Contingent capital,capital structure and investment

We examine the interaction between investment and financing policies in a dynamic model for a firm with existing assets-in-place and a growth option, of which investment cost is financed with equity and contingent convertible bonds (CoCos). We attempt to clarify how CoCos impact on investment timing, capital structure and inefficiencies arising from debt overhang and asset substitution. We show that there is a conversion ratio (the fraction of equity allocated to CoCo holders upon conversion) to eliminate the inefficiencies. Our conclusions predict that debt leverage decreases with investment option payoff factor and the average appreciation rate of the cash flow. In contrast to traditional corporate finance theory saying that a firm's value decreases globally with business risk, our model indicates that it might first decrease and then increase with asset volatility.     

人力资本与经济增长关系研究——教育投资对经济增长的贡献自上市公司的经验证据

知识经济时代经济增长所依靠的已不仅是货币资本,更重要的是人力资本,货币资本的获得和财富的积累都是由人力资本推动的。人力资本是现代经济增长与发展的源泉和动力,增加人力资本投资,提高人力资源质量,已成为促进经济发展的重要手段。从我国经济增长的影响因素看,人力资本作为生产要素对经济增长具有决定作用,人力资本投资对我国经济增长具有战略意义。本文对经济增长理论及人力资本理论进行了介绍,并运用实证分析方法探讨了教育投资对经济增长的贡献。     

Institutional quality and human capital development in Africa

This study investigates the role of institutional quality in human capital development using a panel of 49 African countries over the period 1996–2018. The study employs a dynamic model based on a two-step system generalized method of moments. The results show that improving institutional quality promotes access to primary, secondary, and tertiary education overall and for females. In particular, government effectiveness, control of corruption and political stability, and the absence of violence, including terrorism, are the most important dimensions that foster human capital development. The results suggest that fostering these particular institutional quality dimensions is critical to improving human capital development in Africa.     

Human capital and the internationalisation of venture capital firms

We examine the neglected area of internationalisation by VCs. Using a representative sample of 195 VCs, we show that the decision of a European VC firm to invest internationally is driven by its human resources. Having more VC executives in general and more VC executives with previous international experience in specific, results in a higher probability of investing internationally. In contrast, more VC executives with experience in the VC industry or with an engineering background lead to a higher probability of remaining domestic.     

教育不平等、人力资本积累与经济增长:基于中国的实证研究

教育是人力资本形成的重要途径。本文运用教育基尼系数量化了我国1996~2004年31个省份的教育获得不平等程度,在理论与实证研究基础上得出我国的教育扩展政策收效显著,它显著地改善了地区间教育获得不平等状况,但两者间的“倒U”关系在目前的发展阶段上未能得到完全印证;同时,教育不平等将阻碍经济增长,地区间教育不平等已成为各地区经济发展差异的重要因素。通过对教育不平等与经济增长关系的分析,对促进我国经济长期有效增长的教育政策有所启示。     

人力资本投资结构及其经济增长效应——基于扩展MRW模型的内生增长理论与实证研究

本文针对已有的关于人力资本投资的理论研究往往只关注人力资本投资数量而忽视人力投资结构研究的现状,把教育和健康看作是两种资本,分析了人力资本投资的具体构成形式。假设人力资本由教育资本和健康资本按照Cobb-Douglas生产技术形式组合生成。通过扩展Mankiw、Romer和Weil（1992）模型（简称MRW模型）,构建了一个内生经济增长模型。理论分析结果表明,人力资本投资结构制约着经济增长,人力资本投资数量和结构都对经济产生重要影响。最后,本文以理论分析为基础构建计量经济模型,利用1978-2004年中国29个省市的面板数据实证分析了教育资本和健康资本对中国经济增长的影响。     

The Returns to Education: Macroeconomics

We offer an extensive summary and a critical discussion of the empirical literature on the impact of human capital on macro‐economic performance, with a particular focus on UK policy. We also highlight methodological issues and make recommendations for future research priorities.
Taking the studies as a whole, the evidence that human capital increases productivity is compelling, though still largely divided on whether the stock of education affects the long‐run level or growth rate of GDP. A one‐year increase in average education is found to raise the level of output per capita by between three and six percent according to augmented neo‐classical specifications, while leading to an over one percentage point faster growth according to estimates from the new‐growth theories. Still, over the short‐run planning horizon (four years) the empirical estimates of the change in GDP are of similar orders of magnitude in the two approaches. The impact of increases at different levels of education appear to depend on the level of a country's development, with tertiary education being the most important for growth in OECD countries. Education is found to yield additional indirect benefits to growth. More preliminary evidence seems to indicate that type, quality and efficiency of education matter for growth too.     

Employee rights and capital mobility

In this article I analyze the impact that capital mobility has on employee rights in the workplace by studying the effects of the relocation of General Motor’s Corvette plant from St. Louis to Bowling Green, Kentucky. This relocation not only afforded GM an opportunity to increase its control over its hourly work force, but it also set in motion a process in which the rights’ claims of management and workers were redefined. Through a number of planned and unplanned mechanisms, management invaded spaces created by workers, and, as a result, workers’ ability to pursue their interests was diminished. In the concluding section, I discuss the implications of this for research on employee rights and for combining the concern for rights with labor process theory.     

Time to build capital: Revisiting investment-cash-flow sensitivities

A large body of empirical work has established the significance of cash flow in explaining investment dynamics. This finding is further taken as evidence of capital market imperfections. We show, using a perfect capital markets model, that time-to-build for capital projects creates an investment-cash-flow sensitivity as found in empirical studies that may not be indicative of capital market frictions. The result is due to mis-specification present in empirical investment-q equations under time-to-build investment. In addition, time aggregation error can give rise to cash-flow effects independently of the time-to-build effect. Importantly, both errors arise independently of potential measurement error in q. Evidence from a large panel of U.K. manufacturing firms confirms the validity of the time-to-build investment channel.     

Real options and human capital investment

This paper extends the standard human capital model with real options. Real options influence investment behavior when risky investments in human capital are irreversible and individuals can affect the timing of the investment. Option values make individuals more reluctant to invest in human capital and, as a result, required returns on the investment increase. Real options may help to explain a larger human capital premium for higher education, smaller responsiveness of higher educational investments to financial incentives, and larger sensitivity of higher educational investments to low-return outcomes and human capital risks. Higher tax rates (or lower subsidies) depress human capital investments, but to a lesser extent than in the standard human capital model if not all direct costs are tax-deductible. A flat income tax remains neutral if education expenditures are fully deductible.     

人力资本激励机制的探讨

人力资本是企业制度安排的重要因素,作为知识经济时代创新与发展的力量之源,在今天有着不可替代的特殊作用。文章着重从人力资本的激励机制的界定及其内容和发展趋势,对新时期人力资本的激励机制进行了广泛而深入的探讨。     

浅析构建区域资本市场对区域经济发展的影响

区域经济是整个国民经济的基础,但各个区域由于历史,经济基础和国家政策等不同的原因,产生了发展不平衡的现象,现阶段最为突出的就是“中部塌陷”。一般来说,资本往往是区域经济发展中最稀缺的要素,而构建区域资本市场就是一条较好的途径。文章主要从区域资本市场的特点和规律出发,以及对区域经济的作用入手,对构建区域资本市场提出了建议。     

IT企业的成长与人力资本效应——基于扩展的内生增长模型与实证研究

基于IT企业成长的特点,本文将人力资本分为集约型人力资本与增量型人力资本,它们之间存在着相互转化。首次运用新增长理论,从人力资本单个维度和多个维度构建了IT企业成长的模型,并以我国IT上市公司为例开展了实证分析。分析结果表明:在满足一定条件下,人力资本及其溢出对促进IT企业保持持续增长发挥着关键性的作用;同时,IT企业的成长是企业技术创新能力、人力资本的集约性程度、网络外部性强度、生产资源量对产出的弹性系数等人力资本的多个维度因素共同博弈的结果,只有在它们之间建立好协调机制,IT企业的成长才能得到保证。     

The role of MNCs in balancing the human capital 'books' between African and developed countries

The economic imbalance that exists between Western developed economies and African economies has resulted in retardation of human capital development in the African countries. The foreign direct investments that have freely flowed into Western economies have been the stimulus for the creation of jobs and the resulting educational infrastructure to generate qualified employees. Without this increase in human capital stock (i.e. in African countries) the ability of these economies to compete in the global, high tech, information economy of the twenty-first century is severely constrained. The paper examines the development of a human capital encompassing societal, organizational, and individual levels that can be stimulated by multinational organizations. The resulting positive impact on human capital in turn supports the growth not only of the African countries but also of the multinationals doing business in Africa.     

我国人力资本的地区性趋同假说及实证分析

本文证明了我国经济增长倒U形趋同理论的一个必要条件，即我国人力资本的地区性趋同假定。首先在设定人力资本投资率一致的条件下，本文基于物质资本的边际收益递减规律，提出了人力资本地区性趋同假定，证明了相对趋同与绝对趋同的一致性。然后通过计算我国改革开放以后各省区的人力资本数据验证了这一假定，并给出了预测结果。最后提出了增加人力资本，缩小人力资本地区差异的政策建议。     

The risk-return trade-off in human capital investment

In this paper, we analyze investments in human capital in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by using tests for mean-variance spanning. Fields differ strongly not only in common rates of return, but also in return per unit of risk. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that may be chosen for consumption purposes.     

中国省域人力资本与经济增长耦合关系的实证分析

本文基于系统耦合原理,构建了人力资本与经济增长交互作用的耦合模型,从理论上推解了二者的耦合优化原理,并实证测算与解析了近30年我国31个省区人力资本与经济增长之间的耦合变动特征。结果表明,我国各省区人力资本与经济增长的耦合度始终处于较低水平,并呈现由东至西递减的态势,同时区域间存在耦合趋同。值得一提的是,本文通过借鉴适宜性理论对各区域的适宜性耦合跃迁模式进行了初步探讨,并认为东部及东北应更加注重人力资本的自主创新能力,而中西部地区应注重人力资本对先进技术的吸收模仿能力。     

上市公司资本结构合理性的分析

文章以统计数据从制度层面对我国上市公司资本结构的合理性进行了初步论述,指出中国上市公司的资本结构及其变化没有凸显公司的价值,其合理性存在置疑,这对传统资本结构理论形成了一个挑战,这种状况形成的深层次原因在于股权分置的特殊制度背景导致上市公司控制人的行为非理性化。     

Age-specific dynamic labor demand and human capital investment

To study the optimal age-specific labor demand and human capital investment at the firm level we extend the standard dynamic labor demand model by introducing ‘age’ as a second dynamic variable and distinguish between two types of workers: ‘low skilled’ and ‘high skilled’. Applying an age-structured optimal control model we derive qualitative features of the optimal age-specific hiring and training effort. For the case of a linear revenue and production function we prove that firms do not anticipate changes in adjustment costs in their optimal decisions. This result no longer holds if a nonlinear revenue or production function is considered.     

Trust or bust: Growth effects of knowledge,human and social capital revisited

Social capital consists of trust, collective values, and shared norms. It helps society to work efficiently and, hence, promotes knowledge accumulation and growth. This paper identifies the contribution of social capital to differences in total factor productivity among European subnational regions, but, unlike other studies, it focuses on the effects of interregional differences in social capital. To do so, the paper employs a spatial Durbin model of a social-capital extended Cobb-Douglas production function. Our results suggest that transfers of knowledge might be secondary to the presence of collectivism and human capital in knowledge-generating regions. Although knowledge can cross boundaries, an absence of skills and trust limits local growth capacity. Our estimations also suggest the presence of gravity effects emanating from social and human capital in which some regions lose against others nearby that have more abundant social and human capital.