Foreign investment regulation and firm productivity: Granular evidence from Indonesia

When regulating foreign direct investment (FDI), countries often face a trade-off between pursuing national policy interests and suffering efficiency losses due to FDI restrictions. We demonstrate the presence of this trade-off in the case of a protectionist FDI policy in Indonesia. Using a yearly census of Indonesian manufacturing firms from 2000 to 2015, we link product-level changes in binding FDI regulation due to major regulatory tightening to changes in firm-level productivity. Controlling for an extensive set of fixed effects as well as potential political economy drivers of regulation, we show that a tightening of the regulatory environment was successful in reducing foreign capital reliance among regulated firms, and led to increases in FDI among non-regulated firms producing the same product. Despite compensating increases in domestic capital, regulated firms experienced relative productivity losses. This points towards either a less efficient allocation of domestic capital or a general inferiority of domestic capital as compared to foreign investments.     

Drivers and barriers to cross-border e-commerce: Evidence from Spanish individual behavior

This paper explores the determinants of the individual's decision to perform cross-border e-commerce (CBeC). The European Union (EU) is especially interested in the promotion of CBeC because it is an important tool in its strategy to achieve the Digital Single Market in Europe. In this paper official data is used from a representative survey of 16,209 individuals on ICT usage by households and individuals that was carried out in Spain by the National Institute of Statistics (INE) for the year 2016. Using a standard neoclassical utility maximization framework, and logistic regression techniques, the results show that being a male is positively related to the probability of practicing CBeC. Education is positively and significantly related to the probability of being involved in CBeC with EU countries. Computer and Internet Skills are significant and positive factors in explaining CBeC (either with EU countries or with the rest of the world). The variable “how often the consumer sees other customer reviews before buying online”, has a positive effect. Foreign nationality also increases the likelihood of using CBeC. To promote CBeC in Spain measures towards developing digital skills, Internet trust and use of online information reviews of goods and services are discussed.     

中国家庭股市资产价值变动对居民消费的影响——来自CHFS的微观证据

近年来针对股市资产价值变动与消费关系的研究多采用宏观数据，难以揭示股市资产价值变动对居民消费影响的细节。为克服以上缺陷，文章利用中国家庭金融调查（CHFS）数据分析股市资产价值变动对中国居民消费的影响。实证结果表明：（1）股市资产价值变动对居民消费的影响总体较弱，其中市值变动的财富效应主要体现在改善性消费上，而对饮食等日常必须消费和奢侈品消费影响较小，这可能与我国居民的收入结构和投资方式有关；（2）随着年龄增长，居民的收入分布和资产配置倾向发生改变，股市资产价值变动对不同年龄居民消费的影响呈现先减小后增大的U型分布。研究结论揭示了股市资产价值变动对居民消费影响的分布特征，为今后股市改革方向提供了建议。     

超声波技术在食品检测中的应用

超声波技术因其具备适应性强、操作简单、设备投资低等优势而被广泛应用于食品检测领域。本文介绍了超声波技术检测食品的原理和在食品检测中的应用价值,并详细阐述了该技术在食品检测中的具体应用,为超声波技术更好的应用于食品检测领域提供参考。     

Do capital flows drive credit growth and consumption in Central and Eastern Europe?

Domestic credit expansion in CEE economies, fuelled in part by foreign capital inflows, helped increase household welfare before the 2008 financial crisis caused a contraction across the region. How strong are the linkages between the current account, domestic credit and consumer spending? This study compiles a quarterly dataset of domestic credit as a share of GDP for 11 CEE European Union members and isolates structural breaks in the series’ growth rates that often align with the 2008 crisis. Vector autoregressive methods, particularly impulse response functions, show that increased current-account deficits lead to increased consumption in six of the 11 countries and increased credit growth in three, and that shocks to credit growth increase consumption in six countries. Capital inflows significantly increase consumption through domestic credit in Slovenia, while the Baltics show a large share of significant effects.     

我国出口汇率传递的非对称性:来自中日贸易的证据

文章扩展了Yang（2007）的厂商定价模型，对汇率传递非对称性、特点和成立条件进行理论分析，发现对称传递需要满足严格的条件，而现实中更常见的是非对称汇率传递。在一定条件下，商品需求弹性越大，越可能呈现出口国货币贬值传递率高而升值传递率低的特点。利用2000年1月至2011年12月我国出口日本的966种商品价格数据，发现汇率波动向价格传递具有非对称性：（1）人民币升值时，日元价格上涨较少；而贬值时，价格下降较多。我国出口商品的需求弹性较大，在日本市场上面对的是一个强竞争结构。（2）若月度升值超过一定幅度（测算约为2.43%），传递率又会有所上升，说明尽管日元价格易跌难涨，但在升值导致成本上涨较多、明显挤压利润时，厂商不得不适当提高日元售价。采用2000年至2018年9月日本从中国进口单位价值指数进行稳健性检验，得出类似结论。现阶段稳定的人民币名义汇率对我国出口企业是更为有利的。     

价值链视角下中心城市创新首位度评价与比较研究——以南京为例

基于创新价值链理论，构建创新首位度的理论内涵与评价体系，对南京和其它中心城市的创新首位度进行评价与比较。研究结果显示：①在总体首位度方面，南京位列省域中心城市排名下游，落后于西安、成都、武汉、郑州、广州等国家中心城市，自2008年以来一直落后于深圳、杭州、合肥、苏州等对标竞争城市且差距较大；②在分项首位度方面，南京的研发创新、产业创新首位度位列省域中心城市排名底端，导致南京在两个首位度矩阵中均处于C象限，创新价值链呈现严重的不均衡性；③省域中心城市普遍存在创新价值链的“漏斗效应”，即知识创新首位度＞研发创新首位度＞产业创新首位度，南京尤甚，说明技术创新过程存在大量沟壑；④拓展性研究表明，省域中心城市的创新首位度＞经济首位度＞人口首位度，但是近十年3个首位度的增速排序与上述情况相反，说明创新资源有着更强的集聚效应，应避免行政手段对创新资源的错配。最后，提出对策建议与研究展望。     

创新生态系统视角下价值共创如何影响企业创新绩效——一个有调节的中介模型

以创新生态系统为视角，引入创新资源互动与生态系统规范机制为中介变量和调节变量，探究价值共创如何影响企业创新绩效。基于307家企业样本数据，运用结构方程模型、Bootstrap和层级回归方法对数据进行分析。研究发现：创新生态系统中，价值共创不完全直接影响企业创新绩效；创新资源互动部分中介价值共创对企业创新绩效的影响；生态系统规范机制部分正向调节价值共创对创新资源互动的影响。最后提出，创新生态系统调控方与企业要差异化地制定提升创新绩效的实施方案，营造活跃的创新资源互动氛围，形成并完善系统内生态规范机制。     

长江经济带人才集聚水平测度及时空演变研究——基于价值链视角

基于价值链视角，构建涵盖人才资源在区域空间层面集聚生成、地区配置、效能产出3个维度在内的区域人才集聚水平评价指标体系，采用专家咨询AHP-信息熵组合赋权法构建综合评价模型和耦合协调度模型，对2010—2018年长江经济带沿线省市人才集聚水平进行测度与时空演化特征分析。结果表明，就长江经济带整体而言，考察期内地区人才集聚水平总体呈现逐年上升态势，但仍处于低水平状态；沿线省市人才集聚水平差异显著，缩小趋势渐缓，整体呈现局部高水平、全局低效率的不利境况；各省市人才集聚水平关键维度的耦合协调度整体呈显著波动递增态势，但内部耦合协调度存在不平衡发展问题，影响地区人才集聚水平整体提升。为提升长江经济带人才集聚水平，推进沿线地区协调发展，需强化区域人才合作机制，采取差别化精准策略破解沿线地区人才集聚低水平、不协调的短板因素。     

庚子赔款的债务化偿付及其影响

庚子赔款是中国近代史上最大一笔赔款,也是以长期债务形式体现的赔款。本文对庚子赔款的债务化偿付安排、利率水平、支付流程及经济影响等进行比较分析。发现:(1)庚子赔款本金4.5亿两,是清政府 1903 年财政收入的 4.33倍,但通过债务化偿付,每年支付赔款占财政收入比重逐步下降;(2)按购买力折算,庚子赔款本金约占1900年中国GDP的2.1%;(3)与当时主要国家长期债务利率相比,庚子赔款4%的利率属于中等水平;(4)将庚子赔款与德国“一战”赔款进行比较,发现赔款本金和占经济总量比重,中国低于德国,但中国每年支付赔款的财政压力高于德国;(5)庚子赔款偿付对近代中国的财税金融产生深刻影响,外籍海关税务司借机成为独立于中国政府的“第二财政”,外商银行藉此强化其“隐性中央银行” 地位,赔款还催生了货币流通的“新周期” 和“新危机”。总体上,赔款的债务化偿付安排不仅受政治外交形势主导,也与金融机构特别是银行跨国经营存在密切联系。赔款的经济影响不仅取决于偿付总量,也取决于经济治理能力和财税金融制度。国家财税金融制度落后,则受到冲击较大。