Venture capital in China: Past,present, and future

This article reviews the literature on venture capital in China and examines where China’s venture capital industry has been and where it is likely to go in the future. Since the 1980s, venture capital in China has grown steadily alongside the robust national economy. The future is likely to offer even greater opportunities, as entrepreneurs are encouraged and property rights improve. However, there will also be a period of transition as the market continues to mature and as new legal structures and commercial arrangements emerge. Venture capital in China has many interesting differences from that in Western countries. The venture capital industry is shaped by the institutional context and China is no exception to this. This article also examines some specific differences between the system in China and that of the United States. Future prospects for venture capital are also appraised as China continues its transition to a market economy.

Agriculture in transition economies: from common heritage to divergence

The 23 former socialist countries in Central and Eastern Europe (CEE) and the Commonwealth of Independent States (CIS) started the transition in 1989–1990 from a common institutional and organizational heritage, represented by the Soviet agricultural model. Despite the common heritage in agriculture, the reform policies in CEE and CIS diverged from the start, as significant differences emerged between the two groups of countries in legal attitudes to private land ownership, transferability of land, the extent of agricultural privatization and individualization, and restructuring of farms. This divergence in the implementation of agricultural reform has led to divergence in standard development measures: the CEE countries are outperforming the CIS countries by growth in GDP and agricultural product since 1992; the productivity of agricultural labor in CEE is generally increasing, and in CIS it is decreasing. While the CIS countries at best can be characterized as reluctant reformers, the CEE countries have achieved significantly higher levels of economic and institutional reform. Better performance in CEE is associated with greater readiness of the governments in these countries to implement a comprehensive package of economic and social reform policies, including more radical land reform and deeper individualization and restructuring of agriculture.     

流转税制与所得税制的比较研究--中国税收CGE模型的应用

本文建立了一个静态税收可计算一般均衡（CGE）模型,模拟中国的经济运行情况。在此基础上,从流转税制和所得税制两种不同类型的税制模型入手,分析了包括增值税、消费税和营业税在内的中国绝大部分工商税种,并模拟几种征税方案进行比较研究,得到“我国应尽快改现行流转税制更有利于经济发展”重要结论。同时,本文也实现了CGE模型定量分析在中国财税政策的应用。     

中国货币政策传导有效性之实证分析

文章运用时间序列分析的方法,研究在中国人民银行间接调控货币政策的新时期,在中国资本市场规范成长的新阶段,中国货币政策传导到中国资本市场的渠道的有效性。实证结果表明:中国货币政策能够通过利率渠道、通货膨胀率渠道和货币供应量渠道有效地传导到中国资本市场。     

Enhancing or inhibiting: The impact of investment in political ties on the link between firm innovation and productivity

Whether investment in political ties enhances or inhibits firm innovation has not been well understood in the literature. Theoretically, proactive use of political ties could help firms gain favourable political resources, thereby enhancing the effectiveness and efficiency of firm innovation activities. However, investment in political ties might conflict with innovation in internal resource orchestration processes. Based on a sample of 9693 firms across 27 transition economies, I find that the effect of investment in political ties on the link between innovation and productivity is based on type of innovation and type of political investments. Although bribery does not show any significant influence on the link between either product or organizational innovation and firm productivity, managerial time invested in political ties weakens the positive relationship between organizational innovation and productivity.     

From central planning towards a market economy: The role of ownership and competition in Vietnamese firms’ productivity

This paper examines the role of ownership and market competition in Vietnamese firms’ total factor productivity (TFP) from 2001 to 2011. Making use of a large panel dataset of manufacturing firms, we find that, on average, both foreign-owned enterprises (FOEs) and state-owned enterprises (SOEs) have performed better than privately owned enterprises (POEs) in terms of their TFP levels. However, while FOEs’ TFP ranked the highest in the period 2001–2006, SOEs “closed the gap” in the period 2007–2011. Moreover, we find that market competition has been effective in enhancing average firm productivity and in reducing the gaps in efficiency across ownership types. SOEs’ remarkable performance may be linked to several concurrent factors experienced during the period 2001–2011, namely, the process of restructuring the state sector during the 2000s, the increased economic integration due to the country's accession to the World Trade Organization (2007) and, finally, the preferential access to financial capital and land granted to SOEs. While some evidence supports SOEs’ equitization as an explanation for their remarkable productivity performance, WTO accession and cheaper access to inputs do not fully explain it.     

Informal employment relationships and the labor market: Is there segmentation in Ukraine?

One of the most important factors that determine individuals’ quality of life and wellbeing is their position in the labor market and the type of jobs that they hold. When workers are rationed out of the formal segment of the labor market against their will, i.e., the labor market is segmented, their quality of life is limited, and their wellbeing is reduced. When they can freely choose between a formal or informal employment relationship, i.e., the labor market is integrated, their wellbeing can reach high levels even in the presence of informal employment. We, therefore, test whether the Ukrainian labor market is segmented along the formal-informal divide, slicing the data by gender and age. The analysis that we perform consist in the analysis of short-term and medium-term transitions between five employment states, unemployment and inactivity. We also analyze wage gaps of mean hourly earnings and across the entire hourly earnings distribution, controlling for time-invariant unobserved heterogeneity. According to our results segmentation is present for dependent employees: for a large part of informal employees informal employment is used as a waiting stage to enter formal salaried employment and is not voluntarily chosen. As far as self-employment is concerned the evidence is mixed regarding segmentation in the Ukrainian labor market. This heterogeneity in outcomes implies that not all informal work is associated with a low quality of life and reduced wellbeing in post-transition economies.     

社会—技术系统可持续转型阻力及治理研究——基于利基保护空间思路

可持续转型研究是一个发展迅速的新领域,旨在解释社会-技术系统转型如何发生以及如何治理，其理论影响日益显著。然而，当前实践表明，以能源、交通为代表的系统转型进程依然相当缓慢，因此厘清转型进程中的阻力具有重要意义。归纳分析系统转型的基本要求以及转型动态过程和机制，从产业结构、基础设施、知识基础、市场和消费需求结构、公共政策与政治力量及社会认知6个方面分析社会-技术系统中现行非持续体制，对新的可持续技术利基发展和转型进程构成阻力。在现行技术体制稳定情况下，加速转型进程必须扶持技术利基成长，从防护、培育、赋能3个方面建立和强化利基保护空间功能,突破体制路径依赖。最后，从“谁治理、治理什么、如何治理”3个问题切入，提出在利基保护空间动态发展过程中，政策制定者需要以治理思维推进其战略管理。     

Labor reallocation and demographics

We explore data from all transition economies over nearly two decades, providing insights on the mechanisms behind labor force reallocation. We show that worker flows between jobs in different industries are rare relative to the demographic flows of youth entry and elderly exit. The same applies to the flows between state-owned enterprises and private firms. In fact, evidence suggest that changes in the demand for labor were accommodated mostly through demographic flows, with a smaller role left for job transitions. We also show that the speed of changing the ownership structure in the economy has driven exits to retirement, in particular the early exits.     

台湾服务产业发展特点与前景

目前台湾经济正步入新一轮转型期,服务产业的发展成为台湾经济发展及解决就业的主要动力;但近年随着台湾主导产业的加速外移以及人均收入增幅趋缓,台湾服务产业发展也面临诸多瓶颈。本文拟对台湾服务产业发展的特点、问题及前景作些分析。