双支柱调控的金融稳定效应研究*

本文基于全球42个主要经济体1991—2016年的面板数据，系统考察了双支柱政策框架的金融稳定效应。实证结果表明：（1）货币政策和宏观审慎政策在抑制家庭信贷增长上具有显著作用，双支柱政策在缓解金融风险顺周期性上具有显著的金融稳定效应；（2）盯住贷款的宏观审慎工具和针对借款人、贷款人的宏观审慎组合具有更为显著的金融稳定效应；（3）新兴经济体的货币政策在抑制家庭信贷扩张上的作用不显著，但其宏观审慎政策的金融稳定效应相较发达经济体更为显著，发达经济体双支柱政策的金融稳定效应总体显著，其中货币政策效应更为突出；（4）发达经济体的货币政策效应在下行周期优于上行周期，宏观审慎政策及其与货币政策的交互效应在上行周期优于下行周期；（5）只有个别宏观审慎工具会对失业率、消费和物价产生微弱的负效应。     

Negative Spillovers Across Partnerships for Responsible Innovation: Evidence from the 2014 Ebola Outbreak

Humanity faces ongoing and contemporaneous grand challenges. Occasionally, abrupt shocks escalate a grand challenge’s salience over others. Prior research has advocated forming partnerships to address grand challenges via responsible innovation. Yet, it remains unclear how temporal changes in the salience of a grand challenge impact innovation performances of partnerships. We address this research gap by bridging the literature on issue salience, responsible innovation and interorganizational relationships. We argue that shocks either aid or harm the performance of partnerships for responsible innovation depending on whether their domains are directly or indirectly affected. The Ebola outbreak in 2014 sets the empirical context to test our theory. We find that while the innovation performance of Ebola partnerships formed after the outbreak rose eleven-fold, the performance of partnerships treating Influenza fell by 84.9 per cent. Our theory and findings have immediate implications for today’s COVID-19 outbreak, cautioning against salience shifts among concurrent grand challenges.     

The diffusion of mobile payments: Profiling the adopters and non-adopters,Roger's way

This study aims to establish various market segments based on consumers' attitudinal elements influencing the adoption of mobile payments (m-payments). It also examines the best discriminators between identified clusters of m-payment users. Three hundred and sixty m-payment users participated in the study. Cluster and discriminant analyses were employed for the analysis. The findings suggest that two segments are established, and strategies can be developed accordingly. The study provides marketers with numerous touchpoints to propagate the adoption of m-payment apps. It also comprehensively explains m-payment users in developing economies by superimposing the cohorts to Roger's diffusion of innovation model.     

基于CiteSpace 的创新链研究综述

运用CiteSpace软件，以1995—2022年中国知网（CNKI）核心期刊和中文社会科学引文索引（CSSCI）期刊为数据源，从热点关键词、发文作者、发文机构以及突现词方面对创新链相关领域文献进行可视化分析。研究发现：有关创新链的研究角度大概可以分为产业、技术、区域、模式和价值链5个方面；从发文特征来看，发文量最多的是张杰，群体内相较于群体间合作较多；从研究机构分布来看，机构间的合作比较分散，且合作大多发生在一个国家或地区；从未来演进趋势来看，文献近期表现为国家政策主导。     

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。     

跨国并购执行阶段财务风险研究

改革开放以来,中国经济持续高速增长,国内市场逐步开放,国家对“一带一路”的推进也使越来越多的企业试图通过海外并购的方式扩大其国际市场份额,以此提高企业竞争力。但即便有国家政策的支持,想要完成海外并购依旧是困难重重,因此,系统分析所存在的财务风险并加以控制变成重中之重。论文对跨国并购现状进行概述,随后重点分析在执行阶段所存在的几点财务风险,并提出相应的防范建议。     

突破性技术创新研究:现状与展望——基于SSCI和CSSCI期刊的文献计量分析

突破性技术创新是中国落实创新驱动、绿色发展、提升关键核心技术创新能力等多个国家战略的重要路径。本文采用文献计量方法和知识图谱工具,以2001—2018年发表于SSCI和CSSCI期刊的765篇文献为研究样本,从多个视角系统揭示国内外突破性技术创新研究的现状,并对未来研究方向进行展望。主要研究结论是:近18年国内外突破性技术创新研究发文量总体呈逐年上升趋势,国内研究与国外相比起步较晚且持续热度较低、对外合作研究较少且国际影响力不足;突破性技术创新研究遵循的理论基础主要是社会网络理论、动态资源管理理论和组织学习理论;突破性技术创新研究的热点主要集中于技术、组织、资源和财务四个方面,与市场发展问题相关的研究是薄弱环节。进一步从创新主体、创新变轨、研究层次和研究主题四个方面归纳了突破性技术创新研究热点的演化规律和存在问题。突破性技术创新的市场风险、跨国合作战略、大数据赋能和绿色导向会成为未来突破性技术创新研究的主攻方向。     

Knowledge capital,CEO power,and firm value: Evidence from the IT industry

Disruptive innovation dramatically changes the demand of a product market in the information technology (IT) industry. In response to the impact of disruptive innovation, IT firms that may be eliminated from the competitive race actively develop innovative products and adjust their operating strategies to strengthen their survivability in the fiercely competitive market. Thus, this study explores the factors that affect firm value in the IT industry under the impact of disruptive innovation. The empirical results reveal that knowledge capital and CEO power play crucial roles in explaining firm value. IT firms with powerful CEOs and increased knowledge capital have high firm values. The effects of knowledge capital and CEO power on firm value are especially significant for founder and duality CEO firms. Furthermore, the influence of CEO power is more prominent in periods of financial crisis.     

CEO hometown identity and firm green innovation

Drawn on the upper echelons theory, this study investigates how chief executive officer (CEO) hometown identity drives firm green innovation. We propose that CEO hometown identity has a positive impact on a firm's green innovation performance. Furthermore, we explore the moderating role of managerial discretion determined by organizational and environmental factors (i.e., institutional ownership and market complexity). We propose that institutional ownership negatively moderates the positive relationship between CEO hometown identity and green innovation, but market complexity plays a positive moderating role. Using Chinese publicly listed firms from 2002 to 2016 in heavily polluting industries, our findings support these hypotheses. Our research contributes to the upper echelons theory and corporate social responsibility literature and has substantial practical implications.     

我国农作物秸秆综合利用产业促进政策研究

［目的］深入地分析了我国秸秆综合利用产业现行促进政策，阐述了存在的主要问题，并提出针对性解决方法，以期为促进秸秆综合利用政策体系建设提供政策建议。［方法］按照法律法规、目标引导和考核、财税补贴、技术研发和推广、信息统计等进行分类，综合评述各类现行政策的特点、使用范围和有效性，并采用相关者利益分析等方法分析存在问题，提出政策建议。［结果］随着我国秸秆露天焚烧问题日益突出，国家加大了对秸秆综合利用重视的程度，出台一系列关于秸秆综合利用等方面的法律、法规和激励政策等，初步构建了秸秆综合利用政策体系，呈现出聚焦关键环节、关键技术和重点地区的趋势。但是，还存在着政策的有效性有限，未形成合力； 农民参与度低； 使用环节缺乏激励政策等问题。［结论］建议出台区域生态补偿制度，落实耕地地力保护补贴政策，鼓励终端产品使用和消费等政策。