国企内部的微观制度安排与职工积极性

在资本、技术、生产规模以及外部市场等为外生给定时,职工积极性的高低取决于企业在其内部对经济活动的组织,而如何组织经济活动则取决于企业在其内部所采取的微观制度安排.本文通过一个职工积极性供求均衡模型,证明了国企职工积极性不高实际上是企业在其内部对"劳资"双方的产权地位、获取职工积极性的方式和职工报酬构成等三个方面安排不当的产物.因此,为了在改革的同时调动职工积极性,国企应该在其内部对这三个方面采取新的制度安排.     

论我国乡镇企业的三大贡献

文章从三个方面论述了乡镇企业对我国经济发展的巨大贡献。首先是对国民经济增长的贡献，大体上可以从三个方面来反映：一是对国内生产总值增长的贡献；二是对工业总产值增长的贡献；三是对国家财政收入增长的贡献。其次是对经济结构调整的贡献，主要体现在矫正产业结构扭曲及调整农村就业结构，并且改变了我国工业企业的规模结构。最后在微观层次上，乡镇企业的发展为集体和国有企业的制度改革，提供了可借鉴的宝贵经验。     

乡村振兴背景下农村产业用地政策选择——基于“乡村振兴与农村产业用地政策创新研讨会”的思考

研究目的:通过对乡村振兴中的农村产业发展特征及其用地需求进行分析,提出农村产业用地制度创新对策,为实现"产业兴旺"提供用地保障。研究方法:综合分析与系统推理。研究结果:乡村振兴中农村产业发展有其自身的特征和用地需求,主要表现为产业融合需要用地的综合供给;结构优化需要村土地利用规划的区域统筹;"绿色发展"需要更加严格的用地约束。研究结论:为了保障乡村振兴中农村产业发展的用地需求,一要加强产业用地的制度供给,规范用地行为;二要落实"藏粮于地"战略,保障粮食安全;三要以土地整治为抓手,提升用地保障能力;四要以村土地利用规划为平台,统筹区域产业发展及其用地保障。     

创新驱动发展战略下鲁苏鄂科技创新政策制定实践及启示

创新驱动发展是一项系统工程，需要理论、实践和制度三者有机联系、充分互动。党的十九大以来鲁苏鄂三省从实践出发，制定出台了系列科技创新政策，系统归纳鲁苏鄂三省科技创新政策设计现状及设计理论，对于我国其他省市推动创新驱动发展具有重要的借鉴。     

TRADER TYPE EFFECTS ON THE VOLATILITY‐VOLUME RELATIONSHIP EVIDENCE FROM THE KOSPI 200 INDEX FUTURES MARKET

We investigate whether the trading activity generated by investors with different access to information and trading motives has positive or negative impact on index futures volatility. Surprises in non‐member institutional, individual and foreign investors' trading volume are positively associated with volatility in most of the cases. For member institutional investors, unexpected trading volume is positively related to volatility. Long‐run changes in the trading activity also affect volatility differently across trader types. Finally, allowing for time‐to‐maturity effects, surprises in open interest are associated with more volatility towards contract expiration, contrary to the negative effect we find during normal times.     

How do country regulations and business environment impact foreign direct investment (FDI) inflows?

How do multinationals choose which countries to invest in? This study addresses the essential question of the impact of regulatory variables in attracting or deterring foreign direct investment (FDI). We separate regulatory variables based on different stages of a firm’s life-cycle. Using World Bank data for 189 economies, we examine which host country regulatory factors influence inward FDI. We find that countries with stronger contract enforcement and more efficient international trade regulations attract more FDI. The interaction terms suggest that multinational companies are willing to trade-off a country's poorer institutional variable in return for another where the institutional variable is stronger. For example, multinationals are willing to invest in countries with less efficient entry and exit regulations in exchange for stronger contract enforcement. These results also have important implications for government policy reform.     

投资者特征与盈余公告后的漂移现象

本文以1999～2004年的上市公司为样本，研究了不同类型投资者对盈余公告后漂移（PEAD）的影响。研究发现，对于好消息，盈余公告后基金重仓持有股票的漂移小于非基金重仓持有的股票；但对于坏消息，基金重仓持有股票的漂移要大于非重仓持有股票的漂移。可能的解释是，基金重仓持有的股票如果公布的是好消息，说明与基金预期一致，所以这类股票的漂移比散户投资的利好股票漂移小；如果公布的是坏消息，则说明基金预期错误，此时基金等机构投资者会积极卖出，由于资金量大引起散户投资者跟着卖出相应股票，从而漂移比非基金重仓持有的利坏股票的漂移大。     

投资者法律保护、所有权结构与困境公司高层管理人员变更

在投资者法律保护较差的国家里,集中所有权结构被看成是能够替代投资者法律保护,有效发挥公司治理作用的机制。本文以2000—2004年上海证券交易所和深圳证券交易所152家ST公司为样本,实证检验当公司已陷入困境、被特别处理的情况下,集中所有权结构对公司高层管理人员变更产生的积极影响。实证结果表明,大股东持股比例与公司高层管理人员变更之间存在显著的正相关关系,不同的大股东持股比例对高层管理人员变更产生不同的影响作用。检验证据支持了LaPorta等人(2000)提出的关于投资者法律保护与公司治理的主流理论。     

Post-IPO Operating Performance, Venture Capital and the Bubble Years

Abstract:  We analyse the post-issue operating performance of 316 venture-backed and 274 non-venture UK IPOs 1985–2003. The finding of a statistically significant five-year, operational decline exhibited over the full sample period is not robust. Rather it is driven by the dramatic underperformance during the 1998–2000 bubble years while IPOs perform normally in the remaining years. Cross-section regression results indicate support for venture capital certification in the non-bubble years but a significantly negative relationship between operating performance and venture capitalist board representation during the bubble years. The bubble year underperformance is explained by market timing and by low quality companies taking advantage of investor sentiment.