前沿经济理论视野下的数据要素研究进展

数字经济蓬勃发展,数据要素逐渐成为学术和政策讨论的重要议题。数据要素在要素特性、市场化机制、经济价值等方面相对传统生产要素有较大差异,对其研究亟待创新建模思路。经济学理论已经积累不少相关文献。文章着眼于数据要素的特性、市场化机制和经济价值,系统梳理了国内外相关文献,从前沿经济理论文献对数据要素的建模思路入手,进行了全面的总结和分析。首先,从隐私外部性和要素报酬两个角度入手梳理了前沿文献对于数据要素特性的探讨;其次,从数据要素的产权归属和交易机制设计两个层面梳理数据要素市场化相关文献;再次,总结文献中关于数据要素的经济价值和实证评估的研究;最后,列举应用前沿理论研究数据要素的方法创新方向,展望应用经济学理论研究中国数据要素实际问题的潜在思路。文章可为数据要素市场化的理论和政策研究提供一定的理论参考。     

乡村振兴与电商平台研究综述——基于VOSviewer的分析

通过VOSviewer分析2018—2023年有关乡村振兴与电商平台研究的中外文研究共414篇高质量文献的知识图谱,分别从关键词共现、研究内容等方面进行发表趋势和轨迹的可视化分析。研究结果表明,2018—2023年乡村振兴与电商平台领域的期刊发文量呈现倒U形的发展趋势;研究内容以案例、访谈等定性研究法为主,并在未来聚焦在数字化、现代化、可持续性发展等方向上。在梳理分析研究的基础上,为新时代下的电商平台对乡村振兴的可持续支持提供方向。     

Quality Expectations,Reputation, and Price

Although the theoretical literature on firm reputation is well developed, few empirical studies exist that quantify the importance of reputation effects. This paper estimates the impact on price of current product quality and reputation using data from the market for Bordeaux wine. A model is proposed in which price is a function of current quality and expected quality, where the latter depends on reputation. Equations determining price and expected quality are estimated jointly. The empirical findings show that the price premium associated with a better reputation far exceeds that associated with improvements in current quality. The impact of reputation on price is disaggregated into individual firm and collective (or group) reputation effects, and the significance and magnitude of these effects are compared. The results indicate that both types of reputation are important, and that in general, the market values collective reputation indicators only to the extent that they are useful predictors of product quality.     

Discussion of “The Effect of Information on Uncertainty and the Cost of Capital”

Johnstone (2016) provides a theoretical analysis of how information might increase uncertainty and a firm's cost of equity capital (COEC). The author's analysis serves to highlight outcomes that he suggests receive limited attention in prior studies. He focuses on how more information might result in greater, rather than less, uncertainty and whether a decrease in uncertainty leads to a lower COEC. I discuss how his study provides an incremental contribution to the theoretical literature and ways in which future work in this area might provide a richer framework for empirical studies.     

No longer left-behind: The impact of return migrant parents on children's performance

Using data from a rural household survey in China in 2009, we examine the impact of parental migration on children's educational outcomes. Consistent with the findings of a large empirical literature, we find that parental migration has a significantly negative impact on left-behind children's educational outcomes as measured by test scores in Chinese and math. But unlike much of the existing studies on the subject, we focus on the remediation effect of return migrant parents on once left-behind children's performance. This empirical strategy allows us to avoid the endogeneity issue concerning the migration decision that may have contaminated previous studies. We find evidence that return migrant parents help alleviate the harms caused by parental migration, and the remediation effect is stronger for children attending middle schools, and stronger for daughters. We also find suggestive evidence that return migrant parents improve children's performance through increases in after-school study time and education-related expenditures, following the return of migrant parents.     

Minimum wage and employment in the fast food industry

Recent empirical studies on the impact of minimum wage legislation generate results that are inconsistent with conventional economic theory. Employing a methodology that compares affected with unaffected areas, these investigations indicate that employment levels are not adversely affected by the imposition of a minimum wage. Two studies in particular focus on the fast food industry. Although one study has come under attack for improperly measuring employment, an interesting theoretical question remains. This paper derives the demand for labor function of a fast food outlet facing price and profit margin constraints dictated by the company. The results of a minimum wage constraint are consistent with current empirical literature.     

Identification of Job Lock and Inefficient Labor Market Mobility

The common practice of linking employment with certain fringe benefits, notably health insurance, has long been thought to impede labor market mobility, thereby producing a phenomenon called job lock. A sizable literature has developed theoretical frameworks for how job lock impacts the labor market and empirically estimated the magnitudes of these effects. However, most empirical studies rely on identification strategies that do not separately identify productivity enhancing from productivity reducing labor market mobility. This article develops a simple theoretical framework showing how prior identification strategies confound both types of mobility and outlines conditions where productivity reducing mobility is of greatest concern.     

Economic performance and international trade engagement: the case of Portuguese manufacturing firms

By combining economic and financial data for Portuguese manufacturing firms with data on their exports and imports, we uncover some aspects of the relationship between international trade engagement and firms’ performances. In line with recent theoretical and empirical developments in the international trade literature: (i) we testify that Portuguese international trade is highly concentrated, especially on the import side, and both in inter- and intra-sector terms; (ii) we corroborate previous studies and theses according to which two-way traders outperform only importers, only exporters and above all domestic firms; (iii) we find that the greater the diversification of markets and goods (especially with regard to imports), the better the performance achieved by internationalised firms; (iv) we notice that the higher the intensity of firms’ international trade (especially imports), the better their performance; (v) we also present evidence that destination markets for exports and origin markets for imports are also important in explaining firm’s performance.     

组织宽余(冗余):效率的损失还是柔性的需要?

在过去的半个世纪里组织宽余一直都是组织与管理研究领域中的一个重要概念,但宽余对组织而言究竟意味着什么或者说宽余在组织的运营中究竟扮演怎样的角色,不同学者之间一直存在不小的争议,现存的实证研究也未能给出一致的证据。文章从组织宽余最为经典的基础文献整理入手,系统梳理了组织宽余的理论渊源、内涵和类型,归纳了学者们从不同理论视角对组织宽余的功能或效应做出的各种解读,以及目前已经积累的经验证据。同时,还对组织宽余测量中存在的问题进行了识别与分析,并提出了可能的解决方案。最后,就组织宽余如何更好地融入不同的主流管理研究议题作了一些探索性的解读,以求能够促成不同研究之间的通约与互鉴共长。     

Different Roles of Land in Rural-Urban Migration： Evidence from China＇s Household Survey

This paper explores the influence of land holding on rural–urban migration using China's 2008 household survey data. It shows that the contradictory findings of existing published literature can be explained by introducing a migration distance variable. The empirical studies show that land holding plays a different role in short‐distance and long‐distance migration. Land holding has a U‐shaped curve association with the probability of short‐distance migration and has an inverted‐U‐shaped association with the probability of long‐distance migration. Therefore, the government needs to provide more job information and migration subsidies to farmers who have little land to overcome difficulties in the process of migration so as to reduce rural–urban inequality.     

Individuals' and households' climate adaptation and mitigation behaviors: A systematic review

There is increasing recognition that individuals have larger roles to play in reducing greenhouse gas (GHG) emissions. As such, we conduct a systematic literature review to consolidate existing evidence, and examine which factors are most important in driving individuals' and households' climate adaptation and mitigation behaviors in developing countries. A comprehensive literature search yields 58 empirical studies, and 158 usable analyses with which we conduct a vote-counting exercise. We first find evidence of climate inequality as adoption of adaptation behaviors are strongly driven by income. Furthermore, this inequality is likely to exacerbate as most adaptation behaviors (e.g., air-conditioners) emit high levels of GHG. A second major observation is that education and environmental knowledge (rather than income) are more important drivers for climate mitigation behaviors. The two findings mean that in order to reduce climate inequality, policymakers should target and assist vulnerable population according to their ability to adapt, and also implement more intensive educational outreach and information campaigns to encourage individuals and households to adopt GHG mitigation activities.     

双元组织能力：一个整合分析框架模型

双元组织能力理论正发展成为一种斯兴的研究范式,并应用广泛,然而现有研究的分散性成为该理论向纵深发展的一大障碍.文章在对现有研究成果进行分析的基础上,针对存在的问题,提出了双元组织能力的多层次整合分析框架模型,并分析了模型的主要理论假设,为以后的实证研究给出了一个尝试的方向.     

A Survey of the literature on the determinants of foreign portfolio investments in the United States

Conclusions In the last several years we have seen a substantial theoretical advancement in our understanding of the factors determining international portfolio capital movements. From the mechanistic flow theory we have progressed to the portfolio-adjustment theory which rests on a firmer microeconomic foundation. However, because of the multifarious functions of the United States in the world economy the portfolio-adjustment theory is not quite adequate in explaining the foreign portfolio investments in the United States. There are other motives such as maintaining working balances and compensatory balances in addition to the expected utility maximization. In some studies ad hoc assumptions are introduced to account for these motives tor holding U.S. liabilities. Albeit some statistically successful results there is much to be desired in this simple portfolio approach modified withad hoc assumptions. Despite the theoretical weakness we might have seen more empirical research in this area if data on wealth for foreign countries were available. Furthermore, the few existing studies were carried out by doing away with the wealth variable without any convincing justification. Given the constraint of data a more persuasive argument will have to be presented in favor of deleting the wealth variable or using an alternative variable. It seems that a proper use of estimates of permanent income, which can be approximated empirically, may be successful in empirical estimations of capital flows.     

Mortgages and Financial Expectations: A Household-Level Analysis

We contribute to the literature on household mortgage debt by exploring one particular influence on mortgage debt at the household level, namely the financial expectations of the individuals within the household. Our theoretical model predicts a positive association between the quantity of mortgage debt and optimistic financial expectations. Our empirical findings based on household level data provide convincing support for our theoretical priors in that optimistic financial expectations are positively associated with the level of outstanding mortgage debt.     

The Declining Value‐relevance of Accounting Information and Non‐Information‐based Trading: An Empirical Analysis*

Recently, a growing body of literature has suggested that financial statements have lost their value‐relevance because of a shift from a traditional capital‐intensive economy to a high‐technology, service‐oriented economy. These conclusions are based on studies that find a temporal decline in the association between stock prices and accounting information (earnings and book values). This paper empirically tests a theoretical prediction arising from the noisy rational expectations equilibrium model that suggests that the decline could be driven by non‐information‐based (NIB) trading activity, because such trading reduces the ability of stock prices to reflect accounting information. Specifically, Dontoh, Radhakrishnan, and Ronen (2004) show that when NIB trading increases, the R²s of a regression of stock price on accounting information declines. Our empirical tests confirm this prediction; that is, the decline in the association between stock prices and accounting information as measured by R²s is driven by an increase in NIB trading.     

收入和幸福间关系研究

文章采取理论综述的方法,引用既有的调查数据进行实证分析.在对幸福界定和测量进行简要回顾的基础上,首先对收入和幸福间关系的三个阶段研究进行了详细阐述,讨论了收入的增加到底能否引起幸福水平的提高这一问题.接着,文章结合经济学和心理学分析,引入社会性比较、适应水平理论和期望水平理论等概念,对上述结论给出了相应的解释.     

International trade and firm performance: a survey of empirical studies since 2006

The literature on international trade and firm performance grows exponentially. This paper attempts to summarize what we learn from this literature to guide future empirical and theoretical work in this area. The focus is on the empirical part of the literature that consists of recently published papers using data for firms from manufacturing or services industries to study the links between international trade (exports and imports) and dimensions of firm performance (productivity, wages, profitability and survival).     

中国网贷市场平台触雷和恶性退出原因与机制研究——透析平台运营中的道德风险

本文从理论分析、实证检验和案例分析三个维度,创新地将经营状况与道德风险放到一个系统中来研究中国网贷市场平台触雷和恶性退出的原因和机制。研究发现,国内网贷市场平台以民营资本为主,公司治理结构简单,经营时间不长,借款期限短且利率高,监管环境不严。但经营状况不是其水土不服的主因。平台无论触雷还是恶性退出,其原因均有超过50%是道德风险。具体而言,触雷来自经营状况的解释率为40%,而恶性退出来自经营状况的解释率则有26%。经营时间越长的平台,触雷和恶性退出的概率越小。银行存管降低了平台触雷概率,而恶性退出概率上升的理由不是恶性退出平台之前银行存管造假,就是之后有钱不还。国资背景的平台有助于降低触雷概率;而出资人身份(风投)、高管人数、标的利率和债权转让有道德风险倾向的指标对触雷无影响,反而对恶性退出有助推作用。可见,触雷中的道德风险仅来自其过程,而恶性退出过程不仅自身道德风险更大,而且还受之前经营中道德风险倾向的影响。该风险的存在不仅是对网贷市场的践踏,而且会殃及到其他普惠金融的稳健发展。这种劣币驱逐良币的现象如果不加以根治,将严重降低小微企业通过健康的普惠金融市场自救的可能性。     

On the exchange-rate elasticity of the demand for international reserves: Some evidence from industrial countries

Summary and Conclusion In this paper we tried to investigate the supposition that a change in exchange rate lowers the demand for international reserves. This goal was achieved by incorporating the real effective exchange rate into a standard real reserve demand equation from the literature. The model was estimated for a sample of 13 countries for which the effective exchange rate was available, using pooled quarterly data over the 1973-1985 period. The empirical results revealed that a change in exchange rate indeed reduces the demand for reserves supporting the theoretical arguments of the previous studies.