创新能力、吸收能力与区域经济增长关系研究

利用1997~2011年中国省级面板数据,检验创新能力、吸收能力与区域经济增长的内在依存和因果关系。结果表明:东部、中部和西部地区创新能力、吸收能力与区域经济增长之间均存在长期协整关系;创新能力与吸收能力对区域经济增长的影响逐步加强;不同地区的创新能力与吸收能力对区域经济增长的影响不同。因此,应该提高创新资源的利用效率,因地制宜地制定促进区域经济增长的相关政策。     

金融市场创新产品运行效应评估报告

2011年,银行间市场创新产品运行平稳,各类产品发行交易保持活跃态势,高信用等级产品受到市场追捧,shjbor利率影响力继续提升,创新产品支持经济发展和结构调整的功能进一步增强,对货币政策导向的反映更加灵敏,虽然个别产品功能发挥不理想,但产品国际化程度不断提高。为促进银行间金融创新产品的持续踺康发展,未来需进一步推动品种创新,加快推进既有产品市场配套完善,并关注创新产品风险。     

Determinants of risk behaviour: effects of perceived risks and risk attitude on farmer’s adoption of risk management strategies

The importance of risk perception and risk attitude for understanding individual’s risk behaviour are independently well described in literature, but rarely combined in an integrated approach. In this study, we propose a model assuming the choice to implement certain risk management strategies to be directly driven by both perceptions of risks and risk attitude. Other determinants influence the intention to apply different risk strategies mainly indirectly, mediated by risk perception and risk attitude. This conceptual model is empirically tested, using structural equation modelling, for understanding the intention of farmers to implement different common risk management strategies at their farms. Data are gathered in a survey completed by 500 farmers from the Flanders region in Belgium, investigating attitudes towards farming, perceived past exposure to risk, socio-demographic characteristics, farm size, perceptions of the major sources of farm business risk, risk attitudes and the intention to apply common risk management strategies. Our major findings are: (i) perception of major farm business risks have no significant impact on the intention of applying any of the risk strategies under study, (ii) risk attitude does have a significant impact. Therefore, rather than objective risk faced and the subjective interpretation thereof, it is the general risk attitude that influence intended risk strategies to be implemented. A distinction can be made between farmers willing to take risk, who are more inclined to apply ex-ante risk management strategies and risk averse farmers who are less inclined to implement ex-ante risk management strategies but rather cope with the consequences and diminish their effects ex-post when risks have occurred.     

江苏农村小额人身保险的调查——基于资源配置角度

农村小额人身保险已在全国多个省份进行试点,并取得了阶段性成果。文章从资源配置角度总结出江苏农村小额人身保险开展的可行性因素以及可能存在的风险,并针对江苏保险业实际情况和目前的经济大环境提出一些可行的对策,推动小额保险项目的创新与可持续发展。     

Beta dispersion and market timing

The beta dispersion, which is the spread of betas on a stock market, can be interpreted as a measure of market vulnerability. This study examines the economic idea of the beta dispersion and its application as a market return predictor. Based on the empirical beta dispersion observed in the US equity market, the study develops measures to predict future market returns. These dispersion measures have substantial predictive power for future market movements. Moreover, I show that the information content of beta dispersion can be successfully exploited by market timing strategies with the help of distributional regressions. The innovative application of this novel approach of modeling the relationship between multiple variables appears to be quite useful for timing strategies.     

Linkages between organizational goals,strategies, and the budget process

This case is ideally suited to integrate organizational goals and strategies with budgeting, feedback, and variance analysis. It demonstrates the interplay between the budget process and organizational goals and strategies. The case is also useful in integrating accounting concepts with concepts which students have studied in management or organizational behavior courses. It suggests that the way that managers respond to variances is affected by the environment in which the firm operates and the product(s) manufactured by the firm. This case is based upon an actual situation in which a firm experienced rapid growth through acquisition. Integration of the budget process with organizational goals and strategies enhances the students' interest and their understanding of the role of budgets in the planning and control process. The case demonstrates that budgets are part of a “big picture,” and can be traced and related to managerial goals and strategies. Further, the case allows students to develop an understanding and appreciation of variance analysis. The case has been used successfully with undergraduate cost accounting students and with participants in a 2-week executive-education program. The students find the case interesting and are eager to participate in the discussion.     

“互联网＋”、普惠金融与经济增长-基于面板数据的PVAR模型实证检验

运用多元测算方法和主成分分析法获取我国31个地区2008-2014年“互联网+”、普惠金融和经济增长相关变量数据,借助面板向量自回归模型(PVAR)研究三类变量间的动态关系,实证研究发现:“互联网+”和普惠金融对经济增长的影响程度相当,经济增长对“互联网+”的影响较大,而对普惠金融影响相对较小.微观上看,三者之间正向作用已经存在,普惠金融对城镇化率和贸易开放度驱动的经济增长具有正向促进作用,“互联网+”对普惠金融发展、城镇化率和贸易开放度驱动的经济增长也具有正向促进作用,因此,需要各经济主体加强基础性投入、注重精准化投入并做到长期坚持以促进三者协同发展.但从长期看,普惠金融对“互联网+”和经济增长率和居民消费价格指数驱动的经济增长存在负面冲击,“互联网+”对经济增长率和居民消费价格指数驱动的经济增长也具有微弱的负面冲击,因此,需要政府层面加强统一监管并积极理顺三者之间的关系,以消除其中的摩擦因素.     

金融发展、企业创新与经济增长

本文通过在一般均衡模型中引入银行部门,考察了金融发展对企业创新和经济增长的影响。基于模型的理论分析表明,在均衡状态下,金融发展可以提高经济中储蓄向投资转化的效率、缓解信息不对称,有效降低了研发部门的外部融资成本,从而促进企业增加研发投入,并推动经济实现更高速的增长。在此基础上,本文以中国31个省份2008—2016年的面板数据对上述结论进行了实证检验,相关结果表明:(1)金融发展对企业研发投入具有显著的促进效应;(2)在工业化程度、外商投资水平较高的地区以及政府支出水平较低、人才资源相对短缺的地区,金融发展的促进作用更加明显;(3)企业研发创新可以有效推动经济增长,且在金融支持实体经济中发挥了重要的中介作用。本文的理论和实证分析揭示了“金融发展—企业创新—经济增长”的内生性传导机理及其在中国的体现,从而为金融支持创新型经济增长的改革逻辑奠定了初步的理论和经验基础。     

The role of innovative entrepreneurship within Colombian business cycle scenarios: A system dynamics approach

Since the advent of public and private initiatives in Colombia, there has been interest in exploring the possible future pathways of the Colombian business cycle. Based on a foresight analysis, it has been identified on the one hand that it is necessary to achieve greater productivity and competitiveness and on the other hand, collective intentionality towards progress must be encouraged. Using these analyses, new Colombian scenarios are discussed, taking into account intentionality towards entrepreneurship and innovation. Following the entrepreneurship research, it is suggested that innovative entrepreneurial activity is linked to long-term economic growth. Thus, the purpose of this paper is to identify the role of innovative entrepreneurship in Colombian business cycle scenarios using system dynamics (SD) modelling. Here, we approach futures studies, testing dynamic hypotheses concerning development based on societal and socioeconomic integration, in which innovative entrepreneurship is highly relevant. The model, supported by circular flow analysis and Schumpeterian theory, shows how this type of entrepreneurship contributes to sustainable economic growth during the simulation period (2003–2032). To achieve a 6.77% average growth rate (the higher scenario), policies regarding knowledge transfer from specialized foreign individuals, incumbent firms and universities, as well as incentives for entrepreneurial societies and collectivism, are discussed.     

Planning for sustainable development: Strategic alignment in Peruvian regions and cities

This paper explores the application of the Strategic Alignment Model (SAM) to the formulation of strategies for sustainable development in regions and cities. SAM was created during the 90s in order to bridge the gap in terms of objectives, competences and culture between business and IT professionals. The present study applies SAM to align economic development and environmental sustainability and identifies concepts such as industrial ecosystems, sustainable lifestyles, eco-business, and environmental services as integrative strategies. Previous to this research, alignment has been studied in terms of public participation process, policy innovation and adoption of best practices. This paper proposes a new framework to represent alignment in a way that multiple strategies and pathways can be recognized, favoring dialogue and coordination. Likewise, a strategic analysis of Peruvian Environmental Action Plan 2010-2021 is presented.     

Excessive Financial Support,Real Estate Development and Macroeconomic Growth: Evidence from China

ABSTRACT

Using monthly panel data for China’s 30 provinces from 2007 to 2017, this article analyzes how level of financial support affects the interplay between real estate development and macroeconomic growth. Based on a threshold model, the results suggest that housing price increases substantially impede economic growth, but there is no significant threshold effect for the sample as a whole. On investigating regional cross-sectional variations, we found that local economic situation clearly impacts on this effect, with significant threshold effects detected in subsamples. While housing price may have positive influences on economic growth in the mid-west subgroup with appropriate financial support, more developed regions returned contrary results.     

Can digital financial inclusion promote China's economic growth?

Can digital financial inclusion as an emerging and innovative financial service promote economic growth? Based on a Bayesian macroeconomic analysis framework, this paper introduces the level of Internet development as a threshold variable, analyzes the impact of digital financial inclusion on economic growth based on provincial panel data from 2011 to 2019 in China, and finally explores the mediating effect of digital financial inclusion on economic growth through a multiple mediation model. The results show that ① digital financial inclusion development has a significant contribution to economic growth. ② The impact of digital financial inclusion development on economic growth has a significant Internet threshold effect. ③Promoting small and medium-sized enterprise entrepreneurship and stimulating residents' consumption are two important channels through which digital financial inclusion development affects economic growth.     

中国本土会计师事务所的市场地位与经济回报

区域规模化和行业专长化是会计师事务所通常采取的两种发展战略。本文分析和比较了具有区域市场领先地位以及具有行业市场领先地位的中国本土会计师事务所伴随的经济回报(以审计定价度量)。基于全样本的证据显示:本土会计师事务所仅仅通过在各省际市场取得领先地位并不足以获取明显的经济回报;具备行业市场领先地位则伴随着显著更高的经济回报;同时具备行业市场领先地位和区域市场领先地位则伴随着更大的经济回报。进一步的分析显示,不同本土会计师事务所可能需要考虑在发展战略及其实现途径上的差异化。本文的发现对本土会计师事务所制定符合自身特征的发展战略具有启示意义。     

Seeking legitimacy for new assurance forms: The case of assurance on sustainability reporting

Based on the development of a more refined conception of legitimacy than has been used in prior audit/assurance and sustainability accounting research, this paper analyses how the legitimation processes adopted by sustainability assurance practitioners in a large professional services firm have co-evolved with and impacted upon their attempts to develop this form of assurance practice - particularly the construction of assurance statements. The analysis reveals a complex and interdependent interplay between attempts at securing pragmatic, moral and cognitive legitimacy with three key constituencies - clients who commission the sustainability assurance services; (socially constructed) non-client users of the assurance statements; and the firm’s internal Risk Department that approves the wording of assurance statements. Securing these types of legitimacy is shown to require the adoption and alignment of varying legitimation strategies according to the constituency practitioners seek to influence. Developing pragmatic legitimacy with clients depends on establishing moral legitimacy with non-client users of assurance statements while securing moral legitimacy with non-client users is contingent on acquiring pragmatic legitimacy with the firm’s internal Risk Department. The practitioners’ legitimation strategies are underpinned by a commitment to opening up dialogue within the assurance process which is evident in their engagement with potential users of assurance and their efforts to expand assurance statement content and encourage user influence over what is assured. This provides a counterpoint to Power’s (1994, 1999) concerns about the tendency for new assurance forms to restrict debate and dialogue and reveals a rare empirical domain where Power’s (2003b) call for more customised and informative narratives in assurance reporting is being heeded.     

绿色金融、绿色创新与经济高质量发展

在可持续增长理论的基础上,本文将减排技术内生化,建立带有环境约束并包含金融部门的经济增长模型,解释了绿色金融通过支持绿色创新提升经济增长质量的内在机制。这一理论得到了基于中国省级面板数据中介效应分析的支持。本文为绿色金融的经济学建模提供了新的思路,推进了绿色金融的“功能”理论,论证了绿色金融对经济增长质量影响的“绿色创新渠道”,这意味着绿色金融不限于对少数清洁行业的支持,针对高污染、高能耗行业内部环保技术升级的金融服务也至关重要,是未来绿色金融政策需要关注的问题。     

Does too much finance harm economic growth?

This study provides new evidence on the relationship between finance and economic growth using an innovative dynamic panel threshold technique. The sample consists of 87 developed and developing countries. The empirical results indicate that there is a threshold effect in the finance–growth relationship. In particular, we find that the level of financial development is beneficial to growth only up to a certain threshold; beyond the threshold level further development of finance tends to adversely affect growth. These findings reveal that more finance is not necessarily good for economic growth and highlight that an “optimal” level of financial development is more crucial in facilitating growth.     

The importance of threat,strategy, and resource appraisals for long-term proactive risk management among forest owners in Sweden

In natural hazards management, it is important to understand what motivates people to act when they or their property are threatened by natural hazards. Despite the importance of both threat and coping appraisals for responses to threats, less is known about the relations between threat and coping appraisals when risk management is long term. The present study examined appraisals of threat (cognitive and emotional), personal resources (cost and self-efficacy), and strategies (response-efficacy) as predictors of proactive management responses (past behavior and future intention) among forest owners in Sweden by means of a questionnaire (n = 1482). A path analysis revealed that threat appraisals and response-efficacy were direct predictors of past risk management behavior and the intention to respond in the future. Appraisals of resources, including cost and self-efficacy, were indirectly – via forest susceptibility and threat appraisals – related to threat responses. Although the model displayed reasonable fit for both owners more and those less involved in forestry, the cognitive appraisals variable was not a significant predictor of responses among owners less involved in forestry. In the full sample, the examined model explained approximately 50% of the variance in threat appraisals, and 28 and 17% in future intention and past behavior, respectively. Theoretical implications for how threat and coping appraisals are related during long-term risk management, and practical implications for forest risk management, are discussed.     

Finance and growth: Time series evidence on causality

This paper re-examines the empirical relationship between financial and economic development while (i) taking into account their dynamics and (ii) differentiating between stock market and banking sector development. We study the cointegration and causality between finance and growth for 22 advanced economies. Our time series analysis suggests that causality patterns depend on whether countries’ financial development stems from the stock market or the banking sector. We show that stock market development tends to cause economic development, while a reverse causality is mostly present between banking sector development and output growth. These findings indicate that the direction of causality between finance and growth is likely to be different at high levels of development.     

Gauging the development of innovative capabilities in Accounting and Finance students: can they drive the national innovation agenda?

As automation catalyses the shift from number-crunching to more complex roles spanning risk management and strategic decision-making, it is important that higher education is developing the capabilities for Accounting and Finance graduates to successfully contribute to innovation. The study gauges the development of innovative capabilities among students and new graduates using national data from 2012 to 2015. It identifies gaps in the development of certain capabilities, discusses the implications of these and presents strategies for improvement. Findings will inform stakeholders how to better prepare these graduates to contribute to innovation and, ultimately, improve economic growth and global competitiveness in Australia.     

金融发展与企业家精神:基于中国省级面板数据的实证检验

金融核心的功能就在于遴选出最具创新精神的企业家,并通过支持企业家的创新和创业活动,进而增加就业、提高效率以实现经济增长。通过构建相关的理论模型,并利用中国1999～2008年的省份数据对金融发展与企业家精神实证分析得出,金融只有支持具有创新精神的企业家,才能有效地促进人均收入水平的提高和创造更多的就业机会,并能有效改善收入分配状况。因此,中国下一步金融改革的突破口应该是构建有利于培育和支持企业家进行创新活动的金融体系。