企业资源与并购绩效——一个非线性分析视角

本文以2005～2007年发生并购的171家A股并购上市公司为样本,利用多元自适应回归样条非参数回归方法就企业资源与并购后的绩效、绩效改善程度间的非线性关系进行实证考察。研究结果表明,并购企业人力资本对并购后的绩效存在总体为正的显著的阈值作用;物质资本不仅对并购后的绩效及绩效改善程度存在阈值作用,还通过与股权集中度的显著负向交互作用影响并购后的绩效及绩效改善程度。此结论为并购绩效实现过程中不同资源要素的非线性贡献机制以及大股东对企业资源的掠夺行为提供了证据。     

中国股票市场的渐进有效性研究

本文研究了中国股市是否弱式有效。不同于传统的检验方法 ,本文的实证分析运用了特别适合于转轨经济体中新兴股市的渐进有效性检验 ,该方法采用时变系数的AR( 2 )自回归模型 ,同时考虑到“波动集群”的异方差影响 ,更能清晰地反映出市场有效性的动态演进过程。加之分年度检验的结果 ,我们有把握认定中国股市从 1 997年开始呈现弱式有效。     

中国区域能源效率趋同性研究:基于空间经济学视角

文章首先采用基于投入导向的规模报酬不变的超效率DEA模型测算了1991-2008年中国各地区的能源效率,然后进行了地区能源效率的空间相关性分析,并基于空间计量分析方法对能源效率的趋同性进行了实证检验,同时还探寻了造成能源效率地区差异的影响因素。结果表明,我国区域能源效率之间的正相关性逐渐增强,能源效率分布呈空间集聚趋势;在样本期内,我国能源效率存在绝对β趋同特征,且条件β趋同迹象也很明显,产业结构、工业化水平、政府行为和FDI等因素是造成能源效率地区差异的重要原因。     

基于效率视角的企业社会责任业绩评价研究

企业社会责任业绩评价是当前会计领域研究的一个焦点问题。很多学者纷纷涉入这个领域进行研究,并提出了许多有代表性的方法。通过分析这些方法的优缺点,并结合我国的实际,指出这些方法在我国应用存在诸多的问题,同时从效率视角提出了评价企业社会责任业绩的新框架。     

Time Varying Efficiency in Indian Sectors: An Event Study on Demonetization

The study examines the level of inefficiency present in three different sectors of India. More specifically, it applies different estimation techniques to measure the level of efficiency across the agriculture, service and manufacturing sectors by choosing twenty stocks from each of them. Since there are multiple industries belonging to a particular sector, capturing the intra-industry differential in their efficiencies is also crucial. Presence of long range dependence and the time-varying efficiency across the industries belonging to different sectors have been tested. Then, the impact of recent macroeconomic event of Demonetization on these industries have been explored using six event windows. The results confirm that the impact of this event on the industry returns are mostly negative and significant. However, the magnitude of impact varies across industries depending on the level of demand uncertainty and their cash dependence. Finally, the robustness of our findings has been checked using fixed effect panel regression which further validates the results of the event study.

     

Size Does Matter: Technical and Scale Efficiency in Indian State Tax Jurisdictions

Data Envelopment Analysis (DEA) is used to measure tax efficiency in 15Indian states from 1980/81 to 1992/93. Tax efficiency is shown to be conditional on state gross domestic product (SDP), agriculture's share in state SDP,and a poverty index. The considerable remaining efficiency differences areattributable to the small size of some tax jurisdiction rather than to technical inefficiency. Multilateral Malmquist tax indices show that six of the states were consistently efficient, while three were consistently inefficient. Tax efficiency grew at an average annual rate of 3.9% until 1986/87, but growth ceased after that date for all but two states.     

从新制度经济学视角观察中国农贷效率

在考察农户行为的基础上,本文以新制度经济学视角研究了农户借贷行为及其效率,认为中国农户依然多是以生存为第一要务的"生存小农",在其生活圈层之中亲情借贷有效率.国家与农户之间依靠行政科层沟通信息,国家推行农贷的意图通过行政科层会产生变异.扶持"生存小农"发展不可能完全由信贷资金完成.     

Price Discovery and Efficiency of Indian Agricultural Commodity Futures Market: An Empirical Investigation

This study examines the price discovery process and relative efficiency of ten most liquid agricultural commodities’ futures contracts, traded on the largest agricultural commodity exchange of India (National Commodity and Derivative Exchange Limited). Three different common factor methodologies—component share method (Gonzalo and Granger in J Bus Econ Stat 13:27–35, 1995), information share method (Hasbrouck in J Financ 50:1175–1199, 1995), and modified information share method (Lien and Shrestha in J Futures Mark 29:377–395, 2009)—have been employed to determine the extent of price discovery contribution by spot and futures markets. The sample consists of daily data for the period from January 1, 2009 to October 20, 2015. Stationarity and Cointegration test results reveal that spot and futures prices are integrated and cointegrated for all commodities. The price discovery results show that the futures market leads the spot market in case of six commodities, i.e., castor seed, coriander, cottonseed oilcake, soy oil, sugarM and turmeric. Whereas, in the case of four commodities (chana (chickpea), guar seed, jeera, and mustard seed), price discovery takes place in the spot market. Therefore, it could be inferred that futures market is more efficient in price discovery of agricultural commodities. Policymakers could use these results to design futures contracts on other commodities or to plan concrete policies to curb speculation without hampering the efficiency of the agricultural commodity derivatives market.

     

基于新制度经济学视角的财政支农效率分析

改革开放以来,我国各级财政逐年加大对农业的投入,但是财政支农效率不高却是不争的事实,如何提高财政支农效率一直是学术界及各级政府开展研究的热点问题,这些研究更多的是从实证方面分析财政支农的效率.本文试图从新制度经济学的视角分析制约财政支农效率提高的各种因素,并提出解决的对策和建议.     

Democracy Evolving: A Diversity of Institutional Contradictions Transforming Political Economy

I analyze democracy as an evolving socio-historical process of autonomy, participative governance, social learning, and institutionalization. I discuss a variety of institutional contradictions, ranging from protective versus developmental democracy, socialist versus capitalist democracy, transcendental versus comparative institutionalism, and utilitarian versus pragmatist democracy. I argue that these contradictions are inherent in the agonistic nature of democracy that is transforming political economy along with the antagonistic interests of its members and institutions. I also present a basic synthesis of some dynamic aspects of democracy that enable and enhance social emancipation and transformation.     

福利经济学视角下的效率与公平

效率与公平问题是当前社会讨论的热点话题,关于效率与公平的内涵、关系以及组合模式,国内理论界众说纷纭.笔者试从一个新的视角--福利经济学的角度--来重新阐释效率与公平问题.笔者认为:第一,既要重视收入分配公平,又要重视社会公平;第二,实现效率与公平的最优组合需要市场和政府双管齐下;第三,我国当前应实行效率与公平并重的原则.     

蓝筹股书的命运和股的命运

<正>读着王明夫博士的专著 《蓝筹》(中国人民大学出版社 出版)，我想起哲学史上的一 个典故：美国实用主义哲学第 二代传人成廉·詹姆斯的系 列演讲集《多元的宇宙》是实 用主义哲学的经典名著，但该 书1909年出版发行的时候， 引发了英国学界几乎全体一 致的反对詹姆斯这样描述当 时的情形：“这本书，(1)将被 阅读；(2)将遭到初次的、几乎全体一致的拒绝，可以出于各种 理由：(3)但随后还会再次被购买、引用、并终将对英国哲学界 产生强烈影响。”     

历史机遇还是现实风险：——近年来国股减持问题讨论综述

2001是我国证券市场不平凡的一年,在这一年里,证券监管部门出台了一系列推动证券市场市场化的法规和政策,其中影响最大、意义最为深远的莫过于国有股减持方案的推出与实施。在2000年6月22日起执行的国有股减持办法被暂停执行之后,证监会公开向社会征集国有股减持方案,力图经社会各界“合意”来寻求成本最小、成效最好的减持方案和设计。对国有股减持方案的讨论如火如荼地持续进行,经济理论界和金融证券界对国有股减持的市场影响、总体方案、减持原则及减持价格等生要问题进     

网络视角下中国各地区创新过程效率研究:基于我国八大经济区的比较

创新效率问题是学术界关注的焦点.本文从解剖创新过程中的要素流动机理出发,揭示了创新过程的网络化特征,并通过构建网络DEA模型,测算了创新过程整体效率、创新资源转换效率与创新知识转化效率.以我国八大经济区为研究对象发现:创新资源转换与创新知识转化效率的主要影响因素不同,前者受到R&D人员区域分布结构影响,后者受到各地区经济发展水平差异的影响;区域创新过程整体效率与创新知识转化效率高度相关;区域创新整体效率与创新知识转化效率在样本期间稳步上升;整体效率与创新知识转化效率出现地区追赶的收敛现象,创新资源转换阶段是整体效率发散的隐患.     

Returns of Small Growth Stocks: An Empirical Analysis

I investigate the mean reversion tendency of small growth stocks. Using a carefully articulated research design employing established and empirically tested principles, my findings should support or refute the anecdotal evidence that small growth stocks make superior investments. The primary motivation for the study springs from the documented differential preference among investors for value and growth stocks. Despite evidence that value stocks tend to outperform growth stocks, investors retain strong interest in growth stocks. Yet in examining the performance of Business Week’s (BW), smaller capitalization companies (called “Hot Growth Companies”) with respect to the overall financial market, Bauman et al. [2002] found positive excess returns in the pre-publication period but negative excess returns in the post-publication period. A limitation of their study is that their analyses relied on only three criteria: sales, BW rank and return on capital, which do not represent completely a firm’s financial health. I replicate Bauman et al.’s study but use a more robust and representative variable set to test the mean reversal hypothesis — Forbes’ financial criteria — and I focus on six variables. In the current study, I look at 4,200 companies listed in Forbes from 1980 to 2000. The results of the expanded study substantiate Bauman et al.’s [2002] study showing that there are positive excess returns in the pre-publication period, but negative excess returns in the post-publication period. An expanded future study will look at five additional variables to see if they make a significant difference on the effects of the returns of small growth stocks.     

投资、投资效率与投资制度:文献视角的探讨

本文从文献角度对投资相关研究进行了概括性地描述与讨论,将现有的研究概括为研究视角、研究方法和投资环境等几个方面,着重分析了投资计量模型发展的内在逻辑关系和以我国为对象的转轨经济投资研究.鉴于目前对投资制度理论研究较少,论文探讨性地分析了利用演进博弈分析转轨投资制度的可能性,并对CES生产函数特征进行了解析,说明了借用其对转轨投资制度效率进行实证分析的可能性.