董事会内在特征与上市企业绩效 ——基于董事会资本与董事会独立性状态视角

以上市企业为样本，分析异质性股权混合对董事会资本的影响，以及董事会资本与企业社会经济效益、企业经营效益和企业经营效率的关系，将资源依赖理论与代理理论相结合，检验董事会独立性与董事会资本对企业绩效的交互效应。研究结果显示，异质性股权混合有助于提高董事会资本水平，董事会资本有助于企业经营效益和社会经济效益的提升，董事会独立性和董事会资本二者同时作为治理机制治理效果会互补加强，二者单独对企业经营效率无影响，而是通过交互效应间接改善企业经营效率。     

资本主义福利国家的必然性、局限性与面临的挑战——基于经济全球化视阈的历史唯物主义诠释和启示

资本主义福利国家的产生和发展是第二次世界大战后资本主义社会应对生产力发展和生产方式变化的自我调整，具有历史必然性，也具有自身局限性：形式上的“国家回归”没有改变资本主义私有制生产关系，无法消除资本主义社会的根本矛盾和经济危机；社会普遍高福利的实现（部分）依赖于凭借显著竞争优势在世界市场上获取的超额利润，福利模式具有排他性和剥削性，不能为落后国家所复制，也不能成为世界福利模式。因而，资本主义福利国家成为发达国家的特权，且当经济危机爆发或出现经济滞胀时，其会采取削减甚至拆除社会福利的措施以追求资本和财富的积累。随着经济全球化发展，资本积累与社会福利的矛盾日益凸显，资本主义福利国家模式面临实践上的可持续性和价值上的普适性双重挑战。借鉴资本主义福利国家的经验教训，后发国家应努力提升“结构的或根本性的竞争力”，寻求经济与社会的平衡发展；中国还应充分发挥国家制度和国家治理体系的显著优势，积极建设国家主导、福利要素多元、福利机制灵活的中国特色社会主义福利社会。     

土地产权稳定能促进农户绿色生产行为吗？——以广东省确权颁证与农户采纳测土配方施肥技术为例证

土地产权趋于稳定将强化农户的剩余控制权和剩余索取权，进而激励农户改进农业生产行为，但这种激励具有情景依赖性：由于农户进行农业生产经营的能力和目的不同，并不是所有的农户都会因此而改进农业生产行为。采用2018年广东省“千村调研”数据，分析确权颁证对农户采纳测土配方施肥技术的影响，结果表明：农地确权颁证虽然赋予农户实现农地价值的剩余权，但能否促进农户采纳测土配方施肥技术还取决于农户自身的获益能力和收益本身的效用。如果农户缺乏实现农业生产超额利润的能力（低收入农户），即使土地产权趋向稳定，也难以产生采纳测土配方施肥技术的动力；如果实现农地价值的最优方式是“他用”而非“自用”，即使采纳测土配方施肥技术会带来农业生产超额利润，农户也不会积极采纳；如果农户具有实现农业超额利润的能力（高收入农户）和预期（以农业为主业的农户），则确权颁证会促进其采纳测土配方施肥技术。农地确权颁证对农户绿色生产行为的促进有着情景依赖性，因而，在农地确权颁证的同时要完善农地流转制度，通过土地产权稳定和流转稳定的双重激励更有效地促进农业生产经营主体积极施行绿色生产行为。     

房产税促进地区产业结构优化的路径与异质性表现——产业转移和企业创新视角的沪渝比较

房地产市场过度繁荣带来的房价过快上涨会影响要素流动和企业行为，进而加剧资源错配，不利于地区产业结构优化。征收房产税可以有效抑制房价过快上涨，通过地区相对房价的下降减轻资源错配程度，并从影响产业转移和推动企业创新两条路径促进地区产业结构优化。运用合成控制法对上海和重庆房产税改革试点的政策效应进行评估，结果表明：重庆的房产税政策有效抑制了房价过快上涨，促进了先进产业的转入和创新水平的提高，进而显著提高了地区产业结构合理化和高级化水平，地区产业结构优化效应明显；上海的房产税政策对房价上涨的抑制作用不明显，高房价阻碍了高技能人才的流入，导致其产业高级化水平的提高更多依赖于低端服务业的发展，不利于地区产业结构合理化，总体上并未能有效促进地区产业结构优化。上海与重庆房产税政策效应的差异不仅源于其政策力度的不同，还由于两地经济发展水平和产业结构的不同。房产税政策必须有效抑制房价上涨，并应结合本地经济发展实际因地制宜，才能更好地促进地区产业结构优化。     

The questions we ask: Opportunities and challenges for using big data analytics to strategically manage human capital resources

Big data analytics have transformed research in many fields, including the business areas of marketing, accounting and finance, and supply chain management. Yet, the discussion surrounding big data analytics in human resource management has primarily focused on job candidate screenings. In this article, we consider how significant strategic human capital questions can be addressed with big data analytics, enabling HR to enhance overall firm performance. We also examine how new data sources that help assess workforce performance in real time can assist in the identification and development of the knowledge stars that contribute to firm performance disproportionately as well as help reinforce firm capabilities. But in order for big data analytics to be successful in the HR field, regulatory and ethical challenges must also be addressed; these include privacy concerns and, in Europe, the General Data Protection Regulation (GDPR). We conclude by discussing how big data analytics can facilitate strategic change within HR and the organization as a whole.     

Human capital acquisition as a competitive response to the promotion distortion

Waldman shows that under the assumption that prospective employers observe whether a worker was promoted, but cannot observe his ability, the promotion policy is inefficient. In the current paper, we show that human capital acquisition made after the players (both worker and employer) observe the worker's ability reduces this inefficiency, even though such an investment is not optimal in some setups.     

Functional income distribution,capacity utilization,capital accumulation and productivity growth in Turkey: A post-Kaleckian analysis

The aim of this article is to examine the relation between functional income distribution, capacity utilization, capital accumulation and productivity in Turkey by identifying demand and overall regimes prevalent in the economy. For this purpose, we conducted an empirical analysis using different specifications of the post-Kaleckian model of Hein and Tarassow. This model defines and characterizes an overall regime by endogenizing productivity growth and integrating it into the models in this tradition. Empirical findings show that while the demand regime is wage-led, the overall regime turns out to be unstable in Turkey due to the destabilizing impact of productivity growth. This article contributes to the literature by being the first study that simultaneously identifies the demand and the overall regimes of an economy.     

Normal utilization rate in the Sraffa framework

This paper deals with the normal utilization rate in the Sraffa framework. It further presents two arguments about the utilization controversy surrounding the neo-Kaleckian theory of growth and distribution: First, it shows that the normal utilization rate is generally not independent of demand and the growth rate, and this result does not rely on the neo-classical production function and other restrictive assumptions. Second, it argues that endogenizing the normal utilization rate is not a general solution for the utilization controversy.     

Intermediary asset pricing in commodity futures returns

This paper assesses the extent to which intermediary capital (IC) risk contributes toward explaining commodity futures returns. We find that the IC effect is substantially positive and continues to grow as the financialization of commodities deepens. Positive and negative IC risks play asymmetric roles, with the effect of negative IC strengthening in recent subperiods. We further confirm the heterogeneous roles of IC across individual commodities by cross-section analyses. Overall, the effect of the positive IC risk factor varies significantly. Portfolios with low basis, low open interest, low momentum, and low liquidity earn significantly higher returns than counterparty portfolios.     

Financial integration and banking crisis. A critical analysis of restrictions on capital flows

We investigate the effect of financial integration on a banking crisis. In contrast to existing works, we allow for capital restrictions while studying the impact of financial integration on a banking crisis. Using firm-level lending and borrowing information in the global market of syndicated loans; we generate aggregate measures of financial integration and examine how countries with capital flow restrictions thrive in the wake of a banking crisis. We concentrate on basic network measures of integration for a panel of 62 countries that allow for capital restriction at any time within the sample period. Financial integration increases the incidence of a banking crisis, and capital restrictions worsen a banking crisis. However, capital restrictions reduce the negative impact of financial integration on the incidence of a banking crisis. Thus, financial integration becomes beneficial when countries allow for some forms of capital control.