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.     

Moving up or moving out? A unified theory of R&D, FDI, and trade

This paper introduces industrial heterogeneity in R&D productivity into the quality-ladder model of the North-South trade to study how firms' choices made between R&D and foreign direct investment (FDI) vary across industries, and how such choices consequently determine the evolution of comparative advantage and trade. It shows that trade reveals product-cycle dynamics in medium-tech industries but remains static in others. High-tech industries experience continued innovation in the North with no migration of product lines. Medium- and low-tech industries migrate South via FDI to exploit low production costs with the South then replacing the North as the dominant exporter. However, medium-tech industry production eventually shifts back to the North when superior products are marketed by Northern innovators, making the end of one complete product cycle and the start of the next. Because of marginal R&D productivity, the relocated low-tech industries are not presented with the option of moving up and thus stagnate.     

对中小企业技术创新项目风险投资的博弈分析

在中小企业对技术创新项目进行融资的过程中,风险投资是其融资的一个重要途径,而风险投资人与风险企业之间会因利益的分配展开博弈。通过建立风险投资人与风险企业之间的博弈模型,可以看出风险企业对利润率高的技术创新项目进行风险融资的可行性并不高,所以风险投资人应谨慎选择风险企业进行投资,以降低资金风险。     

从交易成本角度看我国中小企业融资难的问题

中小企业融资难是长期以来讨论的一个热门话题,运用新制度学派的交易成本理论来解释这一现象。我国银行的运行制度、组织制度、外部并不完善的市场经济体系等一系列制度的运行,造成了我国中小企业融资的交易成本过高,并成为中小企业融资的一种瓶颈。     

跨国公司对华投资独资化影响与对策探析

近年来,跨国公司在华直接投资数量不断增多,进入模式已由当初的合资、合作转为独资。独资化趋势不是偶然现象,主要是由跨国公司的全球发展战略和避免技术外溢以及在华投资环境的改善引起。跨国公司独资化对中国经济既有积极影响,又有消极影响,需要区别对待,促进积极影响的发挥,最大限度降低消极影响。