实体企业金融投资收益对中国宏观经济波动的影响分析

实体企业热衷于从金融市场获取投资收益，个别企业甚至出现了过度金融化的倾向，成为经济新常态大背景下的一种独特的经济现象。对2009~2018年我国宏观经济的发展动向及实体企业金融化的具体数据展开研究，并以同期沪深两市3567个有效面板数据为研究对象，建立一种多元回归统计分析模型，研究实体企业金融投资收益对宏观经济波动所产生的影响。实证分析结果表明，实体企业投资金融收益与宏观经济波动显著相关，这种过度金融投资行为增加了金融市场的不稳定性，给宏观经济的平稳发展带来了新的阻力。     

产品市场竞争、公司治理与企业房地产投资——来自A股上市公司的经验证据

通过研究在产品市场竞争与公司治理不同情境中企业投资房地产的经济后果，发现房地产投资对公司市场业绩和会计业绩均存在负向影响。这种影响在竞争性行业中更加明显，并随着治理水平的下降逐渐加强。分类研究显示，在行业竞争、公司治理水平均较低或较高的情况中，负向影响较小；其他中间状态下，负向影响显著。房地产投资对会计业绩的改善效应仅存在于产品市场竞争激烈且治理较差的环境中，与之相伴的是市场业绩的显著恶化。当行业竞争激烈时，中等密集度投资能够获得会计业绩的改善，但随着密集度或投资期的增加，转变为持续恶化效应。这些结论意味着，产品市场竞争与规范的公司治理能够约束企业无效的房地产投资。     

制度距离、投资动机与企业OFDI区位选择——中国对外直接投资“制度风险偏好”的一种解释

由于企业的对外直接投资（OFDI）存在制度适应成本，东道国与母国之间的制度距离会对企业OFDI产生负向影响。基于2003—2015年中国对140个国家和地区OFDI的分析表明：中国企业的OFDI具有明显的市场寻求动机和战略资源寻求动机，其中，市场寻求型OFDI表现出显著的互补效应，战略资源寻求型OFDI表现出一定程度的挤出效应；东道国与中国的制度距离会通过投资动机影响中国企业OFDI的区位选择，即倾向于向制度距离较小的国家和地区进行OFDI，且制度距离会弱化市场寻求型OFDI的互补效应和战略资源寻求型OFDI的挤出效应。站在企业角度来看，中国企业在进行OFDI时并不具有“制度风险偏好”，而是表现出“制度风险规避”特征：选择对其自身发展来讲制度风险较小（制度距离较小）的目标市场进行OFDI。因此，中国应深化市场经济体制改革，提升国内制度质量，加强国际经济合作，并增强企业的制度适应能力，以有效减小制度距离对企业OFDI区位选择的约束，进而优化OFDI区位分布，提高OFDI效益和质量。     

外资进入影响行业工资差距的路径与异质性研究——来自中国服务业的经验证据

外商直接投资（FDI）可以通过劳动力需求效应和技术溢出效应改变东道国的劳动力就业结构和行业相对劳动生产率，进而影响行业工资差距，并且这种影响具有不确定性；由于投资动机和进入方式的不同，FDI对行业工资差距的影响具有异质性并表现为地区差异。基于中国服务业的经验分析发现：外资进入通过增加低工资行业的相对就业规模和提升高工资行业的相对劳动生产率扩大了行业工资差距，适应中国低技能劳动力丰裕而高技能劳动力相对稀缺的劳动力市场条件；在以垂直型和合资型FDI为主的地区外资进入具有显著的扩大行业工资差距效应，而在以水平型和独资型FDI为主的地区这一影响并不明显。因此，应努力提高劳动力人力资本水平并充分保障低技能劳动力的权益，积极鼓励和引导水平型FDI进入并适度减少垂直型FDI的引入，持续增强企业的技术吸收能力并不断缩小技术差距，进而在高效利用外资的同时缩小行业工资差距。     

Does foreign direct investment expand the capability set in the host economy? A sectoral analysis

Most empirical studies examining the impact of foreign direct investment (FDI) on economic development use aggregate monetary-based measures such as GDP or TFP growth as indicators for development. We deviate from this approach and use instead the recently developed economic complexity index; this measure summarises the complexity of the productive structure of an economy, and its values can be interpreted as the number of capabilities present in a country. These capabilities are units of productive knowledge necessary for the production of goods, and goods differ in the number of necessary capabilities. Furthermore, we use sectoral FDI data to take differences between sectors of an economy into account, since the number of necessary capabilities also varies between the sectors. In our empirical analysis, covering 63 developing and developed countries over the period 2005–14, we find that FDI in the tertiary sector has a statistically significant and robust positive effect on the number of capabilities, whereas FDI in the primary and secondary sectors generally does not increase the capability set of an economy.     

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.     

银行业联合授信制度制约企业的非效率投资了吗*——基于沪深A股公司的分析

中国银保监会出台联合授信管理制度旨在抑制企业过度融资行为，提高资金使用效率。为检验该制度是否达到预期效果，采用2014—2018年沪深A股上市公司样本，运用非平衡面板数据回归实证考察联合授信机制对企业非效率投资的影响，发现联合授信对企业的非效率投资（包含投资不足和投资过度）呈现显著抑制效应，其中联合授信对投资过度的抑制效应最大。进一步研究发现，相较于国有、大规模、低负债、高盈利等异质属性的企业，联合授信对非国有、小规模、高负债、低盈利等属性企业的非效率投资（尤其是投资过度）抑制效应更为显著。     

城市近郊区农户土地投入行为绩效评价及障碍因子诊断 ——耕地多功能价值视角下的多群组对比分析

研究目的:基于耕地多功能价值的视角研究农户土地投入行为绩效并诊断其障碍因子,以探索当前形势下城市近郊区农户"既不愿意种地,又不愿意将土地流转"的深层原因.研究方法:在构建农户土地投入行为绩效分析框架的基础上,通过农村入户调查获得样本数据,采用熵权TOPSIS法和障碍度模型,对不同性别和年龄阶段农户的土地投入行为展开绩效分析.研究结果:总体上,城市近郊区农户的土地投入行为绩效水平为"良好";多群组对比分析显示,男性绩效水平高于女性,青壮年绩效水平高于老年;补贴标准偏低和职业认同感差是制约土地投入行为绩效的主要障碍因子,而满足就业和养老需求依然是耕地资源的核心价值功能.研究结论:耕地在农户认知层面发挥着"弱保障"功能,"存而不用"的保守心态在事实上导致家庭承包地处于闲置、撂荒状态,这便是当前形势下城市近郊区耕地资源低效利用的底层逻辑.     

The effect of investment and withdrawal horizons on myopic loss aversion

Using unique survey data, we find that a longer investment horizon (6–10 years and 11+ years) reduces the likelihood of exhibiting myopic loss aversion (MLA) compared to an investment horizon of less than 2 years. In addition, we find that investors with higher levels of assets under management (AUM) are less likely to exhibit MLA compared to the lowest AUM quartile.