Evaluating the efficiency and productivity change within government subsidy recipients of a national technology innovation research and development program

This study analyzes the efficiency and productivity change within government subsidy recipients of a national technology innovation research and development (R&D) program. We examine 6,990 government‐sponsored, completed R&D projects during the last three performance follow‐up survey years from 2010 to 2012, and present a design of the sample of panel data to cope with the typical R&D performance time lag using a set of massive observations associated with completed R&D projects for the past 7 years from 2005 to 2011. In particular, data envelopment analysis is adopted to measure the efficiency and productivity change, which is measured in the Malmquist index. Parametric and nonparametric statistical tests are carried out to check for statistically significant differences among the characteristics regarding the types of government subsidy recipients. This study's major findings are as follows. First, during the entire period analyzed (2010–2012), there was a similar yearly pattern of statistically significant differences in the government subsidy means among the recipient types. In contrast, there were no obviously equivalent differences in the efficiency and productivity change. Second, the productivity had increased year on year, but the increments were reduced from year to year. Third, the productivity change was induced mainly by the Frontier‐shift, which indicates overall technology innovation progress, compared with the Catch‐up, which only indicates a simple increase in the efficiency. In particular, in this empirical analysis, the recipient types of ‘national laboratory’ and ‘large company’ had relatively larger sizes of government subsidies per project. However, the efficiency and productivity change of these types was not better than the others. This implies, therefore, that the government should control the ratio of the subsidy to the total R&D budget with an appropriate upper limit.

• I empirically evaluate the productivity change within a national technology innovation R&D program.
• I design a sample of panel data to cope with the typical R&D performance time lag using massive observations.
• There is no obvious relationship between the government subsidy size and R&D productivity change.
• Some particular types of government subsidy recipient are inferior in terms of R&D productivity change.
• It practically implies that the government should control the ratio of the subsidy to the total R&D budget.

     

论超强有效市场

考虑到信息不对称、信息尤其是前瞻性信息的获得需要花费较高成本等因素,本文认为即使市场实现了强式有效,也不意味着经济效率就必然会实现.鉴于此,文中放松了有效市场理论的假设,考虑了前瞻性信息生产的不确定性,提出了超强有效市场的概念,并构造了一个超强有效均衡的模型.本文指出只有存在充分有效的激励和约束机制,使得投资者和经理都能努力生产关于公司潜在投资项目的前瞻性信息,并且经理会对股价传递的信息做出积极的反应时,股票市场才会真正在实现信息效率的同时充分发挥优化资源配置的功能.     

金融中介发展对中国技术效率影响的实证分析

本文运用随机前沿技术实证分析了金融中介发展对我国技术效率的具体影响。分析结果指出,金融中介发展对于我国技术效率的影响具有明显的区域差异特性。在东部地区,金融中介发展有利于技术效率的增长;但从全国范围来看,这种积极作用发生了逆向变化。     

黄金上市公司经营效率的动态评价

黄金上市公司的经营效率水平是衡量我国黄金产业综合竞争实力的最重要标准。文章采用Malmquist指数方法,依据我国黄金上市公司2007-2012年的面板财务数据,从动态角度对我国黄金产业的效率水平及演化趋势进行了分析与评价。研究表明：2007-2012年,我国黄金上市公司的平均全要素生产率呈现年均5％的衰退趋势;技术进步效率是制约我国黄金上市公司全要素生产率提高的主要因素;考察期内,综合技术效率、纯技术效率和规模效率均未发生明显的增减变动。     

金融危机传染实证研究

本文在梳理金融危机传染的定义,分析金融危机传染的机理,介绍Copula函数的金融危机传染检验方法的基础上,通过运用多种静态Copula和动态Copula函数对金融危机传染进行了分析。主要结论包括三个方面：一是金融危机时期,中国股市下跌与美国股市下跌在一定程度上存在联动,但中国股市的波动也有一定独立性;二是全球金融危机后,国内股市和债市呈现显著负相关性关系;三是从国内金融机构看,不论是否处于危机期间,国有商业银行之间、国有商业银行与中小型银行之间的风险传染并不明显,中小型银行之间风险传染较强,但不是由金融危机引起的,而是由其他因素导致。     

Toward a Horizonal Theory of Justice: Efficiency,Equity, Rights and Capabilities in a Free Market Economy

The theory of planning horizons and their relation to pricing, conscience and learning has been explored in some detail in terms of efficiency attributes and ecological health (Jennings 2003, Journal of Economic Issues 39:365-373, 2005, 2007a, b, 2008a). This paper addresses the equity implications of planning horizons in terms of the social role and importance of justice, rights and capabilities in a free market economy. From my earlier work, cooperation—not competition—is seen as the means to longer and broader horizons in an efficiency frame, mitigating any alleged tradeoff against equity issues. The impact of longer horizons on fairness and justice in terms of intentions and outcomes along with rights and capabilities still remains unexplored. This paper reviews the normative aspects of planning horizons, showing how ethical and ecological conscience spreads with horizon effects, strengthening goals of fairness and the internalization of social effects. In this setting, capabilities and empowerment are enhanced by respect for human rights, as social conscience spreads through interhorizonal complementarities. The features of a long-horizon world differ from myopic contexts, specifically in the relation of efficiency to other goals. This paper examines that difference in terms of its equity aspects, with regard to social justice and the role of rights and capabilities in economic cultures.     

Efficient resource allocation under multi-unit demand

We study resource allocation with multi-unit demand, such as the allocation of courses to students. In contrast to the case of single-unit demand, no stable mechanism, not even the (student-proposing) deferred acceptance algorithm, achieves desirable properties: it is not strategy-proof and the resulting allocation is not even weakly efficient under submitted preferences. We characterize the priority structure of courses over students under which stability is consistent with strategy-proofness or efficiency. We show that stability is compatible with strategy-proofness or efficiency if and only if the priority structure is essentially homogeneous. This result suggests that efficient allocation under multi-unit demand is difficult and that the use of stable mechanisms may not deliver desirable outcomes.     

股权性质、环境不确定性与技术资本配置效率

技术转化为资本,资本创造价值已经成为共识,技术资本在不同公司创造价值的作用程度不同,根源是技术资本配置效率问题。选取沪深两市2008-2013年间制造业上市公司为样本,检验了基于不同股权性质的公司环境不确定性对企业技术资本配置效率和价值的影响,研究结果表明：①企业环境不确定性程度越高,技术资本配置效率越低,并且技术资本配置偏离度在国有公司中表现为配置过度,在非国有公司表现为配置不足;②在股权性质为国有的公司中,由环境不确定性引发的技术资本配置偏离将降低企业价值,在非国有控股公司中,由环境不确定性导致的技术资本配置偏离将增加企业价值。     

国家科技创新能力时空差异性评价

科技创新规模扩张和科技创新效率提升是增强国家科技创新能力的两条关键途径。基于现有研究鲜有结合科技创新规模和科技创新效率开展国家科技创新能力评价的现状,采用因子分析法,系统筛选国家科技创新规模影响因素,并结合科技创新效率影响因素,完善国家科技创新能力评价指标体系,通过构建DEA Malmquist指数模型,评价不同时期国家科技创新效率变化指数,以及中国与全球10个国家科技创新能力的时空差异性。研究表明,R&D投入强度、R&D研究人员、专利申请量、科技期刊文章数、高科技产品出口额占制成品出口总额的百分比、科技创新效率是影响国家科技创新能力的关键指标;1991-2014年中国科技创新能力水平呈指数增长态势,有力提升了国家科技实力;全球10个国家科技创新能力水平除日本出现一定波动外,其余九国整体呈小幅递增态势。     

中国工业行业间的资源错配与效率损失研究

文章旨在资源配置与总量生产率框架下研究提升行业间资源配置效率在启动内需动力和构建国内大循环为主体的新发展格局中的重要作用。文章以1999-2013年中国工业企业数据库为研究样本,采用陈永伟、胡伟民（2011）建立的引入中间投入要素的资源配置效率研究框架,测度了资本、劳动和中间投入错配造成的效率损失和产出缺口。研究发现：（1）考察期行业间的劳动、资本、中间投入三大要素对产出的扭曲变动效应均为负数,表现为中间投入扭曲带来的影响>资本扭曲带来的影响>劳动扭曲带来的影响,中间投入的影响最大且呈现扩大趋势。（2）资源错配造成的产出缺口平均为8%。其中资本错配造成的效率损失约为劳动错配造成效率损失的2倍,中间投入造成的资源错配效率损失约为劳动错配造成效率损失的4倍。（3）工业产出和TFP变动的分解表明,要素投入增长依旧是中国工业发展的决定性因素,各行业TFP的提升主要动力源于各个行业总体TFP的增长,份额效应和扭曲改变效应微乎其微。（4）资源错配影响因素的分析表明,行业集中度越高、国有企业比重越大的行业存在不同程度的资本和中间投入过量问题。文章研究表明加强中间投入的资源优化配置对于启动内需和构建双循环体系有着重要的意义。