Foreign direct investment and inequality: Evidence from China's policy change

In this paper, we examine the impact of foreign direct investment (FDI) on local urban inequality in China. Specifically, we consider the FDI policy change as an exogenous shock on the local labour markets. We find that cities that have experienced a bigger policy change in promoting FDI between 1997 and 2002 are significantly more unequal in 2005. This pattern is mainly driven by the positive association between FDI liberalisation and skill premia. The result holds after we control for other policy changes, such as privatisation of state-owned enterprises, infrastructure and trade liberalisation. We then turn to investigate the mechanisms using firm and individual-level information. Our firm-level evidence shows that FDI firms not only hire relatively more high-skilled workers but also provide relatively higher wages to high-skilled workers compared to domestic firms. Moreover, the individual-level analysis shows that FDI has a significantly positive spillover effect on wages received by skilled workers employed by state-owned enterprises, but not wages of unskilled workers.     

Does foreign investment benefit the exporting activities of Vietnamese firms?

Using firm-level data, this paper examines the effects of foreign investment on the exporting behaviour of domestic firms in the Vietnamese manufacturing and service sectors. Applying the Heckman selection model on panel data and following the Wooldridge approach, we find that investment by foreign firms has a significant positive effect on the decision of domestic firms in the same and upstream sectors to export. The proportion of exports of domestic firms declines through horizontal and forward linkages, but increases through backward linkages in the manufacturing sector. However, there is only weak evidence in support of export spillovers on domestic firms in the service sector. We also find that the presence of foreign firms has differing effects on the exporting activities of low- versus high-tech firms in the manufacturing sector.     

江苏企业“走出去”的模式及财务风险防控研究

随着中国“一带一路”倡议的逐步实施,越来越多的企业开始加入“走出去”的队伍。但是由于不同企业所处行业、资金实力、规模大小、对外投资目的等因素不尽相同,如果选择不恰当的模式往往会导致陷入经营困境。因此本文为江苏“走出去”企业提出相应的财务风险防控措施,旨在促进企业在国际化进程中健康、可持续发展。     

人力资本、营商环境优化与外资企业创新——兼论引智的重要性

在营商环境优化成为培育引资及引技竞争新优势的背景下，考察发展中国家的营商环境优化对外资企业创新意愿的影响以及外资企业人力资本的调节效应。研究表明：营商环境优化降低了外资企业进行技术创新、流程创新和产品创新的意愿，且平均边际效应依次增强；内在机制是营商环境优化带来的外资企业特惠度降低和内资企业竞争力增强；外资企业的人力资本增强了营商环境优化对其创新意愿的降低作用，且是通过增强外资企业特惠度、降低抑制其创新意愿以及营商环境优化促进内资企业竞争力的方式实现的。进一步发现，外资企业的引智具有显著的创新溢出效应，且内资企业的吸收能力存在积极的调节效应。     

跨境电商英语沟通中的语用移情策略研究

跨境电商的飞速发展离不开跨境电商英语沟通质量的提升,跨境电商英语沟通是在交流过程中,买卖双方传递、共享信息和感情的过程。运用语用学的移情理论,结合跨境电商英语沟通特点,从礼貌语、委婉语、模糊语和幽默语等方面,建构语用移情策略,有助于缩短买卖双方的心理距离,达到预期的语用效果,推动畅通有效地跨境电商沟通。     

Political risk in private participation projects: The effects of political discretionality and corruption

This article investigates the impact of political risk on the performance of private participation infrastructure projects in emerging markets. Previous studies have shown that firms in regulated sectors are prone to employ political capabilities in their investments overseas. Our analysis of 32,257 projects in 114 emerging countries from 1997 to 2013 shows that higher political discretionality in the host country is negatively associated with project completion. In contrast, a higher level of corruption in the host country is positively associated with project completion. The study makes a contribution to the literature on political risk in foreign direct investments.     

Linking words in economic discourse: Implications for macroeconomic forecasts

This paper develops indicators of unstructured press information by exploiting word vector representations. A model is trained using a corpus covering 90 years of Wall Street Journal content. The information content of the indicators is assessed through business cycle forecast exercises. The vector representations can learn meaningful word associations that are exploited to construct indicators of uncertainty. In-sample and out-of-sample forecast exercises show that the indicators contain valuable information regarding future economic activity. The combination of indices associated with different subjective states (e.g., uncertainty, fear, pessimism) results in further gains in information content. The documented performance is unmatched by previous dictionary-based word counting techniques proposed in the literature.     

Financial analyst coverage for U.S. firms facing foreign competition: Evidence from trade liberalization

This study examines financial analyst coverage for U.S. firms following an increase in foreign product market competition. To capture exogenous shocks to domestic firms' competitive environments, we exploit a quasi‐natural experiment from large import tariff reductions over the 1984 to 2005 period in the manufacturing sector. Using data for the years before and after large tariff reductions, our difference‐in‐differences analysis shows evidence of a significant decrease in analyst coverage for incumbent U.S. firms when they face greater entry threat from foreign competitors. We also find that analysts with less firm‐specific experience and less accurate prior‐period forecasts are more likely to stop following the domestic firm when foreign competition intensifies. Overall, the findings suggest that foreign product market competition from global trade liberalization is an important determinant of financial analysts' coverage decisions.     

高校公共关系学专业课程体系改革问题研究

公共关系学专业在我国经历了十九年的专业建设,现今已经取得了显著成绩.但专业的课程体系问题一直存在,为了解决这一现实问题,本文从内蒙古高校公共关系学专业课程体系设置的现状人手,分析其存在的不足,提出相应的对策.旨在培养大批符合时代要求的公共关系专业人才.     

日语自他动词与态相关的误用分析

日语自他动词是日语语法中的一个难点,尤其在和其他语态相关联时使用起来更加有难度.以汉语为母语的日语学习者,常常按照汉语思维习惯去套用日语,出现误用现象.本文从自他动词与被动表现、使役表现和可能表现相关的误用三方面入手,归纳总结中国的日语学习者常见的错误,并从社会文化心理方面探讨产生这些误用的原因,以期帮助中国学生解决有关母语干涉的问题.