Does Public Firms’ Mandatory IFRS Reporting Crowd Out Private Firms’ Capital Investment?

We investigate how the mandatory adoption of International Financial Reporting Standards (IFRS) by publicly listed firms in the European Union affects peer private firms. We find that private firms’ capital investment decreases significantly after the IFRS mandate, relative to public firms. Private firms also display decreased investment when benchmarked against firms relatively insulated from the impact of the IFRS mandate, but the magnitude of the effect is smaller in this case. These results are consistent with the hypothesis that mandatory IFRS reporting (combined with other reforms), while increasing public firms’ financing and investment, crowds out funding for private firms. The effect is more pronounced for larger private firms and in industries where public peers have greater external financing needs. Our evidence suggests that financial reporting regulations cause shifts in resource allocation in an economy.     

Staging a comeback? The influencing mechanism of tourist crowding perception on adaptive behavior

An increasing number of studies have recently elucidated the serious negative effects of tourist crowding. However, how tourists cope with crowding and adopt adaptive responses remains unclear. Thus, this study qualitatively identified the mechanism of tourist crowding perception of adaptive behavior from interviewees and then quantitatively validated the mechanism through the mediation of tourist fatigue and negative emotions, as well as the moderation of peer emotion contagion. Tourists were more likely to return to a destination and engage in temporal replacement behavior through the mediating effect of tourist fatigue, but it was also found that peer emotional contagion interferes with two paths that explain how tourist crowding perception influences tourist emotion change or state variation, impacting adaptive behavior responses. Consequently, we recommend diverting tourists, focusing on alleviating fatigue and negative emotions and channeling the peers’ negative emotions to mitigate the negative impact of tourist crowding.     

社会信任如何影响农户土地转出行为？

研究目的：依据人际关系亲疏将社会信任分为特殊信任与一般信任，理论分析两类信任对农户土地转出对象选择的影响及在市场化进程中的动态变化。研究方法：扩展回归模型（ERM）和调节效应模型。研究结果：社会信任在土地资源配置中发挥了关键作用，特殊信任有助于土地熟人转出，促进作用随市场化水平提升而减弱；一般信任有助于土地非熟人转出，促进作用随市场化水平提升而增强。研究结论：中央持续推动农村土地流转和规模经营的政策目标是实现土地资源从低效率经营主体流向高效率主体，因此，促进市场主导型的非熟人流转更加符合顶层设计的初衷；本文可以为坚持和完善我国土地流转政策提供证据支撑，市场化进程削弱了特殊信任的熟人转出优势，建设一般信任对于推动农业现代化和劳动力转移具有更深刻的意义。     

社会拥挤对游客消费行为的影响

通过文献分析法和问卷调查法建立概念模型和数据收集，利用结构方程模型检验3个不同类型（自然观光类、文化主题类、演艺主题类）景区的社会拥挤对游客消费行为（退缩行为、补偿性消费和体验性消费）的影响及其差异。研究表明：①相对于演艺主题类景区，文化主题类的社会拥挤更容易引起游客退缩行为，而相对于文化主题类景区，自然观光类景区的社会拥挤更容易引起游客退缩行为；相对于演艺主题类景区，自然观光类景区更容易引起游客补偿性消费行为；相对于自然观光类景区，文化主题类景区的社会拥挤更容易引起游客补偿性消费；社会拥挤对游客的体验性消费没有显著影响。②情绪智力显著中介社会拥挤与游客退缩行为和补偿性消费的关系；但情绪智力无法中介景区拥挤对游客体验性消费的影响，以此解释了中国游客“热衷排队”的现实悖论。研究可为景区容量管理及游客体验质量提升提供一定理论支持和贡献。     

延长退休年龄挤占就业岗位吗?——基于安徽省芜湖市的调查

随着经济发展,人们预期寿命的延长,中国人口老龄化问题也越来越突出,这在一定程度上给我国的社会保障制度带来了一系列影响。为缓解人口老龄化对于社会保障的压力,有学者提出延长退休年龄的设想。但延长退休年龄遭到了社会某些方面的质疑,主要顾虑是它会挤占当前的社会就业岗位。论文以安徽芜湖市为例,通过问卷调查方式对相关问题进行了实证检验,结果表明延长退休年龄并不会挤占社会就业,相反长期来看还会促进社会就业。     

Does going abroad lead to going green? Firm outward foreign direct investment and domestic environmental performance

This study examines whether and how outward foreign direct investment (OFDI) affects firms' domestic environmental performance. We use both the reverse knowledge transfer and resource crowding perspectives to predict the association. Using a sample of Chinese firms, we find that firms' environmental performance improves after the initiation of OFDI, which is consistent with the reverse knowledge transfer perspective. Furthermore, we find that when the host countries of OFDI are developed countries, have stricter environmental regulations, and are characterized by higher values for the long-term orientation and masculinity dimensions of national culture, firms enjoy a further improvement in environmental performance. Our channel tests show that firms' domestic green patent applications and their investment in research and development increase after the initiation of OFDI.     

“神雾系”控股股东股权质押：“支持”亦或“掏空”？

民营企业集团控股股东股权质押到底是“支持”还是“掏空”，选取“神雾系”作为案例研究对象，分析了“神雾系”控股股东股权质押的资金流向和经济后果，并进一步讨论了股权质押“支持”和“掏空”上市公司的条件及路径。研究发现：“神雾系”质押资金一方面用于缓解融资困境、垫付重大合同预付款、维持基本运营的需要，支持了企业发展；另一方面用于关联交易进行利益输送、违规担保，引发财务造假、债务违约、业绩对赌失败等后果，最终股价下跌、被迫退市。可见，民营企业集团股权质押行为会同时表现出“支持”和“掏空”两种动机，在企业积极创新、专注主业、行业发展前景良好的情况下会利用质押资金“支持”企业发展；在产权结构不明晰、筹资渠道单一、治理结构不稳定、质押状态的交易笔数异常、行业发展受限的情况下会“掏空”上市公司，损害中小股东利益。     

中国通用航空产业补贴效率及最优补贴制度研究—以低空飞行服务业为例

补贴效率是检验补贴制度设计合理性、运行有效性的核心标准。研究发现,我国通用航空飞行服务业补贴制度存在相对供给挤占、暂时性收益陷阱、恶性亏损经营和资金体内循环4类突出的效率损失及福利侵蚀问题,补贴对通航运营企业经营效益提升无显著影响。立足补贴效率受损形式并顺应有效供给和需求严重不足的产业发展矛盾,以社会福利和外部性为核心,从结构重塑、机制优化两个维度出发,全面建立我国通用航空飞行服务业补贴制度并探讨最优补贴边界,最大化补贴效益。首先,以需求二维影响机制为理论支撑,搭建“需求侧保险费率补贴制度+供给端弹性补贴计划”的双侧补贴模式,减缓有效供需规模偏小对企业短期非理性补贴行为的过度激化。其次,从调整补贴标准、丰富补贴层次、规范补贴流程、定位补贴属性4个方面着手深度优化供给侧补贴计划,并以应用事后补贴安排、筹建再保险补贴基金的形式细化需求侧补贴内容,以期最大程度减少补贴效率损耗对预期补贴福利的影响。