Safety risk and international investment decisions

We identify and demonstrate the merit of a novel institutional factor, safety risk, which likely affects multinational corporations’ (MNCs’) international investment decisions. Safety risk refers to the extent to which security and physical well-being are endangered due to normalized aggression and criminality in society. Despite concerns from executives and policymakers, safety risk has attracted little research attention. We validate a safety risk measure and evaluate the construct’s effect on MNCs’ investments. The findings indicate that countries’ safety risk deters MNCs from investing. Further, in post hoc analyses, firms’ prior experiences with safety risk and countries’ private security investments moderated this relationship.     

新型监管政策下我国保险资金的资产配置研究——基于大类资产监管和“偿二代”的政策背景

近年来我国保险资金运用监管开始实行“放开前端、管住后端”的政策理念，在前端实行的是资产大类监管政策，在后端实行的是“偿二代”政策。在此新的政策背景下，保险公司如何优化投资结构是一项非常重要的问题。考虑到我国保险业实际监管政策内容，以投资组合的风险最低资本的最小化为优化目标，以大类监管政策中的投资比例限制为约束条件，建立了一个新的投资组合模型，用来计算出各种最优投资组合比例。研究结果表明：在新监管政策下，协议存款、基础设施和不动产的理论配置比例较高, 债券类投资和权益类投资的理论配置比例较低。与理论投资比例相，债券类产品的实际投资比例偏高，而不动产类投资品的实际投资比例偏低，所以我国保险资金在今后的大类资产配置中，应当降低债券的投资比例，适当提高不动产的投资比例。     

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。     

资本回报率、人力资本投资与收入不平等——基于Galor-Zeira模型的扩展

资本回报率下降对人力资本投资、收入不平等程度有较大影响。本文将可变资本回报率加入Galor-Zeira模型,理论推导发现:收入不平等陷阱并非不可逾越的障碍。当技能劳动力工资高于受教育固定成本时,随着资本回报率下降,接受教育的遗赠临界水平将降低,更多家庭将发现投资人力资本是有利的,稳态的技能劳动力比例将提高。在当前资本回报率下降的大背景下,提高技能劳动力工资、降低受教育成本、对教育贷款实施财政减免优惠、为农村中等教育支出减负和提升农村教育质量、倡导节俭和重视遗赠的文化氛围在长期都有助于提高技能劳动力比重以及缓和收入不平等。     

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.     

Research on the impact of mega-projects on carrying capacity of cities taking the first-line project of the West-East gas pipeline as an example

With the acceleration of China’s urbanization, the functions and benefits of mega-projects are required higher. With the deepening of “the Silk Road Economic Belt and the 21st-Century Maritime Silk Road”, the quantitative evaluation of multinational investment projects will help strengthen cross-border communication among government, society and enterprises, which provide a basis for mutual trust. This study empirically analyzes and evaluates the impact of mega-projects on carrying capacity of cities, by using the DID method based on the panel data of 15 cities in China from 2000 to 2013. The results show that the construction and operation of the first-line project of the West-East gas pipeline has a significant positive impact on the improvement of carrying capacity of cities along the line. However, the degree of impact on three dimensions is slightly different. The impact on the social carrying capacity is the greatest, then the ecological and economic carrying capacity. Therefore, the decisions of domestic mega-projects should be unified with urban planning to promote the sustainable development of China’s economy and social. The investment of mega-projects abroad should also be coordinated with the carrying capacity of host cities, in order to enhance the competitiveness and creativity of Chinese multinational mega-projects investment.     

Political uncertainty and labour investment efficiency

ABSTRACT

We examine the impact of political uncertainty on the labour investment efficiency (LIE) of a firm. Using a sample of Chinese firms, we test the market discipline and managerial entrenchment hypotheses. Our findings suggest that political uncertainty adversely affects LIE. The results are consistent with the managerial entrenchment hypothesis. That is, firms hire more labour in a period of increased information asymmetry due to the political uncertainty, which deteriorates LIE. Our findings are robust to a battery of alternative measures of LIE and estimation methods. We conduct several additional analyses and document that the adverse impact of political uncertainty is stronger when the newly appointed government official is older, the firm is state-owned, the firm belongs to a politically sensitive industry or the firm operates in locations with stringent labour protection. By contrast, when the firm locates in a region with weak Chinese government intervention or after President Xi Jinping’s anti-corruption campaign, the adverse impact of political uncertainty on LIE is less pronounced. Last, we document that after hiring more labour, firms receive tangible and intangible benefits in terms of receiving more loans, collect more government subsidies, and able to re-establish some political connection but at the cost of lower performance.     

Gender,Decent Work,and Global Production Sharing in Indonesian Manufacturing

Abstract:

Global commodity chains reflect and affect gendered labor markets. This article uses the Decent Work framework from the International Labour Organization to analyze employment outcomes for Indonesian workers in manufacturing. This research investigates trends in feminized manufacturing sectors in variously sized firms. Regression analyses is used to evaluate how firm characteristics related to global production sharing effect decent work outcomes for women and men, as well as female share of employment itself. The results suggest that exports and FDI affect men and women differently and that feminization and decent work outcomes depend on how the sector is positioned along the global value chain.     

博物馆类建筑工程费用估算研究

如何将建设资金控制在批复限额内,防止“三超”现象的出现,是博物馆类建筑投资估算编制的难点。分析博物馆类建筑的设计特点,梳理博物馆类建筑工程费用估算编制中的应注意的问题,总结出其不同于一般公共建筑工程费用构成的特点,旨在为博物馆类建筑工程费用估算的编制提供借鉴。     

Measuring destocking performance of the Chinese real estate industry: A DEA-Malmquist approach

This paper aims to measure the evolution of destocking performance of the Chinese Real Estate Industry based on a DEA (Data Envelopment Analysis)-Malmquist approach, which is seldom used in this industry in existing literature. In 2016, the Chinese government introduced a unified national destocking policy to reduce real estate inventory to save the downturn in the real estate market, but the effect was less than expected and led to soaring house prices in first-tier cities. By analysing the destocking performance over the period from 2005 to 2015, we find the following: (1) It is impossible to use a unified policy to effectively address the national destocking issue because of the difference of DMUs' destocking efficiency, input redundancy and total factor productivity score changes. (2) With the current destocking performance and investment status, the government is still ignoring the existing commercial real estate problems. (3) The redundancy of firm assets and staff indicates that zombie firms may exist and risk future unemployment in the real estate industry. (4) Despite the recently repeated government interventions in this industry, destocking performance remains falling since 2008, and problems in other regions is more severe than in central cities. (5) The financial crisis triggered by the US subprime mortgage crisis has had a great impact on China's real estate industry. The destocking performance dropped sharply in 2008, forcing the Chinese government to introduce policies to stimulate the real estate market. Policy recommendations are also put forward based on the findings.