Capital Utilisation in Indonesian Medium and Large Scale Manufacturing∗

This article presents the main results of a survey of the utilisation of existing productive capacity in the Indonesian manufacturing sector. It was found that although prevailing levels of capital utilisation in Indonesian manufacturing do not appear to be out of line with levels observed in other developing countries, there is scope for improvement in some sectors. The paper suggests some policy reforms which would improve the competitive environment for Indonesian manufacturing and increase the price ratio of capital to labour, thus promoting more intensive capital utilisation in the manufacturing sector.

     

Money Demand and Economic Liberalization in a Small Open Economy—Trinidad and Tobago

Economic liberalization creates potential instability in money demand. The introduction of liberalization in the early 1990s coincided with instability in the long-run demand for broad money (M2). OLS estimates confirm the presence of a structural break in the M2 model. Monetary policy should be based on a narrow definition of money. Moreover, the demand for money function must take explicit account of the openness of the economy. The results have important implications for policymakers in other Caribbean countries that are contemplating economic liberalization.     

A Letter for Authors and Readers

New dreams and beautiful hopes come with a joyful new year! On the arrival of the New Year, please allow us to extend all our wishes for your perfect health, lasting prosperity and our sincere thanks to you.     

Determinants and Effects of Small Chilli Farmers’ Participation in Supermarket Channels in Indonesia

The number of supermarkets in Indonesia is increasing, but small-scale farmers may be at risk of being excluded from these emerging marketing channels. Drawing on data from our survey of 600 small-scale chilli farmers in West Java, we examine the factors that influence farmers’ decisions to participate in supermarket channels. We use a treatment-effect model to examine the effect of supermarket participation on income, while controlling for the possibility of selectivity bias. Our results indicate that participation in the supermarket channel significantly increases farm income, even after we controlled for differences in education, chilli-farming experience, storage-house ownership, and the distance from the farmer's house to a bitumen road.     

Reason and Solution for American Iron and Steel Industry Backwardness

By using the American iron and steel industry as an example, this paper tends to analyze the impropriety of traditional equipment renewing mode by the misuse of the concept of sunk-cost effect and the objective view of comparison, and then gives the economic analysis of the solution methods.     

Effects of Social Capital,Top Executive Attributes and R＆D on Firm Value in Chinese Small and Medium-sized Enterprises

This study uses an unbalanced panel data analysis to examine the effects of social capital, top executive attributes and R ＆D on firm value in Chinese small and medium-sized enterprises （SMEs） listed on the Shenzhen Stock Exchange Small and Medium-sized Enterprises Board from 2007 to 2011. There are several interesting findings. First, the gender （male） and academic degree of the chairperson in the SMEs have a positive and significant effect on firm value. Second, social capital （measured by politieal connections, managerial business association networks and technology association networks） and R＆D have a positive effect on SME firm value. Third, the effect of politieal connections on firm value for state-owned enterprises （SOEs） is stronger than for non-SOEs, while the effect of business and technology networks on firm value for non-SOEs is stronger than for SOEs. Our study has important policy implications for SMEs that want to compete successfully in China.     

The Thinking and Countermeasure for Developing Tourism and Promoting Tourist Employment

Employment is a foundation of people＇s livelihood. In a quite long time at present and in the future, our country＇s employment situation is very severe. As a ＂rising industry＂, tourism is a labor-intensive industry and has the features of high degree of trade correlated, great employment capacity, low entry-level, wide field, and flexible employment way, etc. Furthermore, our country has rich tourist resources, and making good use of this advantage and developing tourism have profound meaning in promoting employment. At present, the main barrier that restricts tourist employment of our country is our insufficient development of tourism, which embodies in the tourist infrastructure construction lags behind, and the tourist investment lacks plan and the tourist products develop poorly. Strengthening the tourist infrastructure construction, well planning the investment and positively developing tourist products will promote tourist employment effectively.     

Defining Non-Traditional Security and Its Implications for China

I.IntroductionSinceSeptember11,2001,Non-TraditionalSecurityissueshavebecomeincreasinglycommoninalmostallpartsofsociety,bothdomesticallyandinternationally:inthepolicyandtheresearchagendasofgovernments,innon-governmentalorganisations,inacademiccircles,aswellasinthegeneralpublicandthemedia.Traditionally,securityhasbeendefinedingeo-politicaltermsandconfinedtorelationshipsamongnation-states,dealingwithissuessuchasdeterrence,thebalanceofpower,andmilitarystrategy.However,thetraditionalunderstanding…     

Budget Structure and Pollution Control： A Cross-country Analysis and Implications for China

In the published literature, the differences in environmental performance across countries are typically explained using the Environmental Kuznets Curve. The Environmental Kuznets Curve states that pollution initially increases with economic growth. Once GDP per capita reaches a certain level, the relationship reverses. In the present paper, we provide an alternative hypothesis, where budget structure plays an important role in explaining the variations in pollution across the world.＂ the lower the business-related taxes as a share of total tax revenue, the higher the property tax in total tax revenue and the higher the ratio of public health expenditure in total expenditure, then the stronger the incentive of pollution control and the lower the pollution level. Our empirical findings reveal that the budget structure does have an important impact on pollution control. The policy implication of this research is that effective control of environmental pollution requires changes in tax structure and expenditure assignment. This research has important policy implications for China ＂s tax system reform and pollution control efforts.     

中小企业股市投资时机与策略分析

我国中小企业数量众多,但普遍面临着资金短缺的问题。目前融资困境是每一个中小企业必须设法解决的难题。中小企业在自筹资金方面,主要还是应该从自身做起,在特定的时机和条件下可以考虑股市投资,虽然这只是权宜之计,但是可以作为中小企业登陆资本市场进行融资的必要准备。本文就目前市场条件下对中小企业投资时机的选择进行了分析,从而提出了中小企业股市投资的几种方式。     

浅谈我国中小企业信用担保体系的问题及对策

以信用担保为中介的中小企业信用担保机构主要发展和成熟于欧美、日本等国家。20世纪90年代以来,我国各地迅速涌现各有特色的中小企业信用担保机构,创造了一定效益,但由于多种原因,也制约着其本身的进一步发展。究其原因,主要是我国信用担保体系建设尚不完善,还存在着这样那样的问题。本文从我国中小企业信用担保体系发展的现状入手,全面分析在建设信用担保体系中出现的各种问题,具体地指出完善我国中小企业信用担保体系建设措施,以此促进我国中小企业信用担保体系的不断完善与健康发展。     

国际私募基金促进江苏科技型中小企业境外上市的法律分析

江苏科技型中小企业能否顺利地融资与发展关乎江苏产业发展和＂两个率先＂战略目标的实现。文章从江苏科技型中小企业通过国际私募股权式基金帮助,进行境外上市融资时所面临的法律风险入手,分析了法律风险形成的原因,提出了选择正确的融资模式、建立现代法人治理结构和管理团队、强化内部管理和控制等对策措施。     

我国中小企业发展的制约因素及对策

中小企业是我国经济发展的重要力量，在保证国民经济持续稳定增长、拉动民间投资、带动地区发展、增加就业、实现科技创新与成果转化等方面均发挥着重要作用。但随着我国产业结构的战略性调整和“入世”后的严峻挑战，中小企业发展中的一些问题也日渐暴露出来，制约了企业的发展。本文就目前我国中小企业发展的制约因素进行了分析，从而提出了我国中小企业发展的途径与措施。     

中小企业走联合发展的思考

做为国民经济重要组成部分和有突出贡献的中小企业,在现实的市场竞争环境中又始终处于相对的弱势地位。在深入分析资金、人才以及技术和管理的各项因素后作者认为,联合发展对于中小企业的生存和发展壮大是绝佳的途径。通过资源共享、风险分摊和优势互补,中小企业可以走出独具特色的良性发展的道路。     

新疆中小民营企业核心竞争力的构建与培育

中小型民营企业只有培育核心竞争力，才能在日趋激烈的竞争中取得优势。本文分析了新疆中小民营企业核心竞争力的现状，针对其存在的问题提出了培育中小民营企业核心竞争力的途径。     

目前中国中小型房地产企业不适合实施ERP系统

随着第二次ERP热潮的掀起,各房地产企业也纷纷准备上ERP系统,本文针对这种现象,对中小型房地产企业进行了分析,并提出目前中国中小型房地产企业不适合上ERP系统这一思想,希望能够引起准备上ERP系统的中小型房地产企业的慎重思考。     

五位一体的中小型民营建筑企业风险文化建设研究

中小型民营建筑企业在增加财政收入、缓解就业压力、支撑国民经济发展中发挥着重要作用。通过分析中小型民营建筑企业在“组织、人力、资金、安全、技术”方面的风险文化问题及原因,并以组织风险文化为枢纽,人力风险文化为中心,资金风险文化为支持,安全风险文化为保障,技术风险文化为动力,构建了五位一体的中小型民营建筑企业风险文化建设“围栏”体系,旨在增强企业的核心竞争力,提升企业软实力,促进企业的持续健康发展。     

Quantifying the vulnerabilities of China’s corporate sector with contingent claims

This paper measures and analyzes the default risk and debt sustainability of China’s non-financial corporate sector both on an aggregate level and within a sector by employing the contingent claims approach (CCA). Our results suggest that the vulnerabilities of Chinese firms are heterogenous in terms of investment source, ownership group, corporate form, industry type, and geographic unit etc. First, foreign capital enterprises have a lower default risk than domestic capital enterprises. Within domestic capital enterprises, state-owned firms have the lowest default risk, whereas private and collective firms are most unsustainable despite that they have the highest returns on assets. Second, state-controlled firms, private stock limited firms, and Chinese foreign cooperative firms are least vulnerable in the state-owned corporate sub-sector, the private corporate sub-sector and the foreign corporate sub-sector, respectively. Third, all industries except the coal industry are sustainable by industry type. Fourth, the vulnerabilities of local state-owned sub-sectors are diverse across China’s administrative regions. Moreover, we provide robustness tests which support our findings. In Sum, our study shed key light on ensuring the soundness of China’s non-financial corporate sector and thereby maintaining the stability and sustainability of the Chinese economy.     

论中小建筑施工企业的风险管理

介绍风险管理的内涵及目标,针对中小建筑施工企业,分析风险管理的流程,介绍中小建筑施工企业规避各类常见风险的对策。