审计质量、产权性质对上市公司投资效率的影响研究

审计质量作为第三方会计师事务所为公司提供的服务,可以独立于公司之外对上市公司投资活动进行监督。根据产权理论,产权性质不同的经济组织从事的经济活动不同,审计质量对不同产权性质的上市公司投资效率的影响也不相同。本文以2014—2018年沪深两市上市公司作为样本,实证检验了审计质量、产权性质与公司投资效率间的关系。研究发现,审计质量与上市公司投资过度显著负相关,与投资不足负相关但作用并不明显;在国有上市公司中审计质量对投资过度行为的抑制作用更明显,在非国有上市公司中审计质量可以在一定程度上防止投资不足行为的发生但作用并不显著。研究结论有利于启示各不同产权性质公司的利益相关方,客观认识审计师的作用功能及其局限性,有针对性、有效率地利用好审计服务,改善公司投资效率。     

环境规制的环境-经济效应研究

本文选取中国30个省级行政区(西藏和港澳台除外)2008-2016年数据分析环境规制影响经济发展的区域环境效率门槛,利用门槛回归模型研究区域环境效率变化在环境规制影响经济发展过程中的传导效应差异,并对其进行稳健性分析。研究发现:环境规制和区域环境效率的交叉项与经济发展之间呈现出显著的“U”型关系;在高环境效率地区,受环境规制影响时,区域环境效率提升可以更快地消除环境规制对经济发展带来的负面影响;在经济发达地区,受环境规制影响,区域环境效率提升可以在更大程度上强化环境规制对经济发展的积极作用。因此要制定适当的环境规制策略,加大研发投入,提高区域技术创新能力,促进生产工艺和技术改进,在环境规制压力下实现环境效率提升和经济发展的“共赢”局面。     

Food values and heterogeneous consumer responses to nanotechnology

Agricultural applications of nanotechnology are at a relatively early stage and little is known about consumer responses to the technology. Canadian consumer responses to food nanotechnology are examined through the lens of the Food Value Scale. Data from a survey of Canadian consumers are used to evaluate the relative importance of eleven food values to food purchase decisions. We find that taste, safety, nutrition, and price are among the most important food values to Canadians, however, consumers exhibit considerable heterogeneity with respect to the priority placed on these values. A discrete choice experiment (DCE) explores the effect of food values on choice behavior. The DCE is positioned as a sliced apple product with non-browning and antioxidant-enhanced features introduced through the use of nanocoating or a conventional coating method. Random parameters logit (RPL) and latent class models (LCM) confirm the existence of significant preference heterogeneity. The LCM identifies three classes of consumers: “supporters,” “doubters,” and “opponents” who differ in their reaction to nanotechnology and in the relative importance placed on food values such as naturalness, novelty, and convenience. The analysis shows that food values provide additional insights into consumers’ food choices and their attitudes toward novel food technologies.     

Effects of redistributing policy support on farmers’ technical efficiency

The objective of this article is twofold: first, investigating the relationship between technical efficiency and decoupled direct payments of a sample of Italian farms prior to the application of the 2014–2020 Common Agricultural Policy reform; second, evaluating possible implications of alternative scenarios about distribution of direct payments on technical efficiency. To these aims, a stochastic frontier analysis is adopted. Results indicate that direct payments produce significant effects on technical efficiency in specialized farms, which received higher levels of support. However, effects are contrasting. Moreover, results show that redistribution of policy subsidies may negatively impact on technical efficiency to an extent depending upon the criterion of redistribution applied. Finally, some policy suggestions are given.     

社会互动与家庭金融资产配置

运用中国家庭金融调查(CHFS)数据,研究社会互动与家庭金融资产配置之间的关系。研究发现,适当增强社会互动会促进家庭更多地参与风险金融市场,增加投资风险资产的比例,提高金融资产的分散化程度,优化资产的配置效率。但当社会互动达到一定程度后,过度的社会互动则会抑制家庭参与风险市场,减少风险资产的投资比重,降低金融资产的分散化程度以及资产配置的有效性。因此,家庭需要建立适度而高质量的社会互动,这有助于家庭获得更多的外部资源,缓解信息不对称,降低交易成本,从而优化家庭金融资产配置。     

Operating efficiency in Chinese universities: An extended two-stage network DEA approach

The result shows that it accepts the null hypothesis. Namely, there is no significant difference in the operating efficiency of universities in different regions. That is to say, although the efficiency of the central and western universities is slightly better than that of the eastern universities in terms of the average efficiency, there is no significant efficiency difference among the eastern, central, and western regions statistically. Therefore, it shows a balanced development trend for the efficiency of universities in different regions.     

基于DEA的传统农耕地区农业生产效率测度*——以皖北为例

［目的］农业生产效率是衡量农业生产的重要标准，其生产效率测度结果对研究区域农业经济发展具有重要意义。［方法］文章以皖北农耕地区为研究对象，通过采集2017年统计年鉴的相关数据，构建农业生产绩效评价指标体系，并引入虚拟决策单元，运用数据包络分析（DEA）方法，从自评和他评的角度对2017年皖北各县级单元的农业经济生产效率进行测度，并基于结果的迥异进行效率、冗余及空间分异的分析。［结果］皖北地区农业生产整体效率较低，呈现出粗放式的农业生产模式； 各种投入要素配置不尽合理，皆存在不同程度上的冗余，整体上看塑料薄膜冗余最高、化肥施用的冗余最低； 空间分异显著，南北表现为由北向南逐渐降低的“S”型趋势、东西呈现出两端高中间低的扁平状“v”型空间分异特征。［结论］粗放式的农业生产导致了皖北农业生产效率整体较低，应完善生产要素配置，大力推进农业现代化建设，促进皖北地区农业整体性协调发展，提升地区农业生产效率。     

农户林地流转的减贫效应研究——基于粤、浙、皖3省的农户调查

森林资源丰富与贫困聚集并存,且"均山"改革下的林地细碎化又降低了资源利用效率,而通过林地流转实现贫困缓解却存在树种依赖。本文利用2015年中国农村林业改革发展监测数据,在分树种测算农户生产效率的基础上,将林地流转引发的效率变化对农户经营收入影响产生的绝对减贫效应和相对减贫效应进行检验。结果表明,农户林地生产效率较低且不同农户间的效率差异明显;经营杉木与松木的农户通过林地流转能够实现绝对贫困与相对贫困的缓解,但对经营果树而言,生产效率更高的农户从林地流转中获益更多,形成相对剥夺,农户间相对贫困加剧;毛竹经营不存在规模依赖,林地流转也不存在减贫效应。林地流转的政策鼓励需要考虑利益导向,同时关注村庄内部的不平等。     

How forestland size affects household profits from timber harvests: A case-study in China’s Southern collective forest area

To improve the economies of scale in forest management and reduce the fragmentation of forestland, the Chinese central government has implemented a collective forest tenure supplementary reform since 2008. This has included a series of policies for motivating transfer of forestlands use rights among households in the country’s Southern Collective Forest Area (SCFA). However, to date there is little evidence that large-scale forest owners can earn more profits from timber harvests than small-scale forest owners in the SCFA. Using data collected from household surveys in the three of the SCFA’s provinces in 2016, this paper examines the return to scale of forestland ownership for timber harvests in this region, and how the scale of forestland ownership affects households’ profits from timber harvests. The results show a constant return to scale in timber harvests in the case provinces in China’s SCFA, that forestland area makes the most important contribution to the output of timber harvests, and that fragmentation of forestland results in lower profits from timber harvests. It appears that a moderate scale of forestland ownership should be identified for increasing the profits from timber harvests. With the rapid urbanization throughout China, an increase in off-farm employment among rural household members has a negative impact on timber harvests in the region. We argue that policymakers should realize the importance of encouraging the forestland transfers and improve the concentration of forestlands in the next stage of forest tenure rights reform in China’s SCFA.     

非农就业对种植决策的影响*——基于土地地势的研究视角

［目的］农村劳动力非农转移影响农户农业生产方式变迁，土地质量差异造成的生产差异会随着农村劳动力非农转移造成的人力投入减少而更加显现。针对农户的市场经济行为，文章从理论及实证角度探讨农户农业劳动投入减少时农户生产决策的变化，并根据实证结果进一步探讨我国农业种植结构的变化趋势，为相关政策的制定提供决策参考。［方法］该文运用多元回归模型，从土地资源异质性的视角分析了劳动力非农就业后在不同地势耕地的农业生产决策变化。［结果］劳动力非农就业明显影响了农户种植决策，在质量较高的平地上，农户的生产决策是种植机械化生产使用高的粮食作物来减少劳动力投入下降，在质量较差的山坡地上，农户的生产决策是降低对山坡地的使用强度来解决劳动力投入不足问题，具体表现方式是降低粮食种植面积以及抛荒方式来分配家庭农业劳动投入。［结论］不同地势耕地利用强度将会出现不同变化，平原以及交通便利地区，可以通过机械来替代人力投入，交通较为不发达的山区丘陵地区，需要通过加大农业基础设施建设等来解决山区丘陵地区的抛荒问题。政策支持方面，鼓励中低产田提高产品产量与提升降本技术，保障与维护国家粮食安全。