数量驱动或创新驱动：异质型人力资本对经济增长的机制演进

基于1987-2017年中国省际面板数据，运用SYS-GMM模型研究异质型人力资本对经济增长的影响。在区分高级与基本人力资本基础上，基于招生率和收入维度，从全局和阶段差异视角剖析异质型人力资本对经济提速的机制演进。研究发现：全局而言，两种测度下基础和高级人力资本各自以数量及创新方式驱动经济增长，并呈现以数量驱动为主，数量、创新双驱动的增长模式；从演进视角看，两种测度均表明，高级人力资本创新驱动是新常态阶段经济增长的核心动力，但相比旧常态阶段，基础人力资本数量驱动日趋弱化并呈异质性；进一步研究表明，产业结构、城镇化及开放程度均对创新驱动有不同程度激励效应，而城镇化是挤出数量驱动的主要推手。     

大数据与监视型资本主义

本文首先介绍了监视型资本主义的概念,描述信息时代的资本是如何通过收集个人数据,无视私隐,筛选用户,在不受法律监控的情况下进行帝国式扩展的。进而,本文提出数据的附身性和数码资本错位这两个特征,用以分析技术如何在数据收集和应用上激活数据的私人财产属性,以及资本如何利用价值错位和技术优势去诱使用户参与这一资本增值的进程。数据的附身性揭示了个体如何被卷入大数据时代的生产关系,数码资本错位揭示了资本具体实现监视型资本主义的技术。这两个概念将完善监视型资本主义这一理论体系,进一步展现这个时代隐蔽的不平等状况。     

Competitive cross‐subsidization

Cross‐subsidization arises naturally when firms with different comparative advantages compete for consumers with heterogeneous shopping patterns. Firms then face a form of co‐opetition, as they offer substitutes for one‐stop shoppers and complements for multi‐stop shoppers. When intense competition for one‐stop shoppers drives total prices down to cost, firms subsidize weak products with the profits made on strong products. Moreover, firms have incentives to seek comparative advantages on different products. Finally, banning below‐cost pricing increases firms' profits at the expense of one‐stop shoppers, which calls for a cautious use of below‐cost pricing regulations in competitive markets.     

众筹平台对创业融资的影响:前沿研究述评与未来展望

关于众筹平台对创业融资的影响，国内外研究主要集中在同一平台内不同项目之间的特征差异方面，即平台内特征分析，且研究结论并不统一；相较之下，关于不同平台之间的特征差异，即平台间特征，现在才开始受到重视。通过对众筹平台与创业融资前沿研究的系统梳理，一方面针对众筹平台内特征，从资金筹措和资金回报两个层面阐释了影响创业融资成功的关键因素，涉及项目特征、创业者特征、投资者互动等；另一方面，针对众筹平台间特征，从平台类型、平台机制、融资渠道3个层面阐释了影响创业融资成功的关键因素。未来，可以从众筹平台间特征对资金回报的影响、综合平台内和平台间特征对资金筹措的影响、众筹平台动态变化机制等多个角度展开深入研究。     

Economic policy uncertainty and stock price crash risk

This paper studies the impact of economic policy uncertainty on stock price crash risk using data from China. We develop a new index to measure Chinese economic policy uncertainty and find that economic policy uncertainty has a remarkable positive effect on stock price crash risk. However, the effect reverses later. The results also indicate that the positive effect of economic policy uncertainty on stock price crash risk is more prominent for state‐owned enterprises. Moreover, this effect is more prominent for firms with higher information asymmetry and firms with greater disagreement among investors, indicating that economic policy uncertainty affects crash risk through two mechanisms: managers’ concealment of bad news and investors’ heterogeneous beliefs.     

中国水稻加工环节成本结构及影响因素分析

［目的］“产业兴旺”是乡村振兴战略中的重要内容，探究中国水稻加工环节成本结构及影响因素，对促进我国农业一、二、三产业的融合，实现农业价值链转型升级，提升我国农产价值链竞争力具有重要的意义。［方法］通过微观调研数据，构建超越对数成本函数和要素需求函数，采用似不相关回归法（Seemingly Unrelated Regression）实证分析我国水稻加工厂的成本及要素投入的影响因素。［结果］（1）稻米加工厂存在规模报酬经济，扩大规模可以降低稻米加工平均成本。（2）建立品牌、与农户形成合同关系、鼓励多元主体经营、公司成立时间、企业能够获得政府支持对降低加工厂的平均加工成本具有正向显著影响。（3）建立品牌、与稻农签订合同、企业负责人的年龄、受教育年限越高对提高加工厂资本投入，促进结构升级具有显著影响。［结论］应采取相关政策措施鼓励稻米加工产扩大加工规模，与上下游形成更为紧密的利益共同体，加强稻米加工企业的品牌意识进而提高我国稻米加工产业的成本竞争力，并鼓励具有更为丰富管理经验、接受更高教育水平的管理者担任企业负责人，在促进我国稻米加工行业的升级转型的同时，提高我国稻米副产品的深度开发利用。     

How to fight against southern pine beetle epidemics: An insurance approach

The southern pine beetle (SPB) is among the leading biological agents killing southern pine species in the eastern United States. In light of recognized spatiotemporal autocorrelation in SPB outbreaks, we devise a spatiotemporal block bootstrapping method that can be applied to analyze spatiotemporally dependent infestations. We also identify the relevant risk determinants and evaluate their impacts on the frequency of SPB outbreaks. For example, we find forest type, climate, and natural disasters like storm and forest management are all significantly associated with SPB risks. Using the results of a statistical model, we design a county-level group index insurance plan that generates estimates of actuarially fair premium rates for timber stands containing southern pine species. Given that no government-provided compensation scheme for SPB epidemics currently exists, application of this new insurance product could reduce forest owners losses. Our study offers an approach to analyzing and protecting against risks of other destructive pests affecting the timber sector.     

小故事大时代

接连的暖阳,叫人恍惚间差点忘了时令.况且眼前的景象也如此缤纷绚烂,从城市到乡野,到处是浓浓淡淡的红,深深浅浅的黄,新新旧旧的绿,或绵延成片,或星星点点,把冬天装点得热热闹闹,仿佛所有的花草树木都在这一年将尽的时节,集体上演一场声势浩大的年终汇报表演.     

The optimal level of corporate social responsibility based on the duopoly model

This paper constructs a duopoly model considering corporate social responsibility (CSR) and market's sensitivity to CSR (e) and analyzes the equilibrium results, the condition of CSR implementation and the optimal CSR level (β^* ) of Model CC (two enterprises implement CSR) and Model CN (only one enterprise implements CSR). The results show that β^* is affected by competitors and e. e, marginal cost (c) and cost difference affect the equilibrium results and the comparative results. Reducing c and improving e can promote social welfare. Consumer surplus under Model CC is highest. CSR has a negative effect on social welfare under certain conditions.     

Doing more and doing better are two different entities: Different patterns of family control and environmental performance

Family firms bear two types of agency costs, including type I and type II agency problems, in corporate environmental practices: (1) Outside executives at family firms hesitate to engage in environmental strategies, which can lead to drops in profits; (2) Controlling families employ opportunistically environmental management to achieve their interests. We argue that a primary cause for the agency problems lies on ineffective internal corporate governance at family firms, which can cause loss of managerial (or power) balance between outside executives and family executives. Our findings show that family firms with ownership and strategic control (FSC), which family executives and outside executives monitor and constrain each other, can achieve the highest environmental performance. Moreover, external controls, including product market competition and provincial environmental regulations, substitute effective internal control of FSC. The environmental performance premium of FSC is more prevalent when the production market competition is lower. Family firms with ownership, operational, and strategic control (FOSC) can achieve higher environmental performance within a province with more stringent environmental regulations.