数字贸易赋能制造业质量变革机制与效应——来自跨境电子商务综合试验区的准自然实验

数字贸易已经成为全球发展的趋势。本文使用2009~2020年沪深A股制造业上市公司,以跨境电子商务综试区设立为“准自然实验”,探究数字贸易赋能制造业质量变革的作用机制与效应,结果发现:(1)设立跨境电子商务综试区能够显著提高企业全要素生产率,数字贸易推动制造业企业质量升级;(2)机制分析发现,数字贸易使得企业能获得和使用市场中更多的信息来满足消费者,提升了企业研发创新能力,进而提升企业质量。数字贸易对出口企业质量升级的影响大于非出口企业,数字贸易对两者的影响途径存在差异;(3)异质性分析表明,政治资源诅咒与基础设施限制,使数字贸易对非国有企业和高互联网发展水平制造业企业质量升级的影响更加明显;(4)数字贸易赋能制造业升级具有出口提升效应,数字贸易提升了制造业企业出口产品质量、产品种类与海外市场。本文结论对理解数字贸易在我国制造业质量改革中发挥的作用,以及数字贸易政策实践具有借鉴意义。     

Internationalization of business angel investments: The role of investor experience

In this study, we examine business angels (BAs)’ appetite for investing abroad and the role played by investment and entrepreneurial experience. To investigate BAs’ propensity to internationalize their investments, we study cross-border deals and culturally distant investments. Using an international sample of US and European BA deals, we find that both individual investment and entrepreneurial experience foster the internationalization of BAs’ investments, consistent with the predictions based upon the local bias theory. When splitting experience into domestic and foreign, we find that the former increases while the latter decreases local bias. When we separate US and European BAs, we find that the experiential background of BAs does not matter in the same way in Europe and in the US: while the general results are confirmed in Europe, both investment and entrepreneurial experience have a reduced impact in the US. We interpret these results in light of the reduced risk aversion of US BAs that lowers transaction costs.     

长三角地区跨境电商产业高质量发展影响因素研究——基于 Malmquist指数模型

以推动跨境电商产业高质量发展为切入点，在创建“碳达峰与碳中和”背景下的跨境电商产业高质量发展测度指标体系基础上，依据我国长三角地区近十年间官方披露的数据，实证考察跨境电商产业高质量发展影响因素。研究发现：目前我国长三角地区跨境电商产业发展存在一定的结构化失衡问题，且物流效率亟待提高；我国长三角地区跨境电商产业的高质量发展受到多类因素影响。其中，资本存量占比、从业人员占比与能耗占比这三类内部因素，宏观经济环境与产业竞争环境这两类外部因素，将对跨境电商产业质量发展产生差异化作用。我国长三角地区应加快跨境电商产业结构调整，推动跨境电商产业向价值链高端跃升。     

中国上市公司定向增发的短期财富效应研究

定向增发是我国上市公司股权再融资的主流方式.对于上市公司来说,定向增发可以为公司的发展和成长提供资金;对于投资者来说,定向增发为他们提供了良好的投资机会.短期财富效应是指证券市场各因素引起股价发生波动而给股东带来的额外收益.因此,选择39家上市公司定向增发短期财富效应进行研究,其中以2007年10月16日为分界,选取2007年3、4月实施定向增发的21家上市公司及2008年3、4月实施定向增发的18家上市公司为样本,分别分析定向增发在牛市和熊市中的财富效应.在实证研究中,通过超额收益率,建立一元线性回归模型,对样本公司定向增发的市场变化、股东收益进行研究,并得出结论.     

中国民族企业跨国并购策略分析——以浙江吉利控股集团三次跨国并购为例

回顾和总结了中国民族企业的并购历程,结合中国民族企业跨国并购的特点和面临的问题,着重以浙江吉利控股集团的现实并购案例为研究对象,通过对其三次并购的案例的研究,剖析吉利企业跨国并购的成功原因和有益经验,为中国民族企业"走出去",并借助国际平台迅速提高管理水平和科技进步水平提出行之有效的提出应对策略和建议。     

央行数字货币体系构建对金融系统的影响

本文基于货币演化逻辑以及公共选择理论的视角,论证了央行数字货币产生的必要性;从价值维度、技术维度、运营维度、应用维度的视角,论证了央行数字货币体系构建的充分性。央行数字货币体系构建过程中可能面临三个主要选择:计不计息、匿不匿名、跨不跨境。这三个选择对金融系统的影响体现为:现金、银行存款与央行数字货币的"三角平衡"问题,金融普惠原则下金融监管与用户隐私保护的"二元平衡"问题以及人民币国际化趋势下的全球支付"一点对接"问题。     

Cross-border mergers and acquisitions and corporate social responsibility: Evidence from Chinese listed firms

This study examines the impact of cross-border mergers and acquisitions (M&As) on acquirers’ corporate social responsibility (CSR). Based on a sample of Chinese listed firms, we find that firms with cross-border M&A activities experience an improvement in subsequent CSR performance. Specifically, the CSR rating is approximately 8.24% higher in firms with cross-border M&As than in those without such activities. We also find that this positive influence is more pronounced in firms with low initial CSR ratings than in those with high initial CSR ratings at the time when a cross-border M&A deal is completed. Additional analyses reveal that this positive effect is mainly driven by the target firms from countries with high social preference relative to China and that the enhancement in CSR driven by cross-border M&As translates into higher operating performance and easier access to finance. Overall, our findings demonstrate that cross-border M&As can serve as a critical channel for acquirers from a country with low institutional quality to build a better reputation through environmentally friendly behaviour and socially responsible engagement, and therefore gain capital market benefits.