风险投资背景异质性与退出时机选择——基于信任视角的实证研究

退出是风险投资获得投资回报、实现投资目标的关键环节，以我国2009—2016年深圳中小板和创业板IPO公司为研究样本，分析风险投资背景异质性对其退出时机的影响，并进一步检验风险投资机构与创业企业之间的信任在其中的调节作用。研究发现：风险投资背景异质性对其退出存在显著影响，与独立风险投资相比，公司风险投资在创业企业IPO后退出企业时间更晚；无论是基于声誉的信任还是基于制度的信任，风险投资机构与创业企业之间双向的信任都会促使公司风险投资更晚退出创业企业；相对于独立风险投资，公司风险投资更晚退出企业是为了追求战略回报。研究表明创业企业可以通过提升风险投资对其信任度来维护其投资管理，而风险投资机构则可以通过提升创业企业对其信任度来加深互惠互信的合作关系。     

土地价格与企业创新*——来自微观数据的证据

近年来，中国土地出让价格迅速攀升，对企业行为产生了重要的影响。本文利用土地交易的微观数据，采用工具变量的方法研究了土地价格上涨对于工业企业创新的影响。研究发现土地价格上涨会减少企业申请专利的数量。其原因在于地价上涨缩紧了企业的资金约束，并影响了企业的资源配置，造成企业减少研发投入。异质性研究表明，高地价对位于产业园区的企业、国有企业的不利影响更小，但是对创新型试点城市中的企业的抑制作用更强。     

城投债对地区产能过剩的影响：促进还是抑制*

在构建城投债影响产能过剩的理论基础上，以我国2004-2016年地级市面板数据为样本，本文检验了城投债影响产能过剩的具体效应和相关机制。研究发现：城投债与地区产能过剩之间呈现U型关系；其中城投债对产能过剩的影响在中西部地区、南方地区、大城市和金融危机爆发后更为显著；机制检验表明，地方政府借助城投债压低工业用地价格和投资交通基础设施会加剧产能过剩，且压低工业用地价格带来的效应更为严重。因此，本文从适度控制债务规模、改善体制激励措施和完善要素定价机制等方面提出相应建议。     

Land outsourcing and labour contracting: Labour management in China's capitalist farms

Difficulty in labour supervision has been considered to be one of the obstacles to the development of capitalist agriculture. This paper presents two distinctive labour management strategies in China's large‐scale agriculture, which contribute to the development of agrarian capitalism in China. As shown in these cases, agribusiness companies engaged in grain crop production retreat from direct labour management by outsourcing crop cultivation, while acquiring profits from upstream and downstream activities. On the other hand, capitalist producers, who are involved in the labour‐intensive and capital‐intensive crop production, tend to mobilize local elites to manage the farmworkers. Although independent labour contracting services have not emerged, a specialized group of labour contractors is being cultivated. Rural social resources are utilized in labour recruitment and supervision to minimize the labour management costs in both strategies. However, the conflicts between capital and labour are covered or replaced instead of being settled.     

自治、博弈与激励:我国农村人居环境污染治理的制度安排

基于中央政府、地方政府及农民的互动视角,采用博弈分析方法,系统考察了我国农村人居环境污染的逻辑机制。研究发现:我国农村人居环境污染的根源在于规制失灵;农村人居环境公共资源的“公地悲剧”不是必然现象,可以在农民之间建立一种自实施的自治机制,避免导致“公地悲剧”;由于利益目标的差异,中央政府与地方政府之间的激励问题、地方政府与农户之间的博弈行为,导致了农村人居环境规制失灵。研究启示是,制度的建立健全是农村人居环境治理顺利推进的保障,更将有利于乡村振兴战略的实施以及我国农村的可持续发展。     

土地产权稳定能促进农户绿色生产行为吗？——以广东省确权颁证与农户采纳测土配方施肥技术为例证

土地产权趋于稳定将强化农户的剩余控制权和剩余索取权，进而激励农户改进农业生产行为，但这种激励具有情景依赖性：由于农户进行农业生产经营的能力和目的不同，并不是所有的农户都会因此而改进农业生产行为。采用2018年广东省“千村调研”数据，分析确权颁证对农户采纳测土配方施肥技术的影响，结果表明：农地确权颁证虽然赋予农户实现农地价值的剩余权，但能否促进农户采纳测土配方施肥技术还取决于农户自身的获益能力和收益本身的效用。如果农户缺乏实现农业生产超额利润的能力（低收入农户），即使土地产权趋向稳定，也难以产生采纳测土配方施肥技术的动力；如果实现农地价值的最优方式是“他用”而非“自用”，即使采纳测土配方施肥技术会带来农业生产超额利润，农户也不会积极采纳；如果农户具有实现农业超额利润的能力（高收入农户）和预期（以农业为主业的农户），则确权颁证会促进其采纳测土配方施肥技术。农地确权颁证对农户绿色生产行为的促进有着情景依赖性，因而，在农地确权颁证的同时要完善农地流转制度，通过土地产权稳定和流转稳定的双重激励更有效地促进农业生产经营主体积极施行绿色生产行为。     

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.     

叶尔羌河平原绿洲耕地利用转型与粮食产量耦合关系研究

［目的］为了解叶尔羌河平原绿洲耕地利用变化与粮食产量的耦合关系，以此优化粮食生产系统的指导方式，提高叶尔羌河平原绿洲粮食产量，协调叶尔羌河平原绿洲耕地利用转型与粮食产量的耦合关系，并为叶尔羌河平原绿洲的粮食安全保护提供一定的政策启示。［方法］文章运用熵值法，以粮食生产相关的“投入”指标为评价依据，耕地利用强度由地均化肥使用强度、有效灌溉比例、复种指数及地均农业机械化水平等4个指标构成，以及利用1990—2016年叶尔羌河平原绿洲粮食产量，分析其耕地利用转型和粮食产量耦合关系时空变化。［结果］(1)1990—2016年叶尔羌河平原绿洲各县耕地利用强度不断增大，并且区域时空格局差异明显，研究初期东北部地区的耕地利用程度强于西部地区，而2016年呈现出西南—中东部强，东北部弱的态势； 从粮食产量方面来看，叶尔羌河平原绿洲粮食产量整体有所增长，空间分异特征较不明显；(2)耕地利用强度—粮食产量耦合类型时空演化特征明显，高耦合值区增加，低耦合区值逐年减少； 从空间上看，叶尔羌河平原绿洲西部地区耕地利用转型与粮食产量耦合度越来越高。(3)耕地利用转型推动粮食生产格局不断演化，叶尔羌河平原绿洲耕地利用转型与粮食产量耦合度在1990—2016年呈现耦合度逐渐增加的趋势，耕地利用转型对保障区域粮食安全具有重要作用。［结论］叶尔羌河平原绿洲粮食产量随着耕地利用转型的不断深入而不断提高，耕地利用转型对粮食安全具有有利影响。     

Using a Delphi approach to identify the most efficacious interventions to improve Indonesia’s forest and land governance

Improvements to forest and land governance are key to addressing deforestation and degradation of peatlands in Indonesia. While this is a priority area, the steps to achieving good forest and land governance have been under-researched. There is a need for better links between theoretically informed academic analysis and work in the field. This study drew together a panel of experts on forest and land governance using a Delphi method to discuss the underlying drivers of deforestation and peatland degradation, and correspondingly, to identify interventions to improve land and forest governance in Indonesia. Seventeen panelists with an average of more than 12 years’ experience reached agreement over four governance interventions: increasing the capacity of local communities to manage and monitor forests and natural resources (65% of panelist’s votes); identify strengths and weaknesses of community organisations and institutions, and develop strategies to improve their performance (65% of panelist’s votes); gazetting forests to clarify land boundaries and determine which areas should be village, community and state forest zone (59% of panelist’s votes); and, integrating participatory community maps into spatial plans to protect local communities and indigenous peoples’ development needs (53% of panelist’s votes). They also supported action research involving the government, private sector and communities, and political economy approaches to researching forest and land governance issues. Panelists indicated that community level approaches such as securing community forest tenure through clarifying land claims and integrating local land tenure into spatial planning had an important role in sustainable forest management.     

Impacts of land leases in Oromia,Ethiopia: Changes in access to livelihood resources for local people

Large-scale land deals have attracted considerable attention for various reasons, including their implications for local livelihoods. While some view the phenomena as a development opportunity, encompassing improvement in the livelihoods of local people, others argue that it is an impoverishing scheme. Ethiopia ranks among the top in terms of the size of land leased out over the last decade. Land is a major resource of state control and investment in Ethiopia. As the foundation of their livelihoods and identity, it is simultaneously a vital resource for the local people. Highlighting the importance of land for local livelihoods and state-society relations and employing a political-ecological approach, this paper analyzes the outcomes of two land lease cases for the local people in Bakko Tibbe district of Oromia, Ethiopia. The findings show that the land leases induced a significant decline in local people’s access to land, resulting in a significant reduction in crop production and livestock husbandry. The land leases also dismantled longstanding land-based social relations in both production systems. Based on empirical evidence from specific localities and contextualizing the local livelihood dynamics within broader political-economic conditions, this study contributes to the ongoing debate on livelihood impacts of global land deals.