行业机会、政治关联与多元化并购

本文考察了我国转轨时期的制度背景,认为我国目前存在的行业机会,以及企业注重建立政治关联会促使企业多元化并购的发生。文章以我国上市公司2001—2006年间发生的399起多元化并购和768起相关并购事件为研究对象,用Probit模型进行分析,发现企业原先所处的行业竞争激烈、利润率越低,越倾向进行多元化并购;目标行业的利润率越高,越倾向进行多元化并购;另外,企业的政治关联越高,越倾向进行多元化并购进入到与主业无关的、高利润的行业中。     

学习、制度与经济绩效

本文分析了认知、信念体系与制度之间的互动关系，并探寻了它们影响经济绩效的方式。我们认为要更深刻地理解制度的产生、其运行的特征及其对经济政治结果的影响，应该从分析认知过程开始。我们分析了个人和集体学习的性质，认为问题并不在于行为体是完全理性还是有限理性的，而在于人们是如何进行推理和做出选择的，无论这种选择和推理是个体做出的还是集体做出的。接下来我们将学习过程同制度分析联系起来，提出了一种我们可以称之为“认知制度主义”的观点。同时我们认为要充分理解路径依赖现象，应该从对认知层面的分析开始，以制度层面的分析为主干，以经济层面的分析为终结。     

Institutions,Lobbying, and Economic Performance

We investigate whether the impact of institutions depends not just on their current state but also on how they came to be. In particular, we hypothesize that while economic freedom that emerges spontaneously may be growth promoting, economic freedom that emerges as a result of costly lobbying efforts may be less fruitful. In an extreme case, costly lobbying efforts may even negate the growth‐enhancing effect of economic freedom. To the extent that lobbying efforts constitute an opportunity cost of resources diverted away from investment and production, our hypothesis also implies that greater the opportunity cost of lobbying, the more efficient is the institutional environment. Panel data analysis reveals the expected positive relation between economic freedom and growth, and consistent with our hypothesis, the findings indicate that the impact of economic freedom on growth does indeed diminish as lobbying efforts increase. In addition, we find that lobbying is more harmful to growth at greater levels of economic freedom.     

How Society Makes Itself: The Evolution of Political and Economic Institutions

This paper explores the origins and evolution of the concept of the disutility of work. The original formulation of this concept developed by Stanley Jevons and by Alfred Marshall recognizes the variability of work motives stressing the effects of both the quantity and quality of work on labor supply. Subsequent writers, notably Lionel Robbins, and later Gary Becker, focus on the opportunity cost of work time, to the neglect of the content of work. These writers lose sight of the influence of the nature of work on the supply of labor. Contemporary research on the economics of labor supply, while accepting the presence of agency problems surrounding the enforcement of the labor contract, continues to consign the determinants of work motives to a black box. The new emphasis on the problem of “shirking” by workers, in particular, offers an unbalanced treatment of the causes and consequences of work resistance.     

经济政策不确定性与企业多元化程度选择

多元化是现代企业发展战略中的一个重要问题。近年来多元化程度下降成为我国上市公司发展中一个主要特征。以2003-2017年沪深两市上市公司为研究对象,考察经济政策不确定性对上市公司多元化的影响。结果显示:经济政策不确定性与上市公司多元化程度显著负相关;对内生性问题进行处理后,这种负相关性在民营企业、高成长企业、非受保护行业的企业以及在金融危机爆发后更为明显。进一步研究还表明:上市公司经营实力、治理环境和股东监督力度的提高,会使经济政策不确定性对降低公司多元化程度的影响有所减弱。政府减少政策变动,保持政策的长期性和稳定性,并在制定经济政策时充分考虑企业的异质性特征,有利于企业多元化程度选择;另一方面,公司也需不断提高自身的学习能力,优化治理体系,增强抗风险能力。     

Trade,Remittances, Institutions,and Economic Growth

This paper empirically investigates the role of trade, remittances, and institutions in economic development in a large sample of developing countries using recently developed instruments for all these variables. Both cross-country (over 30 years) and dynamic panel data (over 5-year periods) regressions of growth rates on instrumented trade, remittances, and institutions provide evidence of a significant impact of trade, institutions, and remittances on growth. While institutions foster growth, remittances hamper it. The effect of trade on growth is positive in cross-sectional regressions but ambiguous in dynamic panel data regressions. These results are indicative of a more important role for trade in explaining growth in the very long run compared with over shorter horizons.     

民营企业家政治关联、政府干预与多元化经营

本文以2004-2007年中国民营上市公司为研究对象,分析了民营企业家政治关联对企业多元化经营的影响,研究显示,同企业家不具有政治关联的民营企业相比,企业家具有政治关联的民营企业更倾向于进行多元化经营.进一步分析了政府干预对政治关联与多元化经营关系的影响,结果发现,政府干预越是严重的地区,企业家具有政治关联的民营企业越倾向于进行多元化经营.     

Causal Linkages among the Product Diversification of Exports,Economic Globalization and Economic Growth

This paper examines causal relationships between economic globalization, the three indices for product diversification of exports (Theil index, intensive margin and extensive margin) and economic growth in the unbalanced panel data framework in 139 countries over the period 1970–2010. We also consider the subgroup of the countries related to the income levels and run the panel Granger non‐causality tests for heterogeneous panels. The empirical results indicate that there is a bidirectional causal relationship between economic globalization and economic growth. There is also a significant causal relationship that runs from all three indices for the diversification of exports to economic growth. After implementing various robustness checks, we observe that diversification of exports and economic globalization are positively related with economic growth merely in the upper middle economies.     

COVID-19 Regulations,Political Institutions,and the Environment

Environmental and Resource Economics - The COVID-19 pandemic was associated with short-term air quality improvements in many countries around the world. We study whether the degree of democracy and...     

Legal Institutions, Sectoral Heterogeneity, and Economic Development

Poor countries have lower PPP-adjusted investment rates and face higher relative prices of investment goods. It has been suggested that this happens either because these countries have a relatively lower TFP in industries producing capital goods or because they are subject to greater investment distortions. This paper provides a micro-foundation for the cross-country dispersion in investment distortions. We first document that firms producing capital goods face a higher level of idiosyncratic risk than their counterparts producing consumption goods. In a model of capital accumulation where the protection of investors' rights is incomplete, this difference in risk induces a wedge between the returns on investment in the two sectors. The wedge is bigger, the poorer the investor protection. In turn, this implies that countries endowed with weaker institutions face higher relative prices of investment goods, invest a lower fraction of their income, and end up being poorer. We find that our mechanism may be quantitatively important.     

Private Investment and Political Institutions

Recent research has demonstrated a negative link between macroeconomic and political uncertainty and levels of private investment across countries. This raises the question whether certain types of government institutions might help reduce this uncertainty. North and Weingast (1989) propose that political institutions characterized by checks and balances can have beneficial effects on investment by allowing governments to credibly commit not to engage in ex post opportunism with respect to investors. In this paper I develop and test a modified version of their hypothesis, suggesting that checks and balances, on average, improve possibilities for commitment, but that they are not a necessary condition for doing so. Results of heteroskedastic regression and quantile regression estimates strongly support this proposition.     

价值发现、经济非均衡与企业家理论

本文认为可以将企业的性质视为一个价值过程,但这意味着企业分析以价值机会为前提,而价值机会的存在意味着存在帕累托改进从而经济处于非均衡状态.本文论述了非均衡是经济的常态,并将企业家定义为非均衡经济中发现价值过程并通过企业实现价值过程的个人.按此逻辑,本文认为企业家的作用并非促进经济均衡,而是加剧经济非均衡,导致经济趋向均衡的自发力量,是竞争,即斯密的"看不见的手".     

Political Institutions and Policy Volatility

Checks and balances that limit the discretion of policy-makers reduce the volatility of government expenditure and revenue. While this assumption is at the heart of a large body of empirical work, the association between political institutions and policy volatility has itself been the focus of only limited empirical testing. The results presented here support the existence of this link, allow for a comparison between two prominent measures of checks and balances and provide insight into the relative impact of checks and balances on the volatility of nine different types of fiscal policy both during times of macroeconomic stability and upheaval.     

Gender Development, Institutions, and Level of Economic Development

Gender inequality and the lack of gender development are major problems in developing countries. Neoclassical economics has generally argued that economic development will greatly enhance gender development. However, more recent work has emphasized the role of institutions. In this paper, a distinction is made between malleable institutions and those that change only over long periods of time. Empirical estimations of the impacts of economic development, malleable institutions, and hard-to-change institutions on gender development are carried out. The results indicate that both economic development and reform of malleable institutions are important determinants of relative gender performance. However, non-malleable institutions and cultural practices limit the impact that reform and economic development can have on relative gender performance.     

产业集聚、产业多样化与城市经济韧性关系研究

2008年金融危机对全球多个国家经济发展造成巨大冲击,我国许多沿海外向型城市面临国外订单需求不足、行业内人才流失以及厂房闲置等问题,体现出城市经济韧性能力的重要性。针对不同城市在面对外部冲击时表现出的城市经济韧性能力差异,重点研究产业集聚、产业多样化与城市经济韧性之间的关系,并将产业多样化划分为产业相关多样化和产业无关多样化,运用基准回归和稳健性检验分析两种划分对城市经济韧性的影响。结果表明,产业集聚与城市经济韧性之间呈U型关系,产业相关多样化与城市经济韧性之间呈倒U型关系,产业无关多样化与城市经济韧性呈倒U型关系。最后从破除区域间分权壁垒角度提出政策建议。     

制度、创新与欠优势地区的经济复兴

创新和经济地理这两个迄今不同学科之间日益增强的融合趋势具有潜在的理论影响。通过“知识区域”这一角度，本文考察了两门学科的融合对理论研究和政策制定的意义。并利用进化政治经济学的研究成果，揭示了交互式创新模式在区域发展中的重要作用。在此，作者通过对新的欧洲区域发展政策的考察，并结合威尔士地区创新实施规划的案例研究，分析了这种交互式创新模式的政策意义。最后，文章对这一发展战略的实施效果进行了批评性的评估。     

区域一体化、经济增长与政治晋升

我国市场分割问题比较突出，但区域经济一体化的出现以及增多已成为一个重要现象。为什么有些省区选择市场分割，而有些却致力于区域一体化？地方政府在处理区际关系上的迥异行为是否具有内在一致性的解释？我们从中央政府按照经济绩效晋升地方政府官员的假设出发，构造一个地方官员晋升博弈模型，证明了，为了政治晋升最大化，地方官员选择地方市场分割还是区域一体化因条件而异。实证分析支持模型的预测。