What Drives Acquisitions in the EU Banking Industry? The Role of Bank Regulation and Supervision Framework,Bank Specific and Market Specific Factors

We investigate the determinants of commercial bank acquisitions in the former fifteen countries of the European Union by evaluating the impact of bank‐specific measures, such as size, growth and efficiency of banks, and external influences reflecting industry level differences in the regulatory and supervision framework, market environment and economic conditions. Our empirical analysis involves multinomial logit estimation at various levels in order to identify those characteristics that most consistently predict targets and acquirers from a sample of over 1400 commercial banks. The overall results indicate that, relative to banks that were not involved in the acquisitions, (i) targets and acquirers were significantly larger, less well capitalized and less cost efficient, (ii) targets were less profitable with lower growth prospects, and acquirers more profitable with higher growth prospects, (iii) external factors have affected targets and acquirers differently, and their effects have not been consistent or robust to sample size changes.     

Explaining Industrial Growth in Coastal China: Economic Reforms ... and What Else?

In the 1980s China experienced "an explosion of pent-up entrepreneurship"facilitated by wide-ranging, although often unorthodox, economicreforms. This article uses data on the output of 23 industrialsectors in seven coastal regions (provinces and counties) overthe period 1985 to 1989 to study the correlates of growth. Althoughindustry-specific feature—the degree of specializationand competition—had some influence on growth, much ofthe action came from region-specific influences and regionalspillovers. Regional influences included the open-door policiesand special economic zones that successfully attracted investmentsfrom overseas Chinese to particular locations. Existing regionalstrengths, especially high-quality human capital and infrastructure,also contributed to growth. The results illuminate the interplaybetween conditions conducive for growth—for example, thecontribution of foreign expertise is greatly enhanced by availablehuman capital. China made judicious use of the advantages ofbackwardness by targeting areas that were less developed andless encumbered by the legacy of existing institutions, althoughit was fortunate in this regard that the backward regions werein close proximity to Hong Kong and Taiwan (China). Importantalso was the transmission of growth impulses across the provincesand counties, possibly through prereform cadre and administrativenetworks.     

What Triggers Top Management Turnovers in China?

Studies on management turnover in Chinese companies typically find that turnover decisions are associated with companies' accounting performance. Using a sample of Chinese company turnovers during 2000–2003, we disaggregate their net-earnings into core, recurring non-core, and other non-recurring components. Analyzing these earnings components, we show that turnover decisions for government firms are related negatively only to recurring earnings which consist of operating, administrative and financial expenses. Leverage also plays a significant role suggesting the concern that high debt levels may reduce the impacts of the Chinese SOE reforms. However, turnovers in private firms are associated with poor core earnings, a result similar with profit-maximizing firms in developed economies.     

What drive carbon price dynamics in China?

This paper examines the driving factors of China carbon price in a systemic way with quantitative analysis. Specifically, three categories of driving forces as macro economy risk and uncertainty, energy and environment factors are selected to investigate their impacts on carbon price in China, by adopting the dynamic connectedness measurement approach. The empirical results confirm each driving factor has made contributions to the carbon price fluctuations, and the dynamic interactions among them have enhanced connectedness of the whole system. However, the directional dynamic spillovers indicate main driving factors to carbon price are heterogeneous varying over the whole sample and in different carbon markets. Most importantly, market sentiment plays main role in the carbon price dynamics of Guangdong market, whereas the electric power index makes great effects to Hubei carbon price changes, and the carbon price fluctuations in Shenzhen market are largely caused by air quality situation.     

What Drives Fiscal Decentralisation? Further Assessing the Role of Income*

This paper investigates the determinants of fiscal decentralisation, focusing in particular on the impact of the level of income on the level of fiscal decentralisation. Various measures of fiscal decentralisation, several of them novel in this context, are employed in a cross‐country econometric model to test established and more recent hypotheses. Paying careful attention to variable measurement, model specification and sample coverage, the results suggest that there are significant relationships between fiscal decentralisation and income, as well as a range of other factors. However, these relationships may be more complicated than previously reported. For the entire large sample of countries, and for the OECD subsample, a positive relationship between income and decentralisation is found. This corroborates the results found in earlier studies. However, for the middle‐ and lower‐income nations, higher income is found to be associated with less decentralisation.     

What determines the issue price of lease asset-backed securities in China?

In this study, a unique data set is used to examine the pricing factors of lease asset-backed securities (ABS) in China's primary securitization market. In addition to conventional risk factors, such as credit enhancement, underlying asset characteristics, credit rating, and deal structure, we find that originators (i.e., leasing companies) play a critical role in determining the issuing price of lease ABS in China, as state-owned originators and high profitability lessors are more likely to receive a lower initial yield spread. We also find that non-state-owned guarantors, as a form of external credit enhancement for a tranche, can significantly broaden the issuance spread, which is opposite to the situation in mature securitization markets. In addition, lease ABS investors in China may underestimate the risks posed by the diversification level of the asset pool of lease ABS, and reputable underwriters can help the product earn a lower yield spread in the primary market. Our findings indicate some similarities between the pricing factors in China's lease ABS market and those in mature securitization markets, although they still have their own unique features.     

Prices or Knowledge? What Drives Demand for Financial Services in Emerging Markets?

Financial development is critical for growth, but its microdeterminants are not well understood. We test leading theories of low demand for financial services in emerging markets, combining novel survey evidence from Indonesia and India with a field experiment. We find a strong correlation between financial literacy and behavior. However, a financial education program has modest effects, increasing demand for bank accounts only for those with limited education or financial literacy. In contrast, small subsidies greatly increase demand. A follow‐up survey confirms these findings, demonstrating that newly opened accounts remain open and in use 2 years after the intervention.     

Does FDI Increase Industrial Energy Consumption of China? Based on the Empirical Analysis of Chinese Provinces Industrial Panel Data

The article builds the simultaneous equations model of the total effect of FDI influencing China’s industrial energy consumption, Chinese provinces industrial panel data as the study sample, uses 2SLS and GMM methods to empirically estimate the equations model, and elastic analysis to calculate the magnitude and direction of the different effects at the path of FDI. The results show that the total effect of FDI influencing China’s industrial energy consumption is negative, the entry of foreign capital increases by 1%, the total effect is to make China’s industrial energy consumption increase by 0.19%, the negative FDI scale effect (0.15%) and FDI composition effect (0.21%) overwhelm the positive FDI technique effect (0.17%).     

传统劳动密集型产业集群突破发展瓶颈初探——以湖南省醴陵陶瓷产业集群为例

在后工业时代和后金融危机时代的双重背景下,我国传统劳动密集型产业是我国十分重要的产业面临严峻考验。对于不同类型的劳动密集型产业,将面临产业升级、转移、退出的选择。本文以醴陵陶瓷产业集群为例,从其外部环境、集群内部协作、企业自身约束、政策导向四方面分析其所存在的问题,并从短期、长期两个角度为醴陵陶瓷产业集群升级发展提出可行性建议。     

传统劳动密集型产业集群突破发展瓶颈初探——以湖南省醴陵陶瓷产业集群为例

在后工业时代和后金融危机时代的双重背景下,我国传统劳动密集型产业是我国十分重要的产业面临严峻考验.对于不同类型的劳动密集型产业,将面临产业升级、转移、退出的选择.本文以醴陵陶瓷产业集群为例,从其外部环境、集群内部协作、企业自身约束、政策导向四方面分析其所存在的问题,并从短期、长期两个角度为醴陵陶瓷产业集群升级发展提出可行性建议.     

基于GEM模型的上海航运保险产业竞争力研究

本文通过GEM模型,根据最新数据计算指标值,测量产业集群的竞争力的芡展情况,对影响航运保险产业竞争力的几大因素进行了分析。根据指标计算结果．目前航运保险产业的薄弱环节在于其产业基础不稳,人才匮乏且产品严重缺乏创新．导致集群内恶性竞争严重,行业的发展没有匹配与其相适应的法律环境。为进一步提高上海的航运保险,还需要培养更多专业人才致力于险种创新,政府也需要加大扶持力度。     

我国上市银行竞争力评价体系研究——基于我国A股上市银行实证分析

正确地评价上市商业银行的竞争力,并在此基础上找到影响竞争力的主要因素及其对竞争力的影响程度,对提升我国上市商业银行的竞争力非常必要。本文采用因子分析法对我国的A股上市银行进行实证分析。     

西部城市商业银行竞争力评价研究

本文选取西部21家城市商业银行2012年的指标数据,运用SPSS19软件,通过因子分析的方法对西部城市商业银行竞争力水平进行测度和排序。对影响城市商业银行竞争力的指标因素进行分析,找出了阻碍西部各城市商业银行发展的关键因素,主要包括资本安全因素、结构流动性因素、盈利性因素、资产配置和资产收益因素、成长发展因素、公司治理因素,进而为提高区域城市商业银行竞争力提出合理建议。     

基于因子分析的青海省区域经济竞争力评价研究

本文以青海省8个市（地区）为研究对象,选取22个指标的城市竞争力评价指标体系,运用因子分析方法对青海省2011年的经济竞争力进行分析。将8个市（地区）划分为强竞争力型、一般竞争力型和弱竞争力型,在分析各类城市发展存在的优劣势后,提出了6条提高城市竞争力的建议。     

城市创意产业竞争力实证分析——以深圳为例

在创意经济时代,创意产业成为城市发展的新引擎。本文基于波特的“钻石模型”建立城市创意产业竞争力评价指标体系,然后运用SPSS软件对相关数据进行因子分析。以深圳为例,根据数据处理结果比较分析深圳同其他22个大中城市创意产业发展水平的整体差异和具体优劣。依据因子分析结果和SWOT分析矩阵．提出要通过大力培养和引进创意人才,深度发掘文化和旅游资源,明确园区产业定位．优化创意产业内部结构,完善知识产权保护以及凝聚创意氛围来提升深圳创意产业的竞争力。     

农村地区工商银行竞争力实证调查研究——以江西兴国县为例

为进一步拓宽工商银行的金融市场,推动农村经济的稳定发展,通过实地走访和问卷调查的方式,针对金融的需求、对金融机构的满意度及工商银行的认知度三个方面进行了调研。结果表明农村各类金融服务及金融创新领域有很大的市场潜力。根据问卷的调查数据分析和结果评价,从目标市场选择和客户定位、差异化的产品设计、创新的渠道策略和服务模式、渗透性的品牌宣传这四个方面分析并提出了相应的策略,对工商银行适时进入农村金融市场具有很好的指导意义。     

环境成本内部化对皖江示范区工业竞争力的影响

环境成本内部化是社会可持续发展的必然趋势,是环境资源稀缺性和公共性的必然体现,是适应国际贸易发展和竞争机制的必然要求,具有重要的意义。环境政策及其所影响的环境成本内部化对地区竞争力的影响一直是国际社会讨论的热点,且观点不一。为此文中以皖江示范区为例,选取区域内的8个城市,建立回归模型研究环境成本内部化对地区工业竞争力的影响。统计结果显示：从长期看,环境成本内部化的推行有利于增强地区工业竞争力。     

关于西北五省区承接产业转移的调研报告

近几年,在我国产业结构优化升级中,呈现出了区域间产业梯度转移特征。调研发现,西北五省区承接产业转移,不论从承接产业的项目数量还是项目质量看,都呈现出不断提高的趋势,承接产业转移对西北五省区经济发展起到了重要的推动作用。同时,西北五省区在承接产业转移的过程中,也存在着政策支持力度不够、产业配套能力较弱、产业转移结构不合理、部分转移产业项目对环境有一定的负面影响、金融支持力度不足等问题。本文认为,加快西北五省区承接产业转移步伐,应该从强化政策支持、改善基础设施、发展优势特色产业、加强资源节约和环境保护、提升金融服务水平等方面着手。