飞地府际合作治理模式的确立与逻辑展开

研究目的：反思飞地治理困境，为飞地府际合作治理模式的确立与逻辑展开提供理论支撑。研究方法：规范分 析法、实证调研、原理证成和演绎法。研究结果：从分布状态上看，中国飞地具有“小、散、多”的基本特点。现有飞地 治理模式与治理需求存在张力，且既有成果对飞地治理解释出路存在偏差。飞地监管不力的本质原因包括飞出地政 府对飞地的控制力薄弱之内因以及飞地行政管理松弛之外因两个方面。研究结论：以权力让渡为基础、兼具激励机制 和约束机制的飞地府际合作治理模式是解决飞地问题的新思路、新思维。该模式以飞地治理为共同目标和发起点，通 过协商将双方应尽之义务以及应享有之权益以协议形式固定下来，并通过约束机制保障全面代管和部分代管的落实， 达到飞地良好治理的目标追求。     

Using a Delphi approach to identify the most efficacious interventions to improve Indonesia’s forest and land governance

Improvements to forest and land governance are key to addressing deforestation and degradation of peatlands in Indonesia. While this is a priority area, the steps to achieving good forest and land governance have been under-researched. There is a need for better links between theoretically informed academic analysis and work in the field. This study drew together a panel of experts on forest and land governance using a Delphi method to discuss the underlying drivers of deforestation and peatland degradation, and correspondingly, to identify interventions to improve land and forest governance in Indonesia. Seventeen panelists with an average of more than 12 years’ experience reached agreement over four governance interventions: increasing the capacity of local communities to manage and monitor forests and natural resources (65% of panelist’s votes); identify strengths and weaknesses of community organisations and institutions, and develop strategies to improve their performance (65% of panelist’s votes); gazetting forests to clarify land boundaries and determine which areas should be village, community and state forest zone (59% of panelist’s votes); and, integrating participatory community maps into spatial plans to protect local communities and indigenous peoples’ development needs (53% of panelist’s votes). They also supported action research involving the government, private sector and communities, and political economy approaches to researching forest and land governance issues. Panelists indicated that community level approaches such as securing community forest tenure through clarifying land claims and integrating local land tenure into spatial planning had an important role in sustainable forest management.     

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.     

Corporate commitment to climate change action,carbon risk exposure,and a firm's debt financing policy

Motivated by the rising consensus that corporate engagement in climate change actions holds the key for society's transition into environmentally resilient economy, the study examines whether a firm's commitment to climate change action and its carbon risk exposure shape the firm's debt financing policy. Based on insights drawn from signaling, corporate reputation, and agency theories, we develop models that link corporate commitment to climate change actions and a firm's carbon risk exposure with its debt financing decisions. Using data drawn from S&P 500 companies, for years 2015 to 2019, we find a robust evidence that firms that engage in higher levels of commitment to climate change actions issue a higher proportion of debt with longer terms to maturity, even after controlling for their carbon risk exposure. However, we do not find a robust evidence corroborating an association between firms' carbon risk exposure and their debt financing policy. These findings are consistent with arguments that high-commitment firms enjoy positive reputation, better credit rating, and reduced agency and information asymmetry costs, allowing them to gain easier access to long-term debt markets.     

Independent director compensation,corruption, and monitoring

We find that independent directors in more corrupt countries receive greater pay. This relation could reflect outside directors in corrupt countries expropriating firm value, or it could reflect higher compensation for the additional effort required to lessen the negative effects of corruption. Acquirer acquisition announcement returns are lower in more corrupt countries, and this relation is mitigated by higher director pay. Higher director pay is also associated with greater sensitivity of CEO turnover to firm performance and moderates the negative effects of country‐level corruption on firm value. This evidence is consistent with higher director pay in corrupt countries incentivizing effort.     

数字贸易政策国际比较、发展趋势及启示

随着信息通讯技术的发展,数字贸易作为一种新兴的国际贸易形式得以快速发展,在拓展国际贸易范围和边界的同时,也对全球贸易规则提出新的挑战。本文在分析全球数字贸易发展现状的基础上,重点梳理了美国、欧盟、日本等国家数字贸易政策发展脉络,以及数字贸易的未来发展趋势。然后,本文从中小企业的发展、平台企业的作用、数字贸易规则制定等方面提出对中国数字贸易发展的启示。本文认为,中国作为极具潜力的数字贸易大国,在数字经济发展的驱动下参与并推动建设国际数字贸易治理体系势在必行。     

Beyond the community in participatory forest management: A governance network perspective

Governance of the environment and natural resources involves interests of multiple stakeholders at different scales. In community-based forest management, organisations outside of communities play important roles in achieving multiple social and ecological objectives. How and when these organisations play a role in the community-based forest management process remains a key question. We applied social network analysis to a case study in Indonesian Borneo to better understand the evolution of interactions between organisational actors, and with communities. NGOs featured most prominently in initiating the permit process, implementing management, and providing other support activities, while also being well-connected to donors and government actors. The network configurations indicated significant cooperation among organisations when initiating the community forest process, while bridging between village and organisational levels characterised all stages of the community forest process. While community-based forest management often evokes images of grassroots efforts and broad local capacity to manage forests, reality shows a more dynamic and heterogeneous picture and broader involvement of different actor types and motivations in Indonesia. These findings can be applied to other countries implementing and expanding their decentralised forest policies.     

Socio-emotional wealth and corporate responses to environmental hostility: Are family firms more stakeholder oriented?

Do family firms care more for different stakeholders than nonfamily firms when operating in a hostile business environment? This study addresses this question and fills the existing void in family business research. It shows that family-controlled firms adopt corporate social responsibility strategies and balance the demands of internal and external interest groups to preserve their socio-emotional wealth while facing fierce competition, resource scarcity, and penurious economic conditions. More specifically, our analysis of an international sample of 956 listed firms from 2006 to 2014 reveals that family firms show a higher level of corporate social responsibility (CSR) performance and better stakeholder orientation than nonfamily firms. Our findings are useful for managers, policymakers, and responsible investors.     

我国牧区草原生态补偿机制构建研究

［目的］通过构建一套科学、合理的牧区草原生态补偿机制，解决牧区近10年来主要实施的一系列生态治理项目和措施中存在的草原生态补偿标准普遍偏低、政策缺少灵活性、监管体系不够完善、缺乏相应保障机制等问题。［方法］通过对国内有关草原生态补偿机制相关文献分类梳理，基于我国牧区草原生态环境现状，对比分析国内外实践，总结国外成功经验，定性分析补偿机制要素，对草原生态补偿机制进行全面、系统地分析论述。［结果］我国牧区草原生态补偿主体应以各级政府为主； 补偿对象应包括牧区牧民、草原生态环境保护的投资者和建设者以及牧区地方政府； 因保护草原生态环境而导致牧区和牧民的发展权受限由此产生的机会成本作为草原生态补偿标准； 补偿方式以中央财政纵向转移支付为主，以市场补偿为辅的组合模式。保障机制需完善法律法规、公众参与、监督管理、绩效评估等方面建设。［结论］我国牧区草原生态补偿机制的构建须对补偿责任主体、补偿范围、补偿标准、补偿方式及补偿保障机制等各要素要进行整体性、系统性深入分析，才能确保草原生态补偿机制能够满足牧区实际需求，提供有力保障。     

The Effects of M&A on Corporate Performance in Japan:DID Analysis in the Era of Corporate Governance Reform

This study analyzes how mergers and acquisitions (M&A) affect the performance of acquired companies in Japan. The sample period includes the era in which the government of Japan promoted a series of corporate governance reforms. A difference-in-differences analysis is implemented to eliminate the endogenous effects of a corporate acquisition. Choosing a control group by propensity score matching, we find that acquisitions have significantly negative effects on employment but no significant effects on labor productivity. For acquisitions by Japanese companies, we also find no significant improvement in ROA but significant improvement in Tobin’s q. The results are consistent with the zombie company theory, which indicates that an M&A prolongs the life of an insolvent company. Acquisitions by Japanese companies are in contrast with those by foreign companies, which have positive effects on ROA.