我国农村产业融合发展的效率评价

[目的]为了进一步提升农村产业融合发展效率,提升农业质量效益和竞争力、增强农村发展活力、促进农民持续增收,[方法]文章根据我国农村产业融合发展的投入产出指标数据,利用DEA方法对我国31个省(自治区、直辖市)农村产业融合效率进行了科学的分析与测算,[结果]研究表明,我国农村产业融发展的总体效率偏低。从综合效率看,仅有天津等7个省(自治区、直辖市)的综合效率值高于0. 5;从纯技术效率看,仅有江苏等8个省(自治区、直辖市)的纯技术效率高于0. 5;从规模效率看,西藏、甘肃、青海3个省(自治区)的规模效率低于0. 5。提升农村产业融合发展效率仍有较大的空间。[结论]应从进一步加大对农村产业融合发展的资金投入力度、着力优化农村产业融合发展的资金投入结构、建立农村产业融合发展效率考评制度等方面提升农村产业融合发展效率,促进农村产业融合快速发展。     

股权激励、反收购条款与企业创新

股权激励和反收购措施是公司内外部治理机制的重要方式.文章以2006—2017年沪深两市上市公司为研究样本,将股权激励、反收购条款和企业创新纳入统一分析框架中,考察两种公司治理机制对企业创新的综合影响.研究发现:股权激励显著提升企业创新产出水平,但反收购条款负向调节股权激励对企业创新的促进作用,控制内生性后结论依然成立.进一步分情景分样本进行分析发现,股权激励的创新效果相对稳定,但反收购条款的负向调节作用明显受外界环境和条件的影响,主要体现在市场竞争程度低、股权分散程度低及高管风险偏好程度低的企业中.本文的研究结论对理解股权激励的实施效果及反收购条款的公司治理作用具有一定的参考意义.     

The Short-Selling Hypothesis of Weekend Effect and T + 1 Trading Mechanism

Asia-Pacific Financial Markets - Utilizing a difference-in-difference regression model, we conduct cross-sectional and time-series analysis to explore effect of short sales on the weekend effect in...     

Lexical Measures of Social Inequality: From Pigou‐Dalton to Hammond

A measure of social inequality is essentially a rational ordering over a space of social distributions. However, different measures, including the most popular ones, may provide very different rankings over the same set of typical distributions. We thus propose an axiomatic approach to inequality measurement mainly based on the Hammond principle, a natural generalization of the Pigou‐Dalton principle, attempting to clarify the true nature of social inequality: the rich get richer and the poor get poorer. Under the standard assumptions of anonymity and scale independence, we show that a social inequality ordering is the leximinimax measure if and only if it satisfies the first Hammond principle, and it is the leximaximin measure if and only if it satisfies the second Hammond principle.     

Economic Impacts of the Possible China–US Trade War

This article uses a multi-country global general equilibrium (GE) model to numerically simulate the effects of possible China–US trade wars. We introduce an endogenous trade imbalance structure with trade cost into the model which helps to explore both tariff and non-tariff trade war effects. Our simulation results show that China will be significantly hurt by the China–US trade war, but negative impacts are affordable. The US can gain under unilateral sanction measures to China, but will lose if China takes retaliation measures. Comparing the effects under mutual trade war, China will lose more than the US. Introducing non-tariff barrier trade wars will intensify the negative effects, and comparatively negative effects to China are larger than to the US. Mexico’s involvement in trade war with the US will strengthen the negative effects and comparatively hurt the US more. Under non-cooperative and cooperative Nash bargaining equilibrium, the US can gain more than China in trade war negotiation, which means the US has stronger bargaining power than China. Additionally, trade wars between China and the US will hurt most countries and the world especially in GDP and manufacturing employment, but benefit their welfare and trade.     

山东省耕地后备资源变化及驱动因素分析

[目的]揭示耕地后备资源变化规律及其驱动因素是进行耕地后备资源合理保护、开发利用的重要基础,但目前对于耕地后备资源变化及驱动因素的研究较为匮乏。[方法]文章以山东省为例,基于2003年和2015年两期耕地后备资源数据库,在分析耕地后备资源时空变化的基础上,采用空间回归模型分析了其变化的驱动因素。[结果]2003~2015年期间,山东省集中连片耕地后备资源减少了30.81万hm~2,其中可开垦土地减少24.97万hm~2,可复垦土地减少5.84万hm~2。[结论]总人口、文盲率、农民人均纯收入、建设用地扩张速度、第一产业产值占总产值比重等是山东省耕地后备资源变化的显著性驱动因素,并且总人口和建设用地扩张的驱动作用最大,受教育程度和产业结构调整的作用次之,农民人均纯收入变化对耕地后备资源变化的影响最小。"宏观统筹协调,异地代补"是解决"耕地后备资源空间分布不均衡、供需不匹配",实现耕地占补平衡、高效合理的开发利用耕地后备资源的必经之路。但异地代补的数量比例和质量应严格控制,并注重对补充耕地地区的经济补偿和政策倾斜,逐步缩小与发达地区之间的差距。     

美国休耕制度及其对中国耕地休耕制度构建的启示

[目的]对美国休耕制度进行解读,并通过对制度文本的系统梳理和对比分析,为中国休耕制度的构建提供参考坐标。[方法]采用文献分析法和对比分析法。[结果]通过文献解读发现:(1)美国休耕立法经历了初步确立、快速发展和调整完善3个阶段;(2)美国休耕制度的政府补贴具有多元的特性,包括土地租金、成本分摊、技术援助、额外奖励和税收抵扣;(3)美国在实施休耕制度时强调计划与市场结合;(4)美国休耕制度的重心最终落脚于实现有机农业转移。[结论]根据这4项研究发现,中国在构建耕地休耕制度的过程中:首先,应逐次建构以休耕为主要内容的法律法规体系;其次,在结合多方财政系统的基础上,建立多元化、差异化、动态化、奖惩结合的休耕补贴机制;再次,需要计划和市场的有机结合,强化计划安排的同时激励农户自觉参与休耕,主动提升耕地地力;最后,休耕制度重心的落脚点应与有机农业发展的趋势相契合。     

Unemployment insurance benefits and income smoothing

Labor unemployment insurance reduces unemployment concerns. We argue that these benefits moderate incentives to smooth earnings to reduce employees’ concerns about unemployment risk. Using exogenous variations in unemployment insurance benefits, we find evidence consistent with this argument. We also find that the link between unemployment insurance benefits and income smoothing is stronger when there is higher unemployment risk and when the firm is likely to employ more low-wage workers, who find unemployment insurance benefits especially useful. Our paper contributes to the literature by showing that public policy decisions such as unemployment insurance have significant, albeit probably unintended, externalities on corporate financial reporting.     

The evolution of competition in innovation resource: a theoretical study based on Lotka–Volterra model

This research uses the Lotka–Volterra model to analyse the competition of innovation resource between two enterprises and studies the dynamic effects of environmental changes through the change of model parameters. The research finds that there are three possible results of the competition in innovation resource. That comprises ‘crowding out effect’, ‘unstable equilibrium’ and ‘stable equilibrium’. The results of competitive evolution are determined by enterprises’ interaction parameters. However, the natural growth rates, the initial resource possessions of both enterprises and the amount of regional innovation resource have a significant impact on the evolution of competition.