国有风险资本与企业融资约束: 如愿以偿还是事与愿违?

我国国有风险资本是否实现了设立之初的目标,即是否纾解了企业融资困难呢?文章基于上市企业微观数据和手动采集的国有风险资本数据对此进行了系统研究.实证结果稳健地显示,国有风险资本可有效缓解企业后续融资约束,我国政府参与风险投资活动是有效的.进一步地,高持股比例、多联合投资、高政治层级的国有风险资本对受资助企业融资约束的缓解作用更强;且国有风险资本对经济欠发达、低制度质量环境下的企业、面临高环境不确定性和高竞争程度企业、民营企业、成长期与动荡期企业能产生更大的影响.机制检验表明,国有风险资本既能通过认证作用显著降低企业信息不对称程度,又能发挥政治关联的资源效应,包括显著促进银企关系和企业的商业信贷获取能力,并提升企业获得政府补贴的水平,从而减轻企业资金负担,缓解其融资约束.经济后果分析表明,国有风险资本能显著降低企业外部融资的股权资金成本和债务资金成本,帮助改善企业融资贵的难题,而且国有风险资本有助于企业在创新和经营方面的良性发展.但国有风险资本并未起到有效监督作用,不能缓解企业代理问题,尤其是会导致第一类代理成本的明显提高,而高管薪酬提升是其中的重要原因.据此,文章认为在未来的国有风险资本发展中,要把握"政府角色"介入的尺度,完善国有风险资本对企业的监督管理机制.同时适当兼顾各地区发展不平衡的情况,对中西部地区的国有风险资本发展提供适当且必要的帮助,以促进国有风险资本在新时期的长足发展.     

Sentiment-scaled CAPM and market mispricing

This study explores the conditional version of the capital asset pricing model on sentiment to provide a behavioural intuition behind the value premium and market mispricing. We find betas (β) and the market risk premium to vary over time across different sentiment indices and portfolios. More importantly, the state β derived from this sentiment-scaled model provides a behavioural explanation of the value premium and a set of anomalies driven by mispricing. Different from the static β–return relation that gives a flat security market line, we document upward security market lines when plotting portfolio returns against their state βs and portfolios with higher state βs earn higher returns.     

“三权分置”下的农地流转主体:激励约束、利益冲突与行动策略

农地"三权分置"让经营权独立出来上市流转,需要关注的是农地流转主体的最终行动策略。通过大量的实地调研与理论思辨发现,农地"三权分置"下的制度供给对流转双方的激励约束各不相同,双方基于不同利益考量就会出现利益冲突。面临这些利益冲突,农地流转双方也就有不同的行动策略。未来,制度供给要满足流转双方对确定性预期的需求,建立对流转主体双方具有约束力的制度:引导合作博弈、实行农地功能分区以及集体集中成片流转经营权等。     

基于整体性治理的农村公共服务供给机制研究——以社会影响力债券为例

我国农村的公共服务供给在政治维度、社会维度、经济维度上呈现碎片化状态,具体体现为行政权力划分不明晰、治理主体单一且主体间缺乏互补协同、社会资本参与不足,碎片化特征严重制约着农村公共服务的持续发展,导致其供给水平无法满足农村日益多样化的社会需求。面对农村公共服务领域的供需张力,在整体性治理理念下,以社会影响力债券作为创新农村公共服务供给机制的基础,该机制通过协调层级政府部门间的权责配置,整合多元治理主体的资源优势,拓宽农村公共服务项目的资金渠道,从而解决农村公共服务供给的碎片化问题,实现农村公共服务整体水平的提升。     

偏光显微镜法在空气粉尘中石棉纤维鉴别中的应用

本文采用偏光显微镜法鉴别空气粉尘中的微量石棉纤维。经滤膜收集的粉尘样品通过高温灰化及酸洗过程去除大部分干扰物质,经乙醇分散后均匀沉积在玻璃片上,滴加具有固定折射率的浸油制成试片。在正交偏光系统下观察到粉体中存在纤维状颗粒,且纤维呈现四次平行消光特性,比对6种常见石棉的偏光显微镜图,综合分析试样粉尘的光学性质,推断样品中含有温石棉。     

Antecedents of Green Loyalty in the Cruise Industry: Sustainable Development and Environmental Management

As there is a lack of understanding about cruise travelers' eco‐friendly behaviors and knowledge about eco‐friendly cruises, this study attempted to examine the role of green value, satisfaction, desire, and internal and external normative factors in building passengers' green loyalty for environmentally responsible cruises. A survey methodology and structural equation modeling were utilized to achieve the research purpose. Data quality assessment revealed that all measures for variables included an adequate level of reliability and validity. Results of the structural analysis indicated that our theoretical framework had a sufficient level of anticipation power for loyalty. The proposed associations among study variables were generally supported. The significant indirect influence of green values and social norms on loyalty was identified. Moreover, the magnitude of the total influence of social norms on loyalty was the greatest among the study constructs. Overall, our findings offer valuable and meaningful insights for cruise researchers and practitioners. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment     

Corroborating social media echelon in cancer research

Worldwide medical facilities differ, and for this reason, the causes of death can vary. Cancer is considered the second leading cause of death after heart disease worldwide, and the same causes of death are observed in the United States (US). Therefore, the purposes of this study are to explore worldwide research levels in the field of cancer and the social collaboration of researchers and institutions in this field. This article examines the structural patterns of international co-authors and co-institutions in science citation index papers in cancer research. The study uses measures from the social network analysis method, including degree centrality, betweenness centrality, eigenvector centrality, and effectiveness, to investigate the effects of social networks in the area of cancer research. Empirical analysis results identify the US is the most central country, followed by Germany, Italy, France, and China, in terms of co-authored networks in this research field. Institutional analysis results indicate that the University of Milan is at the top in terms of degree centrality. The Gustave Roussy Cancer Campus in France and German University of Düsseldorf occupy the second and fourth positions, respectively. The University of California in Los Angeles and Harvard University, both in the US, are at third and fifth positions, respectively.     

Institutional herding and its price impact: Evidence from the corporate bond market

We examine the extent to which institutional investors herd in the U.S. corporate bond market and the price impact of their herding behavior. We find that the level of institutional herding in corporate bonds is substantially higher than what is documented for equities, and that sell herding is much stronger and more persistent than buy herding. The price impact of herding is also highly asymmetric. While buy herding facilitates price discovery, sell herding causes transitory yet large price distortions. Such price destabilizing effect of sell herding is particularly pronounced for speculative-grade, small, and illiquid bonds, and during the financial crisis.     

The role of the business press in the pricing of analysts’ recommendation revisions

We investigate the information-dissemination role of the business press by examining the coverage of analyst recommendation revisions. Consistent with the press providing wider dissemination of analyst reports, we find evidence that coverage of analyst recommendation revisions significantly increases the initial market reaction to these revisions and decreases the subsequent price drift. Furthermore, we find that news flash coverage, rather than in-depth coverage, of a recommendation revision drives both the initial market reaction results and drift results. Finally, we show that broader press coverage influences the activities of large-trade institutional investors but not high-frequency traders. Overall, our findings suggest a complementary role between analysts and the business press: increased dissemination of recommendation revisions, rather than information creation on the part of the business press, serves to better inform the market about analyst recommendation revision decisions.

     

International trade of GMO-related agricultural products

This paper examines the international trade of a variety of genetically modified (GM) food products over a 27-year period (1984–2011) with data from the United Nations using the tools of social network analysis. The results indicate that each of the different crops have a distinctive pattern of trade that has changed over time due to a number of different factors. Also, trade in agricultural commodities became more diversified over time, dominated less by the United States and other nations central in the trade networks and trade in the individual GM crops was stable over time. Countries maintained their trading partners for specific crops, despite the adoption of the genetically modified varieties. The economic implications of these results are discussed for specific countries.