企业集团关联交易行为分析

近年来,关于企业集团关联交易行为引发的一系列的问题得到了实务界和理论界的高度关注,但对企业集团关联交易的具体分析人们却很少研究,本文从交易成本理论出发,通过对集团关联交易的行为分析的目的分析,旨在对关联交易做出比较全面的剖析,并为监管者提出意义和建议.     

Climate change implications for the catastrophe bonds market: An empirical analysis

Since their introduction in the mid-1990s, the return per unit of risk or multiple on catastrophe (cat) bonds has steadily declined. This paper investigates whether this pattern is consistent with the historical evolution of natural disaster risk, using average multiple figures over the period 1997–2017. Assessing the accuracy of cat bond pricing is important, since about 50% of outstanding risk capital in the cat bonds market is currently exposed to Atlantic hurricanes -a risk that global warming, among other disruptions, is found to enhance- and pension and mutual funds in European and other OECD countries currently own about 30% of the market. In this respect, while our findings suggest that falling multiples are primarily related to the Fed's expansionary monetary stance and to portfolio shift effects, we do also find evidence of significant undervaluation of global warming risk in the cat bonds market. This finding, also in light of the unfailing appetite of institutional investors for such securities, casts doubts over the sanity of the market and over cat bonds as suitable investment products for risk averse investors. Sounder investment opportunities might be found in the green bonds market, which allows for the funding of immediate investment in climate change mitigation too.     

How local leaders matter: Inter-provincial leadership transfers and land transactions in China

We study how local leaders matter for economic growth by examining the impacts of exogenous transfers of leaders across China’s provinces on land transactions in the primary market. We find that new provincial leaders attract investment in industrial land from the provinces of their previous positions. The leaders’ impacts are greater when their freedom to deploy their business connections in the land market is greater. More importantly, we find evidence of positive impacts of land transactions on economic growth, which should bode well for the careers of the local leaders, albeit there is some evidence of rent seeking among officials especially when they are too old for further promotion.     

The transactions trust demand for money

An exchange economy using gold as a means of payment is considered where it is possible to borrow gold in a money market. A positive money rate of interest is encountered as the shadow price of the capacity constraint in an economy without enough gold. The meaning of enough gold and the role of the default penalty are noted in the determination of the interest rate.Revised from Enough Gold in a Society Without and With Moneylenders, CFDP No. 753. The author gratefully acknowledges the support of the Aequus Institute.     

The demonstration effect of transactions between strangers on those between acquaintances: evidence from land rentals in rural China

ABSTRACT

Over the last decade, introducing outer village lessees has been an important approach to increasing the marketization of land rentals in rural China. However, with large numbers of informal features among acquaintances, the effect of introducing outer village lessees is ambiguous. In this paper, data from the 2015 China Household Finance Survey are used to analyse the demonstration effect of land rentals between strangers on those between acquaintances, and land rent is used to represent the marketization of land rentals. The estimated results indicate that with the emergence of outer village lessees, lessors transacting with acquaintances are more likely to obtain high land rents and to rent out farmland for profit. Evidence shows that profit motives are the key pathway by which the presence of outer village lessees affects land rents. The analysis using the sample of lessees supports our findings. Our analysis implies that the demonstration effect exists in land rental markets, and also provides a feasible instrument for promoting market-oriented land rentals between acquaintances.     

The choice of foreign market entry mode: An analysis of the dynamic probit model

Based on the official survey data of Taiwanese FDI in China, this study investigates the transaction cost determinants of foreign market entry mode choice. In contrast to the existing literature, this paper constructs a panel data set and makes a dynamic probit analysis on the mode choice between wholly-owned subsidiaries and joint ventures. Empirical results indicate that state dependence between current and past modes plays an important role in determining entry mode choice. However, the impact of state dependence will be reduced significantly if the mode adopted in the previous period is associated with poor performance of the parent firm. There is strong linkage between mode performance and future mode choice. Evidence also shows that the hypothesized influences of transaction cost factors on entry mode choice gain support in the dynamic choice process.     

An econometric analysis of the world zinc market

A fairly detailed market form of econometric model is built, based on the technological, behavioral and institutional features of the world zinc industry. An estimated version of the model indicates different systems of lag responses in the structures of demand and supply to the price of zinc, a very poor substitutability on the demand side, free market price as a long-run equilibrator for the U.S. producers' price, and an important influence of the U.S. interventions on the world market. The model meets reasonably well the predictability criterion based on the technique of dynamic simulation. The performance properties of the world zinc industry, analysed through dynamic multiplier simulation technique, show that the industry exhibits a reasonably, stable market environment to the exogenous disturbances such as an increase in the activity levels of consumers and variations in the prices of substitutes. It is, however, quite sensitive to technological changes in the consumer industries. The stockpile policy of the U.S. Government does not seem to be properly geared to its objectives and, in general, it seems to have restricted the development of the industry as a whole.     

The water market in Israel: An example for increasing the supply

In this study we search for solutions to the problem of Israel's water shortage. To illustrate the shortage, we first model the water market in Israel, i.e., the corresponding supply and demand of water, and from it the dynamics of water prices. A direct way to solve the shortage problem and to reduce the high equilibrium price can be found via a different way of sharing water among the Levant countries, or by bringing more water from outside the region. The latter can take the form of conveying Nile water or water from Turkey or by constructing desalination plants along the shores. In this study we concentrate on the importing of Nile water.The costs of most of the solutions are too high compared to the returns to water in agriculture. This relation is continuously changing with the increasing demand for water for domestic and agricultural use. Our analysis shows that within 5–10 years the marginal value product of water in the area west of the Jordan river would equal the marginal costs of water from the Nile, $0.40m³.     

人力资本与社会资本视角的西安农民工城市融入实证研究

通过建立模型,对人力资本、社会资本与农民工城市融入的关系进行多元回归分析。分析表明,农民工人力资本中的文化程度、技能培训和健康状况与农民工城市融入呈显著正相关,以农民工寻找工作时间、交往范围和参加社会组织情况为代表的社会资本对农民工城市融入有着显著影响。为促进进一步城市融入的实现,政府与社会均应积极采取有效措施,充分提升农民工的人力资本和丰富其社会资本,加快我国城市化的健康发展与新型城镇化战略的推进落实。     

股票市场系统动力学分析：以上海股票市场为例

本文突破了传统经济理论研究的线性框架,视股票为一非线性系统,运用分形、混沌等复杂性理论对上海股票市场的系统动力学特征进行实证研究,得出了上海股票市场系统的分形特征、复杂性程度、系统演化类型及稳定性,最后,探讨了这些结论对股票市场的理论与实践意义。     

The optimal harvesting problem with a land market: a characterization of the asymptotic convergence

We study the asymptotic behavior of the optimal harvesting policies for a multiple species forest with a land market, i.e., any fraction of the land can be traded at any time stage. We prove the existence of sustainable states and we discuss the conditions under which any optimal trajectory converges in the long run towards one of these states or towards the set of optimal periodic cycles. We also discuss briefly a more general problem that includes costs of converting land between the different species.      

An analysis of credit terms in the eurodollar market

A model is presented incorporating various elements involved in the determination of theinterest rate in a capital market that is not purely competitive. It yields an equilibrium relation between the interest rate and the probability of default such that higher probability implies higher interest. Other factors affecting the rate of interest are the elasticity of demand, the perceived rate of loss related to default, and an extra premium due to risk aversion. The equilibrium relation is used as an econometric model which, under appropriate specifications, generates estimates of the weights attached to subjective risk indicators. The data cover transactions in the Eurocurrency market and deal only with publicly guaranteed loans to developing countries. Several economic indicators are identified as significantly affecting the subjective probability. These can be used to generate estimates of the subjective probabilities themselves.     

The effects of land market development on economic growth： an empirical analysis based on Chinese panel data, 1999-2005

Optimized land resources allocation is important for economic growth because land is one of the basic elements for economic development. And urban land resources allocation has had an increasingly important influence since the Chinese socialist market economy system was established. This paper estimates the production function of both the secondary and the tertiary industries of China＇s 31 provinces, autonomous regions and municipalities directly under the central government through an analysis of the panel data of the total output value of the secondary and the tertiary industries, invested capital, invested labor jorces and the land market-jeatured management of the above-mentioned regions during the period of 1999-2005. and examines the positive influence of the above- mentioned factors on regional economic output, This study concludes that urban economic output is positively related with the level of urban land resources market-featured management, since the rate of economic growth of those regions approximates 14. 7% under the condition of urban land market running during the period of 1999-2005.     

Caste discrimination in the Indian urban labour market: An econometric analysis

This paper uses Degree Holders and Technical Personnel Survey of India to examine the wage gap between Non-Scheduled Castes/Tribes(NSC) and Scheduled Castes/Tribes(SC/ST). Separate wage equations, corrected for selection bias, are estimated for NSC and SC/ST. The parameter estimates of the wage equations were decomposed into ‘endowment’ and ‘treatment’ components using the familiar Oaxaca Decomposition Method. A separate account was also made to analyze the interaction between occupational attainment and the wage differential using the extended decomposition method. The main conclusion from the econometric results are: (a) the endowment difference is higher and discrimination causes 15 per cent lower wages for SC/ST as compared to NSC; (b) the discrimination coefficient is negative in the public sector whereas it is positive in the private sector; (c) intraoccupational wage effects dominate. The higher endowment difference in developing countries like India implies that the pre-market discriminatory practice with respect to education, health and nutrition are more crucial than labour market discrimination. (JEL: J3)     

政府行为的政治经济学分析 --基于市场规制视角的考察

政府行为作为现代经济过程变迁的内生要素,影响经济运行绩效,对强政府色彩的发展中国家尤其如此。本文结合政治学与经济学原理,对政府行为展开成本-收益分析,并基于市场规制视角考察政府行为的合理性,对市场经济条件下政府行为规范进行匡定,为深化经济改革提供有效的政治保障。     

Why rural Russians participate in the land market: socio-economic factors

The existing literature does not provide a theoretical basis for understanding why Russians participate in the land market. Based upon a survey of 800 rural households in five Russian regions, this article analyses three variable clusters which act as the independent variable: structural factors, capital factors and labour factors. Statistical analysis is performed to test which of the independent variables best explain participation in the land market. The analysis has policy implications as Russia searches for a way to transform its land relations.     

The labour market and the distribution of earnings: an empirical analysis for Italy

Using four waves of data from the Participation Labour Unemployment Survey, a database of information on the Italian labour market supply, we address the question of earnings dispersion by applying a ‘nested’ decomposition procedure of the Theil inequality measure, which combines into a unified framework the standard decompositions by population subgroups and income sources. The empirical evidence obtained points to the key role played by the self-employees in shaping labour income inequality, especially at the upper extreme of the earnings distribution, and the emergence of non-standard forms of employment as an important feature of the contemporary workplace.     

企业战略联盟的市场绩效分析

从产业经济学的角度看,任何一种正式或非正式的经济组织,其市场绩效都存在一定的差异,导致市场绩效降低的企业行为或组织形式必然受到政府的管制。例如,垄断和串谋在市场经济国家都被视为不正当的竞争行为,政府将用法律手段对其进行规制。企业战略联盟作为一种企业间合作组织,它与垄断和串谋究竟有何本质区别?政府是否应该用法律手段进行规制?要回答这些问题,则必须从市场绩效的角度对其进行评价。