Foreign Direct Investment,Institutional Voids,and the Internationalization of Mining Companies into Africa

The paper investigates the factors influencing the internationalization of mining firms into Africa and the strategies employed. We find that the three most important factors identified by mining houses as influencing their decisions to invest are all related to institutional voids particular to developing countries—security of tenure, political stability and poor infrastructure. South African firms have shown themselves to be adept to doing business in volatile political and institutional environments because of their experience within their home base with relatively weaker institutions. They have therefore developed advantages over multinational enterprises from industrialized countries to doing business in these new frontiers.     

Three Short Stories of Progressive Institutional Change

The process of institutional change is a fundamental theme in institutional economics. There are multiple avenues for forging institutional change — policies, laws, cultural norms, social movements, and social practices. I analyze three examples of progressive institutional change. While there are many to choose from, the three short stories focus on: (i) accounting for measures of housework and care work in GDP; (ii) transforming legal values through adoption of marriage equality in the United States; and (iii) interrogating the fresh-tomatoes food supply chain in order to achieve a penny-a-pound more in earnings for migrant field workers. Each of these examples of progressive institutional change involves changing values, a cumulative process.     

Emerging Consensus on Labour Market Institutions and Implications for Developing Countries: From the Debates in India

Abstract

This paper makes a critical intervention to on-going theoretical and policy debates in the economic analysis of labour market institutions (LMIs) in the context of recent debates in India. It focuses on the internal inconsistency of mainstream economic analyses of LMIs, in particular those based on the new institutional economics (NIE) approach, and what appears to be an emerging policy consensus on LMIs within the World Bank and the International Labour Organization (ILO). The paper draws out the possible ideological parallels in these two developments, despite different intellectual origins and intentions of those engaged in these debates. A corresponding modification in policy debates in India is observed in the shifting perspectives from the Second National Commission on Labour (SNCL) to the National Commission for Enterprises in the Unorganised Sector (NCEUS). The apparent emerging consensus in both the theoretical literature and policy debates reveals the tendency for researchers to focus on labour market outcomes and phenomenal forms of LMIs rather than the structures, processes, agencies and relations that underpin them. While this can be seen as an advancement from the traditional distortionist-institutionalist dichotomy, the tendency of this consensus to explain the persistence of seemingly inefficient institutions within the micro-level choice theoretic framework and its appeal to policy agendas on good governance, social capital, trust and civil society, render it vulnerable to appropriation by the mainstream. The paper argues that the emerging consensus on LMIs is an inadequate framework to inform effective policy propositions, and highlights the scope and opportunity for a political economy alternative.     

我国居民消费增长的未来趋势与现实抑制

经济增速维持高位、就业形势趋好、收入分配格局改善等利好因素支撑着我国居民消费的长期增长趋势。但是,消费率偏低仍然是困扰我国经济发展方式转变的主要困难。收入分配差距大、公共服务不健全、消费环境不佳、通货膨胀、外部不确定性等矛盾同时制约着消费增长。必须长期制度创新与短期政策优化相结合,力促居民消费增长。     

两权分离与公司治理的演进——英美经验与我国实践

公司治理的演进过程也是所有权和控制权以及经营权分离的过程。通过对英美国家公司发展不同时期两权分离的历史考察,发现两权分离与公司治理演进之间存在依存关系：两权分离依次经历了所有权和经营权分离、所有权和控制权分离、控制权和经营权分离和同股不同权等阶段,不同形式的两权分离带来不同的公司治理问题,从而产生相应的治理手段,推动着公司治理的演进。通过对中国企业改革和发展过程的历史回顾也证明了两权分离与公司治理之间存在共同演进关系。针对研究发现,最后提出了我国公司治理改革的方向性建议。     

区域合作的制度基础:跨界治理理论与欧盟经验

区域合作是促进区域协调发展的重要形式。如何克服现有行政区划障碍与解决各合作方经济发展不平衡这“两个难题”是保证合作可持续发展的关键。解决这两个难题不是一个单纯的基于比较优势理论的资源配置或产业分工的问题,而是要建立合作的制度基础。文章尝试从“跨界治理”的视角,借鉴欧盟的跨界治理经验,研究我国区域经济合作的制度基础,提出建立一个符合市场经济原则的跨界治理体系,为推动中国区域经济合作提供一种新的路径参考。     

中国机构投资者投资分散不足的实证检验——以基金公司为例

从目前各个国家和地区的投资实践来看,大量证据显示,投资者并没有按照标准化的投资组合模型去分散投资,而是表现出明显的“投资分散不足”。文章以基金公司作为机构投资者的代表,对我国投资市场上投资的分布状况进行了研究,证实了在我国的金融市场上投资分散不足现象也是存在的。     

水信息披露、机构投资者与股价同步性

基于2010-2016年中国A股高水敏感行业的322家上市公司数据,实证检验水信息披露对股价同步性的影响,以及机构投资者的调节效应。研究表明：水信息披露对股价同步性的影响呈倒U型,且在民营企业样本中尤其显著。在国有企业样本中,机构投资者的加入能促使水信息披露更好地融入股价;在民营企业样本中,只有在高水信息披露水平下,机构投资者才能更好地发挥调节作用。     

人民银行县(市)支行审计监督研究——基于内设机构调整视角

2016年人民银行济南分行试点实施了辖区县(市)支行内设机构调整,将县支行原有的内部监督检查职能上收至地市中心支行。本文首先分析了内设机构调整后县支行审计监督的现状,其次分析总结目前县(市)支行存在“审计资源受限明显”等四个方面的困难和问题,最后提出了强化县(市)支行审计监督的改进思路和措施。     

安徽省党建引领信用村建设制度优势与实践思考——以安徽省为例

作为促进现代金融和农村经济耦合发展的重要制度安排,农村信用体系建设是助力乡村振兴战略、金融精准扶贫、普惠金融发展的必要条件。2019年,安徽省委组织部牵头多部门联合出台了《关于选点开展党建引领信用村建设工作方案》,在全省13个地市选择基层党建基础较好、经济发展条件较好、信用体系建设水平较高的26个乡镇开展试点工作。实地调研发现,党建引领信用村建设充分发挥了基层党组织的宣传功能、组织功能、服务功能,促进了党建与业务深度融合。为推动全省农村信用体系高水平建设、高质量发展,应当从思想上强化使命担当,永葆攻坚克难干事创业本色;从行动上坚持以新发展理念为指导,提高统筹贯彻新发展理念的能力和水平。