论公司融资中“债”与“股”的区分——以名股实债为中心

名股实债是当前公司企业融资中的一种特殊安排。其本质是借助股权投资的外衣来掩盖债权融资的经济实质。名股实债出现的原因是当前我国对于公司融资监管较严,非公众公司缺乏股权融资渠道,授信额度也不能满足企业发展需要。投资方也需要借助股权投资的名目来突破市场壁垒、预防金融违约风险。对于名股实债,在司法认定上应当报以一种接受、尊重的态度,从当事人之间的意思表示出发,探求当事人之间融资安排的经济实质。但是在如破产清算等设计外部第三人场合中也应当采取外观主义,保护善意第三人。     

欧债危机背景下拓展中国对欧盟投资策略研究

进一步扩大对外直接投资已成为我国经济发展的必然选择。欧盟是我国第四大境外直接投资目的地,但我国对欧盟直接投资金额仅略超过全国境外直接投资总额的3%,尚有很大增长潜力。欧元区主权债务危机的爆发,使国际政治经济格局发生深刻演变,更为我国扩大对欧盟投资提供了新的视野和机遇。     

Effect of bilateral and multilateral concessional debts on public investment in Africa: A contingency analysis

The purpose of this paper is to evaluate the relative influence of bilateral and multilateral concessional debts on public investment in 32 sub-Saharan African countries over the period 1985–2020. Dynamic panel autoregressive distributed lag models comprising the mean group, pooled mean group and dynamic fixed effect estimators were employed in our model estimations. The results revealed that bilateral and multilateral concessional debts had a long-run positive and significant effect on public investment. The findings indicated that a 1% change in bilateral and multilateral concessional debt was associated with 8.6 and 11.3% increases in public investment, respectively. While the short-run influence of bilateral concessional debts was significantly positive, multilateral concessional debts had a short-run positive but insignificant effect on public investment. It is discovered that institutional quality is associated with declines in public investment. The contingency analysis shows that institutional quality explains a lot about how well bilateral and multilateral concessional debts drive public investment. The evidence suggests that poor institutional quality is more likely to undermine the effectiveness of bilateral concessional debts on productive investment than multilateral concessional debts.     

科技创新管理与经济发展作用研究

科技创新是区域经济发展的动力,基于31个省市2014-2018年面板数据,构建PCSE回归模型,实证分析科技创新投入与产出与经济发展的关系。结果表明科研经费投入与高新技术产业国内市场产出对经济发展具有正向显著效果,科学研究人员与投入生产的新产品国内市场销售效果不显著。鉴于此,在当前的科技创新与经济新常态下,吸引优质人才,提高科技创新的质量输出,同时促进高新技术产业发展,将科学研究落实到基础产品,推动经济协调发展。     

长江经济带区域创新能力影响因素比较分析

运用灰色关联度模型,从经济发展、创新投入、创新环境以及技术转化四个方面分析对经济带11省市创新能力的影响程度。实证结果表明：从整体上看,影响长江经济带区域创新能力的主要因素是经济发展、研发投入以及技术转化,次要因素是创新环境。基于地区差异性,制定政策措施,对于提升长江经济带区域创新能力显的尤为重要。     

Effectiveness of the strategy and regional risks of creating the East Siberian Oil and gas Complex

The paper gives a systematic presentation of major risks at the pioneering stage of creating the East-Siberian Oil and gas Complex (ESOGC). It also estimates probable consequences of these risks for socioeconomic development of the regions. To assess regional risks, we have used the traditional method of analyzing regional development scenarios under different corporate business strategies. The latter are presented as a set of investment projects and intentions as well as constraints and preferences of the state represented by constituent entities of the Russian Federation. Economic effects in the ESOGC regions are analyzed by growth indicators of the region’s GRP and revenues of the regional and local budgets.     

安徽省区域投资环境评价指标体系研究

区域投资的发展受区域内政策、法律、经济发展水平、市场发育状况、中介服务体系的完善程度、科技文化等多方面的影响。本文在对这些因素进行分析的基础上,针对安徽省实际,建立了一套安徽省区域投资环境评价指标体系及投资环境模型,并采用模糊综合评价方法对2010年安徽省17个地市的投资环境进行评价。     

Density,distance and debt: New-town construction and local-government financial risks in China

The local governments in China have borrowed a lot of debts in the past ten years. In recent years, local governments have been under increasing pressure to repay debts. By matching panel data for city-level urban construction and investment bonds (UCIBs) with hand-collected new-town construction panel data, this study found that new-town construction has partly accounted for UCIB issuance, especially since 2009. Firstly, the new-town construction presented a trend that the distance away from the city center increases and planned population density decreases over time, which may end up with lowering efficiency of new towns. Secondly, the number and planned area of new towns in inland regions far exceeds that in coastal regions, while the scales of UCIBs are also larger in inland cities than in coastal cities, along with relatively higher interest rates. We argue that the inland-favoring land supply policies and local government political competition are the main driving forces behind this phenomenon. Thirdly, while local governments built new towns increasingly by borrowing, the return to investment is declining over time both in coastal and inland regions. We argue that without fully understanding the importance of population density and distance to downtown in urban economic development, new-town construction using land financing can lead to inefficient urbanization in China, which is not financially sustainable, especially for small and inland cities.     

Structural and investment policy as an instrument for modernizing the Russian economy

The article considers the current situation of the structural and technological imbalance in the Russian economy, as well as the nonproportional distribution of the factors of production and financial resources. The need for structural reforms in industrial production and income generation has been shown. The author discusses priorities of structural and investment policy, direction of new technological breakthrough in the long-term national strategy of entering international technological space. Special features of development of key economic sectors have been analyzed. In conclusion, quantitative estimates of economic dynamics in the long term up to 2035 have been given, which are predetermined by implementation of planned measures of structural and investment policy that provides potential for GDP growth until 2035 at a rate of no less than 3.5% on average per year.     

新疆R＆D投入对经济增长影响的实证研究

本文运用协整分析和误差修正模型对新疆R＆D投入与经济增长之间的关系进行了实证分析。结果显示：新疆的R＆D投入与经济增长之间存在长期稳定的动态均衡关系,尽管新疆的R＆D投入对经济增长起到了一定的促进作用,但这种促进作用的长期效果不明显,对经济增长的拉动作用没有充分发挥出来;经济增长与资本投入、劳动投入及R＆D投入之间的长期均衡关系对当期非均衡状态调整的能力较强。为此,应加大科技创新投入力度,促进新疆经济快速发展。     

创新驱动发展战略下长三角研究型高校科技创新效率及影响因素

研究型高校是国家和区域科技创新及经济高质量发展的重要决定力量。在创新驱动发展战略和长三角高质量发展背景下，基于知识生产函数和绩效评价理论，采用DEA-Malmquist模型测算2012—2018年长三角地区研究型高校科技创新静态和动态效率，并运用面板Tobit模型探究高校科技创新效率的影响因素。研究表明，长三角地区研究型高校整体科技创新效率不高，但全要素生产率整体呈上升趋势，Malmquist指数年均值1.033大于1；政府支持、人力投入和成果授奖等因素与高校科技创新效率正相关但不显著，科技项目与高校科技创新效率呈显著正相关。据此，从打造高水平科技创新团队、完善拔尖人才培育机制、重视成果授奖的精神激励作用、优化创新投入结构等方面，给出提升科技创新效率的政策建议。     

OFDI逆向技术溢出对广东省企业自主创新的影响

创新是促进广东省经济高质量发展的必备条件.但是依目前情况来看,广东省在高端与核心技术方面对外的依赖程度仍然很大,技术创新的效率与自主创新的能力依然比较低.对外直接投资作为获取国际前沿科技成果的主要途径之一,对广东省经济增长与技术进步具有重要意义.从OFDI逆向技术溢出效应的主要影响因素入手,对广东省OFDI对外直接投资的特点进行总结,分析广东省企业自主创新能力提升存在的困境,提出广东省企业自主创新能力提高的对策与建议.     

不同类型对外投资的经济及金融风险分析

文章针对不同类型对外投资对新兴市场经济体经济金融风险的影响展开系统研究。实证分析结果支持理论模型的推论,对外直接投资及非FDI投资的流出会引致国内金融不稳定程度的显著上升;对外直接投资会导致国内实体经济的不稳定,且随着一国金融发展程度的提高,其边际影响会随之上升,但增加外汇储备在广义货币中的占比会降低国内实体经济的风险;若对外非FDI的投资收益出现大幅亏损,实体经济增长就会出现波动。理论模型的推论进一步提示,无论源自投资母国还是对象国的数量型对外直接投资资本管制,都非但不能消除或减轻金融和实体经济的不稳定程度,而且会增加发生危机的可能性。     

创新型经济对高新区发展的影响及其应对策略

转变经济发展方式是我国经济发展的重要任务,经济发展必须由依靠要素驱动、投资驱动的传统经济转向以创新驱动为动力的创新型经济。创新型经济的发展要求高新区必须进一步提高自主创新能力、增强科技创新与经济发展的带动力和辐射力以及突破原有的发展模式。文章认为,高新区的当务之急是要树立科学的创新型经济发展理念;明确产业发展方向,推进产业创新,构建现代产业体系;创新发展模式,增强创新型经济发展的内生动力。     

Scenario of the socioeconomic development of Russian regions up to 2030 in light of large-scale investment projects implemented in the regions

This paper presents a scenario of Russia’s socioeconomic development formed as part of macroeconomic forecasts by the Ministry of Economic Development of Russia based on the developed method. Trends in the regional and industrial structure of the national economy have been analyzed. The influence of prospective large-scale investment projects on the economic development of Russia and its regions has been evaluated.     

Understanding the investment of renewable energy firms in the face of economic policy uncertainty – Micro-evidence from listed companies in China

With the development of renewable energy, the current support for China's renewable energy industry has gradually shifted from “helping its development and expansion” to “helping it resists systemic risks and strengthens market competition”. Therefore, there is an urgent need to study how the strategic investment of renewable energy companies is affected by economic policy uncertainty. This paper first robustly explores the non-linear relationship between strategic investment and economic policy uncertainty of Chinese renewable energy enterprises. Then from the three perspectives of the relationship between the government and renewable energy enterprises, the characteristics of renewable energy enterprises, the response of the product market and financial market to renewable energy, this paper innovatively explores how different dimensions will adjust the non-linear relationship between strategic investment of renewable energy enterprises and economic policy uncertainty. The analysis in this paper closely relies on the characteristics of the renewable energy industry at this stage, so our conclusion can provide a reference for the government to formulate the development plan of renewable energy enterprises scientifically and prudently.     

FDI对我国城乡居民收入差距影响的实证分析

外商直接投资,即FDI,对于促进我国经济发展、经济技术水平的提升有着非常显著的作用。本文以我国大陆1993～2008年期间时间序列数据作为研究样本,实证分析了外商直接投资对我国城乡居民收入差距的具体影响,扩大了中国的城乡收入差距。     

科技创新对推动产业发展的实证研究——基于“十三五”时期省级面板数据

科技创新是现代产业发展的内在逻辑,是促进经济高质量发展的有力支撑。基于“十三五”时期中国省级面板数据,对科技创新各要素对产业发展的影响进行分析。结果表明,科技创新对产业发展总体具有推动作用,但各创新因素影响差异较大,其中科研经费投入、政府宏观调控、知识产权对产业发展有显著正向影响,高校人才资源、技术交易市场活力没有显著影响。根据研究结果,提出了“十四五”时期科技创新促进产业发展的相关建议。     

操作定位、经济效应与创业板市场的困境摆脱

创业板市场发展有利于完善中国资本市场体系,促进科技创新,加快经济结构调整,对于实现"十二五"时期经济社会发展目标具有重大意义。推动中国创业板市场的发展应从扩大内需、完善风险投资机制、重视高新技术产业发展和加强市场监管等方面着手。     

中国能源企业“走出去”的非商业风险及对策——以国际法为视角

能源企业海外投资是中国经济发展的战略选择。在这一战略的实施过程中,必将遭遇东道国的各种政治风险。中国政府及能源投资企业应依据国际法的相关规定规避风险,保护投资利益,确保国家能源安全战略的实现。