Investment and the rate of profit in a financial context: the French case

The growth regime prevailing in France since the middle of the 1980s allowed for a recovery of profitability, yet without durable resumption of growth or accumulation of fixed capital. The financialization of this growth regime shows on both the asset and liability sides of the balance sheets. Following a post‐Keynesian framework, we analyse and test the main determinants of real investment and financial capital accumulation for non‐financial companies in France, based on data from the flow‐of‐funds accounts. This analysis points to an arbitrage, prevailing between real and financial accumulation, as a key reason explaining the insufficient recovery of investment.     

论项目投资评价中的时间风险值效应及其选择

基于现行现金流折现的项目投资评价的有效性取决于对项目现金流量预测的正确性,而项目现金流量具有预测发生的时间越遥远,现金流量不确定性的程度越大但又趋于相对稳定的特征.从这一特征出发,本文引入时间风险值进行折现调整这种系统可循的方法来解决在投资评价时难以预计的项目现金流量未来的不确定性问题,从而使不确定性条件下的项目投资评价更具有客观性.     

我国利率市场化改革的难点及对策分析

利率市场化是金融市场实现资源合理配置的重要内容，是加强金融间接调控的关键，对于推进建立现代企业制度及改革其他相关制度，优化资金配置、调整国民经济结构都具有极其重要的作用。近些年来，我国的利率市场化水平有了很大的提高，利率机制时市场的导向作用也在不断加大。结合利率市场化改革的进程，深入细致地分析并制定出行之有效的应对之策，对于我国利率市场化改革的进一步深化无疑具有积极的推动作用。     

A strategic performance measurement system for firms across supply and demand chains on the analogy of ecological succession

To answer the call for a new business that integrates economic, biological and human systems, this paper develops a strategic performance measurement system (SPMS) for firms across supply and demand chains (SDC) by analogy with ecological succession. Based on the explanation that SDC can be viewed as community, it develops SDC (monetary value) structure by analogy with community (trophic) structure. As energy flow in ecology follows the first and second laws of thermodynamics, monetary value flow in business follows two laws that are similar to the laws of thermodynamics. Based on these laws, as well as throughput accounting and traditional cost accounting, it puts forward a general monetary value flow model in SDC (i.e. in demand chain and in supply chain respectively). Based on the value flow model in SDC, it conceives an SDC evolution model with a case study on the maturity of Toyota Motor Corporation. Based on these two models, it develops an SPMS for firms across SDC with procedural and structural frameworks. The discussion about monetary value flows in business from nature to the final consumers or converse gives a chance to coordinate business with nature. The SPMS that rationally integrates effective evaluation of tiers in SDC and practical product development plans in firm will help firms create a sustainable commerce (e.g. product–service system).     

税务代理制度建构与税收通则法条文设计

税务代理涉及纳税主体权利保护、征税主体的行政效率以及一国税制的有效运行和完善,我国《税收基本法（税收通则法）》应该对其加以规范,学者对此也有不同建言。文章通过对税务代理制度建构的法理分析,对照典型国家税务代理立法例,分析了我国现有税务代理制度运行中存在的主要矛盾和问题,提出了完善我国税务代理制度的建议,并拟订了《税收基本法（税收通则法）》有关税务代理的具体条款。     

区域创新系统中政府投入对经济增长作用的定量研究

基于R．M Solow余值理论思想，从理论上构建了区域政府投入对经济增长作用的数学模型，为定量评价政府在区域创新系统中的作用提供了理论依据。并以河北省为例作了进一步的分析。     

Import Contents of Final Expenditures in the United States

This paper applies the Kennedy and Thirlwall method of input-output formulation to study the differential import effect of final expenditures in the U.S. Import contents of consumption, investment, and government expenditures as calculated for 1958, 1963, 1967, 1972, 1977, 1981, and 1984. It also separates import effects of trade expansion, changes in the competitive position, shifts in the level of final demands and changes in the structure of final demands. It is found that the import fractions of the four final expenditures differ substantially, resulting in different income multipliers. [410]     

The bumpy road of biomass gasification in the Netherlands: Explaining the rise and fall of an emerging innovation system

In this paper, the concept of System Functions of Innovation Systems is applied to provide an explanation of the success or failure of an emerging technology, i.e. biomass gasification, with empirical data on the evolution of this technology in the Netherlands during 1980-2004. A new list of System Functions has been developed lately and is used to identify the most relevant events in the evolution of the Biomass Gasification Innovation System. We show that a structural misalignment occurred between the institutional framework within which the technology could have been developed and the technical requirements of the technology. Finally, the absence of System Functions such as the guidance of the search, resource allocation and advocacy coalition explains the failure of this technology over time.     

Why firm size matters: investigating the drivers of innovation and economic performance in New Zealand using the Business Operations Survey

The performance of the New Zealand (NZ) economy is something of an enigma. Although ranked one (of 144 countries) for four important ‘growth fundamentals’ NZ is ‘middle of the pack’ when it comes to economic growth, productivity and process innovation. Using four iterations (2005, 2007, 2009 and 2011) of the Business Operations Survey, this research seeks to shed some new light on this conundrum by using a multivariate probit regression (mvprobit) approach applied to pooled samples in excess of 22,000 unit record observations of NZ firms. The results suggest that factors including firm size, high perceived quality, investment/research and development (R&D) capability, major technology change, application of formal IP protection and new export markets are systematically and positively related to innovation; while many external issues, such as those related to geography, market structure, business environment, have little influence. At the firm level, innovations in NZ are highly dependent on the firms’ internal ability to develop new technologies and market demand. The (very small) size of firms does matter in NZ, which lacks a major ‘home market’ or a major trade block on its doorstep, such that ultimately, government may need to be involved to maintain a viable scale for domestic R&D.     

南京市公众对长江水质改善的支付意愿及支付方式的调查

本文以南京市为例．利用支付卡式的条件价值评估（OVM）技术．通过发放调查问卷及访谈的形式对公众改善长江水质的支付意愿进行了深入研究。结果表明：（1）南京市居民对长江水质恢复的户均年支付意愿为100．66元．76．5％的受访者的支付意愿大于零，8．4％的受访问者虽有支付意愿但限于低经济收入原因支付意愿为零．15.1％的受访者拒绝支付；（2）影响居民支付意愿的主要因素包括家庭收入、环境意识及文化程度；（3）南京市居民偏爱的支付方式依次为捐款、交税、存取基金方式及提高水价．水价上涨并不是面向公众筹集长江水质改善资金的唯一有效方式。根据调查结果，本文认为增加收入，提高水环境保护意识．引入“谁收益、谁支付”观点是提高居民支付意愿的有效途径。     

Continuity and change: Mapping the community of economists in Greece (1944 to 1967)

Abstract

This paper combines quantitative, biographical and qualitative data to trace out the structure and dynamics of Greece's post-war community of economists, and explore its implications for the country's economic discourse. Greek economics was a state-centred profession whose fate was intertwined with that of the post-war developmental state apparatus. Most economists were employed in universities, the civil service or banking, with substantial interpenetration between branches. This configuration of professional constituencies, in conjunction with the structural features of each institution, conditioned the form and content of economic discourse. Professional and ideological cohesion went hand in hand, whilst substantial degrees of vertical and horizontal control by senior members further fostered consensus and increased professional sclerosis. Nevertheless, evidence from a new database of economic journal publications suggests that a substantial realignment took place in the late 1950s and 1960s, as a younger generation of scholars – most of them educated in the post-war UK/US, and affiliated with the newly established Centre for Planning and Economic Research – entered the scene.     

Study on the causes and countermeasures for the dislocation of industrial structure in Three Gorges Region

1. IntroductionIndustrial structure theory, including the forma-tion and development theory of industrial structure,industrial linkage theory, industrial layout theory andso on, mainly studies the composing structure ofindustry, the connection between industries and theconnection between various industries and the wholeeconomy in a certain economy system[1]. Throughstudying the history, status quo and future of in-dustrial structure, it reveals the general trend of theindustrial structure evol…     

东亚企业间组织与我国中小企业组织创新--理论述评和一个基于文化的解释框架

本文旨在对东亚发达地区的企业间组织进行研究。为此,本文扫描了有关内生企业间组织的纵横一体化结构研究,分析了均衡中可以出现多种企业间组织结构的各种解释理论。在此基础上提出不同的地域或亚文化因素对不同的企业间组织结构产生影响的机理,提出了我国中小企业的网络型拓扑结构可能产生于华人文化背景的论点,以及东亚企业发展模式对我国中小企业改进网络组织效率、进行组织创新的启示性建议。     

Assessing the impact of nocturia on health-related quality-of-life and utility: results of an observational survey in adults

Background and aim: The impact of nocturia (getting up at night to void) on health-related quality-of-life (HRQoL) is often under-estimated. This study investigated the relative burden in terms of HRQoL and utilities of nocturia in a real-world setting.

Methods: Patient data were collected from two surveys: a nocturia-specific, cross-sectional survey of physicians and their patients (DSP), and a general UK population health survey (HSFE). Utilities (EQ-5D-5L), productivity (Work Productivity and Activity Index), and the impact of nocturia symptoms (Nocturia Impact Diary and Overactive Bladder Questionnaires) were assessed against the number of voids. A robust linear regression model with propensity score weights was used to control for confounding factors in estimating utilities.

Results: Physician-recorded data were available from 8,738 patients across the US, Germany, Spain, France, and the UK; of these, 5,335 (61%) included patient-reported outcomes. In total, 6,302 controls were drawn from the two surveys and compared to 1,104 nocturia patients. Deterioration of HRQoL was associated with increasing number of night-time voids (p?p?p?Limitations: The cause of nocturia is multifactorial and the mostly elderly patients may have several concomitant diseases. The authors tried to adjust for the most common ones, but there may be diseases or unknown relationships not included.

Conclusions: Nocturia negatively affected HRQoL and patient utility. A clear effect is seen already at two voids per night. Every effort should, therefore, be made to reduce nocturia below the bother threshold of two voids per night.     

古代惠州西湖核心区域建筑群的 “相地”“立基”研究

依据古代文献对惠州西湖核心区域建筑布局复原的 基础上，借用《园冶》“相地”“立基”之说，并结合实测数 据探讨了主要建筑的选址、造景意图和自然山水条件之间的联 系。提出古代惠州西湖建筑的选址布局并非简单的空间布置， 而是融合古典造园理念、宏观山形地势走向及风水思想，最终 形成具有较深刻、丰富的内涵，并符合传统山水审美的规划设 计。通过古惠州西湖为个案探索中国古代大尺度景观的“民族 特色”。     

Estimated burden of cardiovascular disease and value-based price range for evolocumab in a high-risk,secondary-prevention population in the US payer context

Aim: To estimate real-world cardiovascular disease (CVD) burden and value-based price range of evolocumab for a US-context, high-risk, secondary-prevention population.

Materials and methods: Burden of CVD was assessed using the UK-based Clinical Practice Research Datalink (CPRD) in order to capture complete CV burden including CV mortality. Patients on standard of care (SOC; high-intensity statins) in CPRD were selected based on eligibility criteria of FOURIER, a phase 3 CV outcomes trial of evolocumab, and categorized into four cohorts: high-risk prevalent atherosclerotic CVD (ASCVD) cohort (n?=?1448), acute coronary syndrome (ACS) (n?=?602), ischemic stroke (IS) (n?=?151), and heart failure (HF) (n?=?291) incident cohorts. The value-based price range for evolocumab was assessed using a previously published economic model. The model incorporated CPRD CV event rates and considered CV event reduction rate ratios per 1?mmol/L reduction in low-density lipoprotein-cholesterol (LDL-C) from a meta-analysis of statin trials by the Cholesterol Treatment Trialists Collaboration (CTTC), i.e. CTTC relationship.

Results: Multiple-event rates of composite CV events (ACS, IS, or coronary revascularization) per 100 patient-years were 12.3 for the high-risk prevalent ASCVD cohort, and 25.7, 13.3, and 23.3, respectively, for incident ACS, IS, and HF cohorts. Approximately one-half (42%) of the high-risk ASCVD patients with a new CV event during follow-up had a subsequent CV event. Combining these real-world event rates and the CTTC relationship in the economic model, the value-based price range (credible interval) under a willingness-to-pay threshold of $150,000/quality-adjusted life-year gained for evolocumab was $11,990 ($9,341–$14,833) to $16,856 ($12,903–$20,678) in ASCVD patients with baseline LDL-C levels ≥70?mg/dL and ≥100?mg/dL, respectively.

Conclusion: Real-world CVD burden is substantial. Using the observed CVD burden in CPRD and the CTTC relationship, the cost-effectiveness analysis showed that, accounting for uncertainties, the expected value-based price for evolocumab is higher than its current annual cost, as long as the payer discount off list price is greater than 20%.     

我国高校科研“投入产出最小化”现象成因与对策研究

高校虽是我国三大科研主体之一,但其科研活动却广受诟病。在已有研究的基础上,深入分析我国高校科技成果转化率较低的主客观原因,发现高校科研系统存在着“投入产出最大化”悖论。基于“外部性”与“零和博弈”等经典理论,提出了“投入产出最小化”概念。根据“投入产出最小化”现象的本质和成因,从强化激励、加强监管、改善环境3个方面提出了系统性对策与建议。“投入产出最小化”现象的提出,为分析当前高校科研活动绩效提供了新的研究视角,对相关问题的进一步探讨具有借鉴意义。     

US budget impact of increased payer adoption of the Flexitouch advanced pneumatic compression device in lymphedema patients with advanced chronic venous insufficiency and multiple infections

Aims: To assess the budget impact to a US commercial health plan of providing access to the Flexitouch (FLX) advanced pneumatic compression device (Tactile Medical) to lymphedema (LE) patients with either comorbid chronic venous insufficiency (CVI) or frequent infections.

Methods: Budget impact was calculated over 2 years for a hypothetical US payer with 10-million commercial members. Model inputs were derived from published sources and from a case-matched analysis of Blue Health Intelligence (BHI) claims data for the years 2012–2016. To calculate the budget impact, the Status Quo budget (i.e. total cost for LE and sequelae-related medical treatment) was compared to the budget under each of three Alternate Payer Policy scenarios which assumed that a sub-set of patients was redistributed from their initial treatment groups to a group that received FLX. Model outputs included cumulative payer costs, net budget impact, and breakeven point. Sensitivity analyses were performed to assess the impact of model inputs on results.

Results: Increasing access to FLX yielded a favorable budget impact in every scenario. For LE patients with comorbid CVI, the three alternate scenarios resulted in cumulative 2-year budget impacts of –$52,841, –$173,317, and –$375,601, respectively. For LE patients with comorbid frequent infections, the three alternate scenarios resulted in cumulative 2-year budget impacts of –$192,729, –$259,339, and –$613,179, respectively.

Limitations: Use of claims data assumes accurate coding and does not allow one to control for disease severity or treatment adherence. Also, the distribution of patients between treatment arms was determined using claims data from a specific payer organization, and could differ for health plans with different coverage policies.

Conclusions: While previous studies have illustrated cost savings with adoption of FLX, US commercial health plans may also achieve tangible cost savings by expanding access to FLX for LE patients with comorbid CVI and multiple infections.     

聚集效应、劳动力市场分割与城市增长机制的重构--转轨时期我国农村劳动力转移的一个新古典模型的拓展

文章从经济中的劳动力市场存在着异质性、部门经济增长存在着聚集效应以及农村劳动力收入分配服从平均主义原则的假设出发,构建了一个解释二元经济城市增长机制的拓展的新古典一般均衡模型,并据此对我国现阶段城市化进程的基本规律及未来的演变进行了深入分析。文章认为,我国城市化过程的基本表现形式是农村劳动力向城市的转移,而这种转移将在城市正规部门与非正规部门两个不同的层次上同时进行。在一段时期内,城市正规部门的发展将决定农村中高素质劳动力的转移速度,而城市非正规部门的发展则决定了农村中低素质劳动力的转移速度。但从长期看,城市化进程的速度将取决于城市正规部门和非正规部门中具有聚集效应的那一部分经济的发展速度,而且更有意义的是,具有聚集效应的城市非正规部门的发展还将在极大程度上影响我国农村高素质劳动力向城市的转移和我国城市化层次的提高。