市场结构如何影响R&D投入?——基于中国制造业行业面板数据的实证分析

熊彼特假说与新古典学派在"垄断(竞争)程度影响创新"的研究领域形成经典争论,对此进行的大量研究仍没有形成统一结论.本文在对已有实证研究的评述基础上,重新探讨了实证方法论,并基于中国制造业行业的面板数据进行了实证检验.实证结果表明,以勒纳指数表示的行业市场竞争与创新投入之间确呈倒U型关系,而行业中的外资比重比国有比重更能反映创新投入的差异,文章认为这能从中国的制度变迁中找到解释.对于"技术机会"的衡量,本文设计的固定资产项并没有起到足够的作用,相反,行业个体效应更能与其进行对应.     

进口中间品质量与企业生产率:基于中国制造业企业的研究

文章基于2000-2006年中国工业企业数据和海关贸易数据,测算了进口中间品质量和企业全要素生产率,并深入分析了进口中间品产品质量对中国制造业企业全要素生产率的影响。多种计量方法的分析结果表明:进口中间品产品质量显著促进了企业生产率的提升。异质性分析的结果表明,进口中间品产品质量对加工贸易企业、外资企业的生产率提升作用显著大于其他贸易方式和所有制类型的企业;不管企业是从非OECD国家进口,还是从OECD国家进口,中间品产品质量的提升都可促进企业生产率的提高;相比高质量的进口中间品,低质量的进口中间品不能提高企业的生产率。进一步的分位数回归结果表明,相比高生产率企业,低生产率企业能够从进口中间品质量中获益更多,全面提高进口中间品质量可以自动地缩小企业间生产率水平的差距。     

Effects of Imported Intermediate Varieties on Plant Total Factor Productivity and Product Switching: Evidence from Korean Manufacturing

By utilizing previously unexplored plant–product data on Korean manufacturing, and detailed import data for 1991–1998, this paper empirically investigates whether greater access to imported intermediate varieties enhanced plant total factor productivity and product‐switching behavior. First, consistent with previous empirical studies, we find that a plant that belonged to industries with higher imported intermediate variety growth experienced higher productivity growth. Second, our empirical results suggest that increased imported intermediate varieties stimulated the product‐switching behavior of domestic plants. Because product‐switching behavior (i.e. simultaneously adding and dropping products) could be understood as a part of the continual process of ‘creative destruction’ within plants, our results imply that imported intermediate variety growth may be one of the channels through which resource reallocation within plants can be promoted.     

The effects of regional trade agreements on FDI by its origin and type: Evidence from U.S. multinational enterprises activities

The effects of regional trade agreements (RTAs) on foreign direct investment (FDI) depend on both the origin and type of FDI. To estimate the various effects of RTAs, I differentiate between various types of FDI by using data on the sales destinations of foreign subsidiaries of U.S. multinational enterprises (MNEs), while also addressing the endogeneity of RTA formation. Consistent with the theory of MNEs, I find that RTAs reduce horizontal FDI from intra-RTA countries and increase export-platform and total FDI from extra-RTA countries. Moreover, the overall effects of RTAs are positive for extra-RTA FDI, but inconclusive for intra-RTA FDI. The results also support the effect of integrated markets’ economies of scale in inducing extra-RTA FDI.     

The Output Effects of Money Growth Uncertainty: Evidence from a Multivariate GARCH-in-Mean VAR

In this paper we extend the work in Serletis and Shahmoradi (Macroecon Dyn 10:652–666, 2006) by investigating the effects of money growth uncertainty on real economic activity, in the context of a multivariate framework in which a structural vector autoregression is modified to accommodate multivariate GARCH-in-Mean errors, as in Elder (J Money, Credit Bank 36:912–928, 2004). The model uses a recursive identification scheme, takes into account the possible interaction between conditional means and variances, isolates the effects of money growth volatility on output growth, and is able to explicitly model heteroskedasticity. We use quarterly data for the United States over the period from 1959:1 to 2005:4, provide a comparison among simple-sum, Divisia, and currency equivalent monetary aggregation procedures at each of the four levels of monetary aggregation—M1, M2, M3, and MZM—and find evidence that money growth volatility has significant negative effects on output growth. Issues of structural stability are addressed and sub-sample analysis is performed. Moreover, the robustness of the results to alternative identification schemes, alternative measures of the level of economic activity, and to the use of monthly observations is also investigated.     

Self-Selection and Post-Entry Effects of Exports: Evidence from Italian Manufacturing Firms

Our paper adds empirical evidence on the causal effects of exporting on firms’ performances. Using a rich database on Italian manufacturing firms, we test the self-selection and the post-entry effects hypotheses with respect to various firms’ characteristics. Our analysis supports the idea that the superior performance of the exporters is due not only to a market selection mechanism, but also to efficiency improvements following the export activity. We find heterogeneous post-entry effects with respect to characteristics as geographical location, size and sector. To test the post-entry hypothesis we implement the propensity score matching and differences-in-differences techniques. JEL no.  D24, F14, O31     

环境规制对产业转移的影响——来自新建制造业企业选址的证据

利用城市一级数据,本文运用泊松模型考察了环境规制对中国新建制造业企业选址的影响,基于增量变化的视角考察了环境规制对产业转移的影响。本文的实证研究结果显示,总体上看,在全国范围内环境规制对新建企业的迁入具有显著的约束作用,环境约束越放松的地方越容易吸引污染型企业,即存在“污染避难所”效应。通过对东中西三个地区进行的比较研究,本文进一步发现,“污染避难所”效应无论是在东部地区内部,还是在东部地区和中西部地区之间都十分显著,环境规制对新建企业的迁入有显著的约束作用;但是在中西部地区内部则没有显著的表现。以上结果表明,“污染避难所”效应呈现一定的梯度特征。     

The Role of the Efficiency Gap for Spillovers from FDI: Evidence from the UK Electronics and Engineering Sectors

This paper focuses on the role of the efficiency gap in determining whether or not domestic firms benefit from productivity spillovers from FDI. We use establishment level data for the period 1980–1992 for the UK. Given that there is substantial heterogeneity of productivity across sectors we focus on two manufacturing sectors in detail, namely, electronics and engineering. We allow for different effects of FDI on establishments located at different quantiles of the productivity distribution by using conditional quantile regression. Overall, while there is some heterogeneity in results across sectors and quantiles, our findings clearly suggest that the efficiency gap matters for productivity spillover benefits. We find evidence for a u-shaped relationship between productivity growth and FDI interacted with the efficiency gap. We also analyse in some detail the impact of changes in relative efficiency on establishments’ ability to benefit from spillovers.     

The Invisible Hand of Rain in Spending: Effect of Rainfall‐Driven Agricultural Income on Per Capita Expenditure in Ghana

This paper uses a nationally representative household pseudo‐panel dataset for Ghana, a rain‐fed agriculture economy, to investigate whether there is a positive relationship between rainfall‐driven agricultural income and household per capita expenditure. By using the Two Stage Least Squares Instrumental Variable (2SLS‐IV) estimator, it is found that a fall in rainfall‐driven agricultural income leads to a decrease in per capita expenditure. The results show that the gender and the locality of the household head matter in the response of per capita expenditures to rainfall‐driven agricultural income. Female‐headed and rural households are more vulnerable to rainfall‐driven agricultural income changes. The expenditure disaggregation indicates that female‐headed households significantly reduce per capita non‐food expenditure in times of rainfall‐induced agricultural income decrease whilst the response of male‐headed households focuses more on reducing per capita food and remittance expenditures.     

大股东制衡机制与现金股利的隧道效应--来自1999-2003年中国上市公司的证据

鉴于公司的财务行为受到公司治理因素的影响,本文从公司治理的角度,基于国内外的相关研究提出六个研究假设,然后构建回归模型,依据1999年—2003年中国上市公司数据进行假设检验,具体探讨前五大股东持股比例以及在此基础上大股东之间的监督制衡机制对于上市公司派发现金股利的影响,研究因为我国股市“同股同权不同价”的特殊现象而导致的现金股利的“隧道效应”,探索其中的影响机制和制衡机制。研究显示,前五大股东的持股比例、大股东控制力(或联合控制力)、大股东制衡度(或联合制衡度)对派发现金股利的“隧道效应”存在重要影响。本文最后给出五点建议,试图限制控股股东通过现金股利的“隧道效应”谋取私利,以保护中小股东的正当权益。