文经系统梳理文献归纳出结构计量经济学模型的分类,以及各类结构模型识别方法的一般性特征和结构计量经济学模型识别的研究脉络。最后,展望了结构计量经济学模型识别研究未来的发展方向。

,AbstractEN:

The basic function of structural econometric model identification is to solve the problem of whether or not to uniquely reveal the real data generating process based on the observed data. The identifiable analysis of the model is the premise of estimating and testing the econometric model. In this paper,the classification of structural econometric model,and the general characteristics of structural model identification methods and the research of structural econometric model recognition were summarized by systematically combing literatures. Finally,the future development direction of structural econometric model identification was prospected.

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缪言,男,天津财经大学统计系博士研究生,主要研究方向为统计学。

"},"韩猛":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

韩猛,男,天津财经大学统计系博士研究生,主要研究方向为统计学。

"},"白仲林":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

白仲林,男,天津财经大学统计系教授,博士,主要研究方向为计量经济学、统计学。

"},"Miao Yan":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Han Meng":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Bai Zhonglin":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:结构计量经济学模型识别研究综述,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:结构计量经济学模型识别研究综述,_RowNo:7
CommonID:DIR_50145936,ID:13144177,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:325833,name:我国商业银行流动性的测算研究50098087,ShortName:null,SubName:null,EnTitle:The Measurement of the Liquidity in China’s Commercial Banks,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:13144128,AbstractCH:

本文通过引入马尔可夫链理论考察了我国商业银行的流动性问题。基于不同品种的上海银行间同业拆放利率数据,运用马尔可夫区制转换动态回归模型区分并识别了商业银行的流动性状态,同时估算出了商业银行每日发生流动性不足的概率及平均持续时间,试图为商业银行资产的合理配置提供可参考的依据。

,AbstractEN:

Based on the theory of Markov chain,this paper investigated the liquidity of commercial banks in China using various sets of data on Shanghai Interbank Offered Rate. The liquidity status of commercial banks was identified according to the MSDR(Markov Switching Dynamic Regression) model and then the estimated probability of daily commercial bank liquidity shortage and the average duration were provided,which have tremendous policy implications for the asset disposition of Chinese commercial banks.

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赵国庆,中国人民大学经济学院教授,博士,主要研究方向为计量经济学、金融工程。

"},"邝明源":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

邝明源,中国人民大学经济学院博士研究生,主要研究方向为计量经济学、金融工程。

"},"Zhao Guoqing":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Kuang Mingyuan":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:我国商业银行流动性的测算研究,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:我国商业银行流动性的测算研究,_RowNo:8
CommonID:DIR_50145948,ID:13144183,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:325834,name:中国省际投资效率差异及其影响因素的实证研究50098090,ShortName:null,SubName:null,EnTitle:Research on the Provincial Difference of Investment Efficiency and Its Influence Factors in China,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:13144128,AbstractCH:

投资效率与一国或地区的经济发展密切相关。本文利用我国31个省份2004~2014年的数据,定量分析了我国省际投资效率的差异表现及其时空演变特征,应用空间计量方法,实证研究了资本存量和FDI等因素对投资效率的影响,发现我国投资效率存在较大的地域差异、空间溢出效应明显、呈现以相邻地区为成员的俱乐部收敛状态,FDI对我国投资效率具有显著正向的全域长期性影响。最后,提出了重视民间投资和加快推进“供给侧结构性改革”等建议。

,AbstractEN:

The investment efficiency is closely related to the economic development of a country or region. Using provinces data in China,we analyzed the differences of provincial investment efficiency in China and its evolution characteristics,and made an empirical study on the effect of physical capital stock and foreign direct investment on the investment efficiency with the spatial econometrics method. We found that the gap of regional investment efficiency was big,that the club convergence was formed in the adjacent areas under the effect of spatial spillover,and that foreign direct investment had a significant positive long-term global impact on the investment efficiency. Finally,we put forward some suggestions including supporting private investment and accelerating the structural reform of supply side.

,KeyWords:49204,305102,4985,303579,EKeyWords:150601,366757,4141,371620,SubjectWords:null,LiteratureId:13144181,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120170601X20173113001_000_006,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2017-07-26 13:40:57.0,ModifyUser:Admin,ModifyTime:2021-11-03 01:39:39.0,HitCount:14,ShowType:putong,LogoID:0,PdfID:8570613,DownCount:7,AuthorInfos:{"周渤":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

周渤(1979-),吉林大学经济学院讲师,主要研究方向为产业经济与金融学。

"},"杨东亮":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

杨东亮(1980-),吉林大学东北亚研究院副教授、博士生导师,主要研究方向为空间经济理论与计量应用。

"},"Zhou Bo":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Yang Dongliang":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:中国省际投资效率差异及其影响因素的实证研究,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:中国省际投资效率差异及其影响因素的实证研究,_RowNo:9
CommonID:DIR_50145958,ID:13144190,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:325835,name:季节调整中的模型不确定性问题50098105,ShortName:null,SubName:null,EnTitle:Model Uncertainty in Seasonal Adjustment,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:13144128,AbstractCH:

本文研究发现,近期物价数据季节性特征的变化反映出需求和供给关系的改变,体现出新常态下我国经济运行的新特征。本文在猪肉价格数据的实证分析中,在揭示我国猪肉价格具有季节性特征的近期变化的同时,对比研究了TRAMO-SEATS和X-13AS方法在应对模型不确定性问题时的区别。虽然模型不确定性问题,特别是在季节因子变动的情况下,增加了季节调整方法应用的困难。但是本文通过谱分析工具仍然选择出X-13AS的X-11方法,为模型不确定性下相对更优的季节调整方法。

,AbstractEN:

This paper found that the change of seasonal characteristics of recent price data reflected the change of demand and supply relationship,showed the new characteristics of China’s economic under the new normal state. In the empirical analysis of pork price data,the difference between the TRAMO-SEATS and X-13AS methods in dealing with the uncertainty of the model was compared with the recent changes of the seasonal characteristics of pork prices in China. Although the problem of model uncertainty,especially in the case of seasonal factors change,increased the difficulty of seasonal adjustment. In this paper,X-11 method of X-13AS had been selected by spectral analysis tool,which is a relatively superior season adjustment method under model uncertainty.

,KeyWords:177311,371629,371631,EKeyWords:371632,371633,371631,SubjectWords:null,LiteratureId:13144187,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120170601X20173113001_000_007,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2017-07-26 13:40:58.0,ModifyUser:Admin,ModifyTime:2021-11-03 01:39:39.0,HitCount:11,ShowType:putong,LogoID:0,PdfID:8570622,DownCount:6,AuthorInfos:{"刘洋":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

刘洋(1978-),男,吉林大学商学院师资型博士后,主要研究方向为金融计量分析。

"},"陈开璞":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

陈开璞(1993-),女,吉林大学商学院研究生,主要研究方向为金融计量分析。

"},"Liu Yang":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Chen Kaipu":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:季节调整中的模型不确定性问题,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:季节调整中的模型不确定性问题,_RowNo:10
CommonID:DIR_50145966,ID:13144196,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:325836,name:互联网货币基金财务信息披露与投资者行为关系研究50098106,ShortName:null,SubName:null,EnTitle:Research on the Relationship between Financial Information Disclosure and Investor Behavior of Internet Monetary Fund,EnShortTitle:null,EnSubTitle:null,Level:0,BookId:13144128,AbstractCH:

金融市场有效性假说是对财务信息与股票价格的关联性的经典解释,但资本市场存在信息漏出现象。本文基于2013~2016年的数据对互联网货币基金市场上的财务信息披露与投资者行为的关系进行了实证检验。研究发现,互联网货币基金的收益率和基金规模两个财务信息是影响投资者行为的主要因素。另外,“赎回困惑”现象在互联网货币基金市场是存在的。需要建立相应市场机制减少金融摩擦,同时鼓励市场参与者修正自身的非理性行为,促进市场资本价格与财务信息的一致。

,AbstractEN:

Financial market efficiency hypothesis is a classic explanation of the relationship between financial information and the stock price,but information leakage phenomenon exists in the capital market. Based on the data from 2013 to 2016,this paper empirically examined the relationship between financial information disclosure and investor behavior in the Internet monetary market. The results showed that two financial information—rate of return and the size of the fund are the main factors that affect the behavior of investors. In addition,the “redeem confusion” phenomenon in the Internet monetary fund market exists. It is necessary to establish the corresponding market mechanism to reduce the financial friction,at the same time encourage market participants to revise their irrational behavior,and promote the consistency of market capital price and financial information.

,KeyWords:371639,371640,196645,31991,EKeyWords:371641,371642,196650,29606,SubjectWords:null,LiteratureId:13144194,Fileref:null,OrderFlag:0,IsLeaf:N,PubDate:null,FindDate:null,IssueDate:null,DocType:null,ProductSeries:null,Doi:null,InstanceID:0,MinNodeSearch:Y,XmlID:b120170601X20173113001_000_008,Prop1:null,Prop2:null,Prop3:null,prop4:null,AddUser:admin,AddTime:2017-07-26 13:40:58.0,ModifyUser:Admin,ModifyTime:2021-11-03 01:39:39.0,HitCount:4,ShowType:putong,LogoID:0,PdfID:8570633,DownCount:6,AuthorInfos:{"刘慧悦":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

刘慧悦(1981-),女,经济学博士,暨南大学深圳旅游学院讲师,主要研究方向为宏观金融决策与风险管理。

"},"Liu Huiyue":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:互联网货币基金财务信息披露与投资者行为关系研究,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:互联网货币基金财务信息披露与投资者行为关系研究,_RowNo:11
CommonID:DIR_50145976,ID:13144202,SiteID:14,Type:chapter,Code:null,ParentId:0,InnerCode:325837,name:管理层和总经理的隐性激励和企业绩效50098107,ShortName:null,SubName:——来自中国股票市场的证据,EnTitle:Management and General Manager Implicit Incentive and Firm Performance,EnShortTitle:null,EnSubTitle:The Evidence from China’s Stock Market,Level:0,BookId:13144128,AbstractCH:

管理层的激励对企业来说是重要的,本文在构建管理层和总经理隐性激励的相关指标体系基础上,构建了面板数据模型和总经理初始身份控制下的回归模型,进而研究了相关指标和企业绩效的关联。结果表明,管理层平均年龄、任职年限、教育程度和企业绩效正相关,总经理年龄、学历、外部聘请、创始人和企业绩效正相关,总经理更换工作单位次数、总经理任职情况、任职年限和企业绩效负相关,而这些支持“管理权力论”假说。重要的是,不同初始身份的总经理,所看重的激励是不同的。

,AbstractEN:

Management incentive is important for firm. This Paper built the index system of management and general manager implicit incentive,and made panel data model and regression model under the control of the general manager initial identity. It researched the relevance between index and firm performance. The result was that the average age of management,working years,education degree were positive correlation with firm performance,the ages,education,outer,founder of general manager were positive correlation with firm performance,the replacement frequency,Positions,working years of general manager were Negative correlation with firm performance. This paper supports the Hypothesis of managerial power perspective. That is important for each initial identity,the general manager pays attention to different incentive.

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唐亮(1979-),男,经济学博士,企业管理博士后,东北师范大学商学院硕士生导师,主要研究方向为金融结构、货币政策。

"},"万相昱":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

万相昱(1978-),男,经济学博士,中国社会科学院数量经济与技术经济研究所副研究员、硕士生导师,主要研究方向为数量经济研究。

"},"武微":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":null,"Blurb":"

武微(1990-),女,东北师范大学商学院硕士研究生,主要研究方向为企业管理。

"},"Tang Liang":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Wan Xiangyu":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""},"Wu Wei":{"Address":"","Affiliation":"","Email":"","Role":null,"Photo":"","Blurb":""}},BookPublishDate:2017-06-01 00:00:00.0,SearchTitle:管理层和总经理的隐性激励和企业绩效——来自中国股票市场的证据,ISBN:978-7-5201-0835-5,BookTitle:数量经济研究(2017年第8卷第1期),BookStatus:9,AllowDownload:Y,BookVersionNum:null,researchorg:null,CopyRightDate:null,ExcellentPeriod:null,PrizeLevel:null,IsExcellence:null,ContentClass:null,IsDisabled:N,SearchTitle_2:管理层和总经理的隐性激励和企业绩效——来自中国股票市场的证据,_RowNo:12
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