江浙沪经济运行规律探悉与经济政策选择

改革开放以来有诸多文献研究区域经济发展问题。夏永祥、卢晓认为,长三角经济结构(江浙沪三地)有趋同的特点,总体看来,产业同构对长三角地区的区域经济一体化有积极意义,长三角地区的产业同构和重     

厚积薄发看芜湖

<正>作为改革开放初期国务院批准的沿江重点开放城市,芜湖早在1876年就是对外通商口岸。"芜湖与长三角其他城市经济互补性非常强。目前,我们正积极融入和参与泛长三角的分工与合作,芜湖的后发的优势正随着中部崛起被激发出来。"芜湖市长杨敬荣告诉本刊记者。     

货币政策波动对产业发展的区域与结构效应研究

本文基于空间距离权重矩阵,选取我国31省市三次产业1980—2014年增加值构建GVAR模型,实证研究了货币政策波动对我国三次产业发展的区域与结构效应。研究结果表明:货币政策波动对我国三次产业发展存在区域和结构非均衡效应。我国八大综合经济区第一产业对货币政策波动在响应程度和趋势上存在明显的区域差异;第二产业和第三产业对货币政策波动响应趋势大体一致,但响应程度存在明显的区域和结构差异;扩张型货币政策对我国第二产业的冲击大于第三产业,因此紧缩性货币政策有利于我国第二产业向第三产业转移。     

货币政策波动对产业发展的区域与结构效应研究北大核心

本文基于空间距离权重矩阵,选取我国31省市三次产业1980—2014年增加值构建GVAR模型,实证研究了货币政策波动对我国三次产业发展的区域与结构效应。研究结果表明:货币政策波动对我国三次产业发展存在区域和结构非均衡效应。我国八大综合经济区第一产业对货币政策波动在响应程度和趋势上存在明显的区域差异;第二产业和第三产业对货币政策波动响应趋势大体一致,但响应程度存在明显的区域和结构差异;扩张型货币政策对我国第二产业的冲击大于第三产业,因此紧缩性货币政策有利于我国第二产业向第三产业转移。     

长三角三省一市金融业关联效应及波及效应对比

为了研究长三角地区金融业与其他产业之间的关联效应和波及效应,运用投入产出分析模型,对江浙沪皖四地的金融业与国民经济各产业部门之间的关联关系进行分析。结果显示四地金融业对服务业的依赖性均很强,随着第三产业的兴起,江浙沪提供的消费性金融产品或服务较多,上海市的金融服务业发展尤其突出,相反安徽省还停留在提供生产性金融服务阶段。因此,长三角各地应加大金融业对第三产业的渗透力,特别是安徽省要充分利用加入长三角的区位优势,加快发展本省金融服务业。     

对"长三角"发展策略的思考

世界制造业重心的转移、上海国际大都市的发展战略和国有企业改革的深化是“长三角”发展的三大机遇。在交通业、制造业和第三产业方面，“长三角”有巨大的发展潜力和空间。“长三角”一体化的发展思路是：突破交通障碍，促进资源优化配置；创建城市间合作协调机制，致力于区域一体化：加强产业合作，实行产品生产细分。     

固定资产投资对就业水平影响的实证研究——以安徽省芜湖市为例

固定资产投资是全社会进行再生产的关键手段,也是促进就业的一种有效方式。本文以芜湖市为例,通过近20年的数据来说明固定资产投资对于芜湖市三大产业就业水平有何影响。就业是人民从事生产生活的根本,也是人们增加财富、提高生活水平的基础。经研究发现,近年来,固定资产投资不断增加,总体就业水平不断提高,但是第一产业在2010年之前的就业水平一直呈现出下降趋势,而后缓慢上升,然而第二、三产业的就业水平则是一直呈上升趋势,此外,第三产业就业水平较其它两大产业均较高。这些现象的产生基于多方面因素,本文着重从固定资产投资出发,采用实证分析的方法,对芜湖市就业水平的发展进行了研究。     

甘肃省产业结构调整实证分析

甘肃产业结构分析 (一)三次产业的GDP结构 1990年以来甘肃三次产业结构的变动趋势基本符合高度化的要求,即第一产业比重下降,第二、第三产业比重不断上升.2005年甘肃三次产业在GDP中所占的比重分别为15.56%、43.39%、41.05%.其中第一产业所占的比重比1990年下降了10.82个百分点,第二产业比重上升了2.89个百分点,第三产业比重上升了7.93个百分点.     

北京市第三产业发展的国际国内比较

实证研究表明,一般情况下,随着经 济的发展和人均收入水平的提高,劳动力在三次产业间的分布首先从第一产业向第二产业转移;当人均收入水平进一步提高时,劳动力又向第三产业转移,社会资本分布的重心也逐步从第一产业向第二、三产业转移。与劳动力和资本在三次产业间转移相适应,三次产业增加值的相对比重也发生相应的变     

产业结构亟待深层优化

在过去的2003年,北京的第一、二、三产业实现增加值分别为95.3亿元.1298.5亿元和2218.2亿元,增速分别为3.3％、11.9％和10％。一、二、三次产业占国内生产总值的比重分别为2.6％、36％和61.4％。在三次产业内部:畜牧业成长为第一产业的主体;以汽车等现代制造业为突破口的工业结构调整取得重大进展;金融业独占第三产业的鳌头,社会服务业、批发零售餐饮业、交通运输邮电业、教育广播电视业等对经济的增长作用明显增强。随着科技园区和开发区的兴起,近郊区初步形成了环状产业带,产业布局得到进一步调整。尽管“三二一”的产业格局已基本形成,但在“一、二、三”产业内部,问题仍然存在。为此,北京市发改委分析了当前的产业现状,并明确了今后产业发展的思路与工作重点。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.