上市方式、大股东持股与民营上市公司的绩效

企业上市可以采取直接上市（IPO）和间接上市（买壳上市等）两种方式。本文考察了民营上市公司的不同上市方式下大股东持股与公司绩效间的关系。研究发现，间接上市的民营企业的大股东持股对公司绩效没有影响，而直接上市的民营企业的第一大股东持股与公司绩效存在正的线性关系，前5大股东持股与公司绩效呈非线性的U形关系。当考虑大股东持股的内生性时，发现间接上市的大股东持股与公司绩效互不影响，而直接上市的大股东持股与公司绩效互为正相关。     

苏州市现代服务业发展战略研究

首先简要阐述现代服务业对于提高城市竞争力的作用，接着以苏州市为例，分析了苏州城市现代服务业发展存在问题、未来前景及如何处理与上海市的产业关系，最后提出了苏州现代服务业发展战略及实现途径。     

Searching for the sunk cost fallacy

We seek to isolate in the laboratory factors that encourage and discourage the sunk cost fallacy. Subjects play a computer game in which they decide whether to keep digging for treasure on an island or to sink a cost (which will turn out to be either high or low) to move to another island. The research hypothesis is that subjects will stay longer on islands that were more costly to find. Eleven treatment variables are considered, e.g. alternative visual displays, whether the treasure value of an island is shown on arrival or discovered by trial and error, and alternative parameters for sunk costs. The data reveal a surprisingly small sunk cost effect that is generally insensitive to the proposed psychological drivers. Electronic Supplementary Material Supplementary material is available in the online version of this article at . Jel Classification C91, D11     

On the Non-Existence of Redundant Options

In a seminal paper, Ross (Q J Econ 90:75–89, 1976) shows that if security markets are resolving, then there exist (non-redundant) options that generate complete security markets. Complementing his work, Aliprantis and Tourky (2002) show that if security markets are strongly resolving and the number of primitive securities is less than half the number of states, then every option is non-redundant. Our paper extends Aliprantis and Tourky’s result to the case when their condition on the number of primitive securities is not imposed. Specifically, we show that if there exists no binary payoff vector in the asset span, then for each portfolio there exists a set of exercise prices of full measure such that any option on the portfolio with an exercise price in this set is non-redundant. Since the condition that there exists no binary payoff vector in the asset span holds generically, redundant options are thus rare. I am grateful to an anonymous referee for very helpful comments. Research support from the School of Business at The George Washington University is gratefully acknowledged     

后发优势研究述评

后发优势是近年来发展经济学研究的热点问题,学术界在后发优势的内涵、后发优势与后发劣势的关系、后发优势的实现等问题上,既取得了一些宝贵共识,也存在诸多分歧和争议.我们应该在现有基础之上,进一步深化和拓展相关研究.     

喀斯特峡谷区民族心理意识的模糊综合评价--以贵州花江峡谷地区为例

采用实地抽样调查数据,从地理学、心理学、行为科学的角度,运用模糊数学上的综合评价方法,将喀斯特环境与贵州西南花江喀斯特峡谷地区当地居民的心理意识及行为作为一个相互作用的系统来认识人地相互关系,将喀斯特石山区生态环境、社会经济条件的特殊性与心理意识相结合并进行数理分析、相关对比和模糊综合评价的整体性进行综合定性与定量研究,从人的数量,更重要的是从人的质量(素质)和行为效应与预测的角度,揭示了喀斯特地区民族心理意识与人地关系的基本特征。     

内生农业技术进步的二元经济增长模型——对“东亚奇迹”和中国经济的再解释

通过吸收内生增长理论的思想 ,修正外生农业技术进步的假设 ,本文提出了一个内生农业技术进步的二元经济增长模型 ,并以此对倍受瞩目也颇多争议的“东亚奇迹”及中国经济 ,从二元经济结构转换的角度进行了分析。本文认为 ,“东亚奇迹”是传统农业劳动力不断转向现代非农业部门的结果 ;是现代部门以资本反哺传统部门 ,推动农业技术进步 ,促进劳动力转移的结果 ;也是现代部门均衡发展 ,吸纳剩余劳动力 ,加速结构转换的结果。因此 ,虽然非农部门的全要素生产率提高不够显著 ,但劳动力结构转换仍然推动经济实现了持久的高速增长。     

两岸贸易竞争与互补关系的比较分析

近年来,两岸贸易发展迅速,投资及经贸交流已成为拉动两岸经济增长的重要因素。入世为两岸经济合作和发展带来新的机遇,也带动了新一轮的投资热潮。两岸经济合作的加强,推动了贸易自由化的进程。伴随着全球化的产业转移等国际经济新变化,两岸贸易合作在不断深化的同时,在国际国内市场上的竞争形势也日益显现出来。文章通过对两岸贸易竞争性与互补性的分析得出结论:在两岸经济中,互补性要远大于竞争性,在新的国际环境下,双方应加强合作共同发展。     

The Optimal Timing of Adoption of a Green Technology

We study the optimal timing of adoption of a cleaner technology and its effects on the rate of growth of an economy in the context of an AK endogenous growth model. We show that the results depend upon the behavior of the marginal utility of environmental quality with respect to consumption. When it is increasing, we derive the capital level at the optimal timing of adoption. We show that this capital threshold is independent of the initial conditions on the stock of capital, implying that capital-poor countries tend to take longer to adopt. Also, country-specific characteristics, as the existence of high barriers to adoption, may lead to different capital thresholds for different countries. If the marginal utility of environmental quality decreases with consumption, a country should never delay adoption; the optimal policy is either to adopt immediately or, if adoption costs are “too high”, to never adopt. The policy implications of these results are discussed in the context of the international debate surrounding the environmental political agenda.      

Can intertemporal choice experiments elicit time preferences for consumption?

The paper considers what can be inferred about experimental subjects’ time preferences for consumption from responses to laboratory tasks involving tradeoffs between sums of money at different dates, if subjects can reschedule consumption spending relative to income in external capital markets. It distinguishes three approaches identifiable in the literature: the straightforward view; the separation view; and the censored data view. It shows that none of these is fully satisfactory and discusses the resulting implications for intertemporal decision-making experiments. JEL Classification C90, C91, D90, D91, D11, D12