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关键词： 公司治理   股票流动性   公司价值  

摘要： 公司治理、股票流动性与公司价值是决定我国新三板市场发展的关键因素之一。本文利用2015年中国新三板市场的创新层公司数据,使用多元线性回归和联立方程模型方法,实证检验了公司治理、股票流动性与公司价值之间的关系。研究发现:(1)公司治理对股票流动性存在负向作用。(2)股票流动性对公司价值有显著正向影响。(3)公司治理中的机构持股与股票流动性互为负相关,股票流动性与公司价值互为正相关。

关键词： 企业转型   科技创新   沙钢集团   宏观经济环境   核心竞争力   钢材市场   配套企业   现代物流  

摘要： “十二五”期间，沙钢集团进入了发展的转型升级阶段。面对宏观经济环境和钢材市场的重大变化，沙钢加快转型升级步伐，在进一步做大做强钢铁主业的基础上，重点实施拉长产业链、搞好配套企业、发展现代物流、搞好资本运作等四大转型升级工程，积极拓展与铡铁主业关联度大的多元化经营领域，使沙钢进一步形成科学发展新格局，增强企业的核心竞争力。

关键词： Stock market   Minimal spanning tree   Threshold network   Crisis  

摘要： We consider the effects of the 2008 global financial crisis on the global stock market before, during, and after the crisis. We generate complex networks from a cross-correlation matrix such as the threshold network (TN) and the minimal spanning tree (MST). In the threshold network, we assign a threshold value by using the mean and standard deviation of cross-correlation coefficients. When the threshold is equal to the mean of these coefficients, we observe a giant cluster composed of three economic zones in all three periods. We find that during the crisis, the countries in the Asian zone were weakly connected and those in the American zone were tightly linked to the countries in the European zone. At a large threshold, the three economic zones were fragmented. The European countries connected tightly, but the Asian countries bound weakly. The MST constructed from the distance matrix. In the MST, France remained a hub node in all three periods. The size of the MST shrank slightly during the crisis. We observe a scaling relation between the network distance of nodes from the central hub (France) and the geometrical distance. We observe the topological change of the financial network structure during the global financial crisis. The TN and MST are complementary roles to understand the connecting structure of financial complex networks. The TN reveals to observe the clustering effects and robustness of the cluster during the financial crisis. The MST shows the central hub and connecting node among the economic zones.

关键词： Natural gas market   Qatar Exchange   Causality-in-mean   Causality-in-variance   Volatility breaks   Cross-correlation functions  

摘要： This paper aims to provide an analysis of both mean and variance dynamics between natural gas and stock markets, using the gas-rich Gulf state of Qatar as a case study. The empirical investigation is conducted in the context of the modified cross-correlation function testing procedure of Hong (2001), after removing the influence of relevant regional and international factors and controlling for structural breaks in the conditional volatility process of either market. The results reveal the presence of mean and volatility spillovers from natural gas prices to stock prices in Qatar's emerging market, with the opposite direction being denied. The speed with which the stock market absorbs and reacts to variations in gas prices turns out to be somewhat slow. The findings have important implications for investors and policymakers. (C) 2017 Board of Trustees of the University of Illinois. Published by Elsevier Inc. All rights reserved.

摘要： Option prices are sensitive to changes in volatility whereas futures prices are not. We investigate this distinction empirically and test the hypothesis that investors with information about future returns (volatilities) will prefer to trade in futures (options) because futures (options) protect the investor from the risk that their bet will go against them due to unforeseen changes in volatility (returns). Consistent with this hypothesis we find that order imbalances between institutional and retail investors in Korean KOSPI 200 index futures (options) robustly predict short-term returns (volatilities) on the KOSPI 200 index whereas options (futures) imbalances do not.

关键词： Service Design   value cocreation   new service development  

摘要： Although new service development (NSD) studies have contributed to developing systematic approaches to service innovation, their product-oriented and provider-centric perspectives are limited in embracing a value cocreation concept. We investigate how Service Design, as a human-centered and creative approach to service innovation, can reframe NSD processes to implement value cocreation. Multiple case studies on Service Design projects indicate that design-centric approaches can contribute to the whole NSD process in a way that connects organizations' managerial practices to value cocreation, in that (1) contextual and holistic understandings of user experiences can inform value propositions that better fit users' value-in-use, (2) codesign with creative supporting tools can facilitate value cocreation by helping users better apply their own resources, (3) prototyping can optimize firms' resource and process configuration to facilitate users' engagement with the service, (4) aligning system actors to the user experience can organize and mobilize them to better support users' value creation, and (5) user-centered approaches and methods can help organizational staff build long-term capability for supporting users' value creation. Based on the link between Service Design, NSD, and value cocreation, we propose a conceptual NSD model, geared toward value cocreation.

关键词： Complex networks   Stocks   Similarity   Financial indicators  

摘要： A financial market is a complex system consisting of many interacting units. In general, due to the various types of information exchange within the industry, there is a relationship between the stocks that can reveal their clear structural characteristics. Complex network methods are powerful tools for studying the internal structure and function of the stock market, which allows us to better understand the stock market. Applying complex network methodology, a stock associated network model based on financial indicators is created. Accordingly, we set threshold value and use modularity to detect the community network, and we analyze the network structure and community cluster characteristics of different threshold situations. The study finds that the threshold value of 0.7 is the abrupt change point of the network, At the same time, as the threshold value increases, the independence of the community strengthens. This study provides a method of researching stock market based on the financial indicators, exploring the structural similarity of financial indicators of stocks. Also, it provides guidance for investment and corporate financial management. (C) 2017 Elsevier B.V. All rights reserved.

关键词： 股票市场   基金流量   波动率   收益率   不稳定性  

摘要： 中国股市从1990年底开始，至今已发展27年，拥有3381家上市公司，沪深两股总市值达57万亿。而近十年里，我国基金市场也飞速发展，公募基金市场现拥有4671只基金，资产规模超11万亿。作为广阔的投资融资平台，股票市场与基金市场的联系十分紧密，二者之间的关系一直都是学者们十分关心的，国内外也有许多与之相关的学术成果。其中，基金流量对市场的影响就是学者们十分关注的一个方面。\n 本文在总结国内外相关研究成果的基础上，结合我国证券市场的实际情况，从基金流量—市场收益率，基金流量—市场波动率这两个角度出发，对我国证券投资基金与市场收益率和波动率的关系进行了探讨。根据基金的投资风格将我国公募基金市场上的基金分为价值型、平衡型和成长型三大类，利用VAR模型估计，Granger因果检验等方法，实证研究了基金流量对我国股票市场收益率和波动率的影响。结果发现价值型基金和成长型基金的基金流量对我国股票市场的收益率有较为明显的影响，价值型基金流量对股票市场波动率有较为明显的影响，而成长型基金流量则对市场波动无影响，平衡型基金的基金流量对市场收益率和市场波动率均无明显影响。因此，认为价值型基金对市场波动率具有放大作用，加剧了我国股票市场的不稳定性。

关键词： 股票投资收益   净资产收益率   相关性   资金流通   资源配置效率   证券交易市场   资本市场   要素配置  

摘要： 一、引言 资本市场是为资金交易双方提供资金流通的要素配置平台,是为提高资源配置效率、基于价值发现和价值提升的有序系统。证券交易市场是基于股票等股权交易为基础的长期资金融通平台。在这个市场上,投资者通过购买股票而向市场提供资金获得投资收益和资本利得（出售股票差价）,

关键词： 证券分析   价值投资   成长性  

摘要： 自股票诞生以来,人们致力于通过各种股票价格预测理论从股票的价格波动中获得收益,但长期以来并未形成一套在逻辑上经得起推敲,并被实践证明的有效理论,直到本杰明·格雷厄姆的《证券分析》一书诞生,标志着证券投资真正成为一门科学,价值投资也逐渐广为人知。文章结合国内外一些知名投资大师的经验总结,尝试总结出一套在实践上成熟可用的模式和方法。