Politically connected boards,family and business group affiliations,and cost of capital: Evidence from Indonesia

We investigate the effect of politically connected boards (both supervisory boards [SBs] and boards of directors [BODs]) on cost of debt and equity capital of listed companies in Indonesia which has established a two-tier corporate governance system. The results, based on 250 firms, suggest that companies with politically connected SBs experience lower cost of debt and equity capital, whereas politically connected BODs have no association with cost of either debt or equity. Furthermore, we find that family firms and firms belonging to business groups with politically connected SBs enjoy lower cost of debt and equity capital. Our main results are robust to alternative measures and to tests for endogeneity.     

Beta and firm age

We document a robust pattern of beta declining over the age of a firm. We find that changes in systematic risk via firm characteristics and life-cycle stages are insufficient to explain this pattern. Moreover, standard proxies for the quantity and quality of information also explain this pattern only partially. To fully explain this pattern we rely on the increasingly important role of familiarity in financial decision making: familiarity is a determinant of beta and firm age is a proxy for the degree of familiarity that investors feel toward individual stocks. To illustrate the implication of our findings, we document that when we control for firm age there is support for the CAPM and its use as an input for the cost of equity capital calculation.     

刺芪参胶囊的制备工艺研究

目的:探索刺芪参胶囊的制备工艺。方法:采用正交实验,以总皂苷质量为指标,优化提取工艺;采用单因素实验优化制剂工艺。结果:在最佳提取工艺条件下,刺芪参胶囊提取物中的总皂苷含量为12.19 mg·g-1;以糊精作为填充剂、硬脂酸镁为助流剂、95%乙醇为黏合剂制备胶囊剂。结论:刺芪参胶囊的制备工艺稳定可行。     

基于动态因子Copula模型的我国银行系统性风险度量

本文基于2007年至2019年我国14家上市银行的股票收益率,构建偏态t-分布动态因子Copula模型,利用时变荷载因子刻画单家银行与整个系统的相关性,计算联合风险概率作为系统性风险整体水平的度量,基于关联性视角提出了新的单家机构系统脆弱性和系统重要性度量指标——系统脆弱性程度和系统重要性程度。该方法充分考虑了银行个体差异性和系统的内在关联性以及收益率的厚尾性和非对称性,从而能够捕捉到更多的信息且兼具时效性。研究表明:银行机构在风险聚集时期相关程度更大,联合风险概率能够准确识别出系统性风险事件且在我国推行宏观审慎评估体系以后有明显降低;整体而言,大型商业银行系统重要性水平最高,同时风险抗压能力也最强;本文使用的度量方法降低了数据获取成本且更具时效性,有助于为宏观审慎差异化监管工作提供借鉴和参考。     

Solvency Ⅱ与C-ROSS非寿险保险风险最低资本要求比较研究——基于中国60家财产保险公司的经验证据

本文以非寿险业务保险风险最低资本要求为考察对象,研究了欧盟Solvency Ⅱ与中国C-ROSS的差异,并利用中国保险市场60家财险公司的经验数据,对两者之间的差异进行了实证和模拟分析。研究结果表明,Solvency Ⅱ和C-ROSS对中国财险公司保险风险最低资本要求存在差异。对于拥有传统业务结构的财险公司,Solvency Ⅱ对保险风险最低资本要求更高,但是这种差距随着公司业务规模的缩小而减弱;对于以经营某些专业险种为主的财险公司,主营业务险种对两者差异具有决定性影响。本文的研究结论详细解释了Solvency Ⅱ与C-ROSS在非寿险保险风险最低资本计算上的异同,对C-ROSS下一步的修订工作提供了一定的支持与参考。     

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。     

我国省级区域金融发展对经常项目的影响研究——基于货物贸易视角的分析

本文选取我国大陆31个省(市、自治区)2007年-2018年的面板数据,综合运用系统GMM和差分GMM估计方法,实证检验了沿海与内陆、沿边与非沿边、享受优惠政策高与低、金融控制强与弱等4类不同省区金融发展对经常项目余额的影响。研究结果表明:使用全部样本估计时,金融发展显著负向影响经常项目余额,这一结论经稳健性检验后依然成立。使用不同区域的子样本估计时,金融发展对沿海省区、非沿边省区、享受优惠政策高以及金融控制弱省区的经常项目余额的抑制作用较大,而在其他省区作用较小。因此,各地区应充分利用金融手段来调整进出口余额,以保证经常项目的持续平衡。     

中国木质家具出口贸易与汇率波动关系研究

木质家具是我国最重要的出口林产品之一。人民币汇率改革后,人民币总体呈升值趋势,这一趋势提高了国产木质家具的出口价格,会产生阻碍出口的作用;与此同时其也会使进口原材料价格相对降低、促进原材料的进口,二者相互作用会共同影响木质家具出口额。通过建立回归模型,研究人民币汇率波动对中国木质家具出口贸易额的影响,结果表明人民币汇率与中国木质家具出口额呈负相关,但是通过人民币贬值来促进出口的策略并不明智。     

Do news shocks increase capital utilization?

Using the workweek of capital as a measure of capital utilization, we empirically test whether news shocks actually increase capital utilization. To this end, by estimating a panel VAR on two-digit manufacturing data identifying news shocks as innovations to stock returns orthogonal to the variations in current-period TFP growth, we find the positive response of capital utilization to news shocks. Moreover, to explain the positive response of capital utilization to news shocks in terms of plant-level investment behavior, we propose a heterogeneous plant model that combines the fixed cost of capital adjustment and an endogenous capital utilization choice. With the presence of fixed costs, except for the plants that have recently adjusted capital stock, news shock shortens the effective time horizon of currently installed capital stock and increases capital utilization. When the model economy is calibrated to match the salient features of the plant-level investment rate distribution, the economy generates a news-driven positive response of capital utilization.