The Benefit of Frequent Corporate Philanthropy

Applying behavioural economic theory, we argue that the frequency of philanthropic activity is important in determining corporate philanthropy's economic outcome. Using Chinese data from 2003 to 2016, we find that firms with more frequent philanthropic activities obtain more government subsidies than firms that only engage in one-off charitable donations. Firms with better corporate governance, such as higher management ownership and more independent directors, are more likely to adopt a strategy of frequent donation. Furthermore, firms are more likely to be frequent donors when management or local government officers have a long tenure. Our findings provide insight into the giving process and suggest that firms can maximize the benefit of corporate philanthropy if they strategically consider the donation frequency and donation amount simultaneously.     

川西北高原藏区农村贫困化分异机制探测

[目的]客观揭示农村贫困化地域分异机制,为科学推进川西北高原藏区精准扶贫创新途径、综合战略和认真贯彻落实中央治藏方略提供参考依据。[方法]应用地理探测器模型、GIS空间分析与地统计方法等方法,探测川西北高原藏区贫困村单位面积GDP分异的主导因素,揭示农村贫困化分异机制,提出不同贫困化地域类型的扶贫政策措施。[结果]影响川西北高原藏区农村贫困化分异的主导因素包括到主要交通道路距离、归一化植被指数(NDVI)、土地利用、年均温度和海拔高程等,各因素对贫困村经济发展分异的解释力分别为80. 76%、12. 82%、8. 82%、5. 45%和3. 96%;贫困村经济发展贫困化的分异机制存在明显差异,可归纳为交通区位约束型、自然环境约束型和经济区位约束型等三大类型;农村贫困化驱动机制下的贫困村精准扶贫政策措施亟需因地制宜、科学推进、讲求实效,有序推进精准扶贫战略。[结论]精准扶贫应分类指导、重点突破,尤其加强贫困村交通、水利、公共基础设施建设和特色农牧业产业培植,注重多种扶贫模式的综合集成。     

Environmental regulations in private and mixed duopolies: Taxes on emissions versus green R&D subsidies

In this article, we compare two kinds of environmental regulations—emissions taxes and green R&D subsidies—in private and mixed-duopoly markets in the presence of R&D spillovers. We show that a green R&D subsidy is better (worse) than an emissions tax when the green R&D is efficient (inefficient), irrespective of R&D spillovers, whereas the existence of a publicly owned firm encourages the government to adopt a subsidy policy. We also show that the optimal policy choice depends on R&D efficiency and spillovers. In particular, when green R&D is inefficient and the spillover rate is low (high), the government should choose an emissions tax and (not) privatize the state-owned firm. When green R&D is efficient, however, an R&D subsidy is better, but a privatization policy is not desirable for society, irrespective of spillovers.     

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。     

Does Targeted Monetary Policy Matter? A Perspective from China

Several major central banks have experimented with targeted monetary policy to improve credit resource allocation. This policy only applies to ‘eligible’ banks. For example, The People's Bank of China conducted seven targeted reductions of reserve requirements during 2014–15. This article documents the phenomenon of targeted monetary policy and evaluates its effects. The results show that, in the case of China, this policy has generated an extra significant, positive return on the stocks of eligible banks, amounting to 1.2–1.3 per cent in a four‐day treatment period. This substantial return gives commercial banks an extra incentive to align with the policy goals of central banks.     

Mandatory disclosure,greenhouse gas emissions and the cost of equity capital: UK evidence of a U-shaped relationship

This paper examines the effects of disclosing greenhouse gas (GHG) information mandatorily on the cost of equity capital (COC) using a longitudinal unbalanced panel database of the United Kingdom's FTSE 350 firms for the period 2011–2016. We use a nonlinear panel quantile regression (PQR) model to examine the relationship between GHG disclosure (GHGD) and COC in the United Kingdom. This technique was supplemented by conducting a two-step generalised method of moment (GMM) estimation to address any concerns related to the potential existence of endogeneity problems. Our findings suggest that high-level GHGD appeared to be negatively associated with COC up to a certain level, which is known as the turning point; then, any increase in GHGD is likely to increase the COC. This means that the nonlinear association between GHGD and COC is evidenced in our study and takes a U shape. Likewise, our findings are associative of a moderating effect of the 2013 carbon disclosure regulation (CDR) on the GHGD–COC nexus. We argue that mandatory GHGD and GHG risk are linked so that those companies that are associated with higher GHG risk have a tendency to be better disclosers. Consequently, we urge regulators to design GHGD regulations in a way that mirrors corporate environmental risk and leads to a lower COC in order to align the interests of corporations with those of the society at large.     

Pricing,greening, and transparency decisions considering the impact of government subsidies and CSR behavior in supply chain decisions

In this paper, we analytically model different government subsidy strategies in a supply chain manufacturing and selling a green product. We model the interaction between greening degree and transparency level set by a manufacturer and its impact on not only the supply chain, but also consumers and the government. The supply chain is composed of a manufacturer and a retailer. The manufacturer can choose two different strategies. First, he only cares about his production profit; and second, he concerns with CSR in addition to his production profit. We develop a new transparency-based index of consumer satisfaction to model how the market reacts to manufacturer CSR decisions. The government decide three different subsidy strategies. A three-stage Stackelberg game model is developed and solved to analytically derive managerial insights. As a result, if the transparency cost coefficient is sufficiently high, the greening degree and transparency level in CSR concerns strategy are higher than when the manufacturer is not concerned with corporate social responsibility. In addition, when the transparency cost coefficient is sufficiently high, the profit of supply chain members and government are equal in both strategies. We give a real-world example of Iranian brick industry.     

政府补贴、国际知识产权保护与企业创新——来自战略性新兴产业上市公司的证据

政府补贴对企业创新的影响存在争议,在美国重点打击中国战略性新兴产业的背景下,补贴这一产业政策的有效性再次引起热议。本文以2012-2017年沪深A股战略性新兴产业上市公司为样本,研究在国际知识产权保护加强的背景下政府补贴对战略性新兴产业创新绩效的影响。研究发现:中国政府实施的补贴政策有利于促进战略性新兴产业创新,但国际知识产权保护加强约束了中国政府补贴的规模和空间,从而抑制了补贴政策对战略性新兴产业创新的激励作用;此外,基于企业和产业异质性视角,国际知识产权保护的加强主要抑制了补贴对国有企业、内资企业和新材料产业创新的促进作用。进一步完善补贴政策和国内的知识产权保护制度,有利于提升中国在构建国际经济新秩序中的话语权。     

政府补贴促进制造业企业研发投入了吗?——基于资本结构的门槛效应研究

本文以2016~2018年沪深股市的制造业上市公司为研究样本,通过建立门槛效应模型,验证了政府补贴与企业研发投入的作用关系会随着资本结构的变化而变化。研究发现,政府补贴能够促进企业研发投入,并且在资本结构的调节作用下呈现三重门槛效应。进一步研究还发现,政府补贴对非国有企业研发投入的影响系数更高。因此,政府研发补贴政策需要综合考虑企业资金状况、企业性质,建立有效甄别机制,实施差异化补贴策略,加大对非国企补贴力度,拓宽中小企业融资渠道。     

产权性质、企业精准扶贫行为与资本市场反应

以2015~2018年A股上市公司为研究对象，考察企业精准扶贫行为动因与方式选择及所引起的市场反应。结果发现：国有企业和政治关联民营企业精准扶贫更积极，但两者精准扶贫方式存在差异，国有企业更倾向整合型精准扶贫，政治关联民营企业则倾向慈善型精准扶贫。进一步，企业参与精准扶贫产生了积极市场反应；相较国有企业，民营企业精准扶贫产生的市场反应更积极，尤其体现在政治关联民营企业中。同时，扶贫方式及扶贫持续性对精准扶贫信息披露的市场反应有影响。