创新要素投入产出效率随机变动测度与结果分析

创新要素配置在投入产出两个环节中生成大量不完全技术信息，投入产出效率随机变动更加明显。从投入产出数据集合中提炼共同因子，与不可观测变量构成预测器，建立因子增广向量自回归模型(FAVAR)，分析随机变动方差构成，测度投入产出效率随机变动程度。随机变动效应包括水平效应、稳定性效应和规模效应。投入产出效率自回归扰动项表示随机变动程度，将其细分为共同因子，计算预测器方差及其与投入产出效率的协方差。基于669家上市公司月度、季度、半年度和年度技术研发数据，比较分析投入产出效率随机变动程度及形成原因，引入脉冲响应法分析变量方差构成与变动特征，提出相关政策建议。     

‘It’s a Harsh Fact of Life with the RMA’: neo-liberalism and the realities of community sports facility development by the private sector in New Zealand

Despite the importance of facilities as primary sites for delivery of leisure and sport services, there has been a scarcity of academic literature on the provision of community sports facilities and the processes through which they are developed. In particular, this paper provides empirical analysis of leisure facility provision with a focus on practice and experience of policy and planning actors. By employing a case study approach and semi-structured interviews, the study identified a sharp contrast between the discourse of neo-liberalism and the realities of a highly regulated environment for the private sector under a national legislation of New Zealand, namely the Resource Management Act 1991. While both public and private actors recognised benefits of the resource consent process in mitigating the negative environmental impacts and facilitating public input, the findings also revealed its potential impediments to both private and philanthropic developments and their potential resultant benefits to communities and social citizenship due to its costly, restrictive and undifferentiated nature. Consequently, the paper suggests that future research needs to examine empirical evidence of how social citizenship and citizen engagement are enhanced by both public and private sectors through planning and development of community sports facilities and services.     

Designing awareness campaigns to counter human trafficking: An analytic approach

Human trafficking – the trade of persons for the gain of others – is a pervasive societal issue. Ongoing trafficking recruitment calls for targeted prevention strategies for individuals and communities at risk. Awareness campaigns, arguably the most common form of trafficking prevention, are intended to alert individuals to the tactics used by traffickers and provide them with practical strategies to avoid deception and exploitation. However there is a shortage of technical solutions regarding the analysis, impact assessment, and evaluation of alternatives related to implementing awareness campaigns. We present a resource allocation model that can be used to determine the allocation of funds that maximizes increases in trafficking awareness among at-risk populations. We apply this model to determine the allocation of a limited budget among different types of prevention programs in at-risk populations in Nepal. For each awareness campaign, we estimate a production function that relates the amount invested to the associated change in awareness. When allocating limited resources, decision makers must balance competing interests, and we illustrate the impact of three allocation policies on trafficking awareness. The model presented in this article is a first attempt to help decision makers evaluate how to allocate funds in the context of trafficking awareness.     

创新生态系统视角下价值共创如何影响企业创新绩效——一个有调节的中介模型

以创新生态系统为视角，引入创新资源互动与生态系统规范机制为中介变量和调节变量，探究价值共创如何影响企业创新绩效。基于307家企业样本数据，运用结构方程模型、Bootstrap和层级回归方法对数据进行分析。研究发现：创新生态系统中，价值共创不完全直接影响企业创新绩效；创新资源互动部分中介价值共创对企业创新绩效的影响；生态系统规范机制部分正向调节价值共创对创新资源互动的影响。最后提出，创新生态系统调控方与企业要差异化地制定提升创新绩效的实施方案，营造活跃的创新资源互动氛围，形成并完善系统内生态规范机制。     

经济政策不确定性与企业员工配置——来自沪深上市公司的经验证据

企业员工配置是企业内部管理的重要一环,经济政策不确定性是否会影响企业员工配置?本文以员工数量衡量企业员工配置,利用2010-2018年沪深A股上市企业数据和经济政策不确定性指数建立面板数据模型,考察经济政策不确定性对企业员工配置的影响,实证研究发现:经济政策不确定性会显著增加企业员工配置,且该影响经更换变量、调整样本容量以及内生性处理后依旧显著,该反应在还债能力较弱、盈利能力较差、股权制衡度较高、地区经济发展水平较低的企业中更为明显。文章的研究结论对于企业管理和宏观经济管控有一定的参考价值。     

Financial openness and Chinese regional growth imbalance: New insight from spatial spillovers

This paper uses spatial panel methods and Chinese provincial data from 2003 to 2017 to study the spatial spillovers of financial openness on economic growth. The results show, first, a positive direct effect and an overall negative spatial spillover of financial openness on provincial growth. Second, there are two spatial spillover channels: a positive growth externality and a harmful resource competition among provinces. Third, we estimate the state dependence and dynamics of spatial spillover, and find that the negative spatial spillover is smaller in provinces with high levels of financial openness and in the long term; thus, the negative spatial spillover declined over time. These results are robust to the choice of SDM and GNS spatial econometrics methods and under different spatial weight matrices.     

金融资产配置与违约风险:蓄水池效应,还是逐利效应？

本文以2007—2016年中国A股上市公司为研究对象,检验了企业金融资产配置对违约风险的影响。实证研究发现:金融资产持有量越多,企业的违约风险越低,金融资产配置的“蓄水池效应”显著;在货币政策宽松时期,金融资产配置导致的代理冲突显现,宽松的货币政策会抑制金融资产投资对违约风险的降低作用。政府规制也会有一定的公司治理作用,将产业政策纳入讨论发现:对于产业政策支持的行业来说,企业金融资产配置能够降低违约风险,但是宽松的货币政策会刺激管理层的短视投资行为,抑制政府规制的公司治理作用。进一步地,本文提出会计稳健性的提升是企业金融资产配置降低违约风险的重要路径。本文的研究结论丰富了企业金融资产配置动机和违约风险影响因素的讨论,能够为政府部门防范经济运行中的内在风险提供有益借鉴。     

Does bond market development enhance the banking sector’s efficiency in resource allocation? Industry-level evidence from Korea

Korea’s financial system used to be bank-based, with banks playing the leading role in financing corporations. As highlighted by Park et al. (2019), however, bond markets have developed rapidly in Korea and other Asian countries. The corporate bond market competes with banks as a source of finance for large borrowers. As such, bond markets may affect banking sector operation, a process known as disintermediation. In this paper, we examine whether bond market development improves the efficiency of resource allocation in Korean bank lending. We propose two channels through which bond market development affects the efficiency of bank lending. Since the two channels have opposing effects on the efficiency of banking, the issue must be settled by empirical analysis. We find that bank loans are much less efficient than bond financing in allocating resources across industries. Furthermore, banks are particularly inefficient in resource allocation in industries that rely more on bond financing. This suggests that competition from bond financing does not improve allocative efficiency of bank loans.     

Maximizing political vote in multiple districts

This paper models a resource allocation problem in the political context. Voters and political candidates of two parties are positioned in each of n given electoral districts. We assume that each voter will vote for the candidate he is more attracted to. This attraction is modeled by an attraction function. Each of the parties now attempts to allocate a finite budget to maximize their objective, which is either the popular vote or the number of districts, in which the party has a majority. Individual scenarios are examined with respect to leader-follower solutions and Nash equilibria. The paper then describes a dynamic model that successively allocates existing funds plus additional donations to candidates in different electoral districts.