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 ag...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.展开更多
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 i...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.展开更多
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 ca...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.展开更多
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 sto...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.展开更多
Charcoal marketing is the main activity in the Gbegamey district of Cotonou. The aim of the study was to determine the effects of charcoal marketing on the environment and health of the Gbegamey population. A mixed de...Charcoal marketing is the main activity in the Gbegamey district of Cotonou. The aim of the study was to determine the effects of charcoal marketing on the environment and health of the Gbegamey population. A mixed descriptive and evaluative design was adopted. Data were collected using an interview guide, a structured non-participatory observation grid and air quality analysis equipment (PCE RCM 8 air quality detector;Carbon monoxide meter AS 87000A and Anemometer AM 4812) among charcoal traders, food vendors and residents living near charcoal sales outlets, selected by non-probabilistic purposive sampling, and were analysed with reference to national regulatory provisions and WHO recommendations (2022). 57 people, including 26 shopkeepers, were surveyed. Their average age was 45, with extremes of 25 and 65. The effects of charcoal marketing on health and the environment were known to 23 traders, who unfortunately did not adopt any protective measures. Some of the health effects mentioned were rheumatic and cardiovascular diseases. Pollutants (PM1: 96 µg/m3, PM2.5: 161 µg/m3, PM10: 206 µg/m3, CO: 185 mg/m3) were present in the coal-selling environment at Gbegamey. According to the respondents, respiratory diseases (42.31%), rheumatic diseases (30.77%) and cardiovascular diseases (11.54%) affected the traders, while respiratory diseases (51.61%) affected the general population. The marketing of charcoal in the Gbegamey district generates a high concentration of pollutants in the atmosphere. The activity needs to be monitored in order to limit its effects.展开更多
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...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.展开更多
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 struct...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.展开更多
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,und...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.展开更多
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 commodit...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.展开更多
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 Ch...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.展开更多
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 d...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.展开更多
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 i...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展开更多
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 impl...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.展开更多
基金Under the auspices of Humanities and Social Sciences Research Fund Project of Ministry of Education of China(No. 2009JJD790014, 10YJA790005)
文摘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.
文摘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.
文摘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.
文摘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.
文摘Charcoal marketing is the main activity in the Gbegamey district of Cotonou. The aim of the study was to determine the effects of charcoal marketing on the environment and health of the Gbegamey population. A mixed descriptive and evaluative design was adopted. Data were collected using an interview guide, a structured non-participatory observation grid and air quality analysis equipment (PCE RCM 8 air quality detector;Carbon monoxide meter AS 87000A and Anemometer AM 4812) among charcoal traders, food vendors and residents living near charcoal sales outlets, selected by non-probabilistic purposive sampling, and were analysed with reference to national regulatory provisions and WHO recommendations (2022). 57 people, including 26 shopkeepers, were surveyed. Their average age was 45, with extremes of 25 and 65. The effects of charcoal marketing on health and the environment were known to 23 traders, who unfortunately did not adopt any protective measures. Some of the health effects mentioned were rheumatic and cardiovascular diseases. Pollutants (PM1: 96 µg/m3, PM2.5: 161 µg/m3, PM10: 206 µg/m3, CO: 185 mg/m3) were present in the coal-selling environment at Gbegamey. According to the respondents, respiratory diseases (42.31%), rheumatic diseases (30.77%) and cardiovascular diseases (11.54%) affected the traders, while respiratory diseases (51.61%) affected the general population. The marketing of charcoal in the Gbegamey district generates a high concentration of pollutants in the atmosphere. The activity needs to be monitored in order to limit its effects.
基金supported by a grant from the Humanities and Social Science Research Fund of the Bureau of Education(for"expansion of domestic demand and home market effects of foreign trade in China") (Project No.08JA790023)
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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.
文摘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
基金Supported by National Social Science Foundation of China(13BJY141)
文摘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.
