乡村振兴:农村转型、结构转型和政府职能

农村发展过程有其共性规律和区域差异。本文首先以亚洲主要国家为例,分析了农村转型和结构转型存在的共性问题及其与农村发展的关系;其次基于40年中国农村发展改革经验,分析了农村转型路径与转型效果以及与农村转型各阶段相适应的的制度安排、政策支持和投资重点;基于以上分析,本文提出在乡村振兴过程中,要加速农村转型速度,促进高值农业发展和农民增收;加速结构转型速度,促进农村劳动力非农就业和农业劳动生产率的大幅提升;要转变政府职能,通过制度创新、政策创新和投资创新,加快农村转型和结构转型,促进乡村振兴战略的顺利实施;不同地区加速农村转型不能搞一刀切;同时也提出未来需要深入研究的重大理论和政策问题。     

政府补助准则修订降低了公司股价同步性吗?

以2017年政府补助准则修订为准自然实验,本文考察了准则修订对股价同步性的影响。研究发现,政府补助削弱了公司异质性信息的传递,提高了股价同步性,降低了信息效率;政府补助准则修订要求公司结合经济业务实质进行差别化会计处理,增强了公司异质性信息的传递,因而降低了政府补助与股价同步性之间的联系强度。通过横截面分析,发现在信息不对称程度更严重、受产业政策支持的公司样本中,准则修订能更好地发挥强化公司异质性信息传递的作用。研究表明,高质量的会计准则有助于提高资本市场信息效率。     

Government support and innovation for new energy firms in China

Government support plays an important role in the Chinese economy. New energy industries, which involve innovation-driven sources and environmental protection, are also supported by the government. This paper aims to study the effects of supply-side traditional government support on firms’ innovation and development. We propose a theoretical mechanism and study the innovation reaction of firms to government support in different situations. We further use propensity score matching to verify the results in the theoretical model and conduct a robustness analysis. Our main conclusions include the following. (1) In normal years, government support can promote only the innovation output of firms that have innovated; however, support cannot promote the innovation probability of firms that have not innovated. Government support can only enhance the intensive margin of innovation and cannot enhance the extensive margin of innovation with less competition. (2) In the situation of a bad economic environment and intense competition, firms’ innovation probability rises as government support increases. Therefore, the government should provide more R&D special subsidies and implement strict financial supervision to make support policies effective, especially in normal years.     

环境污染曝光与公司价值——理论机制与实证检验

环境污染及其治理问题日益被全社会所重视。在此背景下,本文实证考察企业环境污染曝光是否影响公司价值以及影响机制。以发生于2005-2015年间的71起上市公司环境污染曝光事件为样本,本文研究发现:上市公司环境污染事件曝光当天,市值平均下跌1.51%。进一步分析发现:公司在污染事件曝光后,更容易受到政府的环保监管和处罚,且更难获得银行债务融资;并且,环保监管与债务融资的变化与污染事件窗口期公司股票的累计超额报酬率显著相关,表明投资者对于环境污染给公司造成的不利后果具有理性预期并相应地做出了负面反应。此外,2010年政府环保政策趋严后,污染事件曝光后政府监管力度的上升和债务融资的减少都更为明显;在公众环保需求高的地区,污染事件曝光后政府环保监管力度上升更显著。总之,本文的研究表明,环境污染事件曝光会降低公司价值,且政府监管力度上升和债务融资困难是环境污染曝光降低公司价值的两个重要作用机制。本文揭示了环境污染曝光对公司价值的负面影响以及影响的机制和异质性,对于当前的环境治理和经济转型具有较好的政策启示意义。     

环境规制、政府研发资助对绿色技术创新的影响——基于中国内地省级层面数据的实证分析

绿色技术创新是突破“经济-环境”压力的关键所在。政府行为能够有效弥补绿色技术创新在市场经济体制下存在的天然不足。为进一步探究政府政策对绿色技术创新的影响，基于绿色技术创新的“双重外部性”特征，以我国内地31个省（市、区）2009-2017年面板数据为样本，探究环境规制、政府研发资助对绿色技术创新的直接影响效应及交互效应。结果发现，环境规制与政府研发资助均对绿色技术创新有显著正向影响，政府研发资助影响效应更大；两者互补耦合更有利于促进绿色技术创新。     

Evolutionary analysis of sustainable tourism

This paper aims to explore an effective green incentive mechanism for government to develop traditional tourism into green tourism by establishing a dynamic evolutionary game model among governments, tourism enterprises, and tourists. We first discuss the evolutionary stable strategy (ESS) regarding green innovation and its corresponding conditions for each stakeholder, and then analyze the ESS between tourism enterprises and tourists, with and without consideration of government green supervision. The optimal green incentive condition for driving all stakeholders to conduct green behavior is identified. More importantly, we advise the government to first implement green incentive mechanism in the areas where the tourism market scale is relatively small. Additionally, we utilize numerical examples to illustrate the findings and provide some managerial insights.     

Socio-economic appraisal of agitations by local oil communities: Evidence from Nigeria

This paper examines socio-economic drivers of agitations in local oil communities. It applies marginal willingness to accept pay as a quantitative approach to measure tendency of local communities to agitate against environmental degradation. This approach was used to estimate drivers of agitations among indigenous people of Ogoni community in Rivers State, Nigeria. The analyses involved a cross sectional survey with 326 households selected in the community through a stratified random sample. Ordinal logistic (Ologit) models were estimated using the collected data. The paper presents evidence that poverty level and perception are the major socio-economic drivers of agitations against environmental degradation in the community (P < 0.05). In addition, it recommends marginal willingness to accept payment as an alternative quantitative approach for estimating tendency to agitate against social or environmental changes.     

Does financial globalization still spur growth in emerging and developing countries? Considering exchange rates

This paper analyzes the effects of financial globalization on growth in developing countries, focusing on its interaction with exchange rate volatility. Based on dynamic panel data models and the two-step system generalized method of moments (GMM) estimator, it replicates the method of Gaies et al. (2019a; 2019b) and extends it by exploring a new spillover effect of financial globalization in terms of exchange rate volatility measured by six different indicators. The findings show the positive influence of investment–globalization (foreign direct investment and portfolio investment) on growth through the traditional channel of capital accumulation and by reducing the negative impact of exchange rate volatility. These impacts are not insured by indebtedness–globalization (foreign debt), thereby shedding light on the government’s decision in developing countries on foreign capital control policy. These results are robust to changes in the estimator and variables used.     

Does government report readability matter? Evidence from market reactions to AAERs

We investigate whether market reactions to Accounting and Auditing Enforcement Releases (AAERs) of the U.S. Securities and Exchange Commission (SEC) vary with different levels of readability in the AAERs. After controlling for the complexity of an AAER report and the severity of the enforcement case, we find that when the AAER is more difficult to read, with readability measured based on the directives of the Plain Writing Act of 2010, markets react more negatively to the AAER announcement. Cross-sectional tests indicate that the effect of AAER readability is attenuated by investor sophistication and firm visibility, whereas the effect is more pronounced when AAER firms are exposed to greater uncertainty. Contrary to conventional wisdom that linguistically complex disclosures receive reduced market reactions, our results suggest that complex AAER announcements could trigger more negative stock price reactions, since investors under uncertainty and ambiguity tend to assume the worst and bid down the market value of AAER firms. Our study offers meaningful implications for regulators concerned with writing clarity in government documents.     

充分发挥政府在优化营商环境中的重要作用

营商环境是国内外企业投资决策的重要因素,是一个国家或地区开展国际交流与合作、参与国际竞争的重要背景环境。本文在阐述营商环境基本含义的基础上,探讨了我国政府在优化营商环境中的地位和作用,发现政府作为市场经济的参与主体之一,对营商环境的优劣具有重要影响,优化营商环境离不开政府的作用,分析在"放改服"改革实施以来,我国政府关于优化营商环境的工作所取得的成效。在此基础上,为进一步发挥好政府在优化营商环境中重要作用,提出相应的政策建议。