银行业联合授信制度制约企业的非效率投资了吗*——基于沪深A股公司的分析

中国银保监会出台联合授信管理制度旨在抑制企业过度融资行为，提高资金使用效率。为检验该制度是否达到预期效果，采用2014—2018年沪深A股上市公司样本，运用非平衡面板数据回归实证考察联合授信机制对企业非效率投资的影响，发现联合授信对企业的非效率投资（包含投资不足和投资过度）呈现显著抑制效应，其中联合授信对投资过度的抑制效应最大。进一步研究发现，相较于国有、大规模、低负债、高盈利等异质属性的企业，联合授信对非国有、小规模、高负债、低盈利等属性企业的非效率投资（尤其是投资过度）抑制效应更为显著。     

Review: Chinese public administration and finance—a call for a new theory,research and dialogue

In implementing its national strategy to achieve global leadership, China needs a new public administration theory that integrates political administration, economic management and social regulation. Even so, China has already started to promote its brand of political and economic development abroad. Therefore new comparative research and dialogue is called to explore the universality of Chinese and Western public administration ideas.     

基于产业背景的金融控股集团协同机制研究

产业金控集团是当前我国产业资本借力资本市场发展实体经济的重要方式，但在 实际运行中存在协同机制不健全、协同效应发挥不足、产融结合的深度和广度不足等问题。本 文对国内外产业金融理论进行了文献综述，深入分析了产业金控集团产生的动因，指出了目前 产业金控集团在发挥协同效应中存在的不足。结合产业金控集团的优势和特点，从构建横向协 同机制和纵向协同机制的角度，探讨了完善产业金控集团协同机制的举措。     

New development: China renews reform of central–local fiscal relations and provides for basic national public services

China’s reform on central–local fiscal reform has slowed down in recent years. The appointment of a new finance minister experienced in local government affairs is expected to renew the reform affirmed by the Chinese Communist Party (CCP) congress in late 2017. China has unprecedentedly identified a comprehensive list of 81 national basic public services as entitlements. Eighteen of them are subject to national and local standards, and co-financed by central and local governments. A new cost-sharing method for 10 of these services classifies sub-national jurisdictions into five tiers, in which the central government’s share declines from 80% to 10%. These measures, effective in 2019, aim at creating a ‘harmonious and moderately prosperous society’.     

Does air pollution change a firm's business strategy for employing capital and labor?

We examine the impact of air pollution on a firm's capital-labor ratio. We propose the hypothesis that, in dealing with air pollution, a firm responds strategically by using relatively more capital and less labor to contain labor costs and remain competitive in the market. Using a sample of Chinese firms and a satellite-based air pollution metric, we test this hypothesis, and our results confirm it. In addition, we document that the impact of air pollution on the capital-labor ratio is more salient for firms with high economic incentives and close monitoring. Further, we report that to respond to worsening air pollution, a firm uses more capital and substitutes lower-quality labor with more high-quality labor. Finally, after increasing the capital-labor ratio, a firm's value increases, in terms of Tobin's Q, suggesting that the adoption of a higher capital-labor ratio, due to air pollution, is a sound business strategy.     

Do economic statistics contain information to predict stock indexes futures prices and returns? Evidence from Asian equity futures markets

This research examines the impact of local and international market factors on the pricing of stock indexes futures in East Asian countries. The purpose of this paper is to present a study of the significant factors that determine the major stock indexes futures’ prices of Hong Kong, Malaysia, Singapore, South Korea and Taiwan. This study first investigates the relationships between Hang Seng Index Futures, KLCI Futures, SiMSCI Futures, KOSPI Futures, Taiwan Exchange Index Futures and local interest rates, dividend yields, local exchange rates, overnight S&P500 index and a newly constructed index, Asian Tigers Malaysia Index (ATMI). 11 years historical data of stock indexes futures and the economic statistics are studied; 10 years in-sample data are used for testing and developing the pricing models, and 1 year out-of-sample data is used for the purpose of verifying the predicted values of the stock indexes futures. Using simple linear regressions, local interest rates, dividend yields, exchange rates, overnight S&P500 and ATMI are found to have significant impact on these futures contracts. In this research, the next period close is predicted using simple linear regression and non-linear artificial neural network (ANN). An examination of the prediction results using nonlinear autoregressive ANN with exogenous inputs (NARX) shows significant abnormal returns above the passive threshold buy and hold market returns and also above the profits of simple linear regression (SLR). The empirical evidence of this research suggests that economic statistics contain information which can be extracted using a hybrid SLR and NARX trading model to predict futures prices with some degree of confidence for a year forward. This justifies further research and development of pricing models using fundamentally significant economic determinants to predict futures prices.

     

Destination Image of Taiwan From the Perspective of Hong Kong Residents: Revisiting Structural Relationships Between Destination Image Attributes and Behavioral Intention

Destination image plays an important role in how tourists make their travel and purchase decisions. This study examines the perceived image of Taiwan as a travel destination from the perspective of Hong Kong residents. The Hong Kong outbound tourism market is important for Taiwan. Using a self-completed questionnaire, this research examines the destination image of Taiwan among 213 Hong Kong residents. The results indicate that affective image is a stronger predictor of travel intention than cognitive image. Affective image also plays a mediating role in the relationship between cognitive image and behavioral intention. Hence, affective image is an important intangible quality for today’s destinations.     

Access prices,unbundling and product variety in European Internet markets

A fundamental policy in European broadband regulation is unbundled access to the local loop of the incumbent telephone company. We present comparative static results that show as the access price decreases, the retail price decreases, the variety of plans offered by Internet service providers increases and the quantity of each variety increases when a threshold condition is met. Using data from 18 European countries from 2006 to 2012, we find empirical support for these results when Internet product variety is measured by variation in download speeds.