金融科技能影响金融分权吗? ——来自金融科技信贷的证据

金融科技正在变革全球金融体系、鼎新世界金融格局。那么，金融科技在改变中国金融业格局的同时，是否会影响中国中央和地方之间的金融分权呢？本文在理论分析的基础上，使用2010—2018年中国31个省级区域的面板数据进行实证检验，结果表明金融科技降低了地方政府的金融分权水平。进一步讨论发现：金融科技对金融分权的抑制效应受到财政分权和城镇化率影响，财政分权越大的地区，金融科技对金融分权的抑制效应越明显；城镇化率越高的地区，金融科技对金融分权的抑制效应越小；在中国区域经济发展不平衡的现实背景下，金融科技对金融分权的抑制作用在金融发展欠发达地区比在较发达地区更强。     

Digital sport entrepreneurial ecosystems

The entrepreneurial ecosystems literature has increasingly explored network relationships between different stakeholders, as well as the role of context. This article addresses the challenge of including a sport context in the entrepreneurial ecosystem literature thereby contributing to the sport entrepreneurship literature by bringing insights from entrepreneurship ecosystem research. In‐depth interviews of football stakeholders in the sport entrepreneurship ecosystem are conducted in terms of understanding the emergence of digital sport start‐ups. The issues raised help explore the changing nature of digital entrepreneurial ecosystems to take into account new sport technological advances. Mixed embeddedness theory is used as the conceptual foundation to understand sport digital entrepreneurial ecosystems. Key management practices are identified in terms of sport start‐ups participating in entrepreneurial ecosystems. The article concludes by making suggestions for future research.     

A new innovation paradigm: European cohesion policy and the retreat of public science in countries in Europe's scientific periphery

This article seeks to undertake a critical assessment of the changing position of public science in the entrepreneurial ecosystem of the countries on the periphery of European research. These countries are driven by new innovation paradigm based on entrepreneurship, which are implemented within the European Smart specialization strategy (S3). This article argues that S3 is widely implemented in the cohesion countries and, while it provides substantial resources for science, technology, and innovation, it fails to provide sustainability in the public research sector. This has direct implications for policies concerning innovation and entrepreneurial ecosystems. In order to prove the thesis, the article provides theoretical argumentation for emergence of a new innovation paradigm, driven by the rise of the entrepreneurial ecosystem, its incorporation into S3, and a consequent retreat of science policy in favor of entrepreneurial policy. The empirical analysis is focused on the funding trends seen in the business and public research sectors over the last decade (2008–2017), which have clearly shown that S3 has not contributed, despite expectations, to an increase in public expenditure for science. This signifies S3's neglect of public research within entrepreneurial ecosystems and challenges the ability of S3 to reduce wide disparities in research and innovation performance across the European Union. This ultimately endangers the innovation potential of the entrepreneurial ecosystem itself.     

Personalized goal-based investing via multi-stage stochastic goal programming

In this paper, we propose a goal-based investment model that is suitable for personalized wealth management. The model only requires a few intuitive inputs such as size of wealth, investment amount, and consumption goals from individual investors. In particular, a priority level can be assigned to each consumption goal and the model provides a holistic solution based on a sequential approach starting with the highest priority. This allows strict prioritization by maximizing the probability of achieving higher priority goals that are not affected by goals with lower priorities. Furthermore, the proposed model is formulated as a linear program that efficiently finds the optimal financial plan. With its simplicity, flexibility, and computational efficiency, the proposed goal-based investment model provides a new framework for automated investment management services.     

Forest governance and economic values of forest ecosystem services in Vietnam

Forest ecosystems deliver valuable services to humanity. However, many forests are being degraded and their services have been undervalued. The main problem lies in the inadequate institutional arrangements for forest governance. This paper aims to assess the effects of alternative forest governance arrangements on the provision and economic values of forest ecosystem services (FES) in Vietnam. The study presents a framework for mapping land use and land cover (LULC) change stemming from actual and hypothetical changes in forest governance regimes, quantifies the resulting changes in the provision of FES, and estimates the associated economic values. In the context of the study site in the North Western uplands of Vietnam, we test three alternative forest governance scenarios: business as usual, with a dominant government role; a community-based governance regime; and a private, individual-based forestry governance regime. Scenarios are based quite closely on the way these regimes are (or might be expected to be) implemented in Vietnam. For each forest governance scenario, we map LULC changes based on land suitability analysis and transition likelihood for the period 2010 − 2020. The resulting maps are used as inputs into the InVEST (Integrated Valuation of Environmental Services and Tradeoffs) model, which is used to estimate the quantity of three specific FES: carbon storage/sequestration, sediment yield, and water yield. We apply economic valuation methods to value these services: the social cost of carbon is used to estimate the economic values of carbon storage/sequestration; the cost of removing sediment deposited in reservoirs is applied for valuing the reduction of sediment yield, and the residual value of water supply for hydropower generation is used for valuing water yield. The results show that forest governance regimes have a significant effect not only on forest LULC, but also on the quantity and values of FES derived from forests. The FES are differentially affected by alternative forest governance regimes: some FES increase in quantity and value under some governance regimes and decrease under others. Of the three forest governance regimes examined, there is no one regime that will always be ‘better’ than the others in terms of provisioning all considered FES. For the specific context of Vietnam, we find that the private forest governance scenario is inferior to the community-based governance scenario, as an alternative to the current state-based governance. Because our results pertain to the scenarios as constructed, rather than generally to broad categories of governance regimes, there remains the possibility that regimes can be constructed that outperform all of those examined here.     

Entrepreneurial ecosystems and the public sector: A bibliographic analysis

Entrepreneurial ecosystems represent an active and growing area of research. Recognized as a contributor to foster regional competitiveness by stimulating economic growth and promoting innovativeness, interest in the concept spans across disciplines. Despite evolving and inter-disciplinary discussions on entrepreneurial ecosystems, a comprehensive understanding of the research directions and latest developments in the field is elusive. At the same time, a clear understanding of the current lay of the land is necessary to assist in public sector decision-making and policy development. To address this gap, this bibliometric study presents a bibliographic analysis of extant literature in the field, as referenced as the focal topic of concern in academic journal articles spanning 1995–2019. The aim is to provide an overview of the origins of the entrepreneurial ecosystems concept in literature, to offer insight into key concepts that have emerged in research over the past twenty-five-years. The paper employs bibliographic techniques to track knowledge, identify trends, and highlight the primary emerging patterns and conceptual clusters. The analysis offers a map of the covered territory and facilitates the identification of gaps and under-researched areas in the field, with a particular focus on public sector interaction. Using the visualization of similarities, VOSviewer, software tool, citation, co-citation, co-authorship, as well as the co-occurrence of keywords are presented to offer a comparative overview of the diverse representation of entrepreneurial ecosystems developments across disciplines, countries, institutional clusters, networks and teams.     

Social media-based analysis of cultural ecosystem services and heritage tourism in a coastal region of Mexico

Understanding spatial patterns of visitation and benefits accrued to different types of natural and cultural heritage tourists may have important implications for the sustainable management of their destinations. We investigate cultural services accrued to local, domestic and international visitors to the Usumacinta floodplain, a coastal region with one of the highest biological and cultural diversities in Mexico. We combine analysis of social media photographs and high-resolution land cover mapping to identify different cultural services and their association with specific ecosystem and land cover types. Hotspots for international tourists are spatially restricted to well-known and accessible sites. Locals are 2.2–2.5 times more likely than international visitors to be associated with aesthetic appreciation and birdwatching. Locals upload more photographs of coastal lagoons, mangroves, beach and sea. Results are analyzed in light of land cover changes in the region and provide valuable information to decision makers for improved tourism management and conservation strategies.     

Unraveling determinants of inferred and stated attribute nonattendance: Effects on farmers’ willingness to accept to join agri-environmental schemes

Attribute nonattendance (ANA) has received very little attention in the context of willingness to accept (WTA), although an increasing number of studies analyze the preferences of ecosystem service providers toward incentive-based schemes. We add to the understanding of ANA behavior by analyzing stated and inferred ANA in a choice experiment investigating farmers’ WTA for participating in agri-environmental schemes (AES) in southern Spain. We use mixed logit models, following Hess and Hensher for the inferred ANA approach. Evidence is found of ANA behavior for both stated and inferred approaches, with models accounting for ANA clearly outperforming those that do not account for it; however, we produce no conclusive results as to which ANA approach is best. WTA estimates are only moderately affected, which to some extent is consistent with the low level of non-attendance found for the monetary attribute. Stated and inferred approaches show very similar WTA estimates. Additionally, we investigate sources of observed heterogeneity related to ANA behavior by using a sequence of bivariate probit models for each attribute. Overall, our results hint at a positive relationship between ease of scheme adoption and nonattendance to attributes. However, further research is still needed in this field.     

金融科技对传统银行行为的影响——基于互联网理财的视角

本文使用2011-2015年263家银行的年报数据和北京大学数字金融研究中心基于蚂蚁金服用户数据构建的地市级数字金融普惠指数,探究金融科技的发展对银行行为的影响。研究发现金融科技的发展实质上推动了一种变相的利率市场化,改变了银行的负债端结构,使得银行负债端越来越依赖于同业拆借等批发性资金。负债端结构的改变导致银行资产端风险承担偏好上升,但是借贷利率和净息差都有所下降。即银行选择了更高风险的资产来弥补负债端成本上升所造成的损失,但并没有将成本向下游企业转移。此外,本文还发现规模越大的银行受到金融科技的冲击越小。