协调度视角下长江流域产业转移效率研究

实现区域经济协调发展是当前我国在块集聚与点极化双重压力下面临的现实难题，长江经济带尤其是欠发达省份承接发达地区产业转移是解决该难题的必然路径选择。产业转移活动因区域主客体特征变量不同，呈现出典型的多发式转移和门槛转移特征，使得区域政策制定缺乏科学指导，陷入盲目拼政策红利的状态。结合效率模型及考虑熵权的经济社会发展协同度分析，测算了2004-2016长江经济带各省（市）年综合产业转移效率，并考察了门槛效应值及变化趋势。结果表明：在考察期内，长江经济带各省（市）产业转移效率提升较为明显，但不少省（市）存在不协调的阶段性平衡关系，且这种关系还未显露经济总量驱动下的协同发展能力。     

Financing Technological Innovation: Evidence from Patent-Intensive Firms

ABSTRACT

Equityholders of firms with high debt loads have an incentive to underinvest, a distortion that can be most costly for firms with attractive growth options. Using a novel patent-based measure of a firm's growth options, we find that firms issue more equity and shy away from debt financing when they have larger investment opportunities sets. The results are more pronounced among firms in patent-intensive industries. The findings suggest the existence of conflicts of interest between debtholders and equityholders. Our results are consistent with the use of conservative debt policies by technology-intensive firms to mitigate the debt overhang associated with their future growth options.     

基于主成分分析的关中—天水经济区水资源承载力评价

[目的]通过探讨关中—天水经济区水资源状况,可为经济区水资源的合理配置与经济社会的协调、可持续发展提供决策参考。[方法]根据关中—天水经济区2007~2016年相关统计资料,采用主成分分析法和构建指标体系对经济区水资源承载力从时间和空间两个角度进行综合评价。[结果](1)经济区水资源承载力得分由2007年的-0.067增加至2016年的1.877,水资源承载力与开发利用潜力呈现由大到小的变化,而水资源开发利用强度则呈逐渐增大趋势。(2)经济区各地市间水资源承载力存在显著差异,西安、咸阳两地的水资源承载力得分最高,均超过1.300,但水资源承载力和开发利用潜力最小;而杨凌、铜川两地的水资源承载力得分最低,均小于-2.250,但水资源承载力和开发利用潜力则最大。(3)经济发展水平、人口数量、水资源供需量、工农业生产用水是影响经济区水资源承载力大小的主要因素;其中,经济发展水平的贡献最大。[结论]经济区水资源承载力与开发利用潜力变小,开发利用强度增大;各地市间水资源承载力差异显著,将在一定程度上对经济区人口、经济、环境可持续发展起着明显的制约作用。为了促进经济区经济社会的健康可持续发展,应加强对水资源的管理与废水处理,合理控制经济区人口容量,提高社会节水意识,转变经济发展模式,大力推行节水型与节约型经济发展道路。     

Firm financing and growth in the Arab region

This paper documents how firms in Arab countries use equity, corporate bond and syndicated loan markets to obtain financing and grow. Working with a new dataset on issuance activity in domestic and international markets and firm performance, the paper finds that capital raising through these markets has grown rapidly since the early 1990s and involved an increasing number of firms. Whereas the amounts raised in equity and loan markets (relative to gross domestic product) stand well relative to international standards, bond issuance activity lags behind. However, bond financing has gained importance over time. Equity issuances take place primarily in domestic markets, whereas bonds and loans are mostly issued internationally, display long maturities and entail low levels of credit risk. Issuing firms from the Arab region are very large compared to international standards. They also tend to be larger, faster growing and more leveraged than non-issuing firms in Arab countries.     

Capital market integration in ASEAN: A non-stationary panel data analysis

Motivated by the establishment of ASEAN Economic Community (AEC) at the end of 2015, we examine saving-investment relationship in various subgroups of ASEAN to assess their capital market integration. The results from second generation panel unit-root and cointegration tests that account for cross-sectional dependence as well as estimates of long-run saving-retention rate provide some evidence of market integration in ASEAN. The analysis of short-run dynamics suggests that capital mobility in ASEAN during 1980–2014 appears similar to that in OECD countries during 1970–1999. More importantly, across different panel estimators and subgroups of membership, there is considerable heterogeneity among the member countries. The saving-investment association is very weak, thereby implying very high capital mobility, in more developed members such as Singapore, Malaysia, and Brunei; the association is very strong, implying very low capital mobility, for much less developed members such as Laos, Myanmar, and Cambodia. The results call for renewed effort to develop capital markets in less developed nations and integrate them with the rest of the membership in ASEAN. In this paper, we also address several major shortcomings of the original Feldstein-Horioka framework.     

长江经济带中三角地区农业结构的分析与优化对策

[目的]从宏观、中观和微观3个层面深入分析长江经济带中三角地区湖北、湖南和江西3省的农业产业结构及其各产业差异性和相对优势及其竞争力。[方法]在宏观层面运用了传统的基尼系数分析3个省份历史发展上的地区经济水平差异,判断3个地区经济发展是否存在虹吸效应;从中观层面运用区位熵指数分析法分析区域农业产业结构,从农畜林渔等方面判断各区域产业专业化水平程度;从微观层面运用偏离—份额分析法(SSM)分离出3个地区的各部门产业的优势及其竞争力。[结果]区域内的经济差异变化呈不断增大的趋势,基尼系数不断扩大;湖北的种植业、渔业和农林牧渔服务业,湖南的种植业、林业、畜牧业和农林牧渔服务业,江西的林业、渔业都较中三角地区对应的子产业的区位熵指数高;江西木材和竹加工业和烟草业具有较大的产业竞争优势,湖北的茶叶、水产和瓜果疏菜产业优势明显,湖南地区农业产业综合优势主要在于烟草、水果、肉类以及木材和竹类加工业。[结论]通过比较地区农业产业竞争优势,提出发展地区产业特色,合理布局全域农业产业,提高农产品附加收益,稳固对结构优化的资金支持等对策建议。     

成渝经济区生态农业对区域经济影响分析

[目的]区域经济发展反映经济各个方面的综合发展状况,探讨其影响因素以确定区域未来经济的发展方向,为进一步规划发展提供科学依据。[方法]先构建生态农业评价指标体系再采用层析分析法确定权重,结合线性加权和函数计算生态农业评价指数,通过相关分析法分析生态农业各个指标与区域经济的关系,最终确定生态农业对成渝经济区经济的影响程度。[结果]生态农业指标中评价指数大于0.9是森林覆盖率,介于0.8~0.7的包括投入产出比、土地生产率、农业科技贡献率、万人拥有的科技人员、劳动生产率、化肥施用量。且生态农业中各个指标与GDP都正相关,其中森林覆盖率、人均收入增长率、农业科技贡献率和万人拥有的科技人员与GDP显著相关,对区域经济的影响最大。[结论]成渝经济区经济受生态农业的影响,进一步选取更多生态农业相关因素,对于全面促进区域经济持续发展具有十分的重要现实意义。     

我国“一带一路”沿线地区风险投资时空分布及影响因素研究

深入分析我国“一带一路”沿线地区风险投资时空格局及影响因素，有助于促进创新创业与企业发展、提高区域科技创新水平。运用空间分析方法和空间计量模型，对2003-2018年我国“一带一路”沿线139个城市风险投资的时空分布特征及影响因素进行分析，结果表明：①沿线地区的风险投资发展具有不均衡性，呈现为沿海高、西部低的分异格局；②风险投资的全局自相关系数均为正，呈现出明显的空间集聚特征；③风险投资机构数、国家高新区数量、风险投资退出、政府引导基金发展、财政科技支出对区域风险投资具有显著促进作用，环境污染对风险投资有一定抑制作用。随着ESG投资理念逐渐获得认可，沿线地区可以通过提升绿色发展水平促进风险投资发展。     

资本市场开放与股权资本成本——基于沪港通、深港通的实证研究

本文基于沪港通和深港通研究资本市场开放对中国内地股权资本成本的影响。研究发现,受政策风险和市场环境等因素所限,沪港通在初始阶段并未对沪市公司的股权资本成本产生显著影响,但随着政策进一步完善、市场逐渐稳定和交易不断活跃,其对股权资本成本的降低效果于实施两年后开始显现;深港通建立在沪港通的制度基础和运行经验上,其在开通后显著降低了标的公司的股权资本成本。本文还进一步分析了资本市场开放影响股权资本成本的竞争渠道和信息渠道,发现深港通对股权资本成本的降低作用主要集中在投资者竞争程度较高,或是公开信息质量较高、信息不对称程度较低的股票样本。