银行竞争对制造业上市公司融资约束的影响研究*

本文研究了银行竞争程度的变动对制造业上市公司融资约束大小的影响。本文将我国制造业A股上市公司作为样本，建立多元回归模型验证银行竞争形势的加剧是否会影响企业所面临的融资约束。本文认为制造业A股上市公司面临显著的融资约束，而且银行竞争与企业所面临的融资约束之间呈现U型关系，即随着银行竞争的加剧，融资约束呈现先放松后收紧的趋势。     

粤港澳大湾区制造业集聚与区域创新

以2009—2020年粤港澳大湾区11个城市为研究对象，探讨制造业集聚与区域创新的关系。研究发现，制造业集聚显著提高区域创新水平，可通过提高企业竞争这一路径实现。进一步分析发现，金融业集聚对区域创新发展具有显著的正向关系，金融产业和制造业产融协同集聚显著提高区域创新水平。研究结果表明，制造业集聚加剧产业内部企业创新竞争，带动区域创新发展，且金融业在创新中起到积极的推动作用。指出应鼓励区域企业创新竞争，优化营商环境，为产业融合发展提供保障。     

中部六省碳排放效率与产业结构优化的耦合协调度及影响因素分析

采用SBM-Undesirable模型测算了1999—2017年中部六省的碳排放效率,分别计算了产业结构合理化指数和高级化指数,利用耦合协调模型考察了碳排放效率与产业结构优化的耦合协调度,并对其影响因素进行了实证分析。结果表明:中部六省碳排放效率和产业结构合理化的耦合协调度较低,处在中度失调和中度协调之间,碳排放效率和产业结构高级化的耦合协调度处在中度失调和中度协调之间,但有明显上升的趋势。人力资本、财政支出对中部六省碳排放效率和产业结构合理化的协调发展起到了促进作用,而环境规制、能源结构产生了抑制的作用。人力资本对碳排放效率和产业结构高级化的耦合协调度有正向作用,而外商投资、人均资本、制度质量和能源结构产生了抑制作用。     

大学生消费行为调查与分析

大学生是社会消费群体的重要组成部分,他们的消费行为特征受到越来越多人的关注。为了更好地了解大学生的具体消费行为,本文采取问卷调查的方式,以合肥师范学院在校大学生作为调查对象,进一步了解大学生的消费理念、方式以及水平、结构等。最后根据调查结果的数据分析,对大学生理性消费提出具体建议,以引导大学生树立正确的消费观念。     

The effect of control deprivation on consumers’ adoption of no-pain,no-gain principle

Consumers often base their judgments on a no-pain, no-gain principle—that is, one must pay a cost in order to achieve a beneficial outcome. For example, they infer the quality of a product from its price and judge a bad-tasting medicine to be more effective than a tasty one. Although the use of this principle to infer the value of a product or service has been observed in several domains, the processes that underlie its use have not been fully explored. We find that when people feel out of control, they tend to use the principle because it exemplifies a causal relationship between actions and outcomes and endorsing it reaffirms their belief that they have control over the outcomes of their behavior. Our findings have implications for how marketers might position products and services to attract consumers who perceive themselves as having different levels of control.     

土地市场扭曲如何影响制造业出口产品质量升级*——基于土地市场交易数据和制造业企业数据的实证分析

地方政府“以地谋发展”的策略在促进各地区制造业大规模集聚和出口贸易快速增长的同时，也势必会给企业出口产品质量带来深刻影响。本文综合利用中国土地市场网城市土地交易数据、中国工业企业数据、中国海关进出口产品数据和中国城市面板数据，实证检验了土地市场扭曲对企业出口产品质量升级的影响，并对其内在机制进行了探讨。研究发现：中国城市建设用地配置存在明显的工业偏向性，进而导致工业用地价格被低估，产生工业用地应得收益大于实际价格的反向扭曲问题。这种反向扭曲可通过抑制技术进步、阻碍产业结构高级化、弱化集聚经济效应等机制显著降低制造业企业出口产品质量。土地市场扭曲对企业出口产品质量升级的影响具有明显的异质性特征。具体而言，土地市场扭曲不利于一般贸易企业与混合贸易企业出口产品质量提升，但对加工贸易企业出口产品质量提升具有促进作用。土地市场扭曲对企业出口产品质量升级的抑制作用由东到西依次递增。土地市场扭曲不利于外资企业和国有企业出口产品质量提升，对集体企业及民营企业的影响不显著。     

Risk Preferences and Gender Differences in Union Membership in Late Nineteenth-Century Swedish Manufacturing

Women are generally seen as less inclined to join trade unions. This study matches firm–worker data from the Swedish cigar and printing industries around 1900 and examines information on men and women holding the same jobs; such data are rare but important for understanding gender gaps. The results explain the gender gap in union membership among compositors, but not among cigar workers. Differences in union membership varied considerably across firms, with the largest differences found in low-union-density cigar firms where indirect costs (that is, uncertainty and risk) accrued in particular to women workers. The lack of gender differences in mutual aid membership indicates that women were not hard to organize but avoided organizations associated with greater risk for employer retaliation and uncertain returns according to a cost–benefit analysis.     

A note on the long rate in factor models of the term structure

In this paper, we consider factor models of the term structure based on a Brownian filtration. We show that the existence of a nondeterministic long rate in a factor model of the term structure implies, as a consequence of the Dybvig–Ingersoll–Ross theorem, that the model has an equivalent representation in which one of the state variables is nondecreasing. For two‐dimensional factor models, we prove moreover that if the long rate is nondeterministic, the yield curve flattens out, and the factor process is asymptotically nondeterministic, then the term structure is unbounded. Finally, we provide an explicit example of a three‐dimensional affine factor model with a nondeterministic yet finite long rate in which the volatility of the factor process does not vanish over time.     

激励、监督与经销商依从：依赖结构的调节作用

文章以代理理论为基础，实证分析激励和监督对经销商依从的影响及依赖结构的调节作用。研究发现：激励会促进经销商依从，而监督则会抑制经销商依从；相互依赖强度会削弱监督对经销商依从的负向影响，但对激励与经销商依从间的关系没有显著影响；经销商相对依赖会增强激励对经销商依从的正向影响，但对监督与经销商依从间的关系没有显著影响。文章最后对研究发现进行讨论，并提出管理建议和未来研究的方向。     

Resolving post-formation challenges in shared IJVs: The impact of shared IJV structure on inter-partner relationships

The “50/50”, or the shared management international joint venture (shared IJV) remains a popular and yet challenging control structure to govern IJVs. The purpose of this study is to understand the post-formation management of shared IJVs, specifically the relationship between shared structure, relational conditions and management of post-formation challenges. Our evidence is based on 26 in-depth interviews across four cases of shared IJVs between British multinationals and Asian companies. Our findings indicate that the highly integrative nature of shared IJVs, including high operational interdependence and shared decision-making, encourages partners to work closely together, communicate frequently and intensely and exchange personnel. Although share management can lead to inter-partner conflicts, the equal investment and mutual responsibility partly provides partners with motivation and opportunities to learn about each other, to better implement the control structure, to build trust, and to commit to the venture and partner. These relational conditions facilitated the successful management of post-formation challenges such as diversity related conflicts and macro volatility.