投资者保护、剩余公司治理与我国资本市场省际差异

投资者保护是影响资本市场发展的重要因素,它可以解释我国资本市场发展中存在的区域差异吗？本文探讨在相同的立法环境中,由法律执行和以地方性法规为代表的省际剩余公司治理的差异所引起的我国31省份投资者保护程度的不同,对资本市场省际差异的影响。研究发现：（1）投资者保护是影响资本市场省际差异的一个重要因素。（2）投资者保护构成中,法律执行对资本市场省际差异产生显著正向影响,而省际剩余公司治理的影响并不确定。     

Economic reform and interprovincial inequalities in China

This note is an attempt to explore two issues: (1) the trend of interprovincial inequality in the post-1978 reform era in China; and (2) the factors behind the dynamics of interprovincial inequality. Using recently released provincial gross domestic product (GDP) data, we have shown that interprovincial inequality decreased in the fast half of the 1980s, but started to increase in the second half of the 1980s. To understand the impact of sectoral reforms on interprovincial inequality, the overall inequality in provincial per capita GDP is decomposed into the contributions by the primary, secondary and tertiary sectors. It seems that the trend of interprovincial inequality has been largely induced by the reforms of the industrial sector which make up a large share of the secondary sector. In addition, national income data from the socialist national accounting system are used to identify the impact of interprovincial resource flows on interprovincial inequalities. The findings seem to suggest a relative decline in the role of redistributive budgetary transfers.     

中国省际贸易网络的特征及影响因素——基于铁路货运流量数据及指数随机图模型的分析

省际贸易对于中国应对国际贸易不确定性风险,尤其是中美贸易摩擦的冲击、促进全国经济增长具有重要影响。然而,关于省际贸易网络的研究却很薄弱。本文从网络分析的角度,基于2015年省际铁路货运量数据,分析了中国省际贸易的网络特征,并使用指数随机图模型分析了省际贸易网络的影响因素。结果表明,省际贸易网络覆盖范围广且层次分化明显,省际贸易流向及规模不平衡;在省际贸易网络中,已形成了华北及东北子网络、华东及华中子网络、华南及西南子网络、西北子网络;各省区市的省内贸易、煤炭生产量、四大区域战略、各省区市之间的空间距离等因素对省际贸易网络具有不同的影响。因此,我们要善于利用其中的积极影响因素,控制消极影响因素,促进省际贸易网络发展,为增强经济增长的内生动力、实现高质量发展做出积极贡献。