东部地区十省市规模以上工业企业研发投入绩效评价

选取2021年度数据，采用数据包络分析（DEA）方法对中国东部地区10个省份规模以上工业企业的研发投入绩效进行评价，并采用灰关联分析方法分析确定各项研发投入产出指标相对于DEA效率的灰色关联度。研究结果表明，80%的省份规上工业企业研发投入产出处于非DEA有效状态，存在不同程度的投入冗余或产出不足；规上工业企业发明专利申请数与研发投入产出效率的关联度最高，其次是新产品销售收入和R&D经费内部支出。     

Effects of cohort size on college premium: Evidence from China's higher education expansion

In this paper, we document the lesser-known heterogeneous trends of college/non-college earnings premium across age groups from 1995 to 2013 in China. Specifically, the college premium in 2013 for the younger group (age 25–34) was about 30 percentage points, similar to the level in 1995, while the college premium in 2013 for the older group (age 45–54) increased to 50 percentage points, nearly double that of 1995. To attribute these divergent trends of the college premium to the changes in the relative size of college workers, we use the model by Card and Lemieux (2001), which incorporates imperfect substitution between similarly educated workers in different age cohorts. Due to the distinctions of these trends in China, our identification is free of the overestimation issue that the existing studies suffer. Our results are similar to those in the U.S., U.K., Canada, and Japan. Holding the age cohort and survey year constant, a one unit increase in log relative size of college workers is associated with about 10 percentage points decrease in college/non-college premium and about 18 percentage points decrease in college/high school premium. We further find that the negative effect is much more substantial among the new entrants (age 25–29) than experienced workers (age 30–54). By this pattern, we demonstrate that the new labor market entrants are more sensitive to their own cohort size and argue that the confounding ability composition effect should not be a serious issue.     

Tick size and market quality: Simulations based on agent‐based artificial stock markets

This paper investigates the way that minimum tick size affects market quality based on an agent‐based artificial stock market. Our results indicate that stepwise and combination systems can promote market quality in certain aspects, compared with a uniform system. A minimal combination system performed the best to improve market quality. This is the first study to analyse tick size systems that remain at the theory stage and compare four types of system under the same experimental environment. The results suggests that a minimal combination system could be considered a new direction for market policy reform to improve market quality.     

For green or not for green? The effect of cooperation goals and type on environmental performance

Although many scholars have demonstrated that companies engaged in collaborations achieve better environmental performance than other companies, existing studies have not analyzed in depth whether this effect changes considering the characteristics of cooperation. Our paper aims to explore whether collaboration with other companies always has a positive effect on environmental performance or whether it depends on cooperation goals, collaboration type, or company size. Empirical analysis based on a sample of 773 European companies demonstrated that an external source of knowledge is an important way to foster firms' environmental proactivity, especially when environmental goals are shared at the basis of collaboration. Second, we verified that companies involved in JVs with environmental goals achieve greater environmental performance than companies that use M&As to acquire external knowledge. Finally, we demonstrated that it is more important for small companies to be involved in environmental collaboration than larger ones.     

BEYOND THE STARS

It is frequent to hear in economic seminars or read in academic papers that an effect is economically significant or economically important. Yet, the economic literature is vague on what economic importance means and how it should be measured. In this paper, I show that existing measures of economic importance are flawed and misused. I derive a new metric that measures, in percentage terms, the contribution of each explanatory variable to deviations in the dependent variable, ceteris paribus. As an illustration, the method is applied to study the determinants of migration and the determinants of fertility.     

Agricultural productivity growth in Brazil: Large and small farms excel

The long-standing debate on the relationship between farm size and productivity has been generally limited by the range of farm sizes evaluated and the definition of productivity. In this paper we use data from three Brazilian agricultural censuses to address these issues. In particular, we introduce a wider distribution of farm sizes than presently available from the literature and we employ total factor productivity (TFP) as our performance measure. In doing so, we test which farm size class had the highest TFP levels in 1985 and 2006, how factor productivity growth varied within and across farm size classes between those years, and which policy or factor had the greatest productivity enhancing effect. When examining TFP growth, we move beyond the common decomposition into technical and efficiency changes by identifying the complete distribution of farm productivity performances. We find that by 2006 a U-shaped distribution of productivity over farm sizes had emerged. Considerable 1985–2006 TFP growth differences are prevalent; positive rates for the majority accompany stagnant or negative rates for some. Public education investments were associated with faster productivity growth regardless of farm size, while technical assistance’s positive effect and credit’s negative effect were associated with larger farm sizes. The role of specialization varied by size.     

货币政策、企业家信心与上市公司投资效率*

企业、企业家等微观主体对货币政策的反应，在较大程度上影响货币政策的效果。货币政策可通过对企业家信心的影响，进而对公司投资效率产生作用。基于中国2007—2016年40个季度A股上市公司样本的实证研究表明：企业家信心在货币政策传导过程中有不可忽视的作用。企业家信心增强或者货币政策宽松时会加剧过度投资，减轻投资不足；企业家信心减弱或者货币政策紧缩时可以有效抑制过度投资，但会加剧投资不足。其中，国有企业对企业家信心和货币政策松紧的敏感性更强。进一步，货币政策对企业投资效率的影响，也会通过货币政策和企业家信心的交互作用而发挥作用。这种作用在国有企业和非国有企业之间无显著差异。     

耕地流转与规模经营改善了农业环境吗？ ——基于耕地利用行为对农业环境效率的影响检验

研究目的:基于2007—2016年26省农业生产数据,测算"面源污染"和"碳排放"两类非期望产出下的农业环境效率,构建"耕地流转—利用规模—利用方式与利用强度—农业环境效率"的传导路径并进行计量检验。研究方法:超效率SBM模型,中介效应模型。研究结果:(1)耕地流转并未显著提高农业环境效率,但耕地利用规模对农业环境效率的影响呈倒U型;(2)耕地流转有助于扩大耕地利用规模,进而在样本中对农业环境效率呈现负向影响。与此同时,耕地流转对农业环境效率也存在正向的直接效应,正负效应基本抵消;(3)耕地利用规模主要通过改变化肥和机械投入强度进而负向影响农业环境效率。研究结论:农业环境效率受耕地流转、利用规模、利用方式和强度等多重因素影响,呈现明显的传导路径,因此,为了提高农业环境效率,在积极推行土地流转和规模化经营政策时,要注意结合地区农业生产力和地理环境,避免盲目扩大经营规模,同时鼓励规模经营主体引进农业绿色环保技术,注重农业生产资料的合理利用。     

Does default point vary with firm size?

This article aims to improve the predictive ability of KMV model by distinguishing firm size. The evidence suggests that default point would vary with firm size. Using the method of particle swarm optimization, we obtain the optimal default point separately for large firms and small firms. Several statistical tests such as the model confidence set methodology show that our relatively tractable model is more likely to have the strongest predictive ability.