Capital structure choice and ownership: evidence from electronics enterprises in China

Empirical studies on capital structure mostly focus on listed companies and also on countries other than China. In this paper, we employ a panel dataset for 4,716 large and medium-sized enterprises in the Chinese electronics industry during the period 2005–2007 in order to investigate the determinants of their capital structure choice. Using the debt ratio as the dependent variable, we find that firm size and potential growth have a positive effect on the debt ratio whereas profitability has a negative effect. We show that decisions on the debt ratio are based on mixed factors that the various theories suggest. The unlisted Chinese companies which are unable to access to the securities market are prone to acquire bank loans as sources for funds which provides room for the modification of pecking order theory based on listed companies. As to ownership structure, we find that those Chinese electronics enterprises with higher portions of foreign equity tend to have lower debt ratios.     

简析虚拟经济与实体经济的关系

进入21世纪后,随着经济全球化的不断深入,虚拟经济的规模日益扩大,虚拟经济与实体经济日益脱离,正确处理好虚拟经济与实体经济的关系成为现实经济快速、稳定、可持续发展的必要条件。通过运用单位根检验、协整检验、Granger因果关系检验,对我国的实体经济与虚拟经济关系进行了实证分析,结果表明,实体经济与虚拟经济的发展是不平衡的,不存在长期稳定的协整关系。     

国企改革的关键:产权制度与分配制度对企业效率的约束

国有企业“三年脱困”目标的基本实现,标志着我国国企改革进入了新的攻坚阶段。在新的阶段,国企改革取得成功的关键在于深化产权制度和分配制度改革。 一、关于产权制度 从产权角度看,没有能够对市场供求与价格变化作出预测并及时灵敏地调整以适应市场竞争变化需求的市场主体,社会主义市场经济将成为一句空话。自主地根据市场信号去配置生产要素,进行生产组织、产品销售并承担经营风险,享有经营成果,是市场主体正常运行的一般条件。但在我国,这个一般条件长期受到体制的困扰。因为所有者缺位而造成企业政企不分、产权不清晰而影响企业追求自身利益、自我发展和自我约束不健     

内生性视角下股权结构与公司业绩关系的实证研究

本文以中国沪深两市上市公司2001—2004年的数据，选择了900家公司为研究样本，在考虑股权结构内生性的基础上，研究了股权结构与公司业绩的关系。结果表明：国有股与业绩呈显著的U型关系，股权结构的其他变量在内生性的框架下并没有通过显著性检验。因而得出了并不存在所谓的最优股权结构，股权结构本身可能是内生的研究结论。     

Reducing agency conflicts through bank dividend payout decisions: the role of opacity and ownership structure

We empirically examine whether banks’ dividend decisions are influenced by their degree of opacity and ownership structure. We find that banks with concentrated ownership structure pay lower dividends when they have high degrees of opacity, in line with the hypothesis that majority shareholders pay lower dividends to extract higher levels of private benefits. We do not observe such expropriation behaviour from managers in widely held banks. Further analysis shows that higher levels of shareholder protection and stronger supervisory regimes help to constrain opportunistic behaviour of majority shareholders. Our findings have critical policy implications for the Basel 3 implementation of restrictions on dividend payouts.     

Competition and ownership structure: Substitutes or complements? Evidence from the Warsaw Stock Exchange

In this paper we analyse the impact of product market competition and ownership structure on firm performance. Our results show that product market competition has a positive and significant impact on performance. Concerning the effect of ownership concentration, we find a U–shaped relationship with performance. Firms with relatively dispersed and relatively concentrated ownership have higher productivity growth than firms with an intermediate level of ownership concentration. This correlation between concentration of ownership and productivity growth is not explained by the type of the controlling shareholder. Finally, product market competition and good governance tend to reinforce each other rather than to be substitutes. Competition has no significant effect on performance for the firms with ‘poor’ governance; on the contrary, it has a significant positive effect in the case of firms with ‘good’ corporate governance. JEL classification: D24, G32, L1, P2.     

Currency crises and the real economy: The role of banks

This paper attempts to explain the divergent output effects of currency crises through a very simple and intuitive model that relates the effects of a devaluation not only to the financial fragility of banks, but also to the degree of financial market imperfection. The model shows that countries with higher degrees of financial market imperfection and/or a banking sector whose balance sheets are weak, in terms of having low net worth and high foreign currency exposure, are much more likely to suffer a contraction in the wake of a currency crisis.     

四川民营企业融资结构的优化

本文主要从四川民营企业的外部视角,即从影响其融资结构形成的政府和金融中介组织的行为优化角度,分析探讨政府与金融机构在四川民营企业扩大融资渠道、调整融资方式和克服融资障碍方面所能提供的支持服务,以及在营造有利于改善四川民营企业融资结构的外部环境方面的努力方向与可行措施。     

The unbalanced growth hypothesis and the role of the state: The case of China's state-owned enterprises

Albert Hirschman's unbalanced growth hypothesis suggests that a developing economy can promote economic growth by initially investing in industries with high backward and forward linkages. In the case of Chinese economic policy today, one application would be the continued presence of the state in high-linkage sectors and the strategic withdrawal of the state from low-linkage sectors. The evidence shows that while the degree of linkage plays an important role in generating economic growth in China, province-specific withdrawal strategies for the state sector have no effect on economic growth.     

The size and development of the shadow economy: An empirical investigation from states of India

Using the state level data from India, this paper investigates the size of the hidden economy in Indian states over the period 1974/75 to 1995/96. Our analysis has shown that after liberalization of the Indian economy in 1991/92, the growth in the size of the hidden economy has decreased on an average. Our results show that the growth in the size of the hidden economy is approximately 4% less in scheduled election years than in all other years. We also demonstrate that the growth is significantly lower in those states where the coalition government is in power. An increased growth of newspapers and the literacy rates translate to cleaner governance, e.g. to fewer amounts of shadow economy activities in the economy.     

自由经济与国际分工：剖析全球城市个案

经济全球化的相关进程促使世界各个大城市生化联结而成一个相对有机的体系,令城市产生新的经济活动特征和产业结构调整,并使城市的中枢地位与影响力变得更突出。＂全球城市＂的衍生是全球经济发展与全球化进程深化的结果。全球城市既是国际经济全球化的空间依托、区域经济集团的支撑点、各类＂经济圈＂的核心,也是国家实现与国外经济联系的桥梁和基地,故此对＂全球城市＂的形成及其发展进行研究便具有积极意义,也将对＂全球化＂现象具体作用于经济实体的过程提供一个独特的诠释视角。据此,尝试检视＂全球城市＂这一概念框架,继之指出香港正是全球化时代中的一个全球城市,并进而剖析香港城市衍生为＂全球城市＂的背后动力因素。     

不同集聚类型与中部地区新企业动态的关系

从企业进入、生存等视角研究中部地区1999—2007年新企业动态的时空特征,并构建计量模型检验不同集聚类型与新企业动态之间的关系,研究发现:①湖北、安徽的新企业进入规模较大,江西、河南提升明显,劳动和资本密集型新企业的空间特点相似,技术密集型主要集中在区域中心城市。1999—2007年,制造业以及不同密集型新企业的平均存活率均有较大提升,其中,河南在1999年的新企业存活率明显更高,但山西、湖北、湖南、安徽和江西在2007年的存活率明显提高。②不同集聚类型均有利于新企业进入和存活,但多样性和相关多样性集聚的正向影响比专业化集聚大。从不同产业类型看,专业化、多样性和相关多样性对技术密集型新企业进入的正向影响比非技术密集型新企业大,且相关多样性集聚更有利于技术密集型新企业的存活。③中部地区在承接转移产业的过程中,应根据区域禀赋条件引入新产业,提高区域产业多样性水平,同时应基于区域产业结构特点加强对新进企业的甄选,重点引进与本地技术相关度较高的产业。对技术密集度较高的新企业,要更加重视产业多样性、技术关联对企业进入与存活的作用。     

The learning path of the hidden economy: the tax burden and tax evasion in New Zealand

This paper considers the ‘learning curve’ relationship between the aggregate tax rate and the relative size of the hidden economy in New Zealand. Some simple non-linear models are estimated so that the effects of changes in the effective tax rate on the underground economy can be simulated. This study finds that about half of the hidden activity in New Zealand is a learned response to changing opportunities and constraints in fiscal policy, but this amount varies over the business cycle. Simulating a zero tax rate permits us to discover the ‘natural rate’ of underground and criminal activity. Some partial lessons are drawn for taxation policy in that country.     

Breaking the mould: an institutionalist political economy alternative to the neo-liberal theory of the market and the state

The paper criticises the currently dominant neo-liberal discourseon the role of the state and proposes an alternative approachthat will allow us to overcome its shortcomings, especiallyits inadequate analyses of the role of institutions and politics.It argues that the central problem with the neo-liberal frameworklies not in its excessively anti-interventionist policy conclusions,as some of its critics believe, but in the very ways it envisagesthe modus operandi of the market, the state, institutions andtheir interrelationships. The paper then discusses how we mayconstruct the alternative approach of ‘institutionalistpolitical economy’.     

加快建立国有资本经营预算制度——当前国有经济布局和结构战略性调整的根本保障

建立国有资本经营预算制度,是有效控制和引导国有资本存量变现、增量分配、推进国有经济布局和结构战略性调整的重要手段和根本保障。实行这一制度应当着力提高资产运营效率。由于涉及众多企业利益调整,建立国有资本经营预算制度必须有明确的思路。     

经济民主与社会主义市场经济的政治经济学含义:基于生产方式视角的分析

长期以来,作为社会主义市场经济的政治经济学含义的主要载体,经济民主的作用并不明显。出现这一现象的原因有二:在理论上,学界关于经济民主的论述强调生产关系视角而忽视生产方式视角。这样的把握方式导致经济民主体系处于悬置的状态;在现实中,将美国型市场经济视为唯一的参照系导致具有后福特主义色彩的经济民主无法进入政策议程。本文认为,以生产方式视角下的经济民主为中心,有选择、有秩序地推进经济民主是当下的现实选择。     

Prices and market structure: an empirical analysis of the supermarket industry in Chile

This article investigates empirically the relationship between market structure and consumer prices in the supermarket industry in Chile. A panel of monthly data from 16 cities in the period January 1998–September 2006 is used. We find that, the more concentrated the industry in a city, the higher the prices, while the participation of major national chains in cities tends to lower prices. In terms of magnitude, this latter effect prevails over the former. Moreover, the dominant local chain is found to behave differently depending on whether or not one of the national chains is present in the city. Finally, we find that prices rise when a national chain acquires another chain and both were previously in a city (inmerge) while if only one of the two was present (outmerge), prices fall.     

产业结构状况和养殖收入影响因素分析——基于朱桥乡的调查

本文通过对安徽宣城市朱桥乡渔业经济状况的调查,发现发展水产品养殖业是农(渔)民增收的有力和有效手段。专业渔业和兼业渔业分别受到生产、市场、制度、环境和外部性等因素的影响,面临不同的风险,要增加农(渔)民的收入,需要趋利避害,化解相关风险。     

海洋创新驱动、海洋产业结构升级与海洋经济高质量发展——基于面板门槛回归模型的实证分析

通过运用我国11个沿海省份2006—2018年的数据,构建面板门槛回归模型,研究以海洋创新驱动为门槛变量时,海洋产业结构升级对海洋经济高质量发展的影响作用。研究表明:海洋产业结构升级能够显著促进海洋全要素生产率提高;海洋产业结构升级对海洋经济高质量发展的促进作用受到海洋创新驱动水平制约而存在门槛效应;外商资本投资水平、R&D经费投入情况均是海洋经济高质量发展的重要影响因素;南部、东部海洋经济圈中海洋产业结构升级能够有效促进海洋经济高质量发展,而北部海洋经济圈则较不显著。最后,从重点培育海洋高新技术产业、提升海洋科技转化应用能力、优化海洋创新驱动制度环境、促进海洋经济区域协同发展四个方面提出相关措施建议。