新冠肺炎疫情下逆周期信贷政策效用研究：基于企业资产负债表渠道与银行风险承担渠道视角

文章以对冲COVID-19疫情影响的逆周期信贷政策实施作为“准自然实验”，运用PSM-DID模型，测度逆周期信贷政策对实体企业经营效率的影响(简称“逆周期信贷政策效用”)，考察其企业资产负债表渠道与银行风险承担渠道的微观传导机制及路径，分析逆周期信贷政策效用的异质性。研究发现，逆周期信贷政策的实施显著修复了实体企业的经营效率，并具有随时间动态边际递增特征。同时，该政策具有“双渠道”传导特点，主要通过调节效应路径发挥作用。此外，该逆周期信贷政策效用受到企业性质、行业及区域的异质性影响。文章研究结论不仅拓展了现存文献，也为完善逆周期信贷政策设计和调控机制提供了决策参考依据。     

财政货币政策在宏观调控中的协调配合

在财政政策与货币政策之间存在一些结合部,深入研究这些结合部对于充分发挥财政货币政策作用,减少政策摩擦,具有重要意义。本文认为,我国政府已经能够根据宏观经济形势的需要主动选择适当的政策组合,运用间接手段调节供求关系,并初步建立了适应市场运行机制的宏观调控体系。文章强调,财政货币政策的协调配合一直是宏观调控的核心问题之一,随着我国政府“财政货币双稳健”宏观调控思想的确立,两大政策的协调配合将从以总量调控为主转向以结构或制度配合为主。     

企业政策的调整与政企合作

企业政策是以促进企业发展为目标制定的一系列方针措施,包括发展性的扶植政策与体现公平原则的竞争管理和调节政策。本文认为,在我国经济转型时期,政府面临着均衡两种类型的企业政策,促进国有企业改革发展与多种所有制经济共同发展的艰巨任务;我国应该借鉴西方市场经济国家政府与企业合作的做法,在发展社会主义市场经济过程中,形成有利于促进企业发展和增强综合国力的政府与企业合作关系。     

动态货币政策、投资水平与企业价值波动

我国货币政策松紧交替进行,但鲜有文献探讨宽松与紧缩交替的动态货币政策对企业风险、业绩等产出指标的共同影响作用。本文选取2001年至2012年A股上市公司为样本,将此期间划分为宽松与紧缩四个交替的货币政策时期。研究发现：货币政策宽松期（紧缩期）投资水平越高的企业,在货币政策紧缩期（宽松期）经营业绩下降越大（小）,陷入财务危机的可能性越高（低）,企业价值越低（高）。     

Macro-control Polices on the Real Estate Market: 08 vs. 09

2008 is a year full of policy changes for the real estate market. On the one hand, real estate policies were launched one after another,most frequent in recent years. On the other hand, a major policy shift was emerging, most evident in financial and fiscal policies.Macro-control policies are meant to lunctlon as a [001 ior reverse regulation. When the market is overheated, macro policies are used to cool it down; when the market is down, they are used to stimulate its development. At present, the central government has basically confirmed its stand to help the real estate market out. If the market remains down in near future, more favorable policies will be put in place.     

财富观的演进与对外贸易政策的变迁

本文认为,财富观的不同,即人们对财富内涵、财富来源的理解不同,是导致国家对外贸易政策差异的重要原因。财富观的演变是对外贸易政策演进的基本驱动因素。在某种程度上可以说,一国对外贸易政策演变的历史反映了该国主流财富观演进的轨迹。以生产资源配置全球化、消费全球化和经济制度全球趋同为主旋律的经济全球化是世界经济发展的基本趋势。随着现代信息技术、通讯技术、运输技术的发展,经济全球化还将进一步发展,任何拒绝融入全球经济的国家,其国民福利和财富的增长潜力都将受到很大损失。基于此,国际贸易自由化将继续发展,国际贸易政策在重复博弈的过程中将逐步趋同,但在不同产业间,国际贸易政策趋同的程度将有很大差异。     

Domestic Climate Policies and the WTO

The Kyoto Protocol gives Annex 1 countries considerable flexibility in the choice of domestic policies to meet their emissions commitments. Possible climate policies include carbon/energy taxes, subsidies, energy efficiency standards, eco‐labels, and government procurement policies. In order to meet their targets with minimum adverse effects on their economies, Annex 1 governments with differentiated legal and political systems are highly likely to pursue these policies that may have the potential to bring them into conflict with their WTO obligations. This paper explores the potential interaction between these domestic climate policies and WTO rules. It argues that their potential conflicts can be avoided or at least minimised if WTO rules are carefully scrutinised, and efforts are made early on to ensure that the proposed climate policies comply with them. It suggests an early process of pursuing consultations between WTO members and the Parties to the Climate Change Convention and points to the need of further exploring ways to enhance synergies between the trade and climate regimes.     

How Retailers’ Recommendation and Return Policies Alter Product Evaluations

This research investigates the interactive effects of retailers’ recommendations and return policies on consumers’ post-purchase evaluations of products which yield a mixed attribute performance. This article presents an account of the consumers’ post-purchase product evaluation process, in which counterfactual thinking plays a central role. Two studies show that consumers’ post-purchase evaluations of products, which yield a mixed attribute performance, tend to be more favorable under lenient return policies than under restricted return policies when retailers offer recommendations during the pre-purchase decision-making process, but more favorable under restricted return policies than under lenient return policies when retailers offer no recommendations.     

美国对外贸易政策变迁轨迹研究(1776-1940)

本文主要是研究美国对外贸易政策变迁轨迹(1776-1940),包括美国对外贸易政策的背景、从1776-1940年的美国对外贸易政策、美国对外贸易政策对工业和农业的影响。     

Internal and external drivers of anticorruption policies in multinationals

This research investigates internal and external drivers that push multinational companies to establish anticorruption policies. The authors build on institutional theory, in particular on the concept of legitimacy, to examine how corporate headquarters design anticorruption policies. They conducted case studies based on semi-structured interviews with managers of Italian multinationals. The findings show how internal and external drivers interplay to affect anticorruption policies at the headquarters level. They suggest that multinational companies align their anticorruption policies to achieve global legitimacy. The study shows how internal and external pressures influence the process of gaining legitimacy.     

Greening the Danes? Experience with consumption and environment policies

Consumer-oriented environmental policies came high on the political agenda during the 1990s. Internationally, consumers were assigned a key role in environmental policies; also in Denmark, political initiatives were taken to promote sustainable consumer behaviour. In this article, the results of Danish policies related to consumption and environment are assessed by considering first, the environmental impacts of the political measures, and second, whether the policies have succeeded in addressing the dynamics behind increasing consumption. The study combines a theoretical understanding of consumption as an inseparable part of daily practices with empirical analyses of three fields of consumption: housing, transportation, and information and communication technology. It is pointed out that policies to promote sustainable consumption are successful only when technological development, economic structures, and information are all in accordance with each other, and this is the case only when sustainable consumption does not conflict with economic growth. A more fundamental critique thus concerns the failure of Danish consumer-oriented environmental policies to address consumption growth and the rising standards for “normal consumption.”     

Environmental risks and the bargaining power of multinational corporations

Government policies are integral to the internalization theory of foreign direct investment (FDI). However, the role of government policies in affecting FDI as a strategic choice of firms has not been fully explored. This article therefore expands the analysis of the role of government policy in the internalization theory of FDI. Some government policies reduce market imperfections while others create them. Some of those policies and their effects on market imperfections furthermore make FDI less attractive as a strategic alternative, while other policies and their effects on market imperfections make FDI more attractive. This study also argues that a comprehensive integration of political variables in FDI theory requires several levels of analysis of both political and economic variables.     

Assessing the effects of policies on China’s outward foreign direct investment

This paper discusses the determinants of China’s outward foreign direct investment (OFDI) with a special focus on the role of government policy. In particular, we investigate the types of policies that are most influential in promoting OFDI. Our main contribution is to analyse, for the first time, China’s OFDI policies by means of quantitative indicators. We refine policies definitions and distinguish between Regulation Policies, Service Policies, Promotion Policies and Supervision Policies, and we develop a methodology for collecting, screening and coding policies; then we create new indices to capture different types of policies. We find that Regulation Policies, Service Policies and the general attitude of the government have significant effects on China’s OFDI at the national level.     

The effects of changes in the exchange rate on output,prices and the balance of payments

A general equilibrium model shows how the government, by using aggregate demand policies, temporarily influences economic activity. In the long run, however, aggregate supply determines output and employment levels. International reserves are lost (gained) during the adjustment process due to policies which keep aggregate demand above (below) its long-run sustainable level. Such policies, if maintained, induce expectations of exchange rate changes. The self-fulfilling character of these expectations will force the government to devalue or revalue, thus neutralizing its previous demand policies.     

中长期政策环境下的广西建筑设计单位应对策略

在我国经济转型时期，企业或者其他类型经营实体的发展在很大程度上根植于外部政策环境，而经济政策环境又主要取决于经济形势及隐藏在其中的经济问题。近年来，应对短期经济形势的政策环境发生了剧烈的变化。许多市场主体包括广西建筑设计单位的关注点从中长期转向了短期，但短期政策环境终究会回归到中长期政策环境。探讨了广西建筑设计单位作为特定区域内技术服务型单位寻求在中长期政策环境下的应对策略，具有一定实践指导意义。     

分税制与中国宏观经济波动--基于新凯恩斯DSGE模型的实证分析

本文在新凯恩斯主义框架下,从中国经济实际出发,充分考虑国税及地税政策,构建了我国分税制下的DSGE模型,研究了宏观经济波动的税收政策效应。研究发现：国税政策的正向冲击短期内会挤出家庭劳动、降低资产收益率,对经济增长有一定的负效应;地税政策的正向冲击效应恰好相反,短期内具有促进就业、刺激经济增长和抑制通货膨胀的作用;宏观经济对地税政策冲击更为敏感,中国更应该发挥地税政策调控宏观经济运行的作用。本文的研究为新一轮税制改革提供了方向正确性的理论佐证及具体操作的量化参考。     

促进贵州省创业风险投资发展的政策思考

完善的法律法规制度是创业风险投资业得以顺利、规范发展的基本保障。通过对国内促进创业风险投资发展的相关政策分析,建议要加快贵州省创业风险投资业发展,贵州省应尽快出台相关促进贵州创业风险投资发展的政策,并提出了政策的具体内容。     

我国欠发达地区逆向物流管制政策研究

逆向物流属于循环利用经济,我国欠发达地区应该把经济发展和实施逆向物流协同推进,这就需要政府制定相关管制政策予以保证。本文通过构建欠发达地区逆向物流管制政策体系,从可执行度、保证政策执行的工具、企业接受程度、政策执行可能效果四个方面比较分析逆向物流管制政策可行性,从而得出承担社会责任供需网组织逆向物流管制政策具有一定优势,并将带来较好宏微观效应的结论。     

The Ethical Frameworks of Social Media Policies Among U.S. Nonprofit Organizations: Legal Expectations,Dialogic Prescriptions,and a Dialectical Model

Nonprofit organizations are experiencing a new world of fundraising, marketing, and stakeholder engagement on a scale previously unseen and due largely to social media. This study investigated the extent to which nonprofits craft social media policies using ethical frameworks to guide online activity mindful of this new reality. Assessing the top 100 U.S. nonprofits and their social media policies, this study examined the 80,000 words of text extant within the available 55 nonprofit social media policies and found emergent themes that articulate the current ethical state of nonprofit social media policies. Hand-coding processes yielded themes of engagement, responsibility, privacy, protection, transparency, and respect. Computer-coding additionally aggregated these themes into larger themes of privacy, sharing, communication, accuracy, inaccuracy, engagement, and dialogue. Further analysis explored the ways in which nonprofit social media policies imply a dialectical model of ethical frameworks between legal and dialogic dimensions.