Trade openness,internet finance development and banking sector development in China

This paper investigates the impact of trade openness on Internet finance development in China. Using a unique panel data set for 29 Chinese provinces, we find that trade openness has a positive impact on Internet finance development and is a leading indicator of Internet finance development. Further analyses show that higher trade openness is associated with faster Internet finance development in wealthier provinces. Moreover, we investigate the effect of Internet finance development on the banking sector development. The empirical results suggest that Internet finance development has a positive effect on the banking sector size and efficiency.     

风险资本、清洁技术与可持续发展

首先分析了清洁技术市场风险投资的发展趋势,发现风险投资不足制约着我国清洁技术市场的发展;然后通过分析风险投资在清洁技术创新和商业化方面的作用机制,提出实现可持续发展的路径;最后,提出发展清洁技术风险投资的政策建议。     

Embedding environmental innovation in local production systems: SME strategies,networking and industrial relations: evidence on innovation drivers in industrial districts

Technological innovation is a key factor for achieving better environmental performances. Its role is even more relevant in local productions system, where innovation density, knowledge spillovers and externalities are concentrated in a circumscribed territory. The paper exploits new data for a sample of manufacturing firms in Northern Italy. New evidence is provided by testing a set of hypotheses, concerning primarily the role of environmental‐devoted R&D, networking activities, quality/nature of industrial relations. The role played by environmental policy pressure, structural firm features and past firm performances is also investigated to account for more exogenous forces. We show that structural characteristics of the firm appear to matter less than R&D, induced policy costs and innovative‐oriented industrial relations. Environmental auditing schemes also show some relevant correlation to innovation adoptions. R&D efforts appear to be associated to networking activities, which substitute for size‐related economies of scale. Overall, endogenous factors driven by firm strategy or local idiosyncratic features matter more than exogenous and structural firm factors.     

后金融危机时代英国科研经费投入的特点和趋势

科学预算是2010年英国科学界的一件大事。2010年12520日英国商业、创新与技能部具体公布了4年经费分配方案，标志着政府新科学预算的最终出台。按照英国财政的复合预算体系，本次科学预算包括资源性预算和资本性预算两部分，共计年平均投入50．5亿英镑，与2007年实际投入相比下降33．76％，主要以支持“核心科研”为主，其中，资本性经费大幅消减。这种预算支出规模，意味着英国在未来4年不太可能启动新的重大项目，对购买和建设大型科学设施、参与国际科学计划等都将产生重大影响。     

风险投资环境的描述框架及我国风险投资环境分析

从影响风险投资环境的因素分析入手，依据给出的分析框架从科技与产业基础、技术与资本市场、基础性环境三个方面对我国风险投资环境状况进行了分析并提出了相关对策建议。从总体情况看，我国风险投资环境与发达国家相比虽然有一定差异，但快速发展风险投资的环境条件已基本具备。     

中国农村金融资源配置的区域效率比较

采用数据包络分析（DEA）方法对全国各地区的农村金融资源配置效率作整体的评价和比较。分析表明：影响东部地区农村金融资源配置效率的主要是制度建设和管理水平的滞后,规模效率是阻碍西部金融资源配置效率的主要障碍。各地区在加大金融支农投入的同时,提高农村金融资源配置效率才是改善农村金融环境的重点。     

中小企业技术创新的制约因素及其对策研究

中小企业作为推广使用高新技术的第一阵地 ,在技术创新过程中扮演着极其重要的角色。但目前 ,中国中小企业在技术创新活动中却受到诸多因素的制约 ,因此 ,本文在具体剖析了中小企业技术创新障碍的基础上 ,提出了提升其技术创新能力及优化其创新环境的若干对策。     

风险企业IPO后风险资本退出时机研究

风险投资退出机制是整个风险投资运作过程中一个重要的组成部分,成功的退出对于确保投资者获得有吸引力的回报至关重要。因此,本文主要研究考虑声誉因素影响时,风险投资机构如何通过对合理退出时机的选择来实现收益的最大化。     

Cyclical comovements in energy-related venture capital investments

This article examines the cyclical comovements of venture capital investments in the energy sector and key macroeconomic variables. In particular, we decompose the cyclical component of two venture capital investment series (clean technology and industrial/energy) and several macroeconomic factors including oil prices. A number of important cyclical relationships are documented such as increases in crude oil prices tend to signal future venture capital investment in both energy-related sectors and these investments tend to move concurrently with movements in the overall economy     

Overcoming environmental scarcity,inequality and structural imbalance in the world economy

The world economy faces two major threats: increasing environmental degradation and a growing gap between rich and poor. The root cause is that natural resources—or natural capital—is underpriced, and hence overly exploited, whereas human capital—the skills embodied in the workforce—is insufficient to meet demand. This outcome has three important consequences. First, all sectors of an economy will use too much natural resources relative to skilled labor. Second, the skilled workers throughout the economy will have higher real incomes and thus will be better off. Third, wealth inequality will increase, as the income gap between skilled and unskilled workers widens. Addressing this structural imbalance requires correcting the two underlying distortions, which are the chronic under-pricing of natural capital and the under-investment in human capital. This must be accompanied by a new suite of policies to provide improved incentives for more balanced wealth creation.     

从当前我国金融道德失范谈加强我国金融道德规范

金融业是一个高风险行业，而其中道德风险又是造成金融风险的重要原因。近年来，金融道德风险已成为我国金融业运行中的突出问题，如何防范和化解金融道德风险，构建金融道德规范，是我国金融业当前面临的重要问题和经济金融界人士关注的一个课题。本文从当前我国金融业的现状中的失范现象提出加强金融道德规范的几项建议，从而有效防范金融道德风险，健全金融道德规范，推动我国金融业健康发展，促进社会和谐。     

印度风险投资中的政府角色及其对中国的启示

中国和印度同属于发展中国家,从某种意义上讲,两国在环境资源方面具有很大的可比性,两国在经济自由度方面,特别是在法律结构与产权保护、货币政策合理性及管制三方面自由度很接近。本文介绍了印度政府在其风险投资业发展的三个阶段中扮演的角色,总结了印度在风险投资业发展过程中的成功经验,分析了在财政、税收、参股及引进外资等方面值得中国政府借鉴之处。     

On the strategic potential of technological aid in international environmental relations

Prior to noncooperative choices of abatement of a transboundary pollutant, a technologically advanced country considers making an unconditional transfer of abatement technology to its less-advanced rival. Even though technological aid is given unconditionally and abatement strategies are chosen noncooperatively, in a number of plausible circumstances, a transfer of a superior control technology will induce Pareto-superior pollution abatement.     

The new financial framework for the Cuban non-state sector

A cornerstone of the current Cuban economic model reforms is its opening to the non-state small-scale sector. Using the results of a survey of non-state businesses, we look at the provision of financial services to the small- and medium-sized enterprises in the non-state sector from two perspectives: first, the nature of the new credit regulations and bank policies and how they accomplish the evaluation of credit to a hitherto non-existent sector; and second, how these small business clients view their relationship with their lender state banks. We look at Cuba from the perspective of a socialist economy in transition and compare it to microfinance in China and India.     

The Role of Foreign Capital in the Banking Sector of Korea and Its Implications for Developing Countries

The entry of foreign capital marked a significant change in the Korean banking sector. It played a critical role in transforming insolvent banks into profit-making banks. The acquisition of domestic banks by foreign private equity funds restructured the management by changing the corporate governance and pursuing result-oriented policies, while it had a negative impact on the national economy in general. Korea’s experience shows that the role of foreign private equity funds in the domestic banking sector needs to be evaluated from the perspective of both the performance of each bank and its effect on the national economy.     

On the new export sector in developing countries

Abstract

Many developing countries are establishing a new export sector by accepting foreign direct investment. Developing a three-sectors three-factors general equilibrium model with tariff, this paper considers the condition under which the acceptance of direct investment is desirable for the developing countries. We show that the factor intensity rankings among the sectors play a key role on the welfare effects and that direct investment increases the output of both the new export and the traditional export sector and promotes the export-led growth in developing countries.     

当前中国农村金融组织体系改革的思路

本文从历史的角度分析了20世纪90年代以来中国农村金融组织体系的改革历程,发现尽管改革的目标是要形成多元化的农村金融组织体系,但是改革过程中却呈现出曲折的两阶段性：到20世纪末农村信用社垄断了农村金融市场;进入21世纪以来,农村信用社的垄断地位逐渐被打破,改革又开始向多元化金融组织体系目标回归。     

The relationship between pollution abatement costs and environmental regulation: Evidence from the Chinese industrial sector

Since the 2000s, China has been trying to strengthen emission controls in response to increasing pollution problems. However, strict implementation of emission controls generates pollution abatement costs. Using regional data for 29 provinces in the Chinese industrial sector from 1995 to 2010, this study estimated the pollution abatement costs for each province through the measurement of environmental efficiency, by applying a directional distance function approach. Moreover, using panel data analysis, this study clarified whether there is a nonlinear relationship between pollution abatement costs and environmental regulations. The empirical results are as follows. The study confirmed that the burden of abatement costs tended not only to occur in the central and western regions but also to increase in the eastern region. Moreover, the nonlinear relationship is inverted U‐shaped; thus, pollution abatement costs increase, as a negative effect of environmental regulations, until a certain inflection point, after which they decrease.     

风险资本与高新技术对接过程中的信任问题研究

技术的生产力特性与资本的利润特性决定了它们的必然融合。种种影响信任的因素及交易的一次性使得常常出现 "囚徒困境"。这就要求我们必须重视信任的培养机制,走出囚徒困境的一个有效的方法就是交易双方的持续交易。     

Access to finance,foreign ownership and foreign takeovers in Germany

With this article we present the first microeconometric analysis of the impact of a foreign acquisition on the target firm’s access to finance. By using a large database of German firms, we furthermore investigate for the first time the link between foreign ownership and access to finance in Germany, one of the world's leading target countries for FDI. We use newly available comprehensive panel data that we constructed from information collected by the German statistical offices and from credit rating scores supplied by the leading German credit rating agency. We find foreign-owned firms in German manufacturing on average to show slightly more financing restrictions than domestically owned enterprises, but this very small difference diminishes once unobserved heterogeneity is taken into account. We further demonstrate that one reason for this finding is the preference of foreign investors for targets with relatively low credit-worthiness. Although the likelihood of a foreign acquisition appears to be correlated with credit rating, there is no impact of foreign takeovers on the credit constraints of the target firms ex post and therefore no support for the hypothesis that foreign takeovers ease financial frictions.