Fixed costs and long-lived investments

Fixed costs models are difficult to analyze because they feature non-degenerate, time-varying distributions of capital across firms. If investments are sufficiently long-lived however then the cross-sectional distribution of capital holdings has virtually no bearing on the equilibrium and the aggregate behavior of fixed-cost models is essentially identical to neoclassical models. The findings are due to a near infinite elasticity of investment timing for long-lived investments – a feature shared by fixed-cost models and neoclassical models. “Irrelevance results” found in numerical studies of fixed-cost models are not parametric special cases but instead are fundamental properties of models with long-lived investment goods.     

外商直接投资与煤炭产业链的构建——基于山西主导产业升级的视角

阐述了外商直接投资对推动我国经济发展的重要性,论述了其与国内导向型产业升级的联系,以及与山西省煤炭产业链构建的重要关系,认为外商直接投资是促进山西产业结构升级的重要途径。     

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。     

较发达地区农户参与农信社小额信贷程度的影响因素分析——基于苏北金湖农户“直接意愿”调查的实证检验

结合农户借贷行为特征,采用江苏省金湖县273个农户实地调查数据,通过基于"直接意愿调查法"的二元Probit模型,从需求和供给两方面实证分析中国较发达地区农户小额信用贷款的现状及影响因素,结果显示,外出务工人数、农村家庭大额非日常支出、农户人际关系的强弱和正规社会资本资源显著影响农户小额信贷的需求,而非农收入比重、农户兼业类型及地区人均贷款显著影响农户获得小额信贷的概率。因此,重视和挖掘农户潜在信贷需求,改进信贷产品服务和质量,满足农户多样化的资金需求,才是实现农村小额信贷的可持续发展之道。