Learning by exporting and high-tech capital deepening in Singapore manufacturing industries, 1974–2006

A number of fundamental factors enhance the growth of industries’ productivity. Among others, the export-led and high-tech capital deepening strategies are widely adopted by developing economies. This article attempts to empirically investigate the extent to which both industrial development policies affect the Total Factor Productivity Growth (TFPG) in Singapore manufacturing industries during the period from 1974 to 2006. Using the panel data estimations, I find that both development strategies bring about TFPG via nonneutral technological growth, and the former more largely explains TFPG than does the latter. This study captures the measure of learning by exporting by the lagged export intensity and therefore contributes to the literature, in which only the case of whether or not firms are active in export markets is conventionally employed. Methodologically, my main contributions are a more detailed treatment of (nonneutral) technological changes, and an alternative measure of export intensity.     

Productivity growth of newly industrializing economies in heterogeneous capital goods markets: the case of the Korean machinery and equipment industry

Although many previous studies have investigated the economic growth of East Asian countries from the perspective of productivity growth, they have adopted a limited focus only on the national level or on the aggregated level and have overlooked the heterogeneity at the disaggregated level. Furthermore, only a few studies have examined the sources of the remarkable growth and trade performance of the Korean machinery and equipment industry, despite its importance for sustainable growth of national economy. Therefore, we investigated the Total Factor Productivity Growth (TFPG) of the Korean machinery and equipment industry and its 12 sub-sectors from 1970 to 2012 using the stochastic frontier production approach. As a result, we found that the industry has achieved labour input-driven TFPG largely due to technical progress. This is contrary to the previous result that East Asia has expanded the production frontier by capital accumulation. In contrast, in some sub-sectors, scale effect and allocation efficiency have driven TFPG. We also found distinctive patterns of TFPG across different sub-sectors from the perspectives of the effect of input factors and the pattern of technical progress. These results imply that policy makers should consider industry-specific policy designs that incorporate the specific characteristics of individual sub-sectors.     

风险投资对企业研发投入的影响

如何有效发挥风险投资对企业研发投入的促进作用,是当前研究的热点。以2010-2017年北京上市公司为实证样本,发现风险投资对研发投入的影响在面板数据中不显著,但在截面数据中正向显著。在截面回归中引入年度虚拟变量或行业虚拟变量后,发现面板数据中的行业异质性是导致风险投资对研发投入影响不显著的重要原因。为此,对样本数大于30的12个行业进行实证检验,结果显示风险投资对制造业、计算机通信及其它电子设备制造业等3个行业研发投入的影响为正,而对租赁和商务服务业等2个行业研发投入的影响为负,该结论在引入正向影响虚拟变量D1和负向影响虚拟变量D2的回归中仍然成立。进一步分析发现,政治关联在风险投资对企业研发投入的影响中具有反向调节作用。最后,根据研究结论提出政策建议。     

Value of a Statistical Life—the Case of Poland

This study investigates the relationship between wages and the risk of work-related death for male blue-collar workers. The size of the premium for risk and its statistical significance depend heavily on the inclusion of industry dummy variables into the regression. Irrespective of the type of risk variable used, controlling for industry at a finer breakdown lowers the price of risk and its statistical significance. Estimates of the value of a statistical life (VSL) proved to be more robust when an aggregated risk measure at three-digit occupational level was used. In this case, the VSL varied from 0.79 million USD (for the model with industry dummy variables at the three-digit level) to 2.41 million USD (for the model without industry dummy variables). To the best of the author’s knowledge, this is the first study estimating VSL using the compensating wage differential approach for countries in Central-Eastern Europe.     

企业创新战略与资本结构的关系——基于中国化工行业上市公司的实证研究

以2008—2010年我国化工行业的上市公司为研究样本,选用固定效应模型,以盈利能力、公司规模、成长性、可抵押指标和非债务税盾为控制变量,对企业创新战略与资本结构的关系进行回归分析。实证结果表明:在金融危机期间,化工行业的上市公司整体上提高了债务融资比例以进行绿色技术创新;以无形资产比重代表的企业创新战略与以资产负债率代表的资本结构正相关;企业选择创新战略将显著提高债务融资水平。     

The Changing External Exposure of Australian Industry

This article examines changes in trade‐related external exposure for Australian industry from 1990–91 to 2000–01, using primary and composite measures that capture the effects of exports, imports and imported inputs. The primary measures show that export market share for all exporting industries increased, but import market share increased at an equal or greater rate both overall and in most industries. Input value import shares also increased across virtually all industries. Two composite measures are calculated, the Index of Effective Exposure (IEE) and an extended IEE incorporating import market shares. The extended IEE shows that the net external exposure of Australian industry has been increasing over the decade, particularly in the Manufacturing and Mining Divisions. The net exposure of Australian manufacturing industries is lower than expected compared to the United States, Canada, the United Kingdom and Japan, but the rankings of manufacturing industries in each country are similar and becoming more so.     

The stability of cigarette demand

The relative effects of various governmental interventions upon cigarette consumption is important to policy-makers. Historically, the demand for cigarettes has been quite unstable. Previous studies employ fixed parameter models and use dummy variables associated with interventions to stabilize the demand function. In contrast, we use a varying parameter model aplied to data from the United States for 1953–84 to investigate the stability of demand and show that the demand function is stabilized when dummy variables are employed. Our results suggest that industry advertising increases aggregate consumption while government interventions decrease it. However, the marginal effect of government warnings seems to be small, at least in the US: while the effect of the 1964 health warning is statistically significant, the effect of the 1979 health warning is not.     

企业规模异质性与产业集聚：来自中国制造业的证据

基于中国制造业数据,本文检验了企业规模异质性与制造业地理集中的互动联系。研究表明企业规模因素对制造业地理集中具有显著影响。按素密集度对制造业的分类回归进一步表明,上述影响存在行业差异：劳动力与资源密集型行业的相关性不稳健,但资本技术密集型行业的结果是稳健的。这意味着资本技术密集型行业的企业规模分布具有地理集中倾向：大市场集中分布了更多大规模企业。这一结论表明制造业集聚具有规模异质性：小规模企业通过集聚经济,促进生产率提高形成制造业集聚,大规模企业则通过集中分布在大市场而形成制造业集聚。另外,从制造业集聚的驱动力量看,制造业集聚的强化效应与地区异质因素两股力量都在推动制造业地理集中,由此可以判断制造业集中趋势还将持续。     

Does Ease of Communication Increase Trade? Commonality of Language and Bilateral Trade

Gravity model explanations of trade volumes frequently include dummy variables to account for the commonality of language among trading partners. In this paper we use a data set for the number of people in a country who speak English as a first language or English as a second language (Crystal, 1997) as an indicator of the ease with which trade with the United States occurs. Controlling for commodity fixed effects we use SITC three digit industry data centred on 1995 United States bilateral trade with 33 countries to determine the effect of the degree of language commonality on bilateral trade. Both English as a first language and English as a second language are found to be less important for exports than for imports. This is true for all three digit industries as well as when the specific industry groups identified in Rauch (1999) are considered.     

创新开放度对企业创新绩效的影响:一项Meta分析

创新开放度与企业创新绩效间关系是开放式创新领域关注的热点。通过对相关领域文献进行梳理，提出创新开放度与企业创新绩效关系理论模型。运用Meta分析方法探讨“创新开放度—企业创新绩效”关系影响因素，指出二者之间关系强弱受文化维度、行业类型、企业规模及测量方法的影响，并得出以下结论：创新开放度对企业创新绩效具有显著正向影响；相比于西方文化背景下的企业，中国文化背景下企业创新开放度对创新绩效的影响更强；二者间关〖JP〗系对高新技术产业比非高新技术产业更强；相比于中小型企业，大型企业创新开放度与企业创新绩效的相关性更明显；同时，创新开放度和企业创新绩效测量方法不同，二者之间的相关性也有差异。上述结论对企业在特定条件下实施创新开放战略具有一定指导意义。     

广东省高技术产业各行业效率变化的实证研究

采用基于DEA的Malmquist生产率指数法,选取5个投入指标和4个产出指标对1995—2008年广东省高技术产业的4个细分行业进行多投入、多产出的动态效率测度。结果表明:1995—2008年期间广东省高技术产业全要素生产率的年均增长率为12.3%,这是技术进步和技术效率共同推动的结果,其贡献率分别为11.1%和1.1%;电子及通信设备制造业全要素生产率的平均增长率最高,主要由技术进步推动;其次是医疗设备及仪器仪表制造业,由技术进步和规模效率共同推动;然后依次是电子计算机及办公设备制造业和医药制造业,技术进步是两者的主要推动力量。最后,提出促进广东省高技术产业生产率提升的政策建议。     

科技金融投入对高技术产业创新绩效的组态效应——基于模糊集定性比较分析(fsQCA)

高技术产业是实现创新驱动发展、促进经济高质量发展的重要力量,其发展离不开科技金融投入。构建科技金融投入对高技术产业创新绩效的组态分析框架,运用模糊集定性比较分析法(fsQCA)对中国内地30个省份的高技术产业创新绩效进行组态分析。结果表明,单一科技金融投入并不是提升高技术产业创新绩效的必要条件;科技金融投入提升高技术产业创新绩效有6个组态,其中两个组态以“财政科技投入+银行贷款”为核心条件,4个组态以“创业投资+科技资本市场融资”为核心条件,表明高技术产业创新绩效存在多种实现方式。研究发现科技金融投入是提升高技术产业创新绩效的重要路径,可为各省合理配置科技金融投入提供理论参考和实践启示。     

制造业集聚、大气污染与节能减排

制造业集聚作为最具活力的空间组织形式,在有关资源、环境问题的研究中一直被忽视。本文通过中国30个制造业面板数据,实证检验了制造业集聚与大气污染之间的关系。结果表明,制造业集聚与大气污染之间呈N型曲线关系;目前中国制造业处于中级集聚阶段,大气污染总量随集聚度提高而增加,但排放强度呈下降趋势;制造业大气污染的缓解主要来自环境规制、FDI等外部因素,内在节能减排动力不足。因此,政府应在大力推进制造业向高集聚阶段发展的同时,引导产业通过自身的环保节能需求来实现节能减排。     

The role of the political cycle in the relationship between economic policy uncertainty and the long-run volatility of industry-level stock returns in the United States

In this study, we investigate how US economic policy uncertainty (EPU) drives the long-run components of volatilities in industry-level stock markets. We use a modified specification of GARCH-MIDAS and find that EPU increases the long-run volatility of the industrials and materials industries and decreases it in 4 of the 10 industries considered here: consumer staples, healthcare, information technology and materials. In addition, we add a dummy variable for the political cycle (PLC) to study whether the relationship between EPU and the volatility of industry returns is significantly different under different political regimes. The results imply that a Republican presidency dampens the effects of EPU on the long-run volatility of the consumer staples, healthcare and information technology industries. We also decompose the aggregated EPU into 11 category-specific EPUs to explore the detailed relationship between category-specific EPU and long-run volatility driven by aggregate EPU. The results for the category-specific EPU are consistent with the findings for the aggregate EPU. In particular, the weakened effect of PLC on the relationship between EPU and the long-run volatility of industry-level returns is also confirmed by MIDAS regression with beta weight scheme.     

Organisation of R&D departments as determinant of innovation: testing alternative explanations

This study sheds light on understanding the effect of two organisational variables, formalisation and communication, on innovation. The prevailing belief that formalisation hinders innovation while communication fosters it seems too simplistic. Therefore, we explore two possible explanations in such relationships: (1) the effect of organisational variables on innovation may be conditioned by the type of innovation (radical vs incremental) and (2) the possibility to find a curvilinear, inverted U-shaped relationship, instead of linear, between these two organisational variables and innovation. This empirical study has been undertaken in R&D departments, considering a sample of Spanish companies belonging to different innovative industries. The results show that the relationship between formalisation and innovative performance is negative when innovation radicalness is low, while it is positive when radicalness is high. On the contrary, the relationship between communication and innovative performance is linear and positive. The existence of a curvilinear relationship, then, could not be demonstrated.     

Matching Industries between Target and Acquirer in High-Tech Mergers and Acquisitions

Mergers and acquisitions (M&As) have been regarded as a highly viable option for fostering innovation, gaining new products or services, and gaining access to new markets in high technology firms. This study analyzes several alternative variables that impact M&A choices by analyzing their relationship to the industry of both the acquirer and target. Results support two hypotheses implying that (1) M&A transactions with the same acquirer and target industry are more likely to be acquisitions that delivers a greater final share of the target organization to the acquirer, and (2) acquirers are more likely to invest greater dollar amounts in targets that have the same primary industry.     

金融集聚与产业结构升级——来自2003—2007年省际经济数据的实证分析

金融集聚使集聚区内部的金融产业和相关产业联系更加紧密。金融发展通过作用于产业结构变动的内在机制对产业结构的调整与产业水平的提升产生重要影响。本文通过引入区位熵从银行、证券、保险三个方面分析了31个省市地区的金融集聚程度,然后利用2003—2007年省际面板数据借助时刻个体固定效应模型检验了金融集聚对产业结构升级的贡献度,发现金融集聚对我国东、中、西部的产业结构升级都具有明显的促进作用,并且呈逐年上升趋势,同时银行业对产业结构的升级贡献度明显大于证券、保险业。     

Matching Industries between Target and Acquirer in High-Tech Mergers and Acquisitions

Mergers and acquisitions (M&As) have been regarded as a highly viable option for fostering innovation, gaining new products or services, and gaining access to new markets in high technology firms. This study analyzes several alternative variables that impact M&A choices by analyzing their relationship to the industry of both the acquirer and target. Results support two hypotheses implying that (1) M&A transactions with the same acquirer and target industry are more likely to be acquisitions that delivers a greater final share of the target organization to the acquirer, and (2) acquirers are more likely to invest greater dollar amounts in targets that have the same primary industry.     

中国制造业集聚程度变动趋势实证研究

制造业是集群特征最为明显的产业。本文利用Ellision和Glaeser建立的产业地理集中指数和自定义的五省市集中度对中国20个制造行业1993、1997、2002、2003年的集聚程度进行了精确测定。结果表明,1993—1997年集聚程度有所下降,1997—2002—2003年集聚程度呈增长趋势。集聚程度的提高是主要的变动方向和发展趋势。集聚程度由高到低的行业分布依次为:技术密集型产业———资本密集型产业———劳动密集型产业。地域分布极不平衡,江苏、广东、山东、浙江、上海五省市集中度很高,西部边远地区则远远落后,两极分化严重。总体上看,制造业的集聚程度与工业增长表现出较强的正相关性。     

对东部、西部地区固定资产投资与三个产业发展的实证分析

固定资产投资与经济发展有密切的关系,固定资产投资的数量决定了地区的经济总量,固定资产投资的方向决定了产业布局、产业结构。根据东部、西部地区2008年固定资产投资与国内生产总值的有关数据建立动态规划模型,进行了产业发展优势分析,并对西部地区的发展提出建议。