“一带一路”倡议下企业如何规避外汇风险--基于经营性对冲和金融性对冲的比较

"一带一路"倡议下我国"走出去"的企业越来越多,企业国外业务占比日益增加,小币种汇率的不稳定性引致汇率波动风险不断攀升。本文基于2013-2017年264家参与"一带一路"建设的中国企业微观数据,实证检验了企业经营性对冲和金融性对冲策略的外汇风险对冲效果以及二者之间的关系。研究结果表明:经营性对冲和金融性对冲都能起到良好的对冲效果,经营性对冲的效果优于金融性对冲,二者之间是互补关系;东道国综合发展程度越高,企业采取经营性对冲策略的对冲效果越好,且制造业企业比非制造业企业更适合采用经营性对冲策略。     

中国摆脱依附式发展与中美贸易冲突根源

中美贸易冲突根源的探寻不应停留在国际贸易层次,而是应该从当下的国际分工结构和国际生产关系中去寻找。作者从马克思主义国际政治经济学角度出发,认为国际分工及其相应的国际生产关系是决定国家在世界舞台上政治经济地位与利益的基础。发展中国家在传统的国际分工结构中长期处于外围、在生产关系上处于依附地位的根本原因在于生产力落后,特别是技术水平落后。20世纪70年代以来,全球生产链作为一种新的国际生产组织方式逐渐形成并发展起来。在这一新的国际分工生产中,发展中国家的依附地位并没有改变,但是具体的依附形式不同于历史上的依附形式,呈现出“技术—市场”依附的特点。在这种新的依附形式下,广大参与全球生产链分工的发展中国家只能从中获得微薄的附加值,进而形成一种依附式发展,而西方发达国家的跨国企业却能够主导全球生产进程并从中获得高额的附加值。中国要实现现代化强国的目标,就需要摆脱依附式发展模式,实现在全球生产链中从中低端向中高端的攀升。近年来中国在发展高新技术产业和提升世界市场地位方面的努力及其获得的相应成就触动了美国作为现有国际分工主导者的既得利益。为了维护其霸权的经济基础,美国不惜发起贸易战以遏制中国的发展有其必然性。中国摆脱依附式发展以及美国相对衰落所导致的国际分工格局现实和潜在的变化正是中美贸易冲突爆发的根源所在。     

“一带一路”背景下中国与东南亚新兴市场的经贸合作需求及对策

近年来,中国和东南亚新兴市场经贸合作往来频繁,发展十分迅速。这得益于"一带一路"倡议的深入推进,双方对接更加顺畅,基础设施建设和金融体系保障更加有力,为双方经贸合作带来了新的需求,但也要看到双方经贸合作同样面临着非关税壁垒等问题。应进一步加强政治互信,结合双方经济发展水平和产业特点,提升经贸合作的针对性,推动双方经贸合作的可持续发展。     

美国材料基因组倡议实践简述

"材料基因组倡议"是由美国前总统奥巴马宣布启动的跨部门研发倡议,旨在开创政策、资源和科研基础设施的新时代,将先进材料的发现、开发、制造和使用所需周期缩短一半,并大幅降低新材料研发成本。本文简述了该倡议的具体内容及其实践,包括由国家科学技术委员会牵头和多个联邦部门参与的管理机制、四大战略目标、九个关键领域、二十二项政策措施、各部门资助的主要研发计划、典型成果以及特朗普政府相关动向等,并对该倡议的成效进行简要评述。     

“一带一路”背景下新时代科技创新理论及实践路径探究

以习近平关于科技创新重要论述为核心内容的新时代科技创新理论与“一带一路”理论之间存在科学的内在联系，具有高度的契合性。一方面，新时代科技创新理论作为当前指导我国科技创新活动的重要行动指南，对深入推进“一带一路”建设中的国际科技创新合作发挥着重要指导作用。另一方面，“一带一路”倡议是国际科技创新合作的主要平台，是构建人类科技命运共同体的桥梁。从这个意义上说，没有国际科技创新合作，便没有世界科技命运共同体目标的实现。从战略高度和长远角度看，在新时代科技创新理论指引下，中国倡导的“一带一路”科技创新合作必将成为全球基础科学联合研究、技术创新合作的重要范本和典型，中国也将为世界科技发展与革新作出更大贡献，为人类科技文明发展与进步作出具有中国特色的贡献。     

签订双边投资协定对中国OFDI的影响——基于“一带一路”沿线国家的实证研究

本文以“一带一路”战略为研究背景,利用固定效应模型对2003～2012年“一带一路”沿线64个国家的面板数据进行实证分析,探讨签订双边投资协定（BIT）与我国对外直接投资（OFDI）之间的关系。实证结果表明：签订BIT能够促进中国对一带一路沿线国家的OFDI,并且对发展中国家的促进作用要比发达国家更加显著且效应更大。     

Corporate social responsibility,country-level predispositions,and the consequences of choosing a level of disclosure

We study the different levels of corporate social responsibility (CSR) disclosures of the largest European firms. We find that firms are more predisposed to disclose more CSR information in countries with better investor protection, higher levels of democracy, more effective government services, higher quality regulations, more press freedom, and a lower commitment to environmental policies. Our analysis of the association of different levels of CSR disclosure with share prices indicates that a high level of CSR disclosure is associated with higher share prices, whereas a low level of CSR disclosure in sensitive industries is associated with lower share prices (compared to no disclosure). These results are also present when we analyse changes in CSR disclosure and are robust to the inclusion of an accounting quality measure in our model. The overall effect of the association of higher levels of CSR disclosure with higher share prices is stronger in countries with more democracy, more government effectiveness, better regulatory quality, and more press freedom. Therefore, market participants find CSR disclosures more informative in countries where investors are in a better position to voice their concerns and where there is better regulation and more effective government implementation of regulations.     

数字经济背景下ICT货物贸易的影响因素分析——以"一带一路"沿线国家(地区)为例

本文在阐述“一带一路”沿线国家(地区)ICT(信息通信技术)货物贸易现状的基础上,利用2007~2019年贸易流量数据与空间杜宾模型,实证分析贸易格局与国家产业基础、资源禀赋、营商环境等因素的关系。研究发现:(1)“一带一路”沿线国家(地区)ICT货物贸易呈现出两边高-中间低的空间格局,产业基础是主要影响因素,并存在正向的空间溢出效应;(2)改善本国营商环境、提高城市化水平、扩大经济体量是每个沿线国家(地区)改变其ICT贸易格局的有利举措。同时需要注意对外直接投资、汇率及关税的调节作用,重视经济合作组织的影响;(3)我国应充分发挥贸易的直接和间接效应,积极拓展ICT产业新型基础设施建设,满足人们日益增长的带宽需要及通信需求。     

How geographic,cultural, and institutional distances shape location choices of China’s OFDI in tourism? – an empirical study on B&R countries

This paper examines how bilateral distances shape Chinese enterprises' outward foreign direct investment (OFDI) in tourism in Belt and Road (B&R) countries. The results indicate that while geographic distance is not a key factor explaining the location choice of Chinese tourism OFDI in B&R countries, cultural distance hinders this location choice in a linear and monotonic way. Chinese enterprises prefer B&R countries with a short institutional distance from China for OFDI in tourism to avoid the “outsider disadvantage”. Moreover, market scale is found to be a moderating factor influencing the impacts of various distances on tourism OFDI location choice.     

Exploring the Relationship between Sustainability Reporting and Sustainability Management Practices

There has been a dramatic uptake of sustainability reporting (SR) and sustainability management practices over the last two decades, in turn raising questions about the relationship between external disclosure and internal practice of corporate sustainability. Previous literature has emphasized the role of external pressures in driving SR adoption. However, as recent practitioner surveys also identify the existence of internal motives for SR, a more comprehensive analysis of this relationship is needed. In order to address this issue, we develop a framework accounting for four company‐level SR configurations, resulting from different levels of importance of external and internal motives for SR. Then, four exploratory cases serve to illustrate these configurations and to describe the respective roles of SR at the company level. As considerable diversity among these SR practices is found, our findings point to the relevance of both external and internal motives in understanding SR contribution to corporate sustainability. Copyright © 2013 John Wiley & Sons, Ltd and ERP Environment