工业废气排放对涉农贷款有溢出效应吗？

本文首先将工业废气排放量引入代表性工业企业的利润函数,依据Opiela的模型构建代表性金融机构的目标函数和约束条件,基于代表性金融机构的最优决策,得出工业废气排放量与涉农贷款之间的函数关系,继而提出研究假说.然后,基于2009—2018年中国31个省市区(因数据缺失,不包括港澳台地区)平衡面板数据检验研究假说,以研究工业废气排放量与涉农贷款比重之间的关系问题.研究结果表明,工业废气排放量与涉农贷款比重之间为正"U"型非线性关系,随着工业废气排放量的增加,涉农贷款比重先下降后上升.在拐点左侧,减少废气排放量的同时可提升涉农贷款比重,两者之间为"兼容"关系.相反,在拐点右侧,减少废气排放量将降低涉农贷款比重,两者之间为"互斥"关系.进一步研究发现,金融分权和数字基础设施水平还通过大气污染的部分中介效应,间接影响涉农贷款比重.最后,基于研究结论提出了政策启示.     

基于反馈控制的铁路运输企业信用管理

针对运输业的研究趋势及现行铁路运输企业发展特点，基于控制论和反馈原理将反馈控制应用于铁路运输企业监督管理的全过程中，提出对铁路运输业信用分级评价实时控制方法。为加强铁路运输业内部管理，调节企业生产运营过程中的偏差，构建集企业信用信息实时采集与评价、控制对策优化产出、企业实时控制为一体的反馈控制系统，并且结合实际经验，分析由这些反馈如何优化控制监管过程和监管内容，保证监管目标得以实现及优化铁路运输业内部管理。     

Investment subsidies and redistributive capital income taxation in a neoclassical growth model

How do investment subsidies bear on pure redistribution when coupled with capital income taxes? In a heterogeneous agent, neoclassical growth framework it is found that on impact, with no optimizing behavior, investment subsidies are good for growth but bad for redistribution. The opposite holds for capital income taxes. But when the government acts as a Stackelberg leader vis-à-vis the private sector (the follower), the optimal feedback policy is by construction time-consistent and implies that in a long-run optimum the tax scheme does not distort accumulation. This holds regardless of social preferences. For the feedback Stackelberg equilibrium I find that (pure) redistribution can go either way and capital income taxes are nonzero in the long-run, time-consistent optimum, depending on the social weight of those who receive redistributive transfers, the distribution of pretax factor incomes, and the intertemporal elasticity of substitution. It is argued that investment subsidies may be an important indirect tool for redistribution, and may allow for the separation of “efficiency” and “equity” concerns.     

Emotions and consumer behaviour: A review and research agenda

Consumers' emotions play a salient role in consumers' buying process, their consumption behaviours, and their engagement with product/service offerings, owing to which, it has gained much attention in recent years as an area of inquiry. However, literature in this field/subject is theoretically fragmented. Therefore, to enhance the conceptual understanding, this study synthesizes extant literature, using a hybrid review approach. Herein, we attempt to integrate bibliometric analysis, along with the theories, contexts, characteristics, and methodology framework, while consolidating and classifying the domain knowledge, trends, and progress/citation analysis using the bibliometric approach. In the process, we reviewed 384 conceptual and empirical articles, published during the period 1967–2021. The idea was to identify key theories, constructs, research contexts, and methods, based on which, we propose a few potential research areas. Based on our thorough analysis, these areas include (1) consumer co-creation, (2) consumer engagement, (3) service employee interactions, (4) consumer decision making, and (5) consumption experience.     

Long-run scarring effects of meltdowns in a small-scale nonlinear quadratic model

We build a small-scale nonlinear quadratic (NLQ) model in which credit feedback and regime switches in the output gap affect the adjustment path of the economy towards a steady state. The central bank solves a finite-horizon decision problem where the policy rate also can be zero or negative. We estimate this model by nonlinear seemingly unrelated regression method (NLSUR) and using the parameters to explore policy scenarios. The latter projects long-run dynamics after a large demand contraction leading to scarring effects on the economy. We point out three main results. First, while scars are dominant when the central bank follows a standard Taylor rule, unconventional monetary policy (UMP) – such as Quantitative Easing – mitigates the output decline in both the short and the long run. Second, a zero natural interest rate curtails the central bank’s ability to adjust the economy and mitigate scars. Third, financial constraints leave the deepest scars even if UMP is active.     

容错机制能促进国有企业创新吗

如何提高国有企业的创新能力是一个富有争议的问题。本文以近年来国有企业实施的容错机制为切入点研究国有企业创新问题，通过构建动态博弈模型并求解纳什均衡提出了两个理论假说：（1）正向激励可以提高国企高管的低风险创新激励，但不能提高其高风险创新激励；（2）正向激励和容错机制的结合可以提高国企高管的高风险创新激励。本文以中央企业建立容错机制为准自然实验，基于2013—2019年央企实际控制的上市公司数据，使用多期双重差分法验证了上述假说。进一步研究发现，容错机制对竞争性行业和高管年轻化的国有企业的高风险创新具有更加明显的促进作用。本文的发现为提升国有企业创新能力提供了一个新的视角，也为优化国有企业容错机制提供了依据。     

品牌延伸会影响品牌个性吗？——反馈效应的视角

品牌个性和品牌延伸都是品牌管理的重要内容，二者相互影响，过去的研究着重于品牌个性对品牌延伸的影响，但品牌延伸亦会影响品牌个性发展。选取我国医药行业老字号品牌云南白药作为研究对象，首先对云南白药的品牌个性进行探索性研究，通过四个定性研究确定云南白药品牌个性的项目词汇库，然后通过问卷调查获得的353份样本进行探索性因子分析，确定了云南白药的品牌个性的三个品牌个性维度，即经典真诚、可靠安全、独特神秘。在此基础上，针对云南白药向日化产品的品牌延伸如何影响其品牌个性提出理论假设，通过问卷调查获取205份样本，应用回归分析对假设进行检验，发现品牌延伸的两个维度情感延伸和功能延伸对品牌个性都有显著的正向影响，但功能延伸对品牌个性的正向影响更加显著，而且功能延伸和情感延伸对品牌个性各个维度的影响效果不一。     

Imitation,performance feedback,and outward foreign direct investments by emerging market firms

Extending the rational-based perspective of imitation, this study investigates how emerging market firms (EMFs) selectively imitate the frequency of outward foreign direct investment from two theoretically connected role models, i.e., large firms in an industry and board-interlocked firms. We posit that large and board-interlocked firms have differential values in endowing legitimacy and providing information because of their differences in terms of visibility to outsiders and value of acquired information. Using performance feedback as a moderator, we also indicate that EMFs performing above aspiration level decrease their imitation of large firms and board-interlocked firms. We also find that EMFs performing below aspiration level are more likely to imitate interlocked firms but less likely to imitate large firms.     

Is it time to reboot welfare economics? Overview

The contributions of economists have long included both positive explanations of how economic systems work and normative recommendations for how they could and should work better. In recent decades, economics has taken a strong empirical turn as well as having a greater appreciation of the importance of the complexities of real-world human behaviour, institutions, the strengths and failures of markets, and interlinkages with other systems, including politics, technology, culture and the environment. This shift has also brought greater relevance and pragmatism to normative economics. While this shift towards evidence and pragmatism has been welcome, it does not in itself answer the core question of what exactly constitutes ‘better’, and for whom, and how to manage inevitable conflicts and trade-offs in society. These have long been the core concerns of welfare economics. Yet, in the 1980s and 1990s, debates on welfare economics seemed to have become marginalised. The articles in this Fiscal Studies symposium engage with the question of how to revive normative questions as a central issue in economic scholarship.     

双元领导对积极偏离创新行为的影响研究——基于认知-情感复合视角

基于认知-情感理论，研究双元领导影响积极偏离创新行为的认知和情感作用机制与边界条件。采用Bootstrap、多元层次回归等方法对414份样本数据进行分析，结果表明：双元领导对积极偏离创新行为有显著正向影响；内部网络连带强度与反馈寻求行为在双元领导与积极偏离创新行为之间起中介作用；领导认同不仅正向调节双元领导与内部网络连带强度和反馈寻求行为之间的关系，还正向调节双元领导通过内部网络连带强度、反馈寻求行为影响员工积极偏离创新行为的间接作用。