Excessive Financial Support,Real Estate Development and Macroeconomic Growth: Evidence from China

ABSTRACT

Using monthly panel data for China’s 30 provinces from 2007 to 2017, this article analyzes how level of financial support affects the interplay between real estate development and macroeconomic growth. Based on a threshold model, the results suggest that housing price increases substantially impede economic growth, but there is no significant threshold effect for the sample as a whole. On investigating regional cross-sectional variations, we found that local economic situation clearly impacts on this effect, with significant threshold effects detected in subsamples. While housing price may have positive influences on economic growth in the mid-west subgroup with appropriate financial support, more developed regions returned contrary results.     

互联网平台下商业模式创新的路径、经验和启示

互联网经济快速发展,基于互联网平台的企业创新行为具有鲜明的特色。纵向研究了三家企业的创新过程,发现互联网环境下,企业商业模式创新有三个特点:以客户为中心的战略准则,价值创造由企业转向客户;企业打破边界,加强合作伙伴之间的协同和柔性,大幅提高创新效率;企业提高管理不确定的能力,领导者、企业文化、管理模式帮助企业应对不确定性。同时,提出当前创新模式存在核心技术缺乏、生产端缺乏创新的潜在风险,并提出创新发展的建议:加强生产端互联网的建设,提高创新质量;深化完善商业生态系统建设,提高商业系统整体的创新能力。     

Access to Finance,Financial Development and Firm Ability to Export: Experience from Asia–Pacific Countries

With particular reference to Asia–Pacific countries, the present study examines how access to finance and financial development affects firms’ ability to enter export markets. Using firm‐level data from the World Bank Enterprises Survey, we found that access to finance plays a significant role in improving firms’ ability to export. In addition, development of the financial sector fosters export market entry. Among the financial development indicators, reach of the banking sector variable is most prominent. The present study suggests that improvements in access to finance and financial development (increases in the reach of the banking sector) enable firms operating away from capital or major cities to enter export markets easily. The present study supports policy intervention to strengthen access to the financial sector, which would encourage firms to export, and to facilitate export market entry for remotely located firms.     

Foreign Ownership and Firm Innovation: Evidence from Korea

ABSTRACT

This study examines whether foreign equity investment promotes domestic firms’ innovation activities. Using panel data on the Korean firms during the 1999–2013 period, we find that foreign ownership has a positive effect on firms’ innovation activities. Furthermore, we also show that, as compared to non-chaebol firms, chaebol firms’ innovation activity becomes much greater with the increase of foreign ownership. Finally, we investigate industry-level spillover effects of innovation. Specifically, we find that foreign ownership promotes innovation activities via forward linkage, the effect of which is also more pronounced in chaebol firms.     

The economics of markets and platforms

Advances in the study of both markets and platforms contribute to economics. Platforms are typically digital markets, although platforms can designate markets generally. So, the economics of markets and the economics of platforms are one and the same. Platforms show the critical role of intermediaries in endogenous price adjustment and market clearing. The platform model remedies problems with general equilibrium analysis by combining and extending the basic Walrasian and Marshalian market models. The analysis of platforms provides explanations for the bid–ask spread, including market power, search costs, matching costs, adverse selection, and moral hazard. The study of platforms demonstrates the importance of participation and coordination in the formation of markets. The discussion emphasizes that platforms have significant implications for the theory of the firm. The analysis further considers how platforms affect innovation and entrepreneurship.     

环境政策工具对生态创新的影响: 研究回顾及实践意义

各种环境政策工具用来推进生态创新的开发、传播与应用，但不同政策工具对生态创新的作用效果还有待进一步挖掘。系统梳理了环境政策工具对生态创新影响的相关研究，探究不同政策工具的作用及其本质，以理解在推动生态创新开发、传播与应用情景下环境政策工具的作用及其实践意义。     

Are you really doing good things in your boss's eyes? Interactive effects of employee innovative work behavior and leader–member exchange on supervisory performance ratings

Organizations increasingly depend on employee efforts to innovate. However, the quality of relationships between leaders and employees may affect the recognition that employees receive for their innovative work behaviors. Drawing from a social cognition perspective, we tested a model in which leader–member exchange (LMX) moderates the impact of employee innovative work behavior on supervisory ratings of employee performance. Results from two multisource studies combining self, colleague, and supervisor ratings consistently showed that employees receive more favorable performance ratings by engaging in innovative work behavior when they have high‐quality LMX relationships. Moreover, we found that this interactive relationship was mediated by leader perceptions of innovative employee efforts, providing support for a moderated mediation model. Implications for the literatures on performance appraisal, LMX, and innovation are discussed.     

食品安全规制能提高生产者福利吗？——基于不同规制强度的检验

食品安全规制涉及政府、生产者和消费者三方利益主体的博弈。已有文献主要关注政府规制对减少生产者违规概率、提升食品安全水平和消费者福利所产生的作用。本文从生产者福利视角考察企业参与食品安全规制是否存在“收益率溢价”效应，以此对中国食品安全规制的间接效果进行实证检验。首先采用倾向得分匹配模型考察食品安全规制对企业资产收益率的平均影响效应，然后采用广义倾向得分匹配模型和门槛模型进一步考察不同规制强度与企业资产收益率的非线性关系。研究表明，当前食品安全规制对参与规制企业产生了“收益率溢价”的间接效果,但随着规制强度的扩展，企业资产收益率呈现先上升后下降的“倒U型”变化，具有显著的双重门槛特征，当企业持有4项质量认证证书时为“最优规制强度”。最后结合当前中国实际，解释了上述结论产生的原因及政策含义。     

辽宁省金融脆弱性研究

当前关于金融脆弱性的研究集中于国家这一宏观层面，对于省域金融脆弱性的研究还存在相当大的研究空间。正是基于这样一种相对创新性的视角，在对金融脆弱性现有研究进行综述的基础上对辽宁省的金融脆弱性的诱因进行了分析，并提出推动非银行金融机构的发展、拓展规模较大的银行的非利息收益以提升银行盈利能力以及全力清除不良贷款是应对辽宁省金融脆弱性的可行策略。     

高校新农村研究院：科技支撑乡村振兴的有效载体

[目的]较之前开展的新农村建设,乡村振兴战略是一种更高层次的发展手段和目标。文章旨在对高校新农村研究院推动乡村振兴的实践经验和困难问题进行梳理,分析背后的成因与制约因素,以期为以高校新农村研究院为抓手、从科技引领和支撑的角度推动乡村振兴战略的落地实施提供有针对性的建议。[方法]该文从协同创新理论出发,基于对沈阳农业大学新农村发展研究院的实地调研,采用文献梳理、归纳总结和定性分析等方法对高校新农村研究院为乡村振兴战略提供科技支撑的机理、模式、作用和困难问题进行了梳理。[结果]高校新农村发展研究院通过整合政府、高校、企业等多方资源,从技术协同、人才协同与理念协同3方面为乡村振兴提供了有效支撑。但目前各级政府对高校新农村研究院的作用地位还缺乏充分认识,存在财政支持不到位、技术推广激励与考评机制不完善等问题。[结论]整合各方科技创新资源,构建起各类主体跨界协同、不同技术集成应用、创新资源全链配置、关联产业融合发展的新型农业科技协同创新体系;进一步强化高校新农村发展研究院在农业科技服务中的主体地位,增强财政对新农村发展研究院的持续投入,改革高校农技推广人员职称评定与考核激励机制。