资源依赖、制度安排与区域创新能力 —基于空间杜宾模型

区域创新能力提升是我国加快建设创新型国家、实现高质量发展的现实需求。 本文通过构建涵盖资源依赖、制度安排与区域创新能力的理论模型分析其内在关系并提出假 说，运用2000-2016年全国30个省（区、市）的面板数据与空间杜宾模型，检验三者之间的影 响及空间溢出效应。研究结果表明：（1）资源依赖程度越高，越不利于本地区创新能力提升；（2）有效率的制度安排对区域创新能力有正向促进作用；（3）从空间溢出效应来看，本地区 资源依赖程度越高，越抑制周边地区区域创新能力提升，有效的制度安排能助推周边地区创新能力提高。     

News sentiment,credit spreads,and information asymmetry

This paper examines how the sentiment of firm-specific news affects CDS spreads conditional on the degree of information asymmetry. Using a large set of news releases, we document a strong negative relationship between the sentiment of firm-specific news and CDS spreads. More importantly, consistent with the role of public news in reducing information asymmetry, we find evidence that the relation between news sentiment and CDS spreads is stronger for firms with higher information asymmetry. Furthermore, the relation is stronger for news with negative sentiment and during the 2008 financial crisis. Our results are robust to alternative sentiment measures.     

S&P 500 Affiliation and Stock Price Informativeness

Abstract

When firms are added to a stock index, more information should be discovered, traded on, and incorporated into their stock prices, making them more informative. We test this hypothesis using a large sample of additions to the S&P 500 index. Using two alternative statistical tests, we find that the stocks added experience more random, less predictable return and, thus, appear to be priced more efficiently information-wise. We further find concurrent increases in institutional ownership and investor awareness, which tend to contribute to the higher pricing efficiency, adding to the literature. These findings should be of interest to academics and practitioners.     

创新要素流动与产业结构变迁关系及其空间溢出效应研究

创新要素流动既是优化资源配置的关键，又是产业结构调整的内在动力，反之，产业结构变迁又会通过微观效应推动创新主体创新。基于1998-2018年内地30个省市面板数据，研究了创新要素流动与产业结构变迁的互动关系及空间溢出效应。回归结果表明：R&D人员流动对本地区产业结构高级化以及其它地区产业结构合理化具有促进作用，同时，抑制了本地区产业结构合理化与溢出地区产业结构高级化；R&D资本流动对本地区产业结构高级化以及其它地区产业结构合理化具有抑制作用，但是对本地区产业结构合理化以及其它地区产业结构高级化具有促进作用；产业结构合理化对R&D人员及R&D资本流动具有促进作用，但是抑制了其它地区的R&D资本流动。     

规则流变视角下农村基层治水体系建设——以福建省永春县农田水利设施管护改革为例

实施乡村振兴战略以来,各级政府对农村水利的投入不断增加,然而"政府管不到、集体管不好、市场管不了"的现象仍然存在,跨村水利管护机制缺失、基层治水规则与秩序失范问题亟待解决。本文以福建永春县吾峰镇农田水利设施管护改革为例,分析基层村镇场域中治水规则的建立与变革,从边界、身份、选择等7项规则入手剖析其对基层治水有效性的作用机制。研究发现,治水规则深刻影响了吾峰镇水利管护的行动情境:边界规则突破了原有以行政边界划定的资源治理边界,并鼓励企业等新行动主体进入;身份规则、选择规则明晰了管护主体的合约关系,确定了权责监督机制;偿付规则实现了良好的激励作用;信息规则推进了基层治水的公开、透明化运营;聚合规则创新了基层民主的可实现形式;范围规则通过试点选择创造了政策空间。在7项基层治水规则的共同作用下,吾峰镇农田水利设施管护改革摆脱了管护主体缺失困境和跨域治水合作困境,实现了治水行为的规范有序和管护绩效的稳步快速提升,促进了农村基层治水能力的现代化建设。     

Original Institutional Economics and Political Anthropology: Reflections on the Nature of Coercive Power and Vested Interests in the Works of Thorstein Veblen and Pierre Clastres

Our inquiry advances a comparison of the anthropological content of Thorstein Veblen’s evolutionary perspective with the foundations of the political anthropology drawn from selected works of Pierre Clastres. We seek to establish that what can be referred to as a clastrean reference can simultaneously offer new perspectives on institutionalism, while maintaining a radical and emancipatory understanding of Veblen’s writings. In this sense, we seek to reconsider and reevaluate the role of economic surplus drawn from Veblen’s anthropology, while also offering a general and critical perspective for understanding the emergence of coercive power within societies.     

Food industry structure in Norway and Denmark since the 1990s: Path dependency and institutional trajectories in Nordic food markets

Structural changes in Norwegian and Danish food industry since the 1990s is analysed as a path dependent response to the neo-liberal turn. Norway entered the 1990s as a protected market and Denmark as case of an export oriented industry. These developmental strategies are rooted in early 20th century industrialisation and influenced by institutional transformations in the 1990s, such as EU and WTO. Mergers and acquisitions (M&A) are studied in the context of changing political environments. Explaining two different trajectories, we combine path dependency theories and a Polanyi inspired ‘varieties of capitalism’ framework with corporate strategy theories on food industry M&As. We identify two different types of path dependent development, a self-reinforcing in Denmark and a transformative ‘breaking point’ in Norway.     

Fueling agricultural growth in India: Some reflections

Indian agriculture is experiencing under-performance despite increased attention given to it in the recent past. This paper analyzes the disparities in agricultural growth across Indian states and explores the determinants of agricultural growth, using Panel Corrected Standard Error approach. Analysis using beta convergence shows that the disparities across the state's agricultural growth are narrowing down for the period 1980–1981 to 2011–2012. However, to stimulate growth in the states where agriculture is lagging behind, a higher emphasis on increasing the area under irrigation, expenditure on agricultural research, area under fruits and vegetables, number of regulated markets, length of roads, cold storage facilities and institutional credit for investment purposes is needed. Private sector should be involved in public–private-partnership mode for improving the infrastructure in this sector.     

Scenario projects in Japanese government: Strategic approaches for overcoming psychological and institutional barriers

Scenario planning in the public sector has significant differences from scenario planning in the corporate world. Scenario planning in the government not only tends to be focused on issues of higher complexity and significance to public policy, but also in comparison to people in the private business, public officials have fundamental psychological and institutional constraints in their scenario thinking. These constraints make it difficult for them to contemplate multiple ‘untidy’ futures and imagine the possibility of policy failure: skills which are essential for successful scenario projects. Based on specific characteristics of scenario planning in the Japanese government, this paper contributes on better understanding the challenges and strategic solutions in providing more successful scenario planning in the public sector. Specifically, this paper argues that possible solutions in overcoming these constraints may be to shake public bureaucrats out of their thinking by providing free and open venues of conversation and more importantly through ‘derailment’ exercises.     

Networking responses to different levels of institutional void: A comparison of internationalizing SMEs in Egypt and the UK

This paper reports a comparative qualitative study of how decision-makers in internationalizing SMEs respond to relevant institutions in their domestic environment through networking activity. Twenty SMEs are compared respectively from a developing economy (Egypt) and a developed economy (UK). The two countries contrast both in the effectiveness of their institutional support for SMEs and in their cultural norms towards network relationships. Substantial differences are found between the two national samples in SME decision makers’ networking behaviour in response to specific institutional conditions. The links between institutional conditions, national cultural norms and SME networking responses are explicated in a new theoretical model.