政府研发补贴促进企业创新了吗

政府补贴能否促进企业创新一直存在争议。与以往从资源视角探讨政府补贴与企业创新关系的研究不同，基于信号理论视角，以2012—2016年沪深A股非金融类上市公司为研究样本，通过剔除非研发补贴的噪音并控制样本自选择偏误，实证检验中国转型经济背景下，政府研发补贴对企业创新的微观政策效应，以及企业层面制度因素（产权性质）和区域层面制度因素（制度环境）对该效应的调节作用。研究发现，政府研发补贴释放的积极信号能够帮助企业获取外部创新资源，有效促进企业创新；相比于国有企业，政府研发补贴对非国有企业创新的激励效应更强；制度环境越好，政府研发补贴对企业创新的激励效应越强。研究理论丰富了科技创新政策有效性和信号理论相关研究。同时，研究发现，政府应继续加大对企业创新活动的补贴额度，不断深化所有制改革，为企业创新营造良好的外部制度环境；另外，企业还应充分发挥政府研发补贴信号的杠杆效应，拓宽外部创新资源获取渠道。     

关系质量对企业知识创造绩效的作用机理：一个被调节的中介模型

基于嵌入性视角，分别引入知识转移、合作模式作为中介变量和调节变量，深入探究关系质量影响企业知识创造绩效的内在机理。利用277份来自全国多地的制造业及高新技术企业调查问卷，采用多元回归方法进行实证研究。结果表明：经济型和社会型关系质量均正向影响企业知识创造绩效；社会型关系质量通过元素知识和架构知识转移正向影响企业知识创造绩效。在契约治理模式下，经济型关系质量更倾向于通过元素知识转移正向影响企业知识创造绩效；在股权治理模式下，社会型关系质量更倾向于通过架构知识转移正向影响企业知识创造绩效。     

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.     

长江经济带中三角地区农业结构的分析与优化对策

[目的]从宏观、中观和微观3个层面深入分析长江经济带中三角地区湖北、湖南和江西3省的农业产业结构及其各产业差异性和相对优势及其竞争力。[方法]在宏观层面运用了传统的基尼系数分析3个省份历史发展上的地区经济水平差异,判断3个地区经济发展是否存在虹吸效应;从中观层面运用区位熵指数分析法分析区域农业产业结构,从农畜林渔等方面判断各区域产业专业化水平程度;从微观层面运用偏离—份额分析法(SSM)分离出3个地区的各部门产业的优势及其竞争力。[结果]区域内的经济差异变化呈不断增大的趋势,基尼系数不断扩大;湖北的种植业、渔业和农林牧渔服务业,湖南的种植业、林业、畜牧业和农林牧渔服务业,江西的林业、渔业都较中三角地区对应的子产业的区位熵指数高;江西木材和竹加工业和烟草业具有较大的产业竞争优势,湖北的茶叶、水产和瓜果疏菜产业优势明显,湖南地区农业产业综合优势主要在于烟草、水果、肉类以及木材和竹类加工业。[结论]通过比较地区农业产业竞争优势,提出发展地区产业特色,合理布局全域农业产业,提高农产品附加收益,稳固对结构优化的资金支持等对策建议。     

关中城市群核心外围城市联系的空间分析--以西安、渭南为例

借助多源大数据研究核心与外围地区的集聚与扩散机制,识别核心区域范围,探讨外围地区与核心城市之间的联系特征和网络结构。研究结论包括:(1)西安核心城市呈现扩散背景下的集聚主导模式;(2)外围地区不同层级中心节点发育,局部网络化形态显现;(3)通勤是区域联系的主要方式,并与消费出行特征存在明显差异。与以引力模型为基础的计算方法相比,大数据更加直观、更加精确地展示出城市空间流的特征,解释了核心城市向外辐射的不同方式。分析结果与模型计算结果存在一定差异,经过比对分析,认为模型对全域人口规模、主导产业结构等因素考虑不足。建议规划有序引导核心区域功能向外围扩散,加强节点承接能力建设,促进城市群网络发育。     

The Information Content of NAV Estimates

The Journal of Real Estate Finance and Economics - This paper investigates whether analysts’ estimates of firm fundamental value transmit unique information to security markets. Previous work...     

Shortfall aversion

Shortfall aversion reflects the higher utility loss of spending cuts from a reference than the utility gain from similar spending increases. Inspired by Prospect Theory's loss aversion and the peak‐end rule, this paper posits a model of utility from spending scaled by past peak spending. In contrast to traditional models, which call for spending rates proportional to wealth, the optimal policy in this model implies a constant spending rate equal to the historical peak when wealth is relatively large. The spending rate increases when wealth reaches a model‐determined multiple of peak spending. In 1926–2015, shortfall‐averse spending is smooth and typically increasing.     

Examining relationships among perceived benefit,tourist experience and satisfaction: the context of intelligent sharing bicycle

Intelligent sharing bicycle has been a new fashion in China and appeals to more and more tourists. To better understand the experience of tourists traveling on sharing bicycle, this study explored the influence of perceived benefit of sharing bicycle on different perceived experiences, including escape, entertainment, esthetic and educational experiences. The relationships between these experiences and perceived satisfaction were also tested. An effective questionnaire survey was conducted for 296 tourists in Chengdu, China. The results of the study show that perceived benefit significantly relates to all the four dimensions of experience. However, only entertainment and esthetic experience seem to affect tourist satisfaction in this context. The relationship among educational experience, escape experience and tourist satisfaction are insignificant. Theoretical and practical implications of the study results are discussed for further research.     

Does financial reporting misconduct pay off even when discovered?

Review of Accounting Studies - Experts and popular belief contend that it pays to engage in financial misconduct. We hand-collect data on three subsamples of severe misconduct cases, between 2003...