外资进入影响行业工资差距的路径与异质性研究——来自中国服务业的经验证据

外商直接投资（FDI）可以通过劳动力需求效应和技术溢出效应改变东道国的劳动力就业结构和行业相对劳动生产率，进而影响行业工资差距，并且这种影响具有不确定性；由于投资动机和进入方式的不同，FDI对行业工资差距的影响具有异质性并表现为地区差异。基于中国服务业的经验分析发现：外资进入通过增加低工资行业的相对就业规模和提升高工资行业的相对劳动生产率扩大了行业工资差距，适应中国低技能劳动力丰裕而高技能劳动力相对稀缺的劳动力市场条件；在以垂直型和合资型FDI为主的地区外资进入具有显著的扩大行业工资差距效应，而在以水平型和独资型FDI为主的地区这一影响并不明显。因此，应努力提高劳动力人力资本水平并充分保障低技能劳动力的权益，积极鼓励和引导水平型FDI进入并适度减少垂直型FDI的引入，持续增强企业的技术吸收能力并不断缩小技术差距，进而在高效利用外资的同时缩小行业工资差距。     

Does mutual fund ownership affect financial reporting quality for Chinese privately-owned enterprises?

This paper examines the role of mutual funds in enhancing financial reporting quality in China. Mutual funds are more sophisticated and influential than individual investors. Therefore, they are expected to be more effective at preventing executives from expropriating investors and manipulating earnings as a cover-up, which in turn would reduce the incidence of modified audit opinions (MAOs). Our results, based on the Chinese listed firms from 2003 to 2008, confirm this prediction. More importantly, the effects of mutual fund ownership in reducing the incidence of MAOs are greater among privately owned enterprises (POEs), and especially those with higher growth. This is because POEs rely more heavily on the capital market for financing than do state-owned enterprises (SOEs), and because growth opportunities need to be funded by additional external capital. This finding implies that mutual funds form an important part of the external governance mechanism in emerging countries, but this effect is moderated by state control and ownership.     

国有企业工作经历、企业家才能与企业成长

人力资本的高效配置和企业家才能的充分发挥关系到经济的可持续发展,制度建设如果能促进资源合理流向具有企业家才能的企业家,就能创造更多就业和社会财富。基于全国1997—2016年的私营企业调查数据,本文考察企业家的国有企业工作经历对企业成长的影响。研究结果显示,企业家的国有企业工作经历使得企业在市场扩张和盈利能力等方面表现更好,带来了更高水平的企业成长。机制讨论表明,企业家行为带有明显的烙印效应,国有企业工作经历为企业家带来了更多的社会资本和更高的公司治理水平,从而促进了企业成长。为了缓解由于选择性偏误等带来的内生性,本文采用倾向得分匹配、处理效应模型、代理变量、双差分模型等方法进行处理,结论仍然稳健。中国经济要向资源配置效率改善型模式转变,企业家才能的发挥至关重要,国有企业改革不仅应注重产权等方面的改革,同时也要充分重视国有企业改革带来的人力资本溢出效应。在不断深化国有企业改革的大背景下,本文从企业家才能培育和人力资本配置效应的角度考察国有企业改革问题,倡导国有企业改革进程中进一步营造企业家才能发挥的空间和制度安排,提高人力资本配置效应,从而促进中国经济健康可持续发展。     

Stochastic leader–follower DEA models for two-stage systems

Data envelopment analysis (DEA) is a non-parametric approach for measuring the relative efficiencies of peer decision making units (DMUs). In recent years, it has been widely used to evaluate two-stage systems under different organization mechanisms. This study modifies the conventional leader–follower DEA models for two-stage systems by considering the uncertainty of data. The dual deterministic linear models are first constructed from the stochastic CCR models under the assumption that all components of inputs, outputs, and intermediate products are related only with some basic stochastic factors, which follow continuous and symmetric distributions with nonnegative compact supports. The stochastic leader–follower DEA models are then developed for measuring the efficiencies of the two stages. The stochastic efficiency of the whole system can be uniquely decomposed into the product of the efficiencies of the two stages. Relationships between stochastic efficiencies from stochastic CCR and stochastic leader–follower DEA models are also discussed. An example of the commercial banks in China is considered using the proposed models under different risk levels.     

Effects of top management team faultlines in the service transition of manufacturing firms

Manufacturing firms have increasingly begun to offer services in addition to products, a strategy known as “service transition.” Because top management team (TMT) is responsible for implementing and coordinating firm strategy, it is important to understand how the characteristics of TMT affect service transition. The objective of this study is to investigate the differential effects of product-related and product-unrelated service transitions on financial performance and the moderating roles of informational and social TMT faultlines. Analyses of secondary data from 293 manufacturing firms in China between 2003 and 2018 indicate that although product-related service transition increases financial performance (as measured by Tobin's Q), product-unrelated service transition decreases it. Informational faultlines increase these performance implications by enhancing the positive effect of product-related service transition but attenuating the negative effect of product-unrelated service transition. In contrast, social faultlines decrease these performance implications by attenuating the positive effect of product-related service transition but enhancing the negative effects of product-unrelated service transition. These findings contribute to the marketing strategy literature by providing new insights into the differential effects of TMT faultlines on service transition.     

Assessing the global productive efficiency of Chinese banks using the cross-efficiency interval and VIKOR

The banking industry plays an essential role in China's economic growth, and the assessment of bank efficiency has attracted increasing interest in the past two decades. Given that the data envelopment analysis cross-efficiency method can provide a more reliable reference set, a large number of studies targeting performance evaluation and its applications adopt this method. Few studies, however, address the issue of the non-uniqueness of weights in cross-efficiency evaluation. Whereas, this paper proposes a cross-efficiency interval considering all weighting schemes along with a VIKOR aggregate model to gauge the universal productive efficiency of 16 major Chinese commercial banks of China and rank them for the period of 2007–14. Specifically, we use the cross-efficiency interval to generate the global performance of each bank based on internal and external assessment while using VIKOR to compare the solution with the attitude index which ranks all of the banks. The results indicate that the cross-efficiency interval can provide more information than the traditional DEA model, that the banking system efficiency of China has been improved during the study period, especially for SOBs; that JSBs are more efficient compared with SOBs; and the efficiency gap narrowed during the study period.     

中国旅游经济增长与碳排放的耦合关系研究

厘清旅游经济增长与能源消费及CO2排放之间的关系对于实现增长前提下的低碳旅游发展意义重大。文章采用"自下而上"法,估算了1991~2010年中国旅游业的CO2排放量,并运用脱钩理论、ADF单位根检验、协整分析以及Granger因果关系检验,辨识和分析了中国旅游经济增长与碳排放之间的耦合关系。实证研究结果表明,在研究样本区间内,中国旅游经济增长与CO2排放量除2003年为未脱钩以外,其余年份均处于相对脱钩状态;旅游经济增长与碳排放之间存在长期的协整关系;旅游经济增长构成CO2排放的Granger原因不显著,而CO2排放构成旅游经济增长的Granger原因较为显著,即存在从CO2排放到旅游经济增长的单向Granger因果关系。基于上述结论,提出相关政策建议。     

补偿税理论的新发展——兼评美国规制碳交易的司法实践

温室气体减排指标余额作为可交易的客体构成碳交易市场化制度安排的基础.美国东北部七个州联合签署<区域性温室气体减排计划>,希望借助"总量管制和交易"行动实现减排目标.在自1869年肇始的判例中,美国最高法院逐步发展与完善了"补偿税理论",作为支持表面上有歧视性的州际商业管理措施的正当根据.补偿税理论的历史演变和新近发展趋向都表明,它是化解碳交易法律难题的有效工具.