15年来中日出入境旅游对双边贸易的影响

选取1992—2007年的有关统计数据,从两个断面4组指标的对应关系出发,分析了中日出入境旅游对双边贸易的促进作用,结果发现:随着中日出入境旅游客流量的增长,双边进出口贸易快速增长,出入境客流量与进出口贸易之间具有显著推拉关系;从中日两个断面,构建了出入境旅游对进口、出口及进出口贸易的6个推拉模型;由于中国对外开放的逐步扩大,日本占中国入境旅游比逐渐减小,中国对日贸易依存度也随之减小;1992年以来中国占日本入境旅游比和日本对华贸易依存度逐渐上升,且增长趋势与波动周期具有较强的时间同步性。     

Volatility spillovers across daytime and overnight information between China and world equity markets

This article explores the transmission of daytime and overnight information in terms of returns and volatility between Chinese and Asian, European and North American main stock markets. We propose a bivariate analysis with China as benchmark. By testing the constancy of the conditional correlations, we use an extended constant or dynamic conditional correlation GARCH model. The empirical findings show that across the daytime information transmissions, the relationships between China and Asian markets are closer than China and non-Asian markets, whereas through the overnight information transmissions these relationships are inverse. The analysis provides, before the crisis, that the overnight volatility spillover effects are from China to the United States and the United Kingdom. During the crisis, China affects the United Kingdom in terms of daytime volatility spillovers, whereas in terms of overnight volatility spillovers China affects the United States and is influenced by Japan. After the crisis, daytime volatility spillovers are from Taiwan to China, whereas the overnight volatility spillover effects are from China to the United States and the United Kingdom.     

Confucius Institute’s effects on international travel to China: do cultural difference or institutional quality matter?

This article uses a panel data of China’s inbound tourist flows from 2005 to 2015 to investigate Confucius Institute (CI)’s influence on China’s tourism. We find that CI, as a comprehensive platform for China’s foreign cultural exchange, has a significant positive effect on China’s tourist flows. The effects of CI on China’s inbound tourism are transmitted through bridging cultural gaps and promoting Chinese language, which reduces psychic distance and transaction costs. CI also stimulates China’s inbound tourist flows via reducing information asymmetry caused by different levels of institutional quality. Interestingly, we find that the heterogeneous effects of CI on China’s inbound tourism depend on institutional quality, and the effects of CI to boost China’s tourists are more prominent in departure countries with larger cultural difference.     

中国航空国际网络结构特征及其对入境旅游的影响

国际旅游对航空运输高度依赖,入境旅游流网络与航空网络有密切关系。应用社会网络分析法,利用中国大陆城市与国境外城市间的国际航班信息,对由45个大陆城市与4个境外城市、110个外国城市组成的中国航空国际网络的结构特征及其对中国入境旅游的影响进行研究。得出结论：①中国航空国际网络是核心—边缘网络;网络中核心节点数量偏少且主要是出入境口岸城市,香港、北京、上海、广州、首尔、新加坡等城市是核心节点;边缘节点数量偏多,许多重要的入境旅游目的地城市和客源地城市在中国航空国际网络中的地位不够重要。②中国航空国际网络对入境旅游具有决定性影响,不仅决定其空间组织模式,而且决定入境客源国结构,还影响旅游城市的入境旅游接待规模。③从拓展中国入境旅游外国市场和扩大规模的角度看,中国航空国际网络结构亟待改善：首先,要与世界主要国家的国际枢纽机场建立更多的国际航班联系;其次,要提升我国北京、上海和广州等机场在国际航空网络中的枢纽地位;第三,要在我国中西部地区培育国际枢纽机场,改变枢纽机场集中分布在东部沿海地区的空间分布格局;第四,要充分发挥香港的枢纽作用,拓展入境旅游外国市场。     

Labor Skills and Foreign Investment in a Dynamic Economy: Estimating the Knowledge‐capital Model for Singapore

Singapore is an interesting example of how the pattern of foreign investment changes with economic development. This paper studies inbound and outbound investment between Singapore and a sample of industrialized and developing countries over the period 1984–2007. Singapore's investments from industrialized nations shifted into skill‐seeking activities, while its investments in developing countries became concentrated in labor‐seeking production. The knowledge‐capital model is used to analyze the determinants of these shifts. The estimates suggest that a 10% increase in Singapore's skill differences with developing countries resulted in a 15.2% increase in outbound stocks of investment to the average recipient nation. A 10% decline in skill differences with industrialized countries after 1995 resulted in a 3.6% increase in inbound stocks from the average parent nation.     

中国对俄口岸城市出入境旅游与进出口贸易互动关系的研究——1993—2009年满洲里市的实证分析

以中国满洲里市为例,选取该市1993-2009年对俄出入境旅游和边贸进出口的相关统计数据。从两个断面4组指标的对应关系入手,分析了中俄出入境旅游对双边贸易的促进作用,结果发现：满洲里虽为中俄间最大陆路口岸城市,但与国与国宏观对接关系相比,其对俄出入境旅游与边贸进出口互动关系的弹性和波动性较大,但该市与俄出入境游客量的增长和进出口贸易增长具有明显的时间同步性和相关性,可以建立反映出入境对进口、出口及进出口贸易的6个推拉关系模型;从两个截面对比分析来看,出入境旅游对进口贸易带动作用均大于出口贸易;1993年来满洲里与俄入境旅游比与边境贸易依存度总体上同升同降趋势关系明显,但受到各种干扰因素影响表现出了阶段性的波动。     

新世纪中国入境旅游市场竞争态分析

市场经济体制下区域旅游业发展战略的制定,必须以准确的市场分析与把握为前提。依据市场占有率和增长率的双指标组合,构建一个综合反应旅游市场竞争态的模型,据此将旅游市场划分为明星市场、金牛市场、幼童市场和瘦狗市场四种类型,为旅游业发展战略制定提供了新的分析方法。依据该模型对新世纪中国入境旅游30个客源地市场和31个目的地市场进行了定量划分,分析了各市场在参与中国入境旅游业中所处的地位与态势,为我国入境旅游业的市场开拓提供了新的依据。     

Mena Stock Markets Integration: Pre and Post Global Financial Crisis

This paper examines the short‐ and long‐run linkages in pre and post global financial crisis among Middle East and North Africa (MENA) stock markets, between MENA and Chinese stock markets and also between MENA and developed (United States and United Kingdom) stock markets. Results indicate that both long‐run co‐integration relationships and short‐run causal linkages among MENA stock markets increased in post‐crisis than that in pre‐crisis sub‐period. The degree of integration between MENA and Chinese stock markets increased in post‐crisis than pre‐crisis. We also find that the degree of integration between MENA and developed (United States and United Kingdom) stock markets increased in post‐crisis than that in pre‐crisis. The presence of increased linkages among MENA markets, and between MENA and Chinese stock markets and also between MENA and developed (United States and United Kingdom) markets has important implications for portfolio investors and policy makers.     

Does the Confucius institute impact international travel to China? A panel data analysis

This article examines the impact of Confucius Institutes on inbound travel to China. We estimate a panel gravity model of inbound tourism flows to China between 2004 and 2010. We use a Poisson pseudo-maximum likelihood estimator to control for heteroscedasticity endemic in gravity models (Santos Silva and Tenreyro, 2006). We find that the presence of Confucius Institute(s) in the source country increases overall tourism in general and business and worker tourists in particular.     

The economic and trade effects of the UK–Korea free trade agreement on the United Kingdom,Korea, Japan,China, and the European Union

We explored a comparative static computable general equilibrium model with six regions and 12 sectors to estimate the impacts of the recent UK–Korea free trade agreement (FTA) along with the European Union (EU)–Korea FTA. The empirical results provide quantitative evidence of the impact on national GDP, national exports and imports by sector, and the changes in exports or imports among the United Kingdom, Korea, Japan, China, and the EU. The UK–Korea FTA, along with the EU–Korea FTA, increases GDP and welfare for the United Kingdom and Korea; moreover, there is a large increase in automobiles, transport equipment, and machinery exports between Korea and the United Kingdom. The GDP and welfare level of non-member countries such as Japan and China will slightly decline. Exports from the United Kingdom and Korea to non-member countries are also expected to decrease in most manufacturing sectors. The UK–Korea FTA will lead to increases in imports between the United Kingdom and Korea due to mutual trade creation effects and trade diversion effects. However, non-member countries such as Japan's exports are expected to experience a large decline in automobiles to the United Kingdom and in most manufacturing products to Korea due to the negative impact of the UK–Korea FTA.     

中国入境旅游客源地结构变化影响因素的实证研究

在构建新的旅游地引力模型基础上,以1998～2008年面板数据为例,实证分析了影响我国入境旅游地区结构变化的主要因素。结果表明,影响亚洲国家进入中国境内旅游的最重要的两个因素是我国物价水平和旅游接待能力,因此,我们要用价格支撑价值、增加旅游产品附加值等策略来降低其对价格上涨的反感程度,同时需进一步改善我国的旅游基础设施;影响欧洲和北美洲国家进入中国境内旅游的最重要因素是地理距离,故要尽可能从心理和文化上"缩短"与欧洲、北美洲国家的相对距离来提升我国的入境旅游的吸引力。     

中国旅游热点城市入境客流与收入时空动态演化与错位——重力模型的实证

以入境旅游发展业绩指标为依据,选取60个入境旅游热点城市,统计1998—2008年各城市的入境旅游客流和入境旅游外汇收入,并依托重力模型,测算1998—2008各年度以热点城市为代表的中国入境旅游客流分布重心和入境旅游外汇收入重心的经纬坐标;用Google Earth软件,实地指示两类重心在地域空间上的地理位置,实证研究二者的动态演变过程,并分析二者的时空错位现象,揭示中国入境旅游近十年来的地域时空动态演变过程及变迁动因。研究表明:中国入境旅游客流分布重心近十年来大致位于豫、皖两省交界处,中国入境旅游外汇收入重心近十年来大致位于皖、鄂两省交界处,两类重心分布呈现空间错位的现象,且两类重心均呈现出东移南下的变迁之势。     

入境旅游客源市场结构实证分析——以江苏省为例

运用SSM分析方法,选取江苏省2001年-2009年相关入境旅游统计数据,对江苏省入境旅游市场结构变化进行分析。研究表明：江苏省入境旅游客源市场中,法国、意大利、新加坡和泰国客源市场基础较好,具有较强的竞争力;中国台湾、日本、印度尼西亚、韩国、美国、加拿大、英国、德国、澳大利亚和其他客源市场基础也较好,但竞争能力更具显著优势;除其他地区之外,马来西亚市场基础最好,然而竞争潜力却较弱;中国香港、中国澳门、菲律宾和俄罗斯原有市场基础相对于其理想规模,市场基础较差,但其竞争能力相对优势明显。从整体上看,由于江苏省入境旅游客源市场结构效果指数和竞争力效果指数均大于1,说明现阶段江苏省市场结构相对合理,并且具有一定的入境旅游客源市场竞争优势,同时结合相应的Shift—Share分析图表,给出了不同结构状态下江苏省入境旅游营销策略。     

对中国国际入境旅游市场的滚动样本预测——基于季节效应ARIMA模型

入境旅游市场的发展能够促进我国经济社会的可持续发展,入境客流量的精确预测和分析对旅游规划与管理具有重要意义.鉴于现有文献大多采用年度数据进行预测等问题,采用新的包含季节变量的ARIMA模型对6个我国主要入境旅游客源国1990～2006年间的数据进行回归分析,并采用滚动样本方法进行样本外动态预测,回归模型以及预测结果均表明该模型能够很好地拟合数据,对旅游预测可行且十分有效.     

基于波士顿矩阵理论模型的四川省入境旅游市场竞争态分析

文章运用波士顿矩阵理论模型,将四川省入境旅游客源市场、目的地市场分别分为金牛市场、明星市场、问题市场、瘦狗市场四个类别,分析了各自的特征及对应的发展策略.最后认为,应从入境旅游产品开发、入境旅游市场开拓、增强旅行社的国际竞争力入手,推动四川省入境旅游产业的发展.     

Tourism and trade in OECD countries. A dynamic heterogeneous panel data analysis

This article studies the empirical link between international tourism and trade. We apply dynamic heterogeneous panel data techniques to analyse both long and short-run relationship for the case study of OECD countries. This link is studied by estimating the cointegration vector and analysing the short causality between variables. The analysis recognises that inbound tourism can promote international trade and also that international flow of goods requires and may encourage tourist arrivals and departures. The statistical significance of this link supports the presence of business opportunities due to the potential complementary relationship between tourism and trade. The results suggest a short-run nexus between tourism and trade, and that these variables are cointegrated.     

入境旅游对地区收入的影响

本文利用面板数据模型对不同地区的入境旅游消费支出与地区收入进行实证分析,结果发现,不同地区入境旅游的消费支出并没有显著差异,入境旅游的消费支出每提高1个百分点,国内主要城市的旅游收入平均只能提高0.09个百分点。不同区域的自发收入水平差距是最重要的影响因素,其中,旅游发展的自发收入以拉萨最高,其次是深圳和南京等城市;最低的城市为兰州,其次是西宁和成都等城市。本文认为提高旅游发展投资力度、规范旅游发展制度、进一步开发多元化旅游市场、扩大文化交流和加大海外旅游营销力度是提高我国入境旅游业的发展能力,缩小不同区域间的旅游发展差距的有利举措。     

The source of global stock market risk: A viewpoint of economic policy uncertainty

This study explores the effect of economic policy uncertainty (EPU) in four countries or regions (China, Japan, Europe, and the United States) on the contagion risk of investments in the global stock market. The stock returns of 22 stock markets worldwide are analyzed to determine which region’s EPU exhibits the greatest effect on regional systematic risk in the global stock market and on volatility risk in individual stock markets. First, all of the samples, the markets of different continents and the spillover indices of the developed and emerging markets, are calculated to observe the dynamic correlation among these markets with the aim of quantifying regional systematic risk and further examining the contagion risk effect of EPU. The results indicate the following: EPU in China is the most influential, and its contagion risk spreads to different regional markets, except for Europe; the effect of EPU in the United States is inferior to that in China; EPU in Japan merely influences contagion risk in emerging markets; contagion risk in European markets is not influenced by the four EPU indices; and EPU in Europe is not influenced by contagion risk in the global stock market. However, according to the volatility risk in each market, the EPU in Europe and China respectively influence Asian countries and European countries the most. These results may be attributable to the extremely high trade dependence among these countries because the performance of international enterprises is mainly determined by the economic policies of their trading partners.     

中国旅游增长收敛吗——基于1990～2008年入境旅游收敛性研究

旅游促进落后地区经济发展,为相对落后地区追赶发达地区贡献力量,国务院、旅游局等曾先后提出要＂促进区域旅游协调发展＂。这种区域旅游协调发展的思路有一定理论基础：从新古典经济学角度看,由于存在资本边际收益递减规律,落后地区会以较高的增长速度追赶发达地区,最后达到收敛的均衡状态;但是从空间经济学角度看,由于存在规模收益递增效应,会出现两极分化而不是收敛的结果。为检验我国旅游增长是哪一种结果,以我国1990～2008年入境旅游统计资料为依据,使用β无条件收敛和条件收敛检验了我国入境旅游收敛情况。结果表明,我国入境旅游以2%的速度无条件收敛,以8%的速度条件收敛。所以,我国入境旅游发展是资本边际收益递减规律起主导作用,即我国入境旅游增长存在收敛情况。此外,研究还发现：现实旅游资源、人力资本、感知距离等因素,能在不同程度上影响我国入境的旅游收敛情况。     

Defying gravity: The determinants of China's outbound mergers and acquisitions

We find that the determinants of China's outbound M&As depart dramatically from the literature. First, China's M&A volume with a target country is not affected by geographic distance, currency appreciation, or stock market return. Second, Chinese acquirers pick an unconventional uphill battle by primarily targeting countries with greater cultural distance, stronger investor protection laws, and higher per capita income. We also document that China's outbound M&As have a higher than normal percentage of deals being partial acquisitions. We argue that emerging markets can differ remarkably from developed countries in the considerations and modes of outbound M&As.