中国区域农业科技资源配置能力及比较优势研究*——基于省级农业科学院视角

[目的]通过测算各地区农业科技资源的配置能力,分析其比较优势并找出不足以便弥补差距,促进各区域农业科技配置能力的提高,为各地区农业经济的发展提供支持。省级农业科学院作为各省市规模最大、综合实力最强的农业科研机构,是农业科技创新的重要主体之一,分析其科技资源配置能力具有重要的现实意义。[方法]基于2009—2016年相关数据,遴选了有代表性的评价指标体系,运用突变级数法计算农业科技资源配置能力,运用NRCA模型定量分析农业科技资源配置效益的比较优势。[结果]山东农业科学院科技资源配置能力位居全国第一,甘肃、江苏、青海农业科学院分别在农业科技人力、物力、财力资源方面具有明显的比较优势。[结论]省级农业科学院科技资源配置能力区域差异十分明显,但区域格局变化不大,且大致与各地区经济实力相吻合;农业科技资源配置能力较高的农业科学院大多在农业科技物力资源配置效益方面具有比较优势,在农业科技人力、财力资源配置效益方面不具备比较优势。     

Merit versus maleness: How strategic positioning can mitigate external gender bias

Despite the proactive efforts of many firms to combat gender bias within their organizations, societal prejudices still disadvantage women leaders and the firms who employ them. This external gender bias shapes outside stakeholder evaluations of women leaders’ efforts in various ways, and firms need strategies to cope with this external gender bias. We examine the conditions that might alleviate this burden of external bias and what women leaders and top executives can do to leverage these conditions—from a strategic positioning perspective—that will effectively allow female leaders to differentiate their work. To do this, we synthesize and build upon evidence that the external gender bias against women leaders diminishes when they lead in areas that are unconventional rather than mainstream. We then propose a two-step process based on (1) identifying the likely threat of external gender bias, which is stronger in some industry contexts than others, and (2) leveraging unconventionality to circumvent male prototypical comparisons, thereby reducing the hazards of external gender bias.     

INTERNATIONAL RESERVE MANAGEMENT: A DRIFT‐SWITCHING REFLECTED JUMP‐DIFFUSION MODEL

We study the cost of shocks, that is, jump risk, with respect to reserve management when the reserve process is formulated as a drift‐switching jump diffusion with a reflecting barrier at 0. Inspired by the Brownian drift switching model, our model results in a more realistic dynamic behavior of international reserves than the buffer stock model. The new model can capture both the jump behavior in reserve dynamics and the leptokurtic feature of the increment distribution which has a higher peak and two asymmetric heavier tails than the normal distribution. Through the selection of an initial distribution that reflects certain steady state behaviors, the reserve process becomes a regenerative process. This selection enables us to derive a closed‐form expression for the total expected discounted cost of managing reserves, thus helping us to numerically find management strategies that minimize costs. The numerical results show that shocks at the reserve level have a significant effect on reserve management strategies and that model misspecification can result in nonnegligible additional costs.     

Nonparametric Dynamic Production Analysis and the Theory of Cost

While the dynamic theory of production provides little insight towards identifying a specific functional form for the firm's technology, dynamic production analysis has been explored traditionally in a parametric framework. A nonparametric dynamic dual cost approach to production analysis is developed in this article. Recovering technological information from intertemporal cost minimizing behavior is possible without imposing a parametric functional form on the firm's technology. Nonparametric tests to analyze the structure of a dynamic technology are presented from a dynamic cost minimizing perspective. The empirical implementation of these tests is illustrated for a balanced panel data set of Pennsylvania dairy operators during the time period 1986–1992.     

The government revenue and government expenditure nexus: empirical evidence from nine Asian countries

The nexus between government revenue and government expenditure has been an important topic in public economics. In this paper, we investigate evidence for cointegration and causality between government revenue and government expenditure for nine Asian countries. We use the recently developed bounds testing approach to cointegration and the conventional F-test to examine Granger causality. Our empirical results suggest that for three out of the nine countries government revenue and government expenditure are cointegrated. Our results on the direction of causation are mixed: (a) for Indonesia, Singapore, Sri Lanka in the short-run and for Nepal in both the short- and long-run we find support for the tax-and-spend hypothesis; (b) Indonesia and Sri Lanka are in conformity with the spend-and-tax hypothesis in the long-run; and (c) for other countries there is evidence of neutrality.     

On the test of the correction mechanism for mis-pricing between assets using a statistical yield spread model

This paper investigates the existence of a correction mechanism for mis-pricing between Japanese stock and bond. By this correction mechanism we mean that when deviations occur from the equilibrium levels of the expected return differentials between stock and bond — the risk premium differentials, the market will tend to correct the mis-pricing and bring the expected return differentials back to the equilibrium levels. We assume that the yield spread between the predicted earnings price ratio of stock and the yield to maturity of bond reflects the risk premium between stock and bond, and estimate the equilibrium risk premium differentials and mis-prices between stock and bond by modelling their behaviors with a statistical yield spread model (SYS). Empirical results strongly indicate the existence of the mis-pricing correction mechanism, suggesting the inefficiency of securities markets.     

杠杆融资项目净现值计算方法的比较与分析

负债融资具有杠杆效应,有节税收益。计算杠杆融资项目的净现值,如仍按全权益融资项目的方法计算,其结果会有所不同,直接影响投资决策的正确性。本文介绍三种西方常用的杠杆融资项目的净现值计算方法,并对其适用条件进行比较和分析。     

The relationship between governance structure and risk management approaches in Japanese venture capital firms

This paper attempts to understand what drives Japanese venture capital (JVC) fund managers to select either active managerial monitoring or portfolio diversification to manage their firms' investment risks [J. Bus. Venturing 4 (1989) 231]. Unlike U.S. venture capitalists that use active managerial monitoring to gain private information in order to maximize returns [J. Finance 50 (1995) 301], JVCs have traditionally used portfolio diversification to attenuate investment risks [Hamada, Y., 2001. Nihon no Bencha Kyapitaru no Genkyo (Current State of Japanese Venture Capital), Nihon Bencha Gakkai VC Seminar, May 7]. We found that performance pay is positively related to active monitoring and that management ownership is positively related to active monitoring and negatively related to portfolio diversification. The managerial implication of our study is that venture capitalists should be as concerned about the structure of their incentive systems for their fund managers as they are for their investee-firm entrepreneurs. Agency theory says that contingent compensation is a self-governing mechanism for individual effort that is difficult to measure and verify. When properly applied, equity ownership and performance-based pay can have powerful influencing effects on the strategic choices of managers.     

以就业为导向做好专业建设的实践与探索

专业建设是高职学校改革和发展的重要组成部分,又是课程建设的基础、纲领。本文通过以就业导向做好专业建设的实践,对如何做好高职的专业建设的问题,进行了探索。     

The approach to transforming the traditional agricultural economy: a research on the multiple paths of poverty alleviation and transformation in rural China

Transforming a traditional agricultural economy into a modern economy is one of the main themes in economic development. Through theoretical and empirical analysis, this paper finds out that the key to transformation is to raise the economic value of people, to improve human capital investment and to match the stocks of physical and human capital. China’s rural economy is on the edge of economic take-off, and different zones may pursue different paths for transformation. The source of rural poverty is not the scarcity of income or consumption, but the deficiency of education, social security, medical care and economic opportunity, which we define as “capability poverty”. __________ Translated from The Journal of World Economy (世界经济), 2005,(2) (in Chinese)