鄱阳湖滨湖平原区土地整治工程模式研究

我国地域辽阔,不同地形地貌在气候、土壤和社会经济状况等方面具有不同的特征。在对不同的地貌类型进行土地整治时,土地整治有明显的差异性。鄱阳湖滨湖平原区土地整治方向是调整农业产业结构,持续发展种植业,积极发展林、牧、副、渔等产业,整治以治水为主,完善排灌渠系,加固沿河圩堤,加强湖区防护林建设,提高防洪抗灾能力,治理水旱灾害,减轻土壤污染。该文在总结鄱阳湖滨湖平原区土地整治项目工程特征的基础上,探讨与之相适合的土地整治项目工程规划设计的技术方法,并以南昌县蒋巷镇五丰村等两个村土地整治项目为例,应用鄱阳湖滨湖平原区的土地整治项目工程特征分析成果,对项目区工程进行了具体的规划设计。     

激发企业参与乡村产业振兴的长效路径探索 ——基于关系投资视角的双案例研究

产业振兴情境下的关系投资是指基于农村地区市场发育程度尚低的现状下,为克服市场失灵,以情感认同为基础,利用社会网络渠道动员企业等社会主体长效参与乡村产业振兴的投资模式.文章通过贵州苗姑娘集团与广东海大集团两家企业参与农村贫困地区产业振兴的案例实践,提炼出关系投资主要有直接捐助、半价值化投资和价值投资三种具体模式.企业通过关系投资向贫困地区输入资金、人才、技术、信息等要素,帮助贫困地区培育内生能力,并盘活市场生态,进而实现产业振兴.成熟的社会关系网络与农村市场化程度尚低的现状是关系投资实施的情境条件;兼具情感认同与财务实力的企业是关系投资实现的主体条件;建立更为理性包容的经济制度才能真正发挥关系投资的积极作用.     

政府规制下畜禽养殖废弃物处理合规行为选择

目的 推进畜禽养殖废弃物的无害化处理和综合利用,对于改善农村生态环境和实现农业可持续发展有着重要的现实意义。通过深入分析影响养殖户畜禽养殖废弃物处理行为选择的主要因素,以期为完善畜禽养殖废弃物资源化利用政策提供参考借鉴。方法 文章以病死猪处理行为为例,运用实验经济学方法测算养殖户监管风险规避程度,采用Heckprobit模型分析监管风险规避对养殖户是否进行畜禽养殖废弃物无害化处理以及无害化处理方式选择的影响。结果 养殖户监管风险规避程度越高,越倾向于无害化处理病死猪;养殖年限、病死猪随意处理危害认知、养殖规模、群体规范对病死猪无害化处理行为有显著的正向影响;养殖户对生猪养殖存在较高的收入依附性和就业依附性时,更倾向于资源化处理病死猪。结论 加强政府监管是倒逼畜禽养殖废弃物合规处理的主要手段。而在政府监管资源有限的情况下,多渠道引导养殖户树立合理的风险意识以及建立养殖信息交流平台有助于进一步规范畜禽养殖废弃物处理行为。     

风险投资进入时机对企业生产效率的影响研究

本文从风险投资进入时间及风险投资投资期限两个角度考察了风险投资进入时机对企业生产效率的影响,并进一步从企业异质性角度分析了这一影响的差异。研究发现,风险投资进入时间越早,越能有效提升企业生产效率,但是风险投资投资期限与企业生产效率呈U型关系;从企业异质性角度来看,对非高新技术企业而言,风险投资投资期限与企业生产效率的U型关系不明显。为验证结论的稳健性,本文采用更换被解释变量、增加遗漏关键变量及Heckman两步法进一步研究,结论维持不变。这一研究为风险投资如何更好地服务实体经济提供了理论支撑。     

Determinants of income diversification: evidence from Chinese banks

This article presents an analysis of the determinants of Chinese commercial banks’ income diversification decisions. Using a panel dataset comprising 88 Chinese domestic banks from 2003 to 2010, we find that bank diversification reflects a variety of managerial abilities: insolvency risks, cost, capital position, asset scale and ownership structure. A larger ratio of banking assets to gross domestic product and lower interest spread lead to a higher level of diversification. Moreover, national banks and regional banks have different strategic responses to the macroeconomic, and indeed, regulatory environment. Resisting shocks from the banking sector and the macro economy, and supplementing liquidity shortages from intermediation business seem to be the driving forces of national banks to operate in non-banking sectors.     

Social capital and access to informal finance – evidence from Chinese private firms

This study investigates how firms’ social capital affects their access to informal finance. We argue that social capital helps reduce information asymmetry, increase trust between related parties and enforce lending contracts, so it has positive effects on firms’ access to informal finance. Using novel survey data of Chinese private firms, we find that firms with more social capital have more access to informal finance with lower costs. Further tests show that the effect of social capital is more significant when firms are located in regions with less developed market and lower community’s social capital and during the 2008 financial crisis.     

内生技术变迁视角下金融发展与产业结构升级

基于内生技术变迁视角，采用1985—2016年中国产业结构升级、金融发展、劳动力、技术创新相关数据，建立VAR模型进行脉冲响应函数分析和方差分解，并进一步构建VEC模型。结果表明：金融发展与产业结构升级具有长期均衡且显著为正的关系，同时产业结构升级和技术创新对金融发展扰动的响应具有滞后性。从长期看，金融发展对产业结构升级的贡献度超过劳动力。从短期看，金融发展与产业结构升级短期偏离修正系数较小，恢复均衡的速度较慢，且金融发展对产业结构升级的短期波动具有显著影响。     

文化传承与创新视角下两岸高等教育交流合作研究

本文着重从中华文化传承与创新视角,就新形势下两岸高等教育交流与合作的目标定位及其主要影响因素进行较深入分析,并从开放招生、合作办学、共同研发、扩大就业等方面,对其实现路径和配套措施进行研究,以促进两岸文教事业发展和中华文化与民族认同。     

On variable ordination of modified Cholesky decomposition for estimating time-varying covariance matrices

Estimating time-varying covariance matrices of the vector of interest is challenging both computationally and statistically due to a large number of constrained parameters. In this work, we consider an order-averaged Cholesky-log-GARCH (OA-CLGARCH) model for estimating time-varying covariance matrices through the orthogonal transformations of the vector based on the modified Cholesky decomposition. The proposed method is to transform the vector at each time as a linear transformation of uncorrelated latent variables and then to use simple univariate GARCH models to model them separately. But the modified Cholesky decomposition relies on a given order of variables, which is often not available, to sequentially orthogonalize the variables. The proposed method develops an order-averaged strategy for the Cholesky-GARCH method to alleviate the effect of order of variables. The merits of the proposed method are illustrated through simulations and real-data studies.     

Political Connection and Regulatory Scrutiny through Comment Letters: Evidence from China

Heese, Khan, and Ramanna (2017, hereafter, HKR) find that political connection (PC) positively predicts the receipt of comment letter (CL) reviews in the United States. This paper investigates whether this phenomenon exists in China and, if so, the specific channel by which it occurs. We find that Chinese publicly listed firms with PC are more likely to receive CLs from Chinese regulators, and this result is particularly strong for firms that have hired former officials from the lower tier of the political hierarchy. Additionally, the positive association between PC and the chance of receiving CLs is more pronounced in nonstate‐owned enterprises. Overall, we show that HKR's results hold for both the United States and China, and we add new evidence that state ownership and the level of connection moderate this relationship.