企业破产重组收益的性质及确认

破产重整是我国修订后的《企业破产法》中新增加的一类破产案件。如何确认和计量企业破产重组收益,是摆在我们面前的一个新的理论问题和实务问题。在实地调研基础上探讨企业破产重组收益的经济实质、经济后果以及股东缩股的计量、债务重组收益的确认等问题,可以为我国企业破产重组收益的会计处理提供理论依据。     

Entrepreneurship and economic freedom: cross-country evidence from formal and informal sectors

Abstract

The paper empirically examines the effect of economic freedom on the average prevalence of formal and informal entrepreneurship. Whereas the formal entrepreneurship and economic freedom nexus has been studied, the influence of economic freedom on informal entrepreneurship is less forthcoming. The results, based on cross-country data and after accounting for possible reverse causality, show that economic freedom promotes formal entrepreneurship and inhibits informal entrepreneurship. Furthermore, the return from economic freedom is greatest in countries with a relatively higher prevalence of formal and informal entrepreneurship.     

Publication Bias in the Economic Freedom and Economic Growth Literature

Abstract.  The impact of institutions on economic performance has attracted significant attention from researchers, as well as from policy reformers. A rapidly growing area in this literature is the impact of economic freedom on economic growth. The aim of this paper was to explore publication bias in this literature by means of traditional funnel plots, meta‐significance testing, as well as by bootstrapping these meta‐significance tests. When all the available estimates are combined and averaged, there seems to be evidence of a genuine and positive economic freedom – economic growth effect. However, it is also shown that the economic freedom – economic growth literature is tainted strongly with publication bias. The existence of publication bias makes it difficult to identify the magnitude of the genuine effect of economic freedom on economic growth. The paper explores the differences between aggregate and disaggregate measures of economic freedom and shows that selection effects are stronger when aggregate measures are used.     

Economic freedom at metropolitan statistical area borders

This paper applies a variation on differences-in-differences to the effects of economic freedom in matched bordering metropolitan statistical areas using the Metropolitan Economic Freedom Index. While a great deal of research has explored the relationship between economic freedom and economic performance, less has been done at the local level. We find that economic freedom has a positive effect on several measures of economic performance, but no effect on population.     

Freedom and gross in-migration: an empirical study of the post-great recession experience

Determinants of migration, including policy variables such as tax rates, have been extensively studied by regional scientists over the past several decades. The development of the Economic Freedom of North America Index has allowed researchers to test the relationship between migration patterns and economic freedom, with recent studies finding that net in-migration is positively related to economic freedom. Using a new cross-section measure of economic and personal freedom at the state level, we investigate the relationship between gross in-migration and economic freedom on the one hand and then between gross in-migration and total freedom on the other hand. This empirical study of domestic U.S. migration during the post-Great Recession period finds clear evidence that migrants prefer to move to those states affording higher levels of economic freedom and higher levels of total freedom.     

法律制度、法律执行与上市公司破产重整效率——基于宝硕股份的案例研究

破产重整是危机企业解除财务危机的重要法定机制。本文基于执法经济学理论，以宝硕股份的破产重整事件为例，研究了新破产法实施后上市公司破产重整的经济效率。研究发现，虽然宝硕股份借助重整机制暂时避免了破产清算，但是重整活动却明显缺乏经济效率，新破产法在执行过程中偏离了原先的立法预期，相对落后的执法环境致使参与重整的利益相关方的目标函数和博弈行为发生异化，并最终导致重整的低效率。本文揭示了我国转型期相对落后的执法环境制约企业破产重整效率的典型作用路径。最后，本文提出了若干政策建议。     

WHY ARE SOME PLACES RICH WHILE OTHERS ARE POOR? THE INSTITUTIONAL NECESSITY OF ECONOMIC FREEDOM

We survey perspectives on the economic differences between countries and argue that economic freedom is the key to prosperity. We close by outlining the policy implications. Specifically, removing obstacles to the exercise of economic freedom is an important step towards prosperity.     

Stochastic convergence analysis of US state economic freedom sub-components: Evidence from unit root tests for bounded processes

This study tests for convergence of the three main sub-components of economic freedom (government spending, taxation, and labor market freedom) for the 50 US states from 1981 to 2019. In particular, we test for stochastic convergence using unit root tests that account for structural breaks and bounded processes. By controlling for these sources of parameter instability, we find limited evidence in favor of stochastic convergence across the three sub-components of economic freedom. However, we find more evidence of stochastic convergence with respect to the sub-components than in the case of the overall economic freedom at the US state level. Our results highlight the distinct nature of the institutional quality across states as represented by government spending, taxation, and labor market freedom.     

Economic freedom and public,non-market institutions: evidence from criminal prosecution

Economic freedom, which measures the protection of property and freedom to contract, is generally argued to capture the quality of a state’s institutions regarding market activity. As to be expected, numerous studies have found that economic freedom is associated with good economic outcomes. Additionally, much effort in public economics has worked to identify the features of quality non-market public institutions. No effort has been made to connect institutions that influence market activity and institutions that govern non-market activities. We take a first step. We employ a linear programming method for measuring relative efficiencies known as Data Envelopment Analysis. We apply this technique to information on the use of inputs to the production of the prosecution of crime across the thousands of local prosecutor offices in the U.S. We then compare state-level measurements of prosecution productivity with data on state-level economic freedom from the Economic Freedom of North America index. We show that there is a positive and statistically significant relationship between the two. Those states that develop institutions respecting economic freedom also tend to be the states that develop efficient publicly-provided services. The results are extended to complementary economic freedom measurements.     

US state-level economic freedom during the COVID-19 pandemic

The COVID-19 pandemic led to extensive new government regulations and lockdown policies that significantly reduced economic freedom across US states. Many of these new pandemic-related regulatory restrictions on economic freedom varied significantly from state to state but are largely missed by the existing Economic Freedom of North America Report (EFNA). This paper adjusts the Our World in Data COVID-19 Stringency Index into a state-level measure of lockdown regulatory freedom and then merges it into the EFNA index to better measure relative economic freedom across US states in 2020. We find significant differences in the relative ranking of economic freedom between states once we adjust for lockdown regulatory restrictions.     

Do Liberalising Reforms Harm the Environment? Evidence from the Post‐Communist Transition

Whether or not economic freedom and capitalism are associated with better or worse environmental performance gives rise to a heated political debate. This article sheds empirical light on the debate by examining the association between economic and political freedom on the one hand and environmental performance on the other. Estimating the effects of economic freedom and democracy on four environmental measures since 1993 across 27 formerly communist countries shows that liberalising the size of the public sector is associated with less environmental damage, although only in autocracies. The consequences of regulatory activity, market openness and the rule of law are more mixed.     

Economic freedom as driver of growth in transition

This paper reviews the political economy of economic growth in post-communist economies making the transition to free markets, focusing on the role of economic policy and institutions. We test the hypothesis that better institutions, measured in terms of economic freedom, contribute to growth. To begin with, the empirical results from the cross-section of transition economies confirm this hypothesis. Yet the question is deeper than that since there is an interactive effect between economic freedom and investment. The paper concludes that non-linearities are present in the growth model.     

Economic freedom and one-way truck rental prices: An empirical note

This study examines the one-way truck rental prices for 378 cities. There are large price differentials in one-way rental prices between city pairs. The pull of people toward higher economic freedom locales and push away from lower economic freedom locales is found to be an important determinant of the city-pair price differentials.     

On One Forgotten Cause of the Arab Spring: the Lack of Economic Freedom

Had the Arab Spring been widely interpreted as a revolution for ‘laissez faire’, it would certainly have stimulated more reflection on the central place of the entrepreneur in economic development, and the fundamental role of economic freedom to let this prosperity‐generating entrepreneurship flourish. The future of the Arab Spring depends on the capacity of the new democratically elected governments to implement measures to prevent crony capitalism, restore the rule of law and promote economic freedom in order to ensure general prosperity.     

The Roles of Economic Freedom and Regulatory Quality in Creating a Favorable Environment for Investment in Energy R&D,Infrastructure, and Capacity

Sustainable investment in energy requires a favorable economic and regulatory environment. A random effects model (PLS estimations), using a four‐year panel, reveals the growth rate in real per capita GDP for OECD nations as an increasing function of both economic freedom and regulatory quality. These results underscore the critical roles that economic freedom and regulatory quality play, directly and indirectly, in creating an environment conducive to sustainable investment in energy R&D and infrastructure.     

Money and economic development: A long-run perspective

This article explores the association between money and long-run economic growth in a panel of 27 countries over 200 years. It presents evidence of a complementarity between freedom and decentralisation of the monetary system in terms of their contribution to growth in GDP per capita. The significant and positive association between freedom and economic growth is found to be significantly stronger in a decentralised (market-based) than in a centralised (government-controlled) monetary system. For the average level of freedom across the 27 countries today, shifting from a centralised to a decentralised monetary system is predicted to almost double growth rates.     

Institutional convergence: exit or voice?

There is a small but growing literature on the determinants of economic freedom. This paper contributes to this literature in two ways. First, it is empirically shown that β-convergence in economic freedom occurred from 1980 to 2010. Countries with low levels of economic freedom in 1980 “catch up” at a rate of 0.7 percent a year on average, ceteris paribus. Second, the structural characteristics that contribute to this institutional convergence are documented. Conditional convergence estimates suggest democratic institutions do not con- tribute to conditional convergence. Exitability, a variable that captures how easy it is for citizens to “vote with their feet” is related to the change in economic freedom from 1980 to 2010 in a statistically significant manner across all specifications. This provides some preliminary evidence as to the importance of “exit” versus “voice” with respect to the question of institutional change.     

Economic freedom: a comparative study

This paper presents a comparative study of economic freedom in five groups of countries: Free, Mostly Free, Islamic, Latin American, and a subset of EU member countries. The study includes 103 countries, and uses data from the 2007 Index of Economic Freedom. The paper tests for the statistical significance of the difference between group means for each of ten measures of economic freedom and for the overall freedom score. The empirical evidence shows that the Islamic countries have significantly less economic freedom than the other groups, and that they are the only group with declining economic freedom in the last 13 years.

Remittances and economic growth in Africa, Asia, and Latin American-Caribbean countries: a panel unit root and panel cointegration analysis

This study estimates the macroeconomic impact of remittances and some control variables such as openness of the economy, capital/labor ratio, and economic freedom on the economic growth of African, Asian, and Latin American-Caribbean countries using newly developed panel unit-root tests, cointegration tests, and Panel Fully Modified OLS (PFMOLS). We use annual panel data from 1985–2007for 64 countries consisting of 29 from Africa, 14 from Asia, and 21 from Latin America and the Caribbean region, respectively. We find that remittances, openness of the economy, and capital labor ratio have positive and significant effect on economic growth for all regions as a group and in each of the three in study. While the economic freedom index also has a positive and significant effect on growth in Africa and Latin America, however, its effect on the economic growth of Asia is mixed.     

Intergovernmental Organisations and Economic Freedom: Wise Technocrats or Black Helicopters?

This article explores the relationship between country membership in major intergovernmental organisations and economic freedom. While it makes no claims to have found any broad theoretically bound, robust causal mechanism, baseline fixed effects models establish relationships amongst economic freedom and membership in the EU, NATO, WTO, UN, OECD, World Bank, and IMF. Though the results are not simple, the strongest findings are negative relationships with the UN, IMF, and WTO, and positive relationships with the World Bank and possibly the EU.