不同出口密集度企业的出口工资溢价——来自中国的证据

在异质性企业理论框架下,运用中国工业企业数据库构建的平衡面板数据研究发现,我国出口工资溢价与不同出口密集度企业密切相关。进一步检验表明,一般出口企业持续出口的工资溢价与民营企业出口有关。因此,促进一般贸易企业出口,降低加工出口企业的比重,特别在一般出口企业中,提高民营企业的出口密集度,推动民营企业的持续出口,将改善我国的出口工资溢价。     

Foreign debt and financial hedging: Evidence from Australia

We investigate the role of foreign currency denominated debt (FCDD) as a natural hedging instrument using a sample of Australian firms. Our results show that the incidence of foreign debt use among industrial sector firms is associated with a lower level of exchange rate exposure. The practice of issuing foreign debt within the industrial sector also conforms better to the hypothesis that firms do so to satisfy a demand for hedging. In contrast, although the incidence of foreign debt issues is higher in the resource/mining sector, the underlying motive for such arises from a demand for financing.     

The Effect of Foreign Demand on Residential Property Prices: Evidence from Australia

This study estimates the impact of foreign demand for Australian residential real estate on property prices. Using postcode-level administrative data and fixed-effects regression techniques we find a positive relationship between foreign investment approvals and price growth. Our analysis suggests that, on average, foreign investment contributed between $80 and $122 to quarterly price growth in Sydney and Melbourne between July 2010 and March 2015. This is a small proportion of the increase in property prices over the period.     

The College Wage Premium and the Expansion of Higher Education in the UK*

This paper reports estimates of the UK “college premium” for young graduates across successive cohorts from large cross‐section datasets for the UK pooled from 1994 to 2006—a period when the higher education participation rate increased dramatically. The growth in relative labour demand suggests that graduate supply considerably outstripped demand which ought to imply a fall in the premium. We find no significant fall for men and even a large, but insignificant, rise for women. Quantile regression results reveal a fall in the premium only for men in the bottom quartile of the distribution of unobserved skills.     

城市的力量:农民工层级迁移与工资溢价

中国特有的城市行政层级体系,以资源配置的行政中心偏向为特征,强化了农民工向高行政层级城市迁移的惯性趋势.文章利用2013年和2019年的千村调查数据,研究农民工的层级迁移行为及工资溢价效应.结果显示:首先,行政级别高的城市更容易吸引文化程度高、工作经验丰富和有配偶随迁的农民工,而携带子女随迁的农民工更倾向于普通地级市.其次,行政级别高的城市促进了集聚经济的正外部性,通过提升劳动生产率提高工资水平.最后,研究发现城市的行政级别会通过房价、基础设施、公共服务的中介作用产生工资溢价.总之,城市的发展是一个动态增长的过程:初始阶段,行政层级通过城市集聚效应、生活成本补偿的市场价格力量产生工资溢价.随着要素集聚导致城市扩张,基础设施的承载力跟不上人口的增速,就通过行政力量再次分配公共服务资源来调节人口流动.因此,需要平衡城市的行政力量和市场力量,构建合理的等级-规模分布层级结构,并且均等分配公共服务资源,引导异质性农民工分类分层迁移和实现劳动力资源优化配置.     

Trade Liberalization and Wage Inequality: Evidence from India

We evaluate empirically the impact of the dramatic 1991 trade liberalization in India on the industry wage structure. The empirical strategy uses variation in industry wage premiums and trade policy across industries and over time. In contrast to most earlier studies on developing countries, we find a strong, negative, and robust relationship between changes in trade policy and changes in industry wage premiums over time. The results are consistent with liberalization‐induced productivity increases at the firm level, which get passed on to industry wages. We also find that trade liberalization has led to decreased wage inequality between skilled and unskilled workers in India. This is consistent with the magnitude of tariff reductions being relatively larger in sectors with a higher proportion of unskilled workers.     

Compensating Wage Differentials with Unemployment: Evidence from China

We estimate the economic value of mortality risk in China using the compensating-wage-differential method. We find a positive and statistically significant correlation between wages and occupational fatality risk. The estimated effect is largest for unskilled workers. Unemployment reduces compensation for risk, which suggests that some of the assumptions under which compensating wage differentials can be interpreted as measures of workers’ preferences for risk and income are invalid when unemployment is high. Workers may be unwilling to quit high-risk jobs when alternative employment is difficult to obtain, violating the assumption of perfect mobility, or some workers (e.g., new migrants) may be poorly informed about between-job differences in risk, violating the assumption of perfect information. These factors suggest our estimates of the value per statistical life (VSL) in China, which range from approximately US$30,000 to US$100,000, may be biased downward. Alternative estimates adjust for heterogeneity of risk within industry by assuming that risk is concentrated among low-skill workers. These estimates, which are likely to be biased downward, range from US$7,000 to US$20,000.      

Capital Structure Premium in Multinational SOEs: Evidence from China

We investigate the relationship among multinational operations, ownership and capital structure using data from China's A‐share listed companies. We find that, in general, multinational enterprises (MNEs) have lower leverages than domestic enterprises (DEs). More importantly, we document a capital structure premium in China's multinational state‐owned enterprises (SOEs). Since the state supports multinational SOEs that promote overseas national strategy, these multinational SOEs will have higher credit availability and therefore higher debt–equity ratios. This study sheds light on the Chinese government's impact on firm's creditability.     

Wage premium of Communist Party membership: Evidence from China

Social status and political connections may confer large economic benefits on an individual. Previous studies focused on China have examined the relationship between Communist Party membership and earnings and have revealed a positive correlation. However, the correlation could be partly or totally spurious. Using data from three surveys spanning three decades, we estimate the causal effect of Chinese Communist Party membership on monthly earnings in China. We find that, on average, membership in the Communist Party of China increases monthly earnings and the wage premium has grown in the last three decades. We explore potential causes and discover evidence that improvements in social networks and social rank, acquisition of job‐related qualifications and greater life satisfaction play important roles in increased earnings.     

Real Wage and Nominal Shock: Evidence from Pacific-Rim Countries

This paper examines aggregate real-wage responses to nominal shocks in four Pacific-rim countries utilizing a vector autoregression (VAR) framework. In this study, positive real-wage responses are found in Japan and New Zealand whereas negative responses are found in Australia and Korea. In the transmission of nominal shocks to real economic activities, the findings show a sticky-price model to be more important in Japan and New Zealand, while a sticky-wage model plays the more dominant role in Australia and Korea.An earlier version of this paper was presented at the 54th International Atlantic Economic Conference in Washington, D.C., October 10–13, 2002. The author would like to thank the conference participants and an anonymous referee for their valuable comments and suggestions. All remaining errors are attributed to the author.     

最低工资标准与企业成本加成——来自中国制造业企业的证据

本文在搜集全国各市所有区县1999-2007年最低工资标准的基础上,将企业微观数据与最低工资标准数据合并,实证检验了最低工资对中国制造业企业成本加成的影响。本文研究发现,均值层面上,最低工资的提高显著提升了企业成本加成,这说明现阶段我国的最低工资制度是适宜的,对企业成本加成具有正面影响。进一步影响机制检验表明,最低工资可能通过影响企业资本劳动比等途径促进企业成本加成提升。虽然本文表明最低工资标准的提升不会抑制企业成本加成提高,但仍然需要关注最低工资对企业产生的其他影响,统筹处理好维护劳动者权益与促进企业发展的关系,使最低工资标准更好地与经济发展相协调。     

Wage and unemployment: Evidence from online job vacancy data

This paper examines the relationship between labour market conditions and wage dynamics by exploiting a unique dataset of more than one million online job vacancies. We find a weak trade-off between aggregate wage inflation and unemployment. This link becomes more evident when the wage inflation is disaggregated at the sectoral and occupational level. The examination, using vacancy-level data, shows a negative correlation between offered wage and unemployment. The degree of wage elasticity, however, is different across regions and skill segments. Our findings suggest the importance of micro-level data's unique dimensions in examining the wage – unemployment relationship.     

The Determinants of Relative Wage Change in Australia

This article uses data from 3500 Australian workers to investigate which factors have had a significant influence on microeconomic wage growth over the years 1997 to 2000. The relative importance of four types of factors—outside incomes, demand for labour, workers' relative bargaining strength and category of wage contract—are compared. Basic individual demographic characteristics and some indicators of workers' bargaining power provided most of the explanation for wage changes. Proxy variables for labour demand, while significant and correctly signed, were small in magnitude.     

House Prices,Wealth and Consumption: New Evidence from Australia and Canada

Over the past two decades, a number of countries have experienced appreciation in house prices at the same time that aggregate consumption has increased. This paper tests alternative hypotheses for this phenomenon by using repeated household surveys from Australia and Canada to identify the transmission mechanism that links consumption and household wealth. The empirical analysis suggests that neither a direct wealth effect nor a common causal factor likely accounts for the observed correlation between wealth and consumption in these two countries. Rather, indirect factors such as collateral effects arising from relaxation of credit constraints are a more likely explanation.     

The Age of Hiring and Deferred Compensation: Evidence from Australia

The factors affecting age of hiring are estimated using Australian establishment data. Lower ages of new hires are associated with training and with workplaces using steeper tenure–wage profiles. Lower ages of hires are associated with steeper profiles throughout the age of hire distribution, whereas lower ages of hires are associated with the provision of training only among younger hires. Moreover, the evidence confirms that larger employers are more likely to hire younger workers but that lower ages of hire continue to be associated with steeper tenure–wage profiles even among larger employers. The robust role of the tenure–wage profile suggests that it is too early to conclude, as some have, that specific training is the paramount reason for the reduced hiring prospects of the old.     

股市系统流动性风险溢价动态实证研究

本文按照Gibson和Mougeot(2004)的基本框架,直接建立二元均值GARCH(1,1)—Diagonal BEKK模型,按市场态势分阶段对我国股票市场的系统流动性风险溢价动态进行实证研究。实证检验结果表明:无论在整个样本期还是在三个子样本期,市场风险溢价都存在,而系统流动性风险溢价的存在不具有稳定性,它随着样本期选择的不同而变化。市场超额收益、市场流动性波动持续性和协同波动的持续性也随样本期的选择不同而不同。     

International Trade and Gender Wage Discrimination: Evidence from East Asia

The paper explores how competition from international trade affects gender wage discrimination in two open economies. According to neoclassical theory, if discrimination is costly, then increased industry competitiveness from international trade lessens the incentive for employers to discriminate against women. This effect should be stronger in concentrated sectors, where employers can use excess profits to cover the costs of discrimination. Alternatively, increased international trade may reduce women's bargaining power to achieve wage gains. Results for Taiwan and Korea indicate that, in contrast to neoclassical theory, competition from foreign trade in concentrated industries is positively associated with wage discrimination against women.     

Inter-Industry Wage Differentials in Greece: Evidence from Quantile Regression Analysis

Using a consistent estimator of the covariance matrix of the asymptotic distribution of the quantile regression estimator with intra-cluster correlation of the error terms, the paper investigates whether and to what extent inter-industry wage differentials derive from worker heterogeneity in the form of unobserved quality. To conduct this study, we pioneer in utilizing a unique data set, the European Union Structure of Earnings Survey for Greece, which follows a two-stage random sampling approach of employees clustered within firms. Data refer to 2010 when the first elements of the economic adjustment programme to deal with the chronic deficiencies of the Greek economy and restore sustainable public finances, competitiveness and set the foundation for long-term growth, gained visibility. Results point to high wage dispersion across industries at the mean of the conditional wage distribution, even after controlling for personal and workplace characteristics. However, evidence for the unobserved heterogeneity hypothesis is rather scant. Therefore, there is room for efficiency wage or rent-sharing theories in accounting for a large part of inter-industry wage differentials tentatively implying that firm heterogeneity in the ability to pay matters more than employee unobservable attributes in the wage determination process.