A Cross‐national Comparison of R&D Expenditure Decisions: Tax Incentives and Financial Constraints*

We provide evidence on the impact of tax incentives and financial constraints on corporate R&D expenditure decisions. We contribute to extant research by comparing R&D expenditures in the United States and Canada, thereby exploiting the differences in the two countries' R&D tax credit mechanisms and generally accepted accounting principles. The two tax incentive mechanism designs are consistent with differing views of the degree of financial constraints faced by firms in these economies. Our sample also allows us to explore the effects of capitalizing R&D on Canadian firms. Employing a matched design, we document relations between tax credit incentives and R&D spending consistent with both Canadian and U.S. public companies responding as though they are not financially constrained. We estimate that the Canadian credit system induces, on average, $1.30 of additional R&D spending per dollar of taxes forgone while the U.S. system induces, on average, $2.96 of additional spending. We also find that firms that capitalize R&D costs in Canada spend, on average, 18 percent more on R&D. Collectively, this evidence is important to the ongoing debates in both countries concerning the appropriate design of incentives for R&D and is consistent with the assumptions found in the U.S. tax credit system, but not those found in the Canadian system.     

Long-Term Performance Following Rights Issues and Open Offers in the UK

Abstract:  This study finds evidence of significant long-term underperformance following rights issues made during 1986-95 in the UK. The findings are resilient to a number of methodological controls. In contrast, our results for a smaller sample of open offers made during 1991-95 show strong positive performance over a 5-year post-issue period, implying that firms making open offers had better growth prospects than firms making rights issues. During 1986-90, a period when open offers were rarely used, firms appeared to be making rights issues to exploit overvaluation. However, this was not evident for rights issues made during 1991-95, a period when open offers were more commonly used.     

中国邮政储蓄银行中间业务特色化发展战略的设想——以安徽分行为例

自成立之日起,中国邮政储蓄银行依托强大的邮政网络,励精图治,其中间业务迅速发展,呈现出品种丰富、效用增强、规模扩大的趋势。该行在中国作为＂草根银行＂,的确为区域经济的发展做出了应有的贡献,但和金融同业相比,其中间业务发展仍凸显产品研发滞后、业务收益不高、操作风险尚存等问题。本文以邮政储蓄银行安徽分行为例,结合其中间业务发展现状的分析,对邮政储蓄银行特色化发展战略进行设想,提出要通过审时度势、东学西渐、内外联动和左右开弓的系列措施助力其中间业务发展。     

Tourism and urban revitalization a case study of Pore , Yugoslavia

This article emphasizes the necessity of a multidisciplinary approach to revitalization of old urban areas through tourism. Historical urban values require special multidisciplinary care when transformed to suit the needs of both tourists and local population. The case study of the old urban area in Pore illustrates how this can be done. The study was aimed at identifying reasons for which tourists and local population visit Pore 's old urban core. It also intended to analyze the visitors' reactions to and expectations of old urban areas. The findings were to help make revitalization decisions and introduce new measures into the revitalization process itself, which in turn aimed at contributing to both future tourism developments and preservation of the area's historical and cultural heritage.     

中国核电产业国产化发展分析

自第一座军用堆的建成到2019年7月三代核电机组再次获批建设,我国核电经历了长期的发展,进入了核电重启时期。主要简述了不同发展阶段的核电技术路线,核电设备国产化率,以及相关的发展规划。我国核电产业的发展,是核电产业和制造业的奋斗史。核电设备的国产化率在有限的核电项目中不断提高。面对核电国产化过程中遇到的技术难点,我国核电从设计院到制造商共同承担风险,突破困境,实现了三代技术的国产化。在更先进的核电技术需求背景下,核电产业需要建立可持续发展的先进产业设备制造供应管体系。     

基于熵权TOPSIS法的长江经济带建筑业高质量发展动态测度研究

从建筑发展的规模性、效益性、创新性、绿色性、协调性以及共享性6个维度构建长江经济带建筑业高质量发展指标体系,利用熵权TOPSIS法对2011—2020年长江经济带建筑业高质量发展进行动态测度和评价。结果显示：2011—2020年长江经济带建筑业高质量发展水平排名前3的分别是上海、江苏、湖北;长江经济带整体呈现“东部地区较强,中部地区中等,西部地区较弱”的空间特征。     

我国红树林自然保护区旅游发展动力机制理论探讨

本文以旅游发展的驱动力为切入点．在前人研究的基础上结合实地考察及实践经验．指出红树林自然保护区旅游是在资源保护、社区发展以及旅游市场需求的推动下。在旅游产品吸引、中介系统的引导以及支持系统的辅助下开展的。文章在此基础上提出了自然保护区发展的动力系统结构模型及其驱动机制．旨在为我国红树林及其他类型的自然保护区旅游发展提供理论指导。进一步完善我国旅游区动力研究。     

基于发展核电的生态经济价值及其伦理思考

发展核电、开发利用核能充满复杂而多层次的价值矛盾，在巨大的生态与经济利益和风险之间．核电对生态环境及人类安全的威胁问题倍受社会各界的关注．并由此引发了一系列价值难题和伦理争论，成为影响核电发展的关键。核电的安全、可持续发展不仅仅是技术问题，还涉及一系列的伦理问题，要保证核电可持续发展并有益于生态环境保护且不损害人类利益，不能犯“技术决定论”的错误．必须辅之以伦理之轨。伦理之轨通过深入核电发展链的各个环节．对核电发展进行伦理价值观的批判和引导．参与战略选择使之得以规约．并保障核电发展有益于人类合的目的性价值得以实现。     

数字贸易如何影响贸易高质量发展——基于贸易全要素生产率视角的经验证据

贸易高质量发展是高效优质利用国内国际两种市场和资源的关键抓手,能够有力推动双循环新发展格局及经济高质量发展。基于2010—2020年中国省际数据,实证考察了数字贸易对贸易高质量发展的影响及相关作用机制。研究发现,一是数字贸易能够有效促进贸易高质量发展,且这种影响受到市场开放度的调节;此外,从数字贸易各维度看,其对贸易高质量发展的影响存在异质性。二是数字贸易能够通过产业结构和物流业升级对贸易高质量发展产生推动作用。三是空间回归表明某一地区数字贸易发展会对周边地区产生负向溢出效应。进一步的拓展性分析发现,在东部、中部地区数字贸易能够有效推动贸易高质量发展,对西部地区虽有促进作用,但并不明显;数字贸易各维度中,数字技术在中部地区对贸易高质量发展具有显著促进作用,数字产业化贸易在东部、中部地区对贸易高质量发展具有显著促进作用。研究有助于理清数字贸易和贸易高质量发展之间的逻辑关系及作用机制,为我国通过发展数字贸易进而推动贸易高质量发展提供了理论和经验支撑,为政策决策提供建议。