Institutions,resources, and internationalization of emerging economy firms

An important step in the internationalization process of emerging economy firms is the shift from exports to foreign direct investment (FDI). We integrate the resource- and institution-based views to suggest that firms that can use unique institutional advantages are more likely to make this shift. We test these arguments with a longitudinal sample of 28,563 firm-year observations (1989–2005). We found that firms that are affiliated with a business group, have more firm- and group-level international experience, have more technological and marketing resources, and operate in service industries are more likely to shift from exports to FDI.     

The ‘credibility thesis’ and its application to property rights: (In)Secure land tenure,conflict and social welfare in China

Debates over tenure insecurity have been divided between those favoring private, marketable, and formalized property rights versus champions of grassroots’ customary and communal arrangements. By positing the “credibility thesis”, this article argues that it might be more insightful to move beyond concepts of formal and informal, private and common, or secure and insecure institutions, to leave the discussion about institutional form for a discussion about function. The notion of credibility does so by drawing attention to institutional function over time and space rather than to a desired form postulated by theory or political conviction. Apart from furthering the theoretical foundations on credibility and institutional functionalism, this article aims to develop its methodology and empirical study by taking China as a case study, with particular reference to its rural land-lease system, which is perceived to be highly insecure due to forced evictions and government intervention. Paradoxically, the study finds significant social support for the rural land-lease system and a low level of conflict. These findings might indicate that the form of the Chinese rural lease system (insecure tenure) is the outcome of its present function (provision of social welfare). Simultaneously, it was also found that when conflict does occur expropriation is a prime cause for it.     

环境税的生态补偿效应分析

环境税作为解决负外部性的一个重要手段,在生态补偿过程中发挥着重要作用。本文从经济效率、收入分配、就业、社会福利等几个方面分析了环境税的生态补偿效应,从而为我国生态环境税制的建立健全提供一定的理论依据。     

Metropolitan land-change science: A framework for research on tropical and subtropical forest recovery in city-regions

In efforts to promote transitions to sustainability in city-regions, government and nongovernment actors throughout the world are devising comprehensive sustainability strategies and implementing a variety of environmental policies. Social actors in many city-regions view forest stewardship as an important element of this integrated approach. Generally, urban sustainability goals are guided by the principles of ecological integrity, environmental quality, social equity, social inclusion, and social justice. In other words, sustainable urban development should foster a good quality of life for all by providing equitable access to adequate economic opportunity, housing, education, public services, ecosystem services, and environmental amenities. Governance structures should pursue these goals democratically with legitimacy, transparency, and accountability. Effective sustainability planning and management depend on the reliability of land-use monitoring and modeling approaches. They also require field-based, qualitative empirical research to understand the complex social dynamics that are invisible from space. The aim of this paper is to encourage international, cross-disciplinary dialogue on the conceptual, theoretical, methodological, and practical groundwork necessary to effectively carry out metropolitan land-change science, particularly for rapidly expanding small- and medium-sized cities in developing countries. I begin by presenting the paper's central conceptual and theoretical framework. Next, I explore existing analytical and methodological approaches to the study of land-use dynamics in metropolitan regions. After a brief discussion of specific opportunities and challenges for collaborative, interdisciplinary research in support of metropolitan land-change science, I conclude by proposing a four-part agenda for coordinated investigation of tropical and subtropical forest recovery in city-regions worldwide.     

优化营商环境的财税政策研究——以江苏省为例

近年来,江苏财政部门积极支持营商环境建设,贯彻落实减税降费政策,采取设立风险补偿资金池、引导社会资本投资、设立支持企业发展的奖补资金等举措,在优化营商环境方面取得一定成效,但在政策执行过程中还存在一些不足,如部分行业税负可能上升、无定价权的企业在税制改革中获益相对较少、减税降费"降成本"效应下降等,针对实际工作中存在的问题,还需要进一步增强"降成本"政策的协调性,采取完善增值税抵扣机制等措施。     

营商环境、企业家精神与技术创新关系研究

优化营商环境、激发市场主体活力是我国新时期推动经济高质量发展的重大举措。选取2009-2018年30个省市级面板数据,构建中介效应模型,实证分析营商环境质量对企业家精神的激励效应及技术创新的促进作用。研究发现：①营商环境优化对中国技术创新具有显著正效应,但其影响更多表现为资金供给而非制度供给;②企业家精神是营商环境与技术创新的中介变量,营商环境要素、企业家创新精神和创业精神激励结构对技术创新的影响存在异质性;③营商环境显性激励作用明显,但内生激励不足。研究结论可为持续优化营商环境、激发企业家精神、促进技术创新提供政策启示。     

异质性机构投资者差异化作用于双元创新投资吗 ——基于注意力基础观与市场迎合理论双重视角

基于2011-2020年沪深A股高新技术企业样本,探究公司治理框架下异质性机构投资者对企业双元创新投资的差异化作用机理,得出如下结论：①异质性机构投资者对于双元创新投资具有差异化影响,其中,专注型机构投资者更有利于双元创新投资;②专注型机构投资者影响决策者注意力资源配置,使其更注重探索性创新投资,临时型机构投资者基于市场迎合动机作用于开发性创新投资,且当管理层业绩和外部监管压力较大时,其对开发性创新投资的迎合动机更明显;③专注型机构投资者通过监督和激励管理层、提升企业风险承担水平作用于企业双元创新投资,临时型机构投资者通过丰富投资者情绪作用于开发性创新投资未得到验证;④产业政策有助于增强专注型机构投资者对决策者注意力的影响,使其更专注于探索性创新投资,同时也有助于提高临时型机构投资者的开发性创新迎合投资动机。研究结论为理解机构投资者差异化治理角色提供了一种新视角。     

机构侵害中小投资者违规监管博弈仿真

本文主要对股票市场中机构投资者侵害中小投资者利益这种违规行为的监管进行了博弈分析,并使用基于主体建模的动态仿真方法在Swarm仿真平台上建立了仿真模型,同时进行了仿真实验。研究指出,严厉的事前监管、完善的上市公司管理制度以及更高的监管者素质可以有效地杜绝机构投资者侵害违规行为的出现。本文通过运用经济仿真方法对股票市场具体违规行为监管问题进行研究,将股票市场监管、博弈论与经济仿真这三个研究领域结合在一起,拓展了对股票市场监管的研究手段,在经济学研究中做出了一定有益的探索。 更多还原     

金融生态环境、银行结构与银企关系的贷款效应——基于中小企业的实证研究

以深交所中小企业板上市公司在上市前的数据作为研究样本,本文实证考察了中小企业与银行之间的银企关系对其信贷融资可获性的影响,并在此基础上分析了银行规模与金融生态环境对中小企业的银企关系贷款效应的影响。实证结果显示,银企关系的密切程度对中小企业的信贷融资具有＂正＂向效应;金融生态环境的改善对银企关系的正向贷款效应具有促进作用;但不同规模的银行对银企关系的贷款效应无显著影响。本文的研究结果表明,在我国转轨经济条件下,广泛开展建立在银企关系基础上的关系融资技术有助于缓解中小企业融资难的问题,而金融生态环境的改善有助于此技术的开展,但银行业的市场结构对中小企业信贷融资无显著的影响。本文的研究结论为缓解中小企业融资难的问题提供了经验证据的支持。