Access to credit and farmland rental market participation: Evidence from rural China

In this study, we analyze the impact of access to credit on farmland rental market participation of rural households. The study uses a nationally representative survey data of China Family Panel Studies and an endogenous switching probit model that accounts for selection bias for both observed and unobserved factors. Findings reveal that access to credit stimulates farmers' decisions to participate in farmland rental markets by increasing the likelihood of renting in and renting out farmland by about 10% and 20%, respectively. Results also reveal that the impact of access to credit on farmland rental market participation is heterogeneous when it comes to the age of the operator and and geographic locations of farmers. We show that younger credit users have a higher probability of renting in farmland, while their older counterparts have a higher probability of renting out farmland. Besides, credit users residing in central China have a higher probability of renting in farmland, while those living in eastern China have a higher likelihood of renting out farmland. Our findings highlight the importance of improving farmers' access to credit in facilitating the development of rural farmland rental markets.     

对外直接投资、母国营商环境与母国技术进步——基于门槛模型的检验

近年来,日趋复杂的国际环境影响企业的投资信心与决策。在学界,对外直接投资(OFDI)与技术进步的关联逐渐成为热点话题,随着各国不断优化营商环境,母国营商环境对二者的关联产生什么样的影响呢？鉴于鲜有文献探讨这一具有重要意义的话题,文章尝试将营商环境纳入基于企业利润最大化的理论模型,从母国营商环境视角阐释OFDI与母国技术进步的非线性关系;在此基础上,以2004—2020年115个经济体的面板数据为样本,运用Hansen门槛模型进行实证检验。研究表明:第一,在母国营商环境的影响下,OFDI与母国技术进步存在"V型"关系,即随着营商环境的改善,OFDI对技术进步具有"先抑制后促进"的影响。第二,OFDI对母国技术进步的非线性影响具有国家异质性。当营商环境超过一定临界值后,发达国家与新兴国家OFDI对技术进步均具有显著的正向影响,但发达国家的营商环境临界值更大,新兴国家的正向影响效应更强。第三,在解决内生性问题、替换指标和估计方法之后,实证结果依然稳健。最后进一步指出,在新发展格局下,我国在进行深层次改革、优化营商环境的同时,必须坚持扩大开放、提高对外直接投资质量,增强OFDI对我国技术进步的促进作用。     

长三角地区绿色经济发展对制造业升级的影响

基于2013—2019年长三角地区16个地级市的面板数据,在测度出绿色经济发展水平和制造业升级水平的基础上,利用固定效应模型和面板门限模型分析绿色经济对制造业升级的影响效应。研究表明,绿色经济对制造业升级具有显著正向影响。绿色经济对制造业升级的正向影响存在基于政府科技投入的单门限效应,相较于少量的政府科技投入而言,较多的政府科技投入会使该正向促进作用有所减弱。绿色经济对制造业升级的正向影响还存在基于制造业集聚度的双重门限效应,当制造业集聚度低于第一个门限值或高于第二个门限值时,绿色经济发展对制造业升级的正向推动作用显著,当制造业集聚度处于两个门限值之间时,绿色经济对制造业升级的正向影响不显著。     

我国FDI的空间结构及空间溢出效应研究

外商直接投资对我国经济发展具有巨大的促进作用,但各地区在利用外商投资方面存在着严重的结构性失衡现象。论文通过对我国30个省份FDI数据的空间全域及空间局域自相关性的检验分析,发现我国各省份的FDI在地理空间上存在着显著的正向自相关性,省域之间的FDI活动表现出一定的趋同性,而这种趋同现象正是来自于相邻区域之间的溢出作用。而后基于2000-2010年11年相关数据的空间计量分析,发现溢出效应对我国FDI的区位选择具有极为显著的影响,而且这种影响随时间及空间的变化而变化。研究结论说明,国家在制定FDI相关政策时应充分考虑各地区的空间溢出效应。     

Macroeconomic uncertainty,high-level innovation,and urban green development performance in China

This study incorporates macroeconomic uncertainty and high-level innovation into the framework of urban green development performance analysis. The positive impact of macroeconomic uncertainty on high-level innovation is related to the economic level and geographical location of cities. In developed cities and coastal cities, positive incentives for high-level innovation depicted by invention patents and green technology patents are generated, but the impacts are not significant in less developed cities. The negative impact of macroeconomic uncertainty on green development performance of developed and coastal cities is not significant, but it has a more obvious inhibition effect in less developed cities; raising the proportion of high-level innovation helps to weaken this negative impact.     

绿色信贷对绿色技术创新效率的影响

基于2010—2019年中国省级面板数据,运用DEA-BCC模型测算绿色技术创新效率,进而构建面板回归模型实证研究绿色信贷对绿色技术创新效率的影响作用。整体回归结果表明,绿色信贷对绿色技术创新效率具有显著的正向促进作用;分区域回归结果表明,绿色信贷对东部地区和中西部地区绿色技术创新效率均具有正向促进作用,但对东部和中西部地区的影响存在显著的地区差异。     

隐性经济视角下环境规制对中国城市环境污染的影响——基于地级市经验证据的分析

在已有关于环境规制强度对环境污染的影响研究中,鲜有考虑隐性经济这一重要因素,而隐性经济本身不仅会带来环境污染,也会削弱环境规制的实际绩效。因此,纳入隐性经济这一重要因素,从隐性经济的视角出发,以中国245个地级市为研究对象,分别采用多指标多原因法和熵值法测算中国2007—2017年245个地级市的隐性经济规模和环境规制强度综合指数,运用静态面板数据模型就环境规制强度在隐性经济视角下对环境污染的影响进行实证检验。实证结果显示,环境规制强度会对环境污染产生显著的负向效应,而环境规制强度和隐性经济规模的交互项会对环境污染产生显著的正向效应,环境规制对环境污染的总效应则取决于直接的负向效应和间接的正向效应的净效应。隐性经济会对环境污染产生显著的正向影响,表明隐性经济规模扩大会进一步恶化环境污染状况。     

A general equilibrium analysis of FDI growth in Chinese services sectors

This paper analyzes one of the features of the Chinese economic transition, namely, the impact of foreign direct investment (FDI) accruing to advanced services sectors. To that aim we use an innovative computable general equilibrium (CGE) model that includes, in a multi-regional setting, foreign multinationals operating in monopolistic competition. The model is based on data that split the world economy in 2016 into 11 regions (China - US - EU27 - Great Britain -other advanced economies - India - Japan - South East Asia - Latin America - Middle East - Sub Saharan Africa) and 21 sectors. We provide quantitative evidence on several characteristics of the 21 sectors in China, EU27 and the US, as well as other data on the role of China in the global stage, including its evolution since 2004. Several scenarios focusing on the increase of FDI inflows in services, because of the reduction of its FDI barriers, are simulated deriving short and long run results. We find that the impact of more foreign multinationals in services is positive for China but smaller than the one that had been obtained in other previous studies on FDI in manufactures. This is due to the still limited role of services in the Chinese economy and to a crowding out effect that domestic firms experience after the entry of foreign multinationals. On the whole the impact is, however, slightly positive for China, because manufactures benefit from the entry of foreign services multinationals. The rest of regions are unaffected or benefit very slightly, due to the fact that services production is less export oriented and more devoted to private consumption than in the case of manufactures. However, their manufacturing sectors are slightly harmed by the stronger Chinese competition. Many of them manage to more than offset this latter trend through higher exports or FDI in services directed to China.     

基于农业生产组织视角的西部地区农产品电商平台的使用意向研究

基于理性行为理论、扩展的技术接受模型构建概念模型,分析西部地区农业生产组织对农产品电商平台的使用意向及其影响因素。研究证实感知有用性对电商平台使用态度的正向影响最大,政府支持次之,感知成本负向影响较小;感知易用性对使用态度没有显著的正向影响;使用态度对使用意向的正向影响起到主要作用,政府支持起到辅助作用;使用态度均在各变量之间起到中介作用,感知有用性在感知易用性和使用态度的相互作用中具有显著的中介效应;政府支持对行为意向具有直接和间接的双重效应,而感知易用性能够通过感知有用性和使用态度的双重中介作用对行为意向产生显著影响。据此提出相应的管理策略,以有效提高农业生产组织使用电商平台的意愿、推动电子商务助力乡村产业振兴,突破西部地区农产品电商发展的瓶颈。     

技术创新路径对制造业产业升级的影响研究

基于2005-2016年的省级面板数据构建固定效应模型,研究结果表明,全国层面的自主创新、技术引进以及模仿创新对制造业升级有显著正向的影响。东部地区的影响效果最大,中部地区技术引进对制造业升级的影响效果不显著,西部地区的技术引进对制造业升级会产生负向影响且模仿创新对制造业升级的影响不显著。同时针对不同地区的情况提出相应的政策建议。     

山东省文旅融合高质量发展对乡村振兴的影响研究

利用2001—2021年山东省16地市的面板数据，通过构建空间面板计量模型，对文旅融合发展质量影响山东省乡村振兴的效应进行实证分析。结果表明，文旅融合发展质量对山东省乡村振兴水平具有显著的正向影响，其中文旅融合发展质量对产业兴旺的正向影响最明显，对生态宜居的影响相对较小；2012—2021年的文旅融合高质量发展对乡村振兴的推动作用明显强于2001—2011年；沿海城市文旅融合高质量发展的提升作用显著强于内陆城市，最后根据研究结论提出针对性建议。     

Corporate Cash Holding in Asia

In this paper, we analyze the determinants of corporate saving in the form of changes in cash holdings for 11 Asian economies using firm‐level data from the Oriana Database for the 2002–2011 period. We find some evidence that cash flow has a positive impact on the change in cash holdings (i.e. that the cash flow sensitivity of cash is positive) and that the positive impact of cash flow on the change in cash holdings is larger and more significant in the case of smaller and presumably more constrained firms than in the case of larger and presumably less constrained firms in both developed and developing economies. Both of these findings corroborate the importance of financial constraints in Asian firms. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis and that Tobin's q has a positive impact on the change in cash holdings, especially in the case of larger and presumably unconstrained firms.     

金融聚集对企业融资约束的影响及机制研究

文章探讨了金融聚集对企业融资约束的影响，发现金融聚集对企业的融资约束产生正向的缓解作用。研究样本包括2009 年至2019 年A 股上市公司，通过采用排序逻辑回归方法，构建了企业融资约束的指标并发现融资约束是一个广泛存在的问题，但其在不同企业之间的程度存在明显的差异。利用区域熵指数来衡量中国31 个省、市、自治区的金融聚集水平，结果显示，除了经济较为发达的地区之外，宁夏和青海在中西部地区的金融聚集水平相对较高。采用固定效应模型进行的实证检验证实了金融聚集对缓解企业融资约束的积极作用。从机制上分析，金融聚集能通过减少信息不对称，从而有助于缓解企业融资约束。另外，更深入的分析表明，保险行业的聚集对缓解企业融资约束的影响尤为显著。该研究扩展了现有关于金融聚集与区域经济发展之间关系的研究，而且为企业缓解融资约束以及政府在制定金融产业政策时提供了参考。     

环境对企业家精神培育的影响研究——基于内蒙古地区企业家的实证检验

以内蒙古地区企业家为研究样本，研究环境对企业家精神培育的影响作用。结果表明，制度环境对企业家精神的培育具有显著的正向影响；社会文化环境对企业家精神的培育具有显著的正向影响；教育环境对企业家精神的培育具有显著的正向影响；企业环境对企业家精神的培育具有显著的正向影响；而行业环境对企业家精神的培育没有显著的正向影响。     

Economic spillover effects in the Bohai Rim Region of China: Is the economic growth of coastal counties beneficial for the whole area?

This study uses panel data on the Bohai Rim Region of China to test for spatial autocorrelation, and measures economic spatial spillover effects with the space Durbin econometric model. We discuss whether the economic development of coastal counties benefits the whole area. To do this, we focus on the “distance from the coast” factor, which is influenced by transportation time. The results indicate the presence of significant spatial autocorrelation in the Bohai Rim Region. Further, economic spatial spillover effects exist in this region. “Distance from the coast” exerts a significantly negative impact on the local GDP per capita but a significantly positive impact on the GDP per capita of other districts. This means that the economic development of coastal counties does not benefit the whole region. “Value of exports” exerts a significantly positive influence on the local economy and no significant influence on other counties, while “foreign direct investment” exerts a significantly positive influence on the local economy and a significantly negative influence on other counties. “Number of employees in units” exerts a significantly positive influence on the local economy and a significantly negative influence on the other counties. The factors “primary industry's share in GDP” and “tertiary industry's share in GDP” influence the local economy positively, but the former exerts no significant influence on other counties and the latter exerts a negative influence on other counties. “Rate of fixed asset investment” influences the local economy negatively and has no significant effect on other counties. “Total retail sales of social consumer goods” has no significant influence on the local economy but a positive significant influence on the others. Finally, marine resource utilization and marine output can affect economic growth positively. On this basis, we propose policy suggestions for harmonious economic development in this region.     

知识场活性、资源拼凑与新创企业创新绩效

基于对小微企业双创基地入驻企业的调查数据，构建出以知识场活性为自变量、新创企业创新绩效为因变量的概念模型，并将资源拼凑作为中介变量来分析。结果表明：知识场活跃度和知识场开放度均对新创企业创新绩效具有正向影响，资源拼凑具有中介作用；定制化服务对资源拼凑与新创企业创新绩效具有正向调节作用。研究结论丰富了“知识场活性→资源拼凑→新创企业创新绩效”这一逻辑主线的研究，对如何提升新创企业创新绩效具有一定的指导意义。     

创新型城市创新扩散效应研究——以南京市为例

从创新型城市层面出发,以参与城市创新扩散活动的创新主体角度构建指标体系,利用CH改进模型研究城市创新扩散效应。以2001—2015年南京相关数据为基础,对南京市创新扩散效应进行实证研究。结果显示：研发投入、技术交易对南京全要素生产率有显著的正向作用,政府科技支出则有较弱的正向作用;而研发人员数则具有显著的反向作用;金融机构科技贷款以及国外研发存量未对南京创新扩散产生显著影响。针对实证结果提出相关政策建议。     

供应商整合对新产品绩效的影响——技术不确定性的调节作用

文章研究供应商整合对新产品绩效的影响,并检验技术不确定性对二者关系的调节作用。通过大样本调查收集数据,运用结构方程模型对整体结构模型进行拟合分析和假设检验,运用分层回归分析法检验技术不确定性的调节作用。研究结果表明:灰箱供应商整合对新产品引入速度、新产品创新性均具有正向影响;黑箱供应商整合对新产品引入速度具有负向影响,对新产品创新性具有正向影响;技术不确定性对灰箱供应商整合与新产品引入速度、灰箱供应商整合与新产品创新性之间关系均具有正向调节作用;技术不确定性对黑箱供应商整合与新产品引入速度之间关系具有负向调节作用,对黑箱供应商整合与新产品创新性之间关系无显著调节作用。     

担保网络与企业债务扩张--以2008-2018年非金融类上市公司为例

建立担保网络内部资产负债均衡模型,采用2008-2018年非金融类上市公司数据,研究担保网络与企业债务扩张的内在联系。结果表明:(1)担保网络与企业债务扩张之间存在正效应,担保网络企业中心性或网络权重的增加会导致企业债务扩张,但是这种正效应是异质的。(2)法制环境作用下担保网络企业中心性或网络权重对短期、流动和有息负债具有更显著更强的影响,对长期债务作用效果较弱,造成了我国企业“长债短借”的债务结构。(3)担保网络企业中心性只对制造业企业负债率的影响显著为正,在其他行业中具有国有背景和固定资产抵押等信贷优势的企业债务扩张主要取决于网络权重。最后,结合担保体系建设、金融科技为担保网络风险监管提供政策建议。     

公司治理对小额贷款公司绩效影响的实证研究

文章依据公司治理理论,采用安徽省150家小额贷款公司2010-2012年的调查数据,应用面板数据模型随机效应估计方法,实证分析公司治理对小额贷款公司绩效的影响。实证结果显示,公司治理对小额贷款公司的财务可持续性影响较大,独立董事比例、女性董事、外部审计等与财务可持续性呈显著正相关,董事会规模也具有显著正向的影响。此外,公司治理对覆盖力的影响相对较小,只有公司规模和CEO/董事会主席的二元性两个因素对其有显著影响。