The ladder of investment in Europe,in retrospect and prospect

The ladder of investment was adopted by many European (and other) regulators in the era of copper networks as a means of implementing unbundling in a way which progressively promotes competitive providers׳ infrastructure investment in fixed networks. The paper reviews the evidence of its application and effects, in comparison with the most likely alternative, argues that it probably conferred benefits. In the more recent era of transition to fibre in Europe, regulatory priorities have shifted towards promoting roll-out. Two broad approaches are identified; one continues the focus on a programme of infrastructure competition in taking fibre to the home; another, relying on fibre to the cabinet, reverses it with bitstream used as the access product. It is soon to evaluate the two approaches.     

境外上市与企业投资效率

截至2021年11月,我国单独境外上市企业占到境外上市企业总数的88.32%,但单独境外上市的研究明显与该数据不匹配,研究数量缺乏。为扩充该方面研究,本文以2012~2020年单独在美国和中国香港上市的中资企业为研究对象,对境外上市与投资效率关系进行检验。实证结果发现,单独境外上市与境内上市企业相比投资效率更低,区分企业上市地点后发现,规模大、信息透明度低、存在代理成本的赴港上市企业比境内上市企业投资效率低,规模小、代理成本高、信息透明度低的赴美上市企业比境内上市企业投资效率低。通过机制分析发现,信息透明度、境外上市和非效率投资三者存在"遮掩效应",境外上市企业未能受到有效的信息约束。     

进出口、FDI与经济增长关系研究--基于福建省的面板数据

选取福建省9个地级市的面板数据来分析进出口、外商直接投资(FDI)对经济增长的影响。结果表明：福建省出口与FDI对经济增长都有着显著的推动作用,福建省的FDI对经济增长的贡献率为0.4265,出口对经济增长的贡献率为0.5374。此外,不论是在长期还是在短期,福建省的外商直接投资与经济增长都是互为因果关系;同样地,出口贸易与经济增长也存在着这种双向的因果关系。     

产品市场竞争、流动性与公司投资

本文基于产品市场竞争的视角,探讨了公司流动性对投资的影响。使用中国A股上市公司1999~2012年的面板数据,通过联立方程组和三阶段最小二乘法进行实证检验,本文研究发现,当公司相对于行业竞争对手持有更多的流动性时,公司下一期的投资相对于行业竞争对手增加得也更多,同时相比于低掠夺风险行业,流动性对投资的正向作用在高掠夺风险行业中表现得更为明显。本文的研究表明,公司流动性具有战略价值。持有一定流动性的储备有助于公司在产品市场竞争中更好地抓住投资机会,从而获得竞争优势。     

民营乡村景点投资问题及其对策

民营乡村景点投资掀起了中国旅游业新一轮的投资热潮。出于一种纯商业目的，民营企业对乡村景点的投资陷入短期逐利误区。民营企业投资乡村景点只有以可持续发展为本，才能真正推动中国旅游业的发展。     

The Role of the Global Reporting Initiative's Sustainability Reporting Guidelines in the Social Screening of Investments

Social screening of investments calls not only for investment policy and criteria, but also for information about companies, their policies, practices and performance. The Global Reporting Initiative (GRI) and its June 2000 Sustainability Reporting Guidelines have the potential to significantly improve the usefulness and quality of information reported by companies about their environmental, social and economic impacts and performance. The GRI aims to develop a voluntary reporting framework that will elevate sustainability reporting practices to a level equivalent to that of financial reporting in rigour, comparability, auditability and general acceptance. This will be a welcome and efficient supplement to the questionnaires, interviews, press releases, media reports and other sources of information traditionally used for screening in investment decision making – social/ethical and mainstream. The Dow Jones Sustainability Group Index, the Jantzi Social Index and the Innovest EcoValue'21 analytical platform, together with the SRI community, are all likely to benefit from GRI-style sustainability reports. One of the GRI's key challenges is to accommodate the broad variety of disclosure needs and expectations of a wide range of report users and company stakeholders. To maximize the usefulness of the GRI Guidelines, report users, including the SRI community, need to be engaged in the process of developing and refining the Guidelines over time. The GRI Guidelines are emerging as an important instrument in enabling companies to communicate with their stakeholders about performance and accountability beyond just the financial bottom line.     

市场出清与经济增长——国民收入模型中一个结论的修补及其意义

储蓄等于投资是宏观经济学教科书中的一个基础性结论,而高投资率或高储蓄率意味着高增长率又为大多数经济学家所接受;但在近年来分析我国宏观经济现象时,又经常出现把经济紧缩的症结归结于消费不足,即储蓄率过高的观点。在分析时,常常指出储蓄大于投资,却回避解释储蓄不等于投资的原因。从宏观经济理论体系中的国民收入模型分析看,上述矛盾的根源在于经济分析中的投资和储蓄的概念并不相等。投资相等的储蓄概念实际上包含了未实现的投资和消费。因此,高储蓄率并非经济紧缩的原因,解决经济紧缩的方法不仅在于减少储蓄,还在于市场出清的实现。从根本上解决我国需求不足状况,必须调整经济结构,使消费品生产、资本品生产与我国较高的储蓄率相匹配,按比例发展。     

政府作用与旅游区投资效益

尽管国有资本要逐步退出旅游产业，但这并不意味着政府对旅游业投资管理可以袖手旁观、听其自然。论文从旅游区投资角度出发，分析和强调了政府在宏观调控、政府管制、投资模式选择等5个方面应起的重要作用。     

The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004

We construct estimates of external assets and liabilities for 145 countries for 1970-2004. We describe our estimation methods and key features of the data at the country and global level. We focus on trends in net and gross external positions, and the composition of international portfolios. We document the increasing importance of equity financing and the improvement in the external position for emerging markets, and the differing pace of financial integration between advanced and developing economies. We also show the existence of a global discrepancy between estimated foreign assets and liabilities, and identify the asset categories accounting for this discrepancy.     

FDI and economic growth: the role of local financial markets

In this paper, we examine the various links among foreign direct investment (FDI), financial markets, and economic growth. We explore whether countries with better financial systems can exploit FDI more efficiently. Empirical analysis, using cross-country data between 1975 and 1995, shows that FDI alone plays an ambiguous role in contributing to economic growth. However, countries with well-developed financial markets gain significantly from FDI. The results are robust to different measures of financial market development, the inclusion of other determinants of economic growth, and consideration of endogeneity.