纺织业上市公司股权结构与公司绩效——基于内生性视角的实证研究

本文采用因子分析的方法,综合评价了我国纺织业上市公司的经营绩效,然后基于内生性的视角建立联立方程模型,通过OLS和2SLS对股权集中度与公司绩效之间的互动关系探索后发现,第一大股东持股比例对公司绩效没有显著影响,而恰恰是一种逆向因果关系.基于研究结论,提出了政策建议.     

高管激励与研发支出:内生性考察

高管激励与研发支出显著正相关,但二者是否存在内生性问题?基于2009—2011年中国制造业上市公司数据的实证研究发现,高管激励和研发支出之间存在内生性问题,OLS回归法会导致系数估计不具有一致性。利用联立方程模型则发现,高管股权激励和研发支出之间存在双向因果关系,高管报酬激励与研发支出之间并不存在因果关系。这表明高管激励和企业研发支出决策之间存在相互影响。     

多元化战略、企业研发支出与企业绩效的关系

以2009—2011年我国沪深两市制造业上市公司为研究样本,考察了多元化战略对企业R&D支出的影响,以及多元化战略对企业R&D支出与企业绩效间关系的调节作用。结果显示:多元化战略与企业R&D支出显著负相关;无论用ROA还是Tobin′s q度量企业绩效,企业R&D支出都与企业绩效显著正相关。进一步分析的结果表明:企业R&D支出与企业绩效的关系受多元化战略的调节,而两者间显著的正相关关系仅在专业化企业中存在。稳健性检验结果表明,上述研究结论不受样本选择的影响。     

企业家创新精神:来自企业家年龄效应的解释——基于2015年中国企业—员工匹配调查(CEES)的实证分析

本文利用2015年中国企业—员工匹配调查的数据,从企业家年龄的角度研究了企业家创新精神的变动,并分别采用OLS和3SLS回归,对企业家年龄与其创新精神之间的因果关系进行了稳健性检验。结果表明,企业家年龄和企业家创新精神之间存在显著的U型关系。通过进一步测算U型拐点发现,对于50.8~52.7岁的企业家群体而言,其创新精神显著低于其他年龄分组,存在"中年创新瓶颈"的问题。因此,应推动"制度企业家"向"创新企业家"的转型,增强企业家群体的换血功能,以助力中年企业家尽快冲破"中年创新瓶颈"。     

金融发展与城乡收入分配的库兹涅茨效应研究——基于中国省级面板数据的检验

金融发展可度量为金融-规模、金融-活动和金融*效率三个主要指标.利用OLS和GMM回归、面板单位根、协整和因果关系检验对中国金融发展水平与城乡收入分配之间的关系进行检验后得知: (1)金融发展和城乡收入差距之间存在着库兹涅茨效应,即所谓的倒U关系. (2)中国金融发展规模显著拉大了城乡收入差距,但加强农业贷款对农民收入增长取得了显著作用,会缩小城乡收入差距;金融发展效率的提高有助于城乡收入差距的缩小. (3)金融发展水平与城乡收入分配之间存在长期的均衡关系;金融发展规模、农村信贷与城乡收入分配之间存在单向因果关系,金融发展效率与城乡收入分配之间存在双向因果关系.     

债务期限、公司治理与企业价值——来自我国A股上市公司的经验证据

本文基于我国A股上市公司数据,对债务期限的公司治理价值效应进行分析.同时利用Hausman检验方法对债务期限与治理效应载体(企业价值)进行内生性检验,发现其存在显著的内生性关系,并通过建立联立方程用2SLS方法来解决此问题.实证研究表明,在解决了内生性问题和控制相关变量后,债务期限对公司绩效有正效应,即长期债务的增加有利于企业价值的提升;在增长机会越多的企业,债务期限的价值效应更大,另外经过敏感性测试进一步验证研究结论的可靠性并证实了本文利用综合绩效指标的合理性.这些发现为改变我国债务期限结构失衡现状提供了宝贵的经验证据,最后本文对完善我国债务融资环境提出三点建议.     

A GWR-Based Study on Spatial Pattern and Structural Determinants of Shanghai＇ s Housing Price

利用上海市外环以内2010年12月1014个小区的平均房价数据,通过构建地理加权回归模型,并与基于全局最小二乘法（OLS）进行比较,揭示上海小区房价的空间分异和不同影响因子的影响。研究发现,每增加或减少一个单位各影响因子对房价的影响大小依次为：建成时间,到CBD距离,绿化率,到公园距离,距地铁站距离,距超市距离和距学校距离。同时,地理加权回归分解成局部参数估计优于OLS提供的全局参数估计,它可以深刻的揭示出房价和空间影响因子之间复杂的关系,而且可视化的工具可以用地图的形式更详细的呈现出城市房价的整体景观,这些都是传统OLS无法比拟的。     

中国上市商业银行治理绩效的实证研究——来自沪深两市的经验证据

以中国沪深两市14家上市商业银行作为研究样本,使用其2007年度财务报告数据,运用最小二乘估计（OLS）方法,从股东、董事会和高级管理层三个维度对公司治理与经营绩效（ROA、NPL）之间的关系进行实证分析表明,国家控股、股权集中度和战略投资者对银行公司治理绩效不存在显著影响,内部执行董事比例、高管薪酬与其经营绩效呈负相关关系;而高管持股则和经营绩效存在正相关关系。     

汇率变动、对外贸易与经济增长——以湖南省为例

选取了2005年7月汇改以来至2013年12月的季度数据,通过建立联立方程模型,利用3SLS(三阶段最小二剩法)计量方法就人民币汇率的变动对湖南省对外贸易、经济增长的影响进行实证研究。实证结果表明:人民币实际有效汇率升值1%,经济增长速度降低0.612%;湖南省进出口额的增长速度降低2.79%,人民币实际有效汇率升值对湖南省经济总量的增长有紧缩效应。     

湖南省14个地级市域经济效益评价研究

根据湖南省14个地级市的经济效益的10个指标的数据,运用因子分析法找出影响城市经济效益的主要公因子,通过多元线性回归分析中的逐步回归法对数据进行分析,运用聚类分析将14个地级市按照不同尺度分类,并找出GDP与其他指标之间的关系,对湖南省14个地级市的经济效益进行横向和纵向的比较。利用因子分析法将10个指标合理地解释为经济及人口因子和客运量因子,并根据湖南省14个地级市的综合得分进行经济效益排名;利用多元线性回归分析中的逐步回归法,得出了影响GDP的最主要的三个因素,即地方财政预算内收入、在岗职工工资总额和货运总量,并建立了线性回归方程;利用系统聚类法中的离差平方和法将湖南省14个地级市合理地分为三类,得出长沙市在湖南省GDP的贡献最高,湘西州与张家界最低。     

Estimating Savings and Growth Functions in Developing Economies: A Simultaneous Equations Approach

There is a two-way influence between the savings rate on the one hand and some of its determinants on the other (i.e. a problem of simultaneity exists). This study specifies a general production function to generate a growth rate function, and estimates savings and growth equations simultaneously. A Hausman specification test examines the correct system specification, and determines whether 2SLS or 3SLS is the appropriate estimation technique. The results show that a simultaneous equations model is a better estimation technique (2SLS or 3SLS) than a single equation system (OLS), and that the full-information method (3SLS) provides better estimates than a limited-information method (2SLS). [C30]     

Simultaneity in the Study of Exports and Economic Growth

A number of empirical studies have concluded that exports promote economic growth. In each case, a single equation model was estimated by OLS with the magnitude of the export growth coefficient being consistently small, albeit significant. The present study of extensive cross-country data indicates the likelihood of simultaneous determination of exports and economic growth. The rate of growth of exports is then treated as an endogenous variable with the equation estimated by 2SLS in a number of cases in which various plausible combinations are assumed for the system. The 2SLS results generally amplify the earlier findings but tend to show that exports probably play a more important role than was previously indicated. [019, F43]     

Fire department demand and supply in large cities

The purpose of this study is to estimate demand and production functions for fire fighters provided in major cities. Several factors, including the level of fire losses in the communityper capitaincome, relative wages of fire fighters, population density, city size, and poverty are used in the analysis.

This study differs from earlier ones in two ways. First, multiple measures of community fire losses, instead of the usual one, are used in the analysis. Second, in contrast with earlier studies of fire protection which have typically relied on ordinary least squares regression analysis (OLS) to study either demand or production, this study employs two stage least squares regression analysis (2SLS) to simultaneously estimate demand and production relations.

Evidence is found that demand for fire fighting is affected by both fire losses and relative size of per capitaincome to fire fighter wages. Losses, in turn, are affected by fire fighting hours, by poverty and by density. There is some evidence for economies of scale. The results were consistently found for the variety of loss measures used. The 2SLS results indicated that, as expected, there are simultaneous effects occurring in demand and supply.     

基于Eviews和OLS的成本产量分析

运用Eviews 5.0软件和最小二乘估计法（OLS）对企业生产过程中成本与产量之间的关系进行定量分析,通过建立线性回归模型,找出两者间的定量关系。由此提出了加强生产管理,降低生产成本的对策建议。     

Does Islamic banking performance vary across regions? A new puzzle

This article investigates the performance of Islamic banks (IBs) across four different regions (Egypt, the Gulf, the UK and the US) in the aftermath of the subprime crisis. Using daily data and two performance ratio proxies (ROA (Return on Asset) and Tobin Q), we show that the performance of IBs varies significantly from one region to another, with the highest level for regions in the West. This result suggests a new puzzle as application of the same Sharia Board rules and sales of similar products should normally provide comparable performance outcomes for IBs.     

Asymptotic standard errors of point elasticities calculated from simultaneous equation systems

An expression for the asymptotic covariance matrix of point elasticities, computed from a simultaneous linear equation system with estimated coefficients, is derived in this paper. Numerical examples are provided using the Klein-I model estimated by 2SLS.     

A note on finite sample analysis of misspecification in simultaneous equation models

This article gives an alternative derivation [to that of Hale et al. (1980)] of the effects of misspecification on both OLS and 2SLS estimators.     

The impact of local unemployment rates on reservation wages and the duration of search for a job.

Evidence about the relationship of local unemployment rates and individuals' reservation wages and duration of search for a job if unemployed is sparse and mixed. This study uses US data from the Panel Study of Income Dynamics (PSID) to test whether relatively high local unemployment rates reduce the reservation wages of area residents or increase the duration of search. Labour search theory provides the grounding for the sample selection corrected simultaneous equations econometric model. In neither OLS nor 2SLS results is evidence found that local unemployment rates affect either reservation wages or the duration of search. These results suggest that policies targeted at alleviating unemployment should focus on increasing the demand for labour rather than hope that such policies will be beneficial if pursued in high-unemployment areas because of their effects on labour force characteristics.     

钢材期货套期保值功能研究

本文利用最小方差理论、OLSA方法、简单套期保值和EWMA模型，根据滚动套保的思路，对螺纹钢期货和线材期货的套期保值功能进行了实证研究，得出如下结论：螺纹钢期货和线材期货基于EWMA模型的套保绩效分别D38％@40％，钢材期货套保功能初显；线材期货成交量和持仓量远小于螺纹钢期货，套保功能仅在理论上存在可能；简单套期保值方法（套期比为1）在钢材期货上基本无效；基于EWMA模型的套保方案在一定程度上解决了波动积聚和现货收益率变化不明显的问题。明显优于其他三种套保方案。