当前我国产业结构升级的外部影响及对策

经济全球化对我国产业结构演变产生重大而深刻的影响,分析全球化在不同形势、不同阶段所带来的影响具有重要意义。当前,我国产业结构升级面临全球结构失衡、外资撤离与回流、外需萎缩与转移、新一轮产业革命兴起等新挑战,未来我国产业结构升级需要进行要素调整、市场调整、技术调整和企业调整。     

以全球化的思维调整我国产业结构

本文在分析经济全球化与产业全球化关系、各国产业结构的互动性和产业结构变动与国际分工发展内在联系的基础上，提出了以全球化的思维调整我国产业结构的基本思路。即加快发展信息产业及各类高科技产业，以产业结构升级带动结构调整；积极实施“走出去”战略，利用产业转移带动国内产业升级。     

产业技术升级与产业结构调整关系研究

在产业结构的升级转换过程中,产业技术升级起着十分重要的作用。但在经济全球化和存在外商直接投资的情况下,产业结构升级和技术升级的特征发生了很大变化,因此研究产业技术升级与产业结构调整的关系十分必要。     

当前国际产业转移的背景、特点及效应分析

在世界经济发展的实践中,国际产业转移是发达国家和发展中国家都普遍关注的问题.发达国家可以通过产业转移调整产业结构,实现全球战略目标,发展中国家可以通过承接产业转移促进对外贸易的发展、加快产业结构升级和经济发展.二战以来,全球发生了几次大规模的产业结构调整与转移,每次产业转移都极大地影响了世界经济的发展.20世纪90年代后期以来,信息技术的快速发展和知识经济蓬勃兴起,有力地推动了经济全球化的进程和发达国家产业结构的升级,引发了新一轮的国际产业转移浪潮.     

建瓯市：建设绿色生态经济强市

建瓯市地处福建东西部结合处,在未来5—10年,要适应国际国内经济形势发展要求,紧紧围绕增强综合竞争力抓发展,把建伍建设成为闽北乃至福建绿色生态经济强市。要实现这个目标,必须突出三个重点。 一、调整优化经济结构,增强产业竞争力 要围绕建设绿色生态经济强市目标,全方位调整优化产业结构,推进产业升级,提升产业竞     

产业转移、产业承接、产业升级

以信息技术为先导的科技革命迅速发展,使产业分工与产业结构的升级调整和转移正成为经济发展不可阻挡的趋势。如何抓住机遇,积极参与,承接国际与区域产业的转移,在国际产业链条的分解与资源全球化配置中把握机遇,寻求新的发展空间,是十分重要的课题。产业转移与产业承接在协同互动中推动产业调整与产业发展,而生产要素的转换和流动是推动产业结构升级与经济增长的基础。     

产业转移、产业承接、产业升级

以信息技术为先导的科技革命迅速发展,使产业分工与产业结构的升级调整和转移正成为经济发展不可阻挡的趋势.如何抓住机遇,积极参与,承接国际与区域产业的转移,在国际产业链条的分解与资源全球化配置中把握机遇,寻求新的发展空间,是十分重要的课题.产业转移与产业承接在协同互动中推动产业调整与产业发展,而生产要素的转换和流动是推动产业结构升级与经济增长的基础.     

创新、产业结构调整与经济增长研究

我们从技术创新与制度创新共同作用的角度讨论了经济增长的实现机制,得出经济增长的实现通过创新推动产业结构调整与升级,产业结构调整与升级促进经济增长。     

国际产业转移背景下长三角产业结构调整研究

二十一世纪经济全球化成为经济发展的主要趋势,世界产业结构加快了调整的步伐.以资本流动(主要是外商直接投资)为内在机制的国际产业转移为产业结构的优化创造了机遇,是促进产业结构升级的重要推动因素.     

总部经济及对其发展的思考

总部经济是一个新出现的概念,它是在经济全球化和产业结构调整的情况下出现的,它的出现对城市的经济结构、就业结构、产业结构、城市规划、基础设施建设等都产生了重大影响。正确认识总部经济对我国经济发展和产业结构升级有重要意义。本文对总部经济的概念进行了界定,分析了其内在的运行机理,并针对我国目前的现状提出了自己的政策建议。     

加入WTO对中国引进外资的影响

改革开放以来,截止1999年我国实际利用外资总额4600亿美元,其中吸收外商直接投资3060亿美元,占66.5％;借用中长期国外贷款1380亿美元,占30％;境外发行股票等外商其他投资约160亿美元,占3.5％。从1992-1998年连续7年我国已成为世界第二大利用外商直接投资最多的国家。吸引外商直接投资,是我国引进外资的主要形式,     

Can foreign equity funds outperform their benchmarks? New evidence from fund-holding data for China

We investigate whether foreign institutional investors can outperform domestic benchmarks. Using portfolio holding-based approaches for the Chinese Qualified Foreign Institutional Investors (QFIIs), we identify fund’s active manager opinions and information on the future value of stocks. We find stocks actively traded by QFIIs, and stocks with higher deviation from benchmarks (DFB) outperform their benchmarks in the subsequent one to three quarters. Such “hot hand” phenomenon is driven by foreign institutions’ investment skill in incorporating stale information rather than fresh information into asset pricing. Our findings shed new light on the roles of foreign equity funds in eliminating mispricing in emerging markets, and provide evidence on rethinking the role of financial intermediation in a capital-controlled economy.     

Pension funds saving individuation

This paper considers a pension insurance problem using an intertemporal framework. We assume a deterministic framework in order to obtain tractable and yet revealing results regarding the propensity to save for retirement. The essential conclusions of this paper include a condition for a single switch, that is, when the saver will decide the switching time, prior to retirement, to start saving. Because of the linear objective used in this paper, saving rates were found to be of the bang-bang type. In addition, we show that the tax effects are important. The richer the saver, the greater the tax advantages for pension savings.     

Selection of fidelity mutual funds

This study investigates the possibility of identifying those mutual funds in the Fidelity Family which might outperform the S&P 500 by using Jensen's alphas. An average of Jensen's alphas for a three-year period covering 1991–93 was computed and 1994 was used as a test case. A total of 152 Fidelity mutual funds were included in the study. Data were obtained fromAlexander Steele's Mutual Fund Expert Data Base [Steele Systems, Inc.] andHuntington Financial Optima Data Base [Huntington Associates Financial, Inc.]. It was found that it was possible to identify high performance funds. These funds had an alpha over 0.80. There were 21 funds in this group which produced an average total return of 4.44 percent, while S&P 500 had a total return of 1.32 percent in 1994.Any errors found in this paper are the sole responsibility of the author. The author would like to express sincere appreciation to Steele Systems, Inc. and Huntington Associates Financial, Inc. for providing the necessary data used in this study. Special appreciation also goes to Melissa Luo who so diligently and carefully performed all the computer work.     

Information acquisition and mutual funds

We study the formation of mutual funds by generalizing the standard competitive noisy rational expectations framework. In our model, informed agents set up mutual funds as a means of selling their private information to uninformed agents. We study the case of imperfect competition among fund managers, where uninformed agents invest simultaneously in multiple mutual funds. The size of the assets under management in the mutual fund industry is determined by endogenizing the agents' information acquisition decisions. Our model yields novel predictions on the informativeness of price, the optimal fees of mutual funds, and the equilibrium risk premium. In particular, we show that a sufficiently competitive mutual fund sector yields more informative prices and a lower equity risk premium.     

On the post-financial crisis performance of Islamic mutual funds: the case of Riyad funds

Using Riyad Capital mutual funds as a proxy for Saudi Arabian mutual funds, this paper empirically compares the risk-adjusted performance and investment style of Islamic mutual funds with that of conventional funds in the wake of the recent global financial crisis of 2009–2014. Absolute and relative risk-adjusted measures with single factor (Jensen) and multifactor (Carhart) models are applied. Our findings suggest that Islamic funds outperformed conventional funds domestically, given similar risk exposure, and produced comparable results under lower market risk globally. The results show that Islamic funds are a relatively big cap from the strong statistical significance registered on the global side as evidenced by the difference portfolio outcomes. In addition, the difference portfolios provide statistical evidence that Islamic funds are more value-oriented compared to conventional funds on both fronts. Furthermore, Islamic funds tend to slightly favour a contrarian trading investment strategy as suggested by statistically significant local portfolio value and global difference portfolios results. The results of home bias test show stronger ties by local Islamic funds to local market relative to the global proxy suggesting that domestic investors and managers favour Islamic funds over conventional funds, thus confirming a local preference for Shari’ah-compliant investments.     

Regulating a monopolist with limited funds

Summary. We consider the problem of regulating a monopolist with unknown costs when the regulator has limited funds. The optimal regulatory mechanism satisfies four properties. The first property is bunching at the top, that is the more efficient types produce the same quantity irrespective of their costs. The second property is separability of less efficient types. The third property is full bunching of types when the available fund is small enough. The fourth property of the mechanism is that it is a third best one, that is, the output under this regulatory mechanism is strictly lower than the second best output for any given type.Received: 14 June 2004, Revised: 31 August 2004, JEL Classification Numbers: D82, H42, L51. Correspondence to: Manipushpak MitraThe authors would like to thank Georg Nöldeke for encouraging this work. The authors are also thankful to Debajyoti Chakrabarty, Sougata Poddar and one anonymous referee for helpful comments and important suggestions. The authors gratefully acknowledge the financial support from the Deutsche Forschungsgemeinschaft Graduiertenkolleg (DFG) 629 at the University of Bonn and from the Brussels Capital Region. The authors would like to thank the seminar participants at the EEA Conference 2003 (Stockholm), at the Indian Statistical Institute (New Delhi and Kolkata), at the Jadavpur University (Kolkata) and at the Centre for Studies in Social Sciences (Kolkata). The authors are solely responsible for the errors that may remain. An earlier version of this paper was called Financing infrastructure under budget constraints. Since the applicability of the problem developed in the earlier version is not limited to infrastucture, in this vers ion we have changed the name and content to incorporate this generality.