贸易差额的衡量:基于所有权还是所在地

本文在借鉴西方主要国家和有关国际机构在为建立基于所有权的国际贸易统计框架所做方法研究和探索实践的基础上,尝试确立完整的基于所有权的双边贸易差额统计框架,并且把这一原则与现行的跨境贸易差额进行了比较。一方面指出现行的跨境贸易差额高估我国贸易利得的主要原因,是外资企业净出口被计为中国的出口,而实际上它是外国资本在国际化生产中获得的贸易利得;另一方面为将来如何调整统计口径、得到反映现实的统计结果,提供可供参考的方向。     

外资进入与所有制约束下的劳动力价格差异

文章利用1998-2006年我国30个省市的面板数据,对我国劳动力市场化改革过程中外资与劳动力价格所有制差异变动间的关系进行了实证分析。研究表明,样本期间内港澳台商投资和外商投资的增加都会通过就业渠道扩大我国劳动力价格的所有制差异,且前者的作用要大于后者。但整个样本期间内我国劳动力价格所有制差异扩大的最主要的原因在于就业人员人力资本水平的所有制差异的扩大。分时间段回归结果表明,2001年以后外资才对我国劳动力价格的所有制差异产生显著的正向影响。     

Assets,Attributes and Ownership

The notion of full asset ownership is important in economics, for example, in recent work on the boundaries of the firm. Much of this work has been taken up with the issue why it matters who owns an asset. However, recognizing that assets have multiple attributes, and that these may be subject to capture in a world of positive measurement and enforcement costs, implies that the notion of full asset ownership is problematic. New property rights theorists sidestep these issues by implicitly assuming that residual rights of control are perfectly enforced (i.e. full asset ownership obtains). We discuss the notion of property rights and ownership in a setting characterized by positive costs of enforcement, and suggest that in such a setting, the new property rights model is a part of a more overarching perspective, which also includes older contributions to property rights economics.     

Ownership control of foreign affiliates: A property rights theory perspective

This paper applies property rights theory to explain changes in foreign affiliates’ ownership. Post-entry ownership change is driven by both firm-level characteristics and by the differences in the institutional environments in host countries. We distinguish between financial market development and the level of corruption as two different institutional dimensions, such that changes along these dimensions impact upon ownership change in different ways. Furthermore, we argue that changes in ownership are affected by the foreign affiliate’s relatedness with its parent’s sector, as well as by the affiliate’s maturity. We use firm level data across 125 host countries to test our hypotheses.     

论股权泛化条件下的内部人控制

普遍认为国有控股上市公司内部人控制严重的根本原因是一股独大，我们对此提出异议。本文首先利用博弈论和实证结果指出股权集中度与内部人控制强度是负相关的；然后通过实证研究中国国有控股上市公司的股权集中度和内部人控制，以及公司治理效率，说明中国的情况似乎与上述规律相反；最后提出了股权泛化的概念，证明由于股权泛化，国有控股上市公司实际上没有大股东，其内部人控制极其严重是股权集中度与内部人控制强度负相关规律的必然表现。因此，国有控股上市公司内部人控制严重的原因恰恰是因为没有大股东。     

Ownership structure and the diversification and performance of publicly-listed companies in China

The growth and heightened competitiveness of listed companies in China share several central features. These include the gradual transition of state-owned assets to private investors, a rapid pace of product diversification, and impending rapid growth into international markets. In this article, we focus on measuring and identifying the implications of the ownership structure and diversification strategy of listed companies in China. We highlight recent developments in the ownership transition of China's companies, and point to an ownership classification system that can better identify and address differences in the motivations, strategies, and performance of these companies.     

股权结构、股东保护与上市公司现金持有量

我国上市公司的治理结构一直是各方关注的焦点，尤其是股权结构、中小股东保护等问题。本文选取了2000年上市公司样本991个，定义了基于股权结构的股东保护变量，并在此基础上研究了股东保护与现金持有量之间的关系。研究结果表明，上市公司现金持有量差异较大，并且在股东保护较好的情况下，现金持有量相对较小，二者之间呈现负相走的关系。由于影响现金持有量的因素较多，我们选取了相当数量的影响因素作为控制变量，检验在其进入模型的情况下，对股东保护与现金持有量之间关系的影响；结果表明，股权结构影响下的股东保护与现金持有量具有负的线性相关性。     

Size,Growth, and Variance among the World's Largest Non-merged Banks

This paper analyses growth, size, and variance of the capital, assets, and pre-tax profits of large international banks during 1987-97.We test hypotheses on whether size matters. It turns out that there is an inverse relationship between the amount of bank capital, assets, and profits and the growth rate of these items.This is in line with the findings for US banks in the pre-BrettonWoods era. Furthermore, we did not find, in contrast with Tschoegl's observations for international banks in the 1970s, a negative relationship between the size of large banks and the variability of growth in capital, assets, or profits. We conclude that size is not a self-sustaining attribute of international banks.     

Ownership and capital structure in Latin America

This study evaluates the capital-structure determinants of Latin American firms using a comprehensive sample covering seven countries. Firms in the region have debt levels similar to those of U.S. firms, which is puzzling, given that Latin American firms experience relatively lower tax benefits and higher bankruptcy costs. This study argues that ownership-concentrated firms avoid issuing equity because they do not want to share control rights. Latin American firms have high ownership concentration, which creates an ideal setting to study how ownership concentration explains firms' capital structure. Consistent with the control argument, this study finds a positive relation between leverage and ownership concentration, when losing control becomes an issue. Also, the study shows a positive relation between leverage and growth. In addition, the study reports that other determinants that do not proxy for control rights are consistent with previous findings. Firms that are larger, have more tangible assets, and are less profitable are also more leveraged.     

出口退税政策变动对不同所有制企业就业的影响——以制造业为例

我国制造业私营企业的出口贸易就业弹性整体上高于外资企业,表明私营企业出口增长对就业的拉动作用高于外资企业。反过来,意味着私营企业出口增速减缓对就业的负面影响也较大。根据制造业细分行业平均就业弹性估算的2007年出口退税政策变动引起的就业损失表明,私营企业集中的行业在2007年出口退税政策变动中受到较大影响,而外资企业集中行业所受的影响相对较小,估算结果证实了出口退税的政策成本主要由内资企业特别是私营企业承担的结论。     

Size, strategic, and market orientation affects on innovation

Based on a random sample of 500 South Yorkshire non-hi-tech manufacturing small, medium-sized enterprises (SMEs) the quantitative findings support the hypothesis that size, strategic, and market orientation associate with innovation. The results show that prospectors are medium-sized companies and small companies, defenders. Prospectors are more innovative and market-oriented than defenders. The findings reveal that to succeed in an intense competitive environment, non-hi-tech manufacturing SMEs have to be proactive toward market opportunities, receptive to innovation and take the lead in new product innovation. However, their weaknesses include a lack of flexibility, a partial open culture and an organizational structure that impedes sustained innovation. This study addresses a gap in the literature, by linking innovation to the strategic orientation of the firm instead of examining firms' specific characteristics or the effects of external environment and structural factors. The research focuses on non-hi-tech manufacturing SMEs.     

The Impact of Ownership on Bargaining Power of Firms in China

Schelling-Muthoo讨价还价思想认为,谈判中让步的成本越小,获得的谈判收益越少。我国部分企业由于存在预算软约束、损失转嫁、多重委托代理等问题,弱化了据理力争的激励,因而在谈判中容易过度让步。本文运用正向求解方法证明了Schelling-Muthoo谈判解,并用自己发展出来的四象限作图方法展示了这一结果。进而运用1999—2007年中国150多万家企业的微观数据进行实证检验,结果发现国有企业和集体企业的中间投入品购买成本显著高于民营企业,表明国有企业和集体企业讨价还价能力较低,因而中国只有继续推进市场化改革,才能对内优化资源配置、对外捍卫国际合作利益。     

宏观经济波动下银行风险承担水平研究——基于股权结构异质性的视角

宏观经济波动将改变商业银行风险承担水平,而银行股权结构的不同将使两者之间的关联呈现差异。本文以我国45家商业银行2005-2010年间的年度非平衡面板数据为研究样本,运用动态面板模型,实证检验了宏观经济波动下拥有不同股权结构的商业银行的风险承担水平的差异。结果表明,宏观经济波动与银行风险水平负相关,正向(负向)的宏观经济冲击使得银行风险降低(提高);而银行所有权结构中国有股占比的上升会显著增强银行风险承担水平与宏观经济波动之间的敏感性,当经济处于上行(下行)周期时,国有股占比较高的银行的风险将大幅降低(提高)。     

心理所有权对顾客公民行为的影响——基于感知支持和社交焦虑的调节作用

本文探讨了营销学领域中顾客所产生的心理所有权对顾客公民行为的影响。通过对收集的332份问卷数据运用SPSS25.0进行分析,结果表明:促进性心理所有权正向影响顾客公民行为;防御性心理所有权负向影响顾客公民行为;相比低程度的感知支持,高程度的感知支持可以增强促进性心理所有权对顾客公民行为的正向影响;相比低程度的社交焦虑,高程度的社交焦虑可以增强防御性心理所有权对顾客公民行为的负向影响。研究结果为心理所有权与顾客公民行为之间的关系提供了理论依据,并为企业和相关的管理者提供了实践启示。     

Product Ownership as a Moderator of Self-Congruity Effects

A number of studies have investigated the self-congruity hypothesis, which predicts that consumers prefer products and brands whose images closely correspond to their own self-concepts. Support for this hypothesis has been equivocal, and investigators have explored methodological factors and moderators that might account for the discrepant results. In this research we introduce a new variable, product ownership status, as a theoretically important moderator of self-congruity effects. Our study demonstrates that product ownership does indeed moderate these effects, as the self-congruity effect observed under conditions of ownership was eliminated in the absence of ownership.     

股权结构与企业股利政策选择关系:理论与实证分析

本文从公司治理视角出发,以中国上市公司为样本,对股权结构与企业股利政策关系进行了理论与实证分析。结果表明,管理者持股比例、股权集中度(包括第一大股东持股比例)与现金股利支付率显著正相关;国有股比例与现金股利支付率正相关;法人股比例和流通A股比例对现金股利支付率的影响可能是负向的,且极不显著。     

FDI、工业产出的所有制结构变化与长江三角洲地区工业发展——基于FEDER非均衡框架的分析

本文扩展了FEDER模型,在一个三部门的非均衡框架中对不同所有制工业的外资产出效应进行理论研究,并利用1999-2009年长江三角洲3省市的有关数据进行了检验。本文认为:除了劳动和资本等要素投入以外,不同所有制工业产出结构变化对工业产出增长有不同的拉动作用;外资的行业和贸易方式分布差异、区域的市场化程度等是不同地区、不同所有制企业产出的外资产出弹性差异的主要原因。     

按属权原则核算美国服务贸易差额

在分析美国服务贸易的跨境贸易数据、附属机构销售数据和公司内贸易数据内涵基础上,依据贸易平衡的属权核算原则,提出对美国服务贸易平衡进行全面核算的方法和模型,并进行实证研究。     

Corporate Social Responsibility and Firm Size

Small and medium-sized firms form 90% of the worldwide population of businesses. However, it has been argued that given their smaller scale of operations, resource access constraints and lower visibility, smaller firms are less likely to participate in Corporate Social Responsibility (CSR) initiatives. This article examines the different economic motivations of firms with varying combinations of visibility, resource access and scale of operations. Arguments are presented to propose that in terms of visibility, resource access and operating scale, very small and very large firms are equally motivated to participate in CSR. However, the motivational bases for CSR participation are likely to be different. Medium-sized firms are the least motivated. This suggests a U-shaped relationship between firm size and CSR participation. This study contributes towards resolution of the long-standing debate on the effects of firm size on CSR participation, and highlights the importance of considering configurations of firm characteristics in the study of CSR outcomes. In conclusion, cautions are raised against the broad categorization of firms, without adequate attention to the underlying dimensions of such categorizations. This study was supported by Academic Research Fund Grant no. R-313-000-069-112 from the Ministry of Education, Singapore.     

股权流动性分裂的八大危害--中国资本市场为什么必须进行全流通变革

从结构和功能上看,中国资本市场长期以来都处在不正常状态.这种不正常状态最根本的制度性原因是股权的流动性分裂.从现实看,股权流动性分裂为中国资本市场带来了八大危害,从而严重损害了中国资本市场风险与收益之间的匹配机制,客观上使流通股股东与非流通股股东处在不平等的状态.为此,要使中国资本市场有一个坚实、平等的制度基础,要使中国资本市场有一个蓬勃发展的未来,惟一的出路是必须进行股权的流动性变革,以形成一个利益机制一致的股权结构.