主办券商声誉机制对新三板挂牌企业会计信息质量影响的实证研究

新三板作为完善我国多层次资本市场的重要举措,在扩宽企业融资渠道、促进实体经济 发展等方面发挥着重要作用,然而信息披露质量不完善仍是制约新三板挂牌企业发展的重要因素。 基于企业会计信息质量视角,文章以 2006-2015 年新三板挂牌企业为研究样本,探讨主办券商声 誉机制是否能够发挥相应的治理作用。研究发现:高声誉主办券商促进了新三板挂牌企业信息披 露质量的提高,而且主要体现在市场化水平较高的省份;进一步研究表明主办券商声誉对信息质 量的治理作用在协议转让与创新层企业中更为明显。研究表明主办券商声誉能够对新三板挂牌企 业发挥相应的持续督导作用,对于如何提升新三板挂牌企业信息披露质量具有一定的借鉴意义。     

Local Government Debt,Factor Misallocation and Regional Economic Performance in China

This paper examines total factor efficiency and productivity performance by taking into account local government debt (LGD) in 31 Chinese provincial regions for the period 2000–2013. The results show that neglecting LGD may overstate economic performance in Chinese provinces. The eastern region shows better performance in single factor efficiency and total factor efficiency than the non‐eastern regions. The western region shows the worst total factor performance. The north‐eastern region is the only region that has experienced a decline in total factor performance. The state‐dominated, investment‐driven development model may help technological progress across Chinese regions but could lead to significant factor misallocation. We argue that biases towards more state‐dominated investment and land supply in less productive western, central and north‐eastern regions, at the expense of investment and land supply in more productive eastern regions, have contributed to the recent slowdown in economic growth in China. Therefore, further market‐oriented reforms in factor markets should be considered in the future.     

基于多源数据与GIS技术的福建省人口数据网格化

基于多源数据融合思想,以福建省第六次人口普查数据为基础,利用GIS技术,将DMSP/OLS、土地利用、DEM、MODIS等多源数据提取其像元值转入同一位置的网格中,消除多源数据位置不匹配难题,运用聚类——多元逐步回归分析构建了人口网格化模型模拟及精度检验,最后进行空间网格化表达。可为有关部门在灾情速判、区域经济发展调控、资源可持续发展等提供数据支持。     

Commentary: New Currents in Science: The Challenge of Quality,examining the discrepancies and incongruities between Japanese techno-scientific policy and the citizens’ science movement in post-3/11 Japan

This commentary is inspired by my participation in the conference on post normal science: New Currents in Science: The Challenges of Quality, 2016, Ispra.First, I will describe Japanese commitment to PNS, which consists of a part of the long history of the Japanese response to European citizens' science/technology movement, in the framework of the introduction of Post-Normal Science in East Asia.Then I will re-examine the relationship between techno-science and democracy after 3/11 Japan, where triple disaster has radically changed the relationship between science/technology and society, and hence the very nature of Japan as a democratic society. Japan had been returning to an authoritarian state and technocratic nation in the aftermath of 3/11. As for the citizens' sphere, since 3/11, Japanese society has been badly divided; in fact, the current division of Japanese society is as bad as that of the Trumpian US.I have applied several conceptual tools to analyze this post-3/11 situation of Japan, that it was created by a combination of 'disaster capitalism' (a concept described by Naomi Klein (2008)), and 'normalcy bias'. The new political climate in post-3/11 Japan results in part from the politics of emergency, and partly from the manipulation and distortion of democracy.From the viewpoint of democracy and science, cases of thyroid cancer in Fukushima and its surroundings are a serious and even pathetically painful issue. One hundred seventy two children in and around Fukushima have already had their thyroids removed in surgical operations. But any suggestion of causality between the Fukushima incident and thyroid cancer is officially rejected. It is announced by the authority's voice that "radioactivity risk is safe, take it, because risk creates chance", like the proclamation given in the novel 1984 by George Orwell. Behind this is another historical psychology, that Japan has overcome Hiroshima and Nagasaki and made a great success in economic development. Post 3/11 Japan is judged as not a good place to discuss science and technology in a deliberate manner supported by a reasonable democracy with mutual understanding and value-free examination of techno-science in action. But, in this time of serious social divide and political populism, can PNS and a citizens' science approach now lead the way to fill in the gap? Are there any lessons from PNS that can be applied to post3/11 Japan? The question is still open.     

Childcare Assistance: Are Subsidies or Tax Credits Better?

We evaluate price subsidies and tax credits for childcare. We focus on partnered women's labour supply, household income and welfare, demand for childcare and government expenditure. Using Australian data, we estimate a joint, discrete structural model of labour supply and childcare demand. We introduce two methodological innovations – a more flexible quantity constraint that total formal and informal childcare hours are at least as large as the mother's labour supply and the explicit inclusion of maternal childcare in the utility function as a proxy for child development. We find that tax credits are more effective than subsidies in terms of increasing average hours worked and household income. However, tax credits disproportionately benefit wealthier and more educated women. Price subsidies, while less efficient, have positive redistributional effects.     

The Drivers of Sovereign CDS Spread Changes: Local Versus Global Factors

We use daily data for a panel of 34 countries to investigate regional differences in sovereign credit default swaps (CDS) spread determinants and the significance of local versus global market factors. Similar to prior studies, we find a high level of commonality among CDS spreads, but our results show that this effect is stronger in Latin American CDS. The results of our quantile panel regression model show that although global forces drive spreads across the conditional distribution, changes in credit ratings are significant in explaining CDS spreads only in the upper quantiles. We also confirm the existence of regional differences in spread determinants.     

美国涉华诉讼对科技交流政策的影响和展望

美国司法部的“中国行动计划”实施三年以来,给中美两国正常的科技合作和学术交流带来了严重的影响和打击。近期美国一系列涉华诉讼引发了各界讨论,迫切敦促美国政府机构在保护知识安全的同时必须兼顾学术开放。美国最高科技政策决策机构决意出台实施指南,解决科技学术界的紧迫关切。中美两国领导人的线上会晤也就全球关切的议题进行交流合作,释放了积极信号,我国亦应鼓励科研人员继续进行跨国界的科学探索,努力促成和恢复中美在科技、人文等领域的正常交流合作。     

The educational and labor market returns to preschool attendance in Austria

Preschool attendance is widely recognized as a key ingredient for later socioeconomic success, mothers’ labor market participation, and leveling the playing field for children from disadvantaged backgrounds. However, the empirical evidence for these claims is still relatively scarce, particularly in Europe. Using data from the 2011 Austrian European Union Statistics of Income and Living Conditions (EU-SILC), we contribute to this literature by studying the effects of having attended preschool for the adult Austrian population. We find strong and positive effects of preschool attendance on later educational attainment, the probability of working full time, hourly wages, and the probability that the mother is in the labor market. Full time workers at the bottom and the top of the distribution benefit less than those in the middle. Women in particular benefit more in terms of years of schooling and the probability of working full time. Other disadvantaged groups (second generation migrants; people with less educated parents) also often benefit more in terms of education and work.     

Do dictatorships redistribute more?

This paper examines the effect of political institutions on fiscal redistribution for a country-level panel from 1960–2010. Using data on Gini coefficients before and after government intervention, we apply a measure of effective fiscal redistribution that reflects the effect of taxes and transfers on income inequality. Our findings clearly indicate that non-democratic regimes demonstrate significantly greater direct fiscal redistribution. Subsequently, we employ fiscal data in an attempt to enlighten this puzzling empirical finding. We find that dictatorial regimes rely more heavily on cash transfers that exhibit a direct impact on net inequality and consequently on the difference between market and net inequality (i.e., effective fiscal redistribution), whereas democratic regimes devote a larger amount of resources to public inputs (health and education) that may influence market inequality but not the difference between market and net inequality per se. We argue that the driving force behind the observed differences within the pattern on government spending and effective fiscal redistribution is that democratic institutions lead survival-oriented leaders to care more for the private market, and thus to follow policies that enhance the productivity of the whole economy.     

Cognition,Social Impulse,and the Principle of Adaptation: Insights into the Peirce-Veblen Connection

This article seeks to offer insights into the connections between Charles S. Peirce and Thorstein B. Veblen regarding their understanding of the logic of scientific thought and cognition. In this sense, this work explores how both Veblen and Peirce dismissed the Cartesian notion of unmediated cognition and how they sought to depict cognition as a process. Furthermore, this article presents Peirce’s concept of “social impulse” and Veblen’s “principle of adaptation” as complementary perspectives on science and cognition that have strong evolutionary content.