地方债务治理对银行信贷资金"脱虚向实"的影响——基于国务院"43号文"准自然实验的经验考察

国务院"43号文"的实施,为研究地方债务的治理效果提供了一个准自然实验场景.研究发现:地方债务治理对银行金融资产没有产生影响,但会显著增加银行总贷款、个人贷款和企业贷款,有助于银行信贷资金的"脱虚向实";地方债务治理能显著增加银行实体行业贷款,但不能显著增加银行非实体行业贷款和建筑业贷款.机制检验发现,地方债务治理可以通过降低借款人和借款企业的融资成本,间接性地影响银行信贷资金配置.进一步研究发现,国务院"43号文"实施后,资产质量高的银行倾向于增加企业贷款和实体行业贷款,资产质量低的银行倾向于增加个人贷款;银行规模可以强化地方债务治理对银行贷款增长的促进作用.因此,为促进银行信贷资金的"脱虚向实",应提高地方债务治理水平,强化对银行业务的监管与引导,加强风险管理,保障银行资产质量.     

Can investors time their exposure to private equity?

Private equity performance, both for buyouts and venture capital, has been highly cyclical: periods of high fundraising have been followed by periods of low performance. Despite this seemingly predictable variation, we find modest gains, at best, to pursuing realistic, investable strategies that time capital commitments to private equity. This occurs, in part, because investors can only time their commitments to funds; they cannot time when commitments are called or when investments are exited. There is a high degree of time-series correlation in net cash flows even across commitment strategies that allocate capital in a very different manner over time.     

Go beyond tokens: Number and type both matter

Drawing upon token theory and critical mass theory, this study examines whether all female directors are equally considered as tokens. We argue that inside female directors are less likely than outside female directors to be considered as tokens because they are more powerful and influential. Using a 10-year sample of Chinese publicly listed firms on the Shanghai or Shenzhen Stock Exchanges from 2008 to 2017, we find that even one inside female director can make a significant contribution to corporate social responsibility (CSR), while outside female directors do not have a positive effect on CSR until their number reaches the critical mass (i.e., three). The results suggest that the predictions of token theory and critical mass theory vary across female director types. These findings contribute to the current literature by integrating female director typology with their numerical representation to explain their token status.     

江淮汽车成功开拓哈萨克斯坦市场的经验与启示

产能合作是当前和未来促进中哈两国经济协同发展的核心方式,江淮汽车成功进入哈萨克斯坦,对于推进两国制造业产能合作具有重要意义.充分利用国家政策、对接哈萨克斯坦汽车工业发展战略和市场需求、选择恰当国际市场进入模式和营销策略、培植核心竞争力以及积极应对哈萨克斯坦市场的激烈竞争是江淮汽车成功进入哈萨克斯坦市场的关键因素.我国企业应有效对接哈萨克斯坦经济战略,积极参与中哈产能合作;精准目标市场定位,优化产品结构;选择合适的市场进入模式,积极开展本地化生产;不断提升企业的核心竞争力.     

智能制造有利于增加企业技术创新投入吗——基于智能制造试点的准自然实验

智能制造是我国制造业转型升级的主攻方向,而如何准确客观评价智能制造的实施效果成为亟待解决的问题.从技术创新投入视角,将智能制造试点政策实施视为一次准自然实验,采用2011-2019年制造业上市企业面板数据,通过PSM-DID方法研究智能制造对企业技术创新投入的影响.研究结果表明,智能制造显著影响企业技术创新投入,即通过提升客户集成度、供应商集成度进而提高企业技术创新投入,且促进作用仅发生在民营企业和非高新技术行业中.该发现扩展了现有研究外延,同时,为解决当前国际困局和促进智能制造的持续推广提供了重要实践价值.     

双向八车道水稳基层平整度控制技术要点

随着国内车辆的井喷式增多,传统的四车道高速公路难以满足通行要求,目前八车道高速公路日益增多,同时大家对行车的舒适度也有了较高的要求.本文依托江苏省五峰山路面22标工程实例,对双向八车道高速公路水稳基层施工平整度控制要点,主要从原材料及混合料级配的选择对平整度的影响、施工工艺控制要点进行重点介绍,以供修建类似工程参考.     

Crowdsourcing-based semantic relation recognition for natural language questions over RDF data

ABSTRACT

Natural language query systems over RDF data need to rely on the semantic relations in query. First, we propose the new crowdsourcing model that used to produce semantic relations dataset. The model not only inherits completeness of the iterative model and accuracy of the parallel model, but also saves human resources. Second, we mine the rules of semantic relation recognition from the correlations between dependency structures and semantic relations. Third, we propose an algorithm of semantic relation recognition for natural language query over RDF data, and experiments demonstrate that it can recognize more semantic relations than existing methods.     

碳排放交易制度的节能减排路径：效率提升还是结构转型？——来自中国省级数据的准自然实验

以中国2013年以来实行的碳排放交易试点政策作为准自然实验事件，基于2000-2017年中国30个省市的面板数据，运用双重差分法实证检验碳排放交易制度的节能减排效应及影响机制。研究发现，碳排放交易制度有利于实现中国经济“节能”与“减排”的双重目标，并通过了一系列稳健性检验；作用机制检验表明，能源效率提升和能源结构转型都是碳排放交易制度实现节能减排目标的重要路径；能源效率提升在碳排放交易制度实现“节能”和“减排”中分别发挥了10.19%和5.93%的作用，而能源结构转型分别发挥了48.87%和52.95%的作用。这意味着中国碳排放交易制度实现节能减排的主要动力来自能源结构转型，而非能源效率提升。能源结构转型涉及问题更加宏观和深层，这为中国加快推进节能减排进程，特别是完成2030年碳达峰和2060年碳中和的国际承诺提供政策启示。     

Relative-to-rival corporate philanthropy,product market competitiveness,and stakeholders

Unlike most of the literature that examines the relationship between corporate philanthropy and financial performance, this study investigates the mechanisms through which corporate socially responsible behaviors produce financial outcomes. We propose that corporate philanthropy improves corporate competitiveness by eliciting positive responses from stakeholders, who assess a firm’s philanthropic contribution in relation to its rivals to determine what level of support they wish to provide to the firm. We predict that a firm’s philanthropy relative to its rivals has a positive effect on its product market competitiveness, and that this positive effect is moderated by three conditions that influence stakeholder response: stakeholder attention to philanthropy, its perceived legitimacy, and expectations of corporate giving. Our predictions are generally supported by our analyses. Overall, this paper shows that strategic philanthropy has a quantitative dimension, and firms obtain the market competitiveness associated with corporate philanthropy by integrating their rivals’ positions into their decision making.