现代财经－天津财经大学学报

In this paper,we make an analysis on the emergence of cluster innovation behavior from the perspective of interactive learning among cluster innovation main bodies,and propose an evolutionary model of cluster innovation decision process.And then we analyze the search way of innovation information,selection mechanism of innovation mode,estimation criterion of innovation profit,and evaluation criteria of innovation behavior.Finally,five aspects of conclusion are obtained by means of simulation method from the perspectives of dynamic change of market price;distribution of cluster enterprise scale;dynamic change of capital profit rate;dynamic change of product unit cost and competitiveness;dynamic change of the market share.

Fan Ru-guo

Xiandai caijing

An Analysis on the Emergence of Innovation Behavior and Evolution of Innovation Decision Process of Industrial Cluster

产业集群创新行为的出现及创新决策过程演化的分析

In this paper,borrowing DD model and the capital pricing model(CAPM) the accrual of China's listed companies,to study the relationship between accrual quality and cost of equity capital,founding poor accrual the quality of listed companies will increase information risk,so that increasing its cost of equity capital,while it divided into the innate accruals and discretionary accruals,the information of innate accruals and discretionary accruals are different,the higher innate accruals,the less information risk,and the relationship is more prominent,due to the accrual of quality indicators used in measuring the accrued volatility,this can also be argued that surpluses in the higher accrual volatility,then the higher information risk,the higher the cost of equity capital,which to some extent,shows that our capital market is able to distinguish between good and bad quality of the company so that they can effectively guide the optimal allocation of resources,while also being the study found that industry factors,book value ratio,firm size,business growth,financial leverage on the cost of equity capital significantly affected the findings for China's capital market investors,listed companies,financial behavior and decision-making and decision-making to provide theoretical and empirical basis.

Xu Hui

Accrual Quality,Information Risk and Cost of Equity Capital: Based on Empirical Evidence of China's Listed Companies

应计质量、信息风险与股权资本成本：基于中国上市公司实证证据

Achieving audit early warning function,we need a complete set of early warning indicators and early warning methods.The paper uses granger causality test to build an early warning indicators system for financial audit,and uses principal component analysis method to determine the weight of early warning indicators.Then it synthesizes financial audit warning index,and conducts the early warning for China's financial audit.By studying,we get that the direct implicit risk has an important impact for financial audit.China's current early warning alarm degree is at the middle warning,so the financial risk is greater.In this situation,audit institutions should focus on the early warning alarm degree changes of the financial audit in the audit practice,and determine the key points of financial audit and audit efforts to prevent the government financial crisis and ensure the national financial security.

HU Jian-zhong

The Construction and Empirical Research of China's Financial Audit Early Warning System

中国金融审计预警系统的构建与实证研究

With the reform of Chinese currency regime and the development of the foreign exchange derivatives market,Chinese commercial banks have become the major players in the market.Based on the half-year data from 2006 to 2012 for Chinese listed banks,the paper finds that exchange rate risk,profitability,grow opportunity and the asset size have the significant positive effects on usage of foreign exchange derivatives,while the factors including asset quality,liquidity,capital adequacy level and the RMB exchange rate are not important.In addition,the effects of capital adequacy are different between the large state-owned banks and joint-stock banks.

Chen Xi

A Study on Motivation of Foreign Exchange Derivatives Expanded by Commercial Banks: Based on the Panel Data Model of Chinese Listed Banks

商业银行外汇衍生品扩张动机研究：基于中国上市银行面板数据模型

Equity incentive system has been formally introduced into China for seven years,but compared with other countries,the application of this system is not wide in listed companies of our country.Why is it difficult to implement equity incentive in China?Based on the agency cost theory and the data of listed companies,this study shows that if the first category and the second category equity agency cost in companies are significantly high,equity incentive plan will be inevitably chosen in order to ease the conflict between shareholders and managers.But widespread debt constraints limit this choice,and the constraining force is more powerful especially for private enterprises though they have strong demand and implementation willingness for this plan.This paper reflects that debt agency cost is the leading role in corporate governance and to some extent it can explain the implementation status of equity incentive in China.

Liu Hu

Why is It Difficult to Implement Equity Incentive in China:Agency Cost Theory Explanation and Listed Companies Data Test

为什么在中国实施股权激励如此困难：代理成本理论解释与上市公司数据检验

As the tool of commercial banks' regulatory arbitrage,the operating pattern of financial products is increasingly diversified and complex.The paper studies the incentive and specific pattern of regulatory arbitrage using the method of accounting entries and process analysis.The research shows that our financial market is still developing and its interest rate liberalization needs reforming.The decentralization of regulatory mechanism is a deep-rooted reason.In regard to these problems,the paper advances some policy suggestions.

Wang Xiao-qia

A Study on the Regulatory Arbitrage of Bank Financial Products and Related Regulation

银行金融产品监管套利及相关监管研究

From on the new normal perspective,this paper establishes a dynamic game model which contains three departments.Combining micro view with macro mechanism,it analyzes the internal relations of financial innovation,technological innovation and economic growth,putting forward the related conclusion.Then it uses ARDL-ECM boundary effect test model empirically testing the conclusions with the data of 1952~2013years.The results show:separate financial innovation produces inhibitory effect on economic growth,and correlated technology innovation prornotes economy significantly,but less than the separate role of technology innovation;Knowledge and innovation affect economic growth insignificantly in short-term,so to play the externality.It needs to accumulate to get the threshold.

LI Cong-we

Financial Innovation,Technological Innovation and Economic Growth from the New Normal Perspective

新常态视角下的金融创新、技术创新与经济增长

Using 1997-2013 transaction data from Shanghai and Shenzhen Stock Exchange,this paper studies the advertising effect of limit-up and over-attention underperformance from the perspective of investors' concern.The empirical study shows that there is an advertising effect for limitup and limit-up stock can draw investors' attention.The more frequent limit-up is,the more attention investors pay.Taking into consideration heterogeneous beliefs and stock liquidity,we find that limit-up stocks still have cumulative abnormal return which justifies the hypothesis of over-attention underperformance.

Wang Yan-min

The Study on Advertising Effect of Limit-up and Over-attention Underperformance

涨停与过度关注下的业绩不佳广告效应研究

Management of the new generation employees has become the focus of the society,and the new generation employees frequent job hopping phenomenon has caught the attention of enterprise managers,government regulators,scholars and other relevant personnel.The research treats247 new generation employees as samples,and tries to explore the relationship between psychological contract breach and turnover intention of the new generation employees through the hierarchical regression analysis and other methods.The study found that psychological contract breach has a significant positive impact on turnover intention.Besides,organizational identification has an significant intermediation between psychological contract breach and turnover intention.Furthermore,leader-member exchange has a negative moderation effect on the correlation between psychological contract breach and organizational identification.

Qian Shi-ru

XU Zi-qiang

Wang Ling-qiao

Study on the Relationship between Psychological Contract Breach and Turnover Intention among the New Generation Employees

新入职员工心理契约违背与离职意愿关系研究

Mobile Commerce as a new business model has broad application prospect,and users' participation is critical to the rapid development of mobile commerce.This paper uses a sequential multi-method research design.Firstly from the perspective of the individual mobile commerce selfefficacy,we construct the mobile commerce adoption intention model by taking personal innovativeness,mobile commerce cognitive engagement,mobile commerce anxiety,referent group into consideration,which is based on an expansion of Technology Acceptance Model(TAM)and test the theoretical model by structural equation method;On the basis of the analysis of structural equation model,we build the neural network model to examine the antecedents of mobile commerce self-efficacy and predict the mobile commerce self-efficacy.Finally,the results of data analysis are discussed and some suggestions are put forward.

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现代财经－天津财经大学学报

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