地区经济差距中的社会资本、交易费用分析

社会资本是和物质资本、人力资本相并存的一种资本形式,它是指在现实中可以为个体或组织带来更多增值收益的除了物质资本和人力资本之外的所有客观存在,它的核心在于信任、合作。社会资本的使用通过影响交易费用大小并进而影响经济发展。本文将运用社会资本理论借以分析中国的地区差距问题,文章认为地区差距问题的主要原因在于不同地区社会资本内容的差异。     

Characteristics of technology transfer in business ventures: the case of Daejeon, Korea

This article explores the characteristics of venture business and entrepreneurs in Korea to (1) identify technology transfer activities, (2) analyze the differences between technology transfer in linear and nonlinear venture businesses, and (3) guide more effective venture business policy and strategy. This empirical assessment reveals that entrepreneurs have insightful evaluations about their resources and capacities as well as expectations with regard to functions and features of science parks and incubators. Respondents from “linear model”-based start-ups tend to be older and have higher education, employ more basic research and development (R&D) and have more R&D-oriented careers, and have more varied work experience than “nonlinear”-based start-ups. The functions and features of science parks and incubators were generally not considered a critical influence on start-ups nor on the growth of venture businesses. Accordingly, alternative venture-nurturing strategies are discussed as being key to accelerate venture businesses growth.     

产业集群优势下优势企业的打造

充分发挥区域经济优势和产业集群优势 ,打造优势企业和产品的“世界工厂” ,政府应加强政策引导 ,转变自身的职能 ,企业要创新产权制度 ,加大技术研发 ,积极吸纳先进的管理经验 ,形成政府和企业的合力。     

A multiregional model of China and its application

China's rapid economic transformation since 1979 has been accompanied by a stark regional disparity with the coastal provinces integrating swiftly into the world markets while inland regions lagging far behind in the industrialisation process. The growth imbalance has placed China's provinces into different stages of development and called for different policy responses to deal with different challenges they are facing. Similarly, a national policy initiated by the central government is likely to be interpreted and implemented in different ways when local governments take into consideration the different conditions in their localities. Therefore, it would be extremely valuable for policy makers and researchers to have an analytical tool that is capable of studying interactions among the provincial economies and the dynamic relationship between the centre and local governments. The multiregional econometric model of China presented in this paper is the first attempt to provide such a tool. The pioneering model consists of over 1200 equations, covering 30 provinces of China that are linked by inter-regional flows of goods and services. The model is used to study the impact of fiscal recentralisation in the 1990s. The counterfactual simulation results show that when China's central government diverted tax revenue from provincial governments, it achieved higher budgetary revenue for the central government but at the expense of lower overall budgetary revenue and slower economic growth.     

Between Collapse and Survival in North Korea: an Economic Assessment of the Dilemma

The current North Korean reform focuses on an open door policy without much import liberalization and on a partial domestic liberalization limited to the consumer sector. This can be considered a variant of the so-called East Asian growth model pursued in South Korea, Taiwan, and China. Although the basic directions of such a model are understandable, the intensity of the reform measures is not radical and strong enough, and the economy has exhausted domestic resources to rely on and is having difficulty in getting access to external resources. Collaboration from the US and South Korea is the most critical elements for the success of North Korean strategy since these will lower political uncertainty and give the regime access to international capital and markets.They may have at most two or three years to rely on and try a big push from the outside, which can hopefully give the system a new momentum for recovery. Otherwise, collapse is certain since they do not have their own ability to revitalize the economy. Success or failure of the next three-year reform will determine the future of North Korea. Failure, including the sudden stop of the reform by internal coup, could lead to collapse of the North Korean regime (hard landing), which will bring in radical reforms either by a new North Korean leadership or by a South Korean takeover. Success could lead to a widening and deepening of reforms to deal with the main body of the domestic economic system (Chinese style soft landing), or alternatively give room for stop-go style (Romania or Cuba style) muddling through.     

Fourth annual conference on financial economics and accounting

Announcement

Fourth annual conference on financial economics and accounting     

The Importance of Social Capital to the Management of Multinational Enterprises: Relational Networks Among Asian and Western Firms

Social capital is an important concept for multinational firms. Firms operating in global markets rarely have adequate resources to compete effectively in global markets; they access the needed resources through formal and informal relationships with other firms. The cultures in Asian countries have emphasized relationships much more strongly than Western firms. Thus, relational capital, based on guanxi (China), kankei (Japan) and inmak (Korea), provides the framework for business dealings in many Asian countries. As a result, the social capital of many Asian firms gives them a potential competitive advantage in global markets. Western firms must develop social capital and learn to manage relational networks to gain and sustain a competitive advantage in global markets. Western firms can learn how to develop and manage social capital from Asian firms. Alternatively, social capital has some disadvantages. Firms are limited by their networks and thus experience opportunity costs and path dependence. Additionally, while Asian firms often have strong network ties in their domestic markets, they have to develop many more ties globally to operate effectively in global markets. As a result, the development and management of social capital has become of critical importance for competitive advantage in global markets.     

Unit initial public offerings: Staged equity or signaling mechanism?

We investigate the use of unit (i.e., package) initial public offerings by Australian industrial firms and conclude that their use reflects their role as a signaling mechanism (Chemmanur and Fulghieri, 1997), as distinct from the agency–cost explanation offered by Schultz (1993). From a sample of 394 IPOs between 1976 and 1994, the 66 firms making unit offerings are typically riskier, use less prestigious underwriters and have a lower level of retained ownership than other IPO firms. While these results are also consistent with Schultz's agency cost explanation, other results we report are not. We find no difference in underpricing etween unit IPOs and other IPO firms, nor are there any significant differences in the planned uses of proceeds reported in the prospectus, post–listing failure rates or secondary equity offerings of the type predicted by Schultz. We do however, report evidence consistent with a prediction unique to the signaling explanation. After controlling for the level of ownership retained by insiders, the proportion of firm value sold as warrants is increasing in IPO firms' riskiness.     

Finite Dimensional Affine Realisations of HJM Models in Terms of Forward Rates and Yields

Finite dimensional Markovian HJM term structure models provide ideal settings for the study of term structure dynamics and interest rate derivatives where the flexibility of the HJM framework and the tractability of Markovian models coexist. Consequently, these models became the focus of a series of papers including Carverhill (1994), Ritchken and Sankarasubramanian (1995), Bhar and Chiarella (1997), Inui and Kijima (1998), de Jong and Santa-Clara (1999), Björk and Svensson (2001) and Chiarella and Kwon (2001a). However, these models usually required the introduction of a large number of state variables which, at first sight, did not appear to have clear links to the market observed quantities, and the explicit realisations of the forward rate curve in terms of the state variables were unclear. In this paper, it is shown that the forward rate curves for these models are affine functions of the state variables, and conversely that the state variables in these models can be expressed as affine functions of a finite number of forward rates or yields. This property is useful, for example, in the estimation of model parameters. The paper also provides explicit formulae for the bond prices in terms of the state variables that generalise the formulae given in Inui and Kijima (1998), and applies the framework to obtain affine representations for a number of popular interest rate models.