双重市场分割、资本深化与劳动深化——对中国经济高增长伴随高失业现象的解释

中国经济在高速增长的同时出现了高失业的反常现象,有学者提出资本过度深化是经济增长就业弹性低的主要原因。但中国是一个劳动力资源非常丰富而资本比较稀缺的国家,不可能在所有的领域都出现资本过度深化。本文认为,城镇国有企业出现的资本深化和中小民营企业出现的劳动深化都会抑制企业对劳动力的需求,从而加剧失业。     

Building State-owned Assets Supervision System and Conducting Mixed Ownership Reforms to Reinforce Each Other's Collaboration

Improving the state-owned assets supervision system (SOASS) can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises (SOEs); and the deepening of the reform can advance the change of the SOASS to the supervision on capital. By analyzing the relationship between the SOASS and the reform of mixed ownership of state-owned enterprises, we have found that collaborative promotion of the change of the SOASS to the supervision on capital and promotion of the reform of mixed ownership can do good to ameliorating the corporate management mechanism, improving the market-oriented management mechanism of enterprises and completing the medium- and long-term incentive mechanisms, etc. to enhance business operation efficiency. Due to such prevailing problems as relative dispersion and vagueness of the policies relating to deepening the reform of SOEs, inconsistent progress of the reform of state-owned assets (SOAs) and SOEs, and corporate reform focusing on apprence, improving the SOASS and deepening collaborative development of the reform of mixed ownership of SOEs are hindered by some constraints. To construct and improve the SOASS and the reform of mixed ownership collaboratively, we should make efforts to promote the reform in the following five aspects, namely, placing importance to policy coordination, boosting synchronism of the reform of SOAs and SOEs at different levels and in different areas to coordinate the nationwide reform of SOAs and SOEs, facilitating reform of the mechanism of enterprises of mixed ownership through mixed capital, and promoting the SOASS and stimulating classified monitoring and reform of mixed ownership based on classified reform of SOEs.     

环境约束下的中国省区经济增长源泉的收敛机制分析

在考虑环境因素的条件下,利用序列DEA、方向性距离函数以及经济增长的四元分解模型,将中国省区的经济增长分解为绿色技术进步、绿色技术效率改善、资本深化和人力资本积累4个部分。在此基础上,利用动态空间面板数据模型分析各增长源泉对中国省际经济差距的影响及作用机制。研究发现:绿色对中国省际经济差距的影响要大于各种投入因素,在绿色的构成中,尽管绿色技术效率存在恶化趋势,但它却是造成中国省际经济差距扩大的主要原因;在投入因素中,资本深化对中国省际经济差距的扩大有较大影响,而人力资本的影响并不明显。最后,从技术、环境和投入等方面提出缩小中国省际经济差距,实现省区经济、资源、环境协调发展的相关政策建议。     

Intangible capital: the key to growth in Europe

Intangibles and especially organisational capital are an important source of capital deepening in European countries, albeit with significant cross-country differences. The GDP in the EU27 area is 5.5% higher if certain categories of expenditure, which have until now been considered as current costs, are classified as investments in intangibles. Intangible capital investment markedly improves the profitability of companies, given the productivity-wage gap, and leads to increasing returns in intangible capital intensive countries.     

多层次资本市场的效率研究--以长三角多层次资本市场构建为例

资本市场效率的有效发挥与区域的经济发展水平、金融深化度、投资者理念及行为选择等特征条件密切相关,多层次资本市场是资本市场效率的重要支撑和实现途径。在此分析基础上,本文进而指出长三角地区多层次资本市场的构建和运作效率,是实现区域金融资源优化配置与资本市场制度建设的核心内容。     

外资银行进入的金融风险监控指标体系研究

外资银行的进入在加快我国市场化进程、促进金融深化的同时,带来了巨大的金融风险。本文在分析外资银行发展现状的基础上,建立了对外资银行进入进行有效监控的指标体系、金融风险的宏观监控指标体系和微观监控指标体系,并提出一些政策建议。     

论金融发展的资本部门分配机制

金融发展是通过优化资本在部门间的分配来促进经济增长的,故研究金融发展的资本部门分配功能,是金融发展理论的重要内容。金融结构论认为金融发展可以促进资本部门分配的结构改善,金融深化论认为金融发展强化资本部门分配的成本收益比较机制,内生金融发展理论则认为内生金融发展是金融优化资本部门分配的根本动力。     

异质性合作社内源型资本供给约束的实证分析——基于浙江临海丰翼合作社的典型案例

基于合作程度的分析视角,通过对异质性合作社——浙江临海丰翼合作社所面临的内源型资本供给约束的典型案例分析,发现维系和保障合作社普通社员初始资本供给和持续资本供给的条件具有差异性,并探讨了阻碍合作社内源型持续资本供给和影响不同类型社员之间深化合作的原因。在此基础上,进一步把合作社内源型资本供给约束划分为相对刚性约束和柔性约束,并针对这两种约束提出了解决合作社内源型资本供给约束的措施。     

国际产业资本转移的基础、规律及趋势

产业资本的跨国流动和转移是国际经济分工中的常见现象,产业资本跨国转移的目的是在世界范围内整合利用其它国家的优势生产要素,其转移的载体是跨国公司,其转移的理论基础是比较优势原理。国际产业资本转移一般经历三个阶段,在不同阶段所转移的产业也不相同。在国际产业分工更加深化的条件下,国际产业资本将向具有制造业比较优势的国家和地区集聚。     

对当前我国资本市场的思考

改革开放三十年来，资本市场逐步发展深化，各项制度不断完善，资本市场已经在我国的经济发展中起着越来越重要的作用、但是，由于我国资本市场起步较晚，整体规模偏小、法律、法规等制度的不健全，同国外发达国家相比，仍存在很多问题和不足。如何发展资本市场，发挥其在经济发展中的作用，已成为经济学家们研究的焦点。     

Determinants of workers’ remittances: An empirical investigation for a panel of eleven developing Asian economies

We explore the key motives of migrant workers’ remittances from abroad for 11 major Asian migrant‐sending countries. Using panel regressions, we find that relative higher growth rate, interest rate and capital market returns of home over the host, investment, financial deepening at home have significant impact on remittance inflows into Asia, along with higher per capita incomes and international crude oil prices. With incorporation of per capita incomes and lagged impact of remittances, we observe an emergence of consumption motives to remit. Therefore, we conclude that both investment and altruistic motives are the driving forces for remittances inflows into the Asian economies.     

Again on the Relevance of Reverse Capital Deepening and Reswitching

Among the recent interventions in the capital controversy, the debate between Paola Potestio and Kurz & Salvadori has raised important issues. We agree with Potestio's rejection of the legitimacy of a value endowment of capital but we disagree with her dismissal of the relevance of reswitching and reverse capital deepening: these phenomena are very important because they undermine the demand‐side role of the conception of capital as a single factor. For the marginal approach to be plausible, this demand‐side role had to imply the stability of the savings‐investment market even in shorter time frames than those required by a complete adaptation of the ‘form’ of capital; this was taken by Marshall to authorize doing without a given endowment of value capital, which opened the door to the shift to the modern neo‐Walrasian versions of the marginal approach. With proof from Hayek, Hicks, Malinvaud, and Lucas we argue that a continuing belief in traditional time‐consuming marginalist disequilibrium adjustments based on capital‐labour substitution is the hidden reason why the claim often made by contemporary marginalist economists, that the economy can be assumed to be all the time on the equilibrium‐growth path, is not found patently unacceptable. The true microfoundation of DSGE macromodels is not intertemporal equilibrium theory, but the time‐consuming adjustment mechanisms on whose basis the marginal approach was born and accepted, and on whose basis monetarism was then able to re‐assert a pre‐Keynesian view of the working of the economy.     

黑龙江垦区粮食全要素生产率分析

本文运用数据包络分析-曼奎斯特指数法,对黑龙江垦区粮食生产全要素生产率予以度量,从时间变迁、地域分布与个体差异层面分析黑龙江垦区粮食生产技术资本深化的态势,认为提高黑龙江垦区持续稳定的粮食增产能力,应从制度设计创新和激励机制创新的角度,寻求促进粮食生产全要素生产率增长的突破口,走适度规模经营与技术进步相结合的道路。     

劳动收入占比的影响因素研究——基于区域与产业特征互动的视角

文章基于区域与产业特征互动的视角,从理论和实证两个方面分析了影响制造业劳动收入占比的因素。研究结果表明：制造业的资本深化、技术水平提高往往都会伴随着更密集的人力资本投入,导致劳动收入占比提高;市场化进程因弱化了国有企业承担的社会职能,在短期内劳动收入占比往往会下降;地方政府间围绕外资招商展开的竞争,增大了外企资本对工人博弈力量,不利于劳动收入占比提高;在劳动密集型产品国际贸易条件不断恶化背景下,为扩大产品出口需要在产品中镶嵌更多的知识投入,因此伴随一个地区的外贸扩张,其制造业劳动收入占比往往会提高。      

Do foreign mergers and acquisitions boost firm productivity?

This paper examines the causal relationship between foreign mergers and acquisitions (M&A) and the productivity of acquired firms using micro-data from the UK over the period 1999–2007. Our results suggest a significant heterogeneity in the total factor productivity (TFP) effects of foreign M&A at the industry level. Overall, we uncover a systematic pattern of post-acquisition TFP effects that is consistent with the most recent theoretical models of firm heterogeneity and cross-border mergers and acquisitions as mode of foreign entry. Furthermore, we find positive aggregate effects on labor productivity due to capital deepening but not due to changes in TFP.     

也谈市场深化中的企业营销大战略构思──资本营销导向战略的三维透视

在现代市场经济条件下,市场不断深化,要求企业以资本运营为核心,以市场为导向,通过资本的市场化运动,带动企业资源结构和组织结构的优化,实现资本增值目标和企业的生存与发展。这就是消费者导向、竞争者导向和自身资源优化有机结合的资本营销导向战略。以市场深化为出发点,从营销观念、企业业务运营、营销组织变革三个角度对这一大战略作了具体分析。     

社会资本控制链架构及其稳定性研究——基于博元投资与国美电器的案例分析

在公司治理中,实际控制人同时运用股权控制和社会资本控制已是不争的事实,随着对社会资本控制链研究的深入,"社会资本契合度"替代效应"等相关概念逐渐被提出.本文在承续前人研究的基础上,将博元投资与国美电器的社会资本控制链架构进行对比分析,指出在垂直式社会资本控制链架构中,社会资本即使在股权控制水平低于相对控股时,依然具有替代效应.同时水平式的社会资本控制链易产生多个社会资本节点,致使其稳定性下降,而垂直型的社会资本控制链,因其单极和多层的架构使得整条社会资本控制链的稳定性得以提升.     

Sectoral Technical Progress and Aggregate Skill Formation

Recent studies discuss micro-transmission mechanisms to measure spillover effects of MNC (Multinational Corporations) activity on human capital in host countries. We develop an aggregate transmission mechanism to show that technology deepening in advanced sectors affect economy-wide skill formation, not analyzed in previous studies. Sector-specific advanced technological input and borrowing from local capital market at preferential rates dampens rate of skill formation if local firms are more skill-intensive. Liberal trade policies applied only to MNC sector may lower traditional export if credit subsidy offered to MNCs is simultaneously withdrawn.     

Productivity differences in an interdependent world

This paper studies cross-country differences in productivity from an open economy perspective by using a Helpman-Krugman-Heckscher-Ohlin model that embraces the single-cone model and a one-sector economy with factor deepening as particular cases. To estimate the model, I combine tools from development accounting and the factor content of trade literature. When simultaneously fitting data on income, factor prices and the factor content of trade, I find that the one-sector model is by far better supported by the data than the single-cone model. Rich countries have far higher productivities of human capital than poor ones, while differences in physical capital productivity are not related to income per worker. Finally, I estimate an aggregate elasticity of substitution between human and physical capital that is significantly below one.     

城市集聚、金融外部性与地区工资差距的关系研究——以我国长三角城市圈为例

本文在KFV(Krugman-Fujita-Venables)理论模型的基础上,理清金融外部性对城市工资的影响机制,对城市间的工资差距进行解释,并采用我国长三角地级及以上城市2000-2010年的面板数据,对城市集聚对城市工资的影响进行实证分析。研究结果表明:在城市集聚过程中,金融外部性对城市平均工资水平影响显著,是影响城市工资差距的重要因素。同时,城市工资差距与城市人力资本、出口贸易、固定资产投资及第三产业比重等因素有关。此外,研究还显示我国目前的城市化和城市集聚度不足,在未来城市化推进过程中,城市间差距或将成为继城乡差距后的又一个突出问题,这一点应引起警觉。