政府行为对风险投资回报率影响研究

国际上西方主流观点认为,风险投资最好是由民间资本为主,政府不应该操纵风险投资,而中国现在的风险投资大多是由政府主导的资金对政府感兴趣的公司进行投资,风投公司大多是政府主导建立的,民营上市公司参与风投的比例较低,民间资本创立的风投机构更是少之又少。而通过对四类风险投资公司的分析,初步探究出中国政府应该:第一,转变政府在风险投资中的干预职能和行为方式,放宽进入门槛,建成风险投资的多元性投资主体。第二,要利用其所掌握的管理权资源和政策制度引导,通过适当的政府行为选择指引,将大部分精力放在风险投资需要的外部环境建设、制度的制定与完善上。第三,提升政府在风险投资发展中的决策水平。政府应根据风险投资运行的本质规律,建立科学的经济决策程序和决策体系。     

The Impact of Multilateral Trade Liberalisation on Economic Development: Some Empirical Evidence

This article examines the impact of multilateral trade policy liberalisation on countries' levels of economic development, proxied by their real per capita income. The study is particularly relevant in the current context of growing rhetoric against international trade, which could fuel domestic protectionism and would likely undermine multilateral trade liberalisation. The analysis has been conducted on a panel data set of 155 countries, over non‐overlapping four‐yearly sub‐periods during 1995–2014. The empirical results suggest strong support for the view that multilateral trade liberalisation promotes economic development. Hence, the rise in unilateral protectionist trade measures around the world would likely endanger the prospects of further multilateral trade liberalisation and ultimately undermine countries' prospects of economic development.     

AN ATTEMPT TO EXPLAIN DIFFERENCES IN ECONOMIC GROWTH: A STOCHASTIC FRONTIER APPROACH

Total factor productivity (TFP), factor accumulation, and growth are analysed for a panel of 40 countries in 2001–11. TFP growth and technical inefficiency are estimated using a stochastic frontier model. Environmental variables are found to have an important role in explaining differences in inefficiency across countries. Over 2001–11, the general improvement in technical efficiency of countries is almost outweighed by technological regress. Results indicate that differences in factor accumulation between OECD and emerging economies are more important than differences in TFP change to explain differences in economic growth. Results also indicate negative and significant random shocks for the OECD countries.     

Students' persistent preconceptions and learning economic principles

Economic views held by the general public tend to differ significantly from those of economic experts. Would these differences fade away if people were exposed to some economic instruction? In this article, the authors identify college students' preconceptions about economic issues at the beginning of the semester, verify their persistence throughout the semester, and test whether their beliefs are correlated to course performance. The authors conduct a survey at the beginning and end of the semester on a sample of first-year students taking an economic principles course. They find evidence of preconception persistence and reasoning inconsistencies, pointing to some cognitive biases as a plausible cause. Most students do not integrate the newly learned tools into their thinking process, even if they perform well in tests.     

Time orientation and construal level: effects on eating and exercising behaviour and preferences

Eating and exercising behaviour are both characterized by immediate and future consequences. Consequently, consideration of these consequences (i.e. time orientation) predicts eating and exercising behaviour. We investigate whether construal level acts as an underlying mechanism of these relations. Students (N = 101) completed measures of consideration of immediate and future consequences (i.e. CFC‐food and CFC‐exercise), construal level, eating and exercising behaviour and preferences. For self‐reported eating and exercising behaviour, only direct effects of consideration of immediate and future consequences were found. For eating preferences, however, there was evidence of an indirect effect through construal level. A stronger tendency to consider future consequences led to a stronger preference for utilitarian (as compared with hedonic) food products through a more abstract construal level. All in all, construal level partially explains the differential relations between consideration of immediate and future consequences and eating and exercising behaviour and preferences.     

异化与归化——以《楚辞》典籍英译为例

在浩如繁星的中国典籍中,《楚辞》一定是最闪耀中的一颗.然而其独特的文化现象与内涵却使其典籍翻译造成诸多障碍.为最大程度的避免在译本中的文化亏损与缺失现象,笔者认为异化与规划翻译策略指导下的典籍英译,既可以达到文化交流的目的,又能够避免文化的缺失.努力再现《楚辞》原文的中国文化色彩以及深层意蕴.     

The political economy of the Trans-Pacific Partnership: a ‘21st Century’ trade agreement?

The Trans-Pacific Partnership (TPP) was the first of the ‘Mega-FTAs’ to be signed. Had it been ratified, it would have created the world’s largest preferential trade area. The negotiators of the TPP aspired to create ‘a next-generation transformative agreement’ that would address a new trade agenda focused on regulatory coherence and business facilitation. The expectation was that this agenda would generate a 21st Century trade politics that would be less contentious, at least among business actors, than traditional negotiations on market access. Studies of another Mega-FTA under negotiation, the Transatlantic Trade and Investment Partnership (TTIP) that has a similar agenda found unified business support for the agreement domestically and the emergence of transnational business coalitions in support of the agreement. Recent theorising on trade politics suggests, however, that global value chains (GVCs) that involve vertical intra-industry trade introduce ‘traditional’ distributional issues that will divide business interests domestically – and, in the case of GVCs organised on different geographical bases, internationally as well. This cleavage was evident in the TPP negotiations, unlike those for TTIP, as were other divisions among business – both domestically and across countries – over the sharing of existing rents and of new rents generated by regulatory harmonisation.     

工业用水量测算方法及应用

工业用水总量测算是我国实行最严格水资源管理制度的一项重要工作。为了利用现有水利统计成果对工业用水总量进行测算,文章选取了基于历史数据的预测方法和计量结合抽样的统计方法测算工业用水量,提出了"以计量结合抽样法为主,趋势外推法进行对比校核"的工业用水量测算方法。结果表明:对10万m~3以上规模的工业采用全样本计量,对规模以下的工业按一定比例进行抽样计量,测算值的相对误差可控制在10%左右。对于技术和统计投入受限的省份,可利用2011年水利普查数据和其他历史数据,适当采用趋势外推法对原有数据进行修正。     

反映价格变化趋势的建设项目经济评价方法探讨──兼论对水利水电项目经济评价及其方案比较的影响

提出一种反映价格变化趋势的建设项目经济评价方法,导出在全程平均价格年变化率和分期平均价格年变化率条件下的价格与基准年固定价格的换算系数,进一步推导了各种经济评价指标的计算公式。用典型算例说明:在正常的价格变化范围内,价格变化对建设项目经济可行性评价结果和方案比较结果可能产生颠覆性的影响,因此反映价格变化趋势是必要的。该方法为在建设项目经济评价中反映价格趋势的变化提供了一种可行技术,使评价结果更符合实际。     

Influence of perceived risk on entrepreneurial desirability and feasibility: multidimensional approach for nascent entrepreneurs

This study examines the influence of perceived risk on entrepreneurial desirability and feasibility as determining factors in the intention to start a self-owned business. Specifically, a multidimensional approach is taken to examine the different types of risks associated with entrepreneurship: economic, social, time, health and personal risks. The results obtained from a sample of 376 new entrepreneurs in Mexico confirm the fact that the perceived desirability and feasibility have a significant and positive effect on the intentions to start their own company. On one hand, the empirical evidence obtained shows a heterogenic effect of the risk dimensions associated with entrepreneurship on the perceived desirability and feasibility in their behaviour. Therefore, it was found that the economic risk associated with entrepreneurship has a negative effect on the feasibility to start a business, but does not significantly influence the desirability of that behaviour. On the other hand, a significant effect from the risk related to health is not seen on desirability and feasibility, but the negative influence of personal risk is empirically supported for both variables. Finally, the results obtained related to social and time risk are contradictory. Social risk negatively influences entrepreneurship desirability, but a positive effect is observed on the feasibility to create a business. For its part, the empirical evidence obtained does not support any effect of the time risk on the perceived feasibility of starting a business, but there is a positive on entrepreneurship desirability. These results, which are contrary to the traditional concept of risk as a barrier to entrepreneurship, are justified by the vocational nature of this behaviour and by the social sacrifices that are sometimes necessary to be able to make a business work.