商务成本与产业结构关系研究——以广州市为例

文章提出了商务成本的定义,在探讨商务成本的性质的同时,论述了商务成本上升促进产业结构升级的理论基础,进一步提出了商务成本与产业结构之间的关系模型,并利用广州GDP构成数据进行了实证分析,探讨了应对商务成本上升的广州产业发展对策。     

独立董事会计专长对代理成本的影响研究——基于双重代理理论的分析框架

文章基于双重代理理论,采用多元回归模型探究了具有会计专长的独立董事是否能更有效的降低两类代理成本。结果显示独立董事会计专长与第一类代理成本之间无明显相关关系;而与第二类代理成本之间具有明显负相关关系。从分析结果看,独立董事会计专长对解决"控股股东行为"具有重要作用。     

商务成本:长三角产业分布新格局的决定因素考察

商务成本的增长具有内生性,随着经济的不断发展商务成本也有不断提高的趋势。传统理论认为中国要降低商务成本,发挥比较优势的观点有一定片面性。制造业和生产者服务业对商务成本的内在构成,即要素成本和交易成本的敏感程度不同。基于不同商务成本构成的差异,制造业和生产者服务业在区域内协同定位,最终形成了地区内产业分布的新格局,即中心城市集聚大量的生产者服务业,而外围则是大量的制造业集聚。这种空间的结构调整作为经济增长的新引擎,对区域经济的发展有着重要的作用。长三角地区上海和南京、苏州、无锡和南通等城市的商务成本和产业分布格局的现状证实了这个结论。     

长三角地区商务成本比较分析及调控对策研究

随着长三角地区招商引资竞争的加剧,商务成本的高低越来越成为各地方政府和企业关注的热点问题。文章在对商务成本概念界定的基础上,分别从要素成本、交易成本两个方面对长三角地区主要城市的商务成本进行了比较分析,最后提出了优化长三角地区商务成本结构、治理商务成本的对策。     

着力打造浙江商务成本洼地

随着经济的发展，商务成本的不断上升是每个国家、城市或地区所共同面对的趋势。广义上讲，商务成本包括要素成本(显性成本)、市场交易成本与体制成本(隐性成本)。商务成本是企业在做投资决策时所要考虑的一个重要方面．也是决定区域或者城市综合竞争力的主要因素。改革开放以来，浙江经济快速发展．取得了令人注目的成就，但也导致了区域商务成本的快速上升，     

上海商务成本问题探究

商务成本,又称为商务经营成本,是指企业开展商务经营活动的资源耗费和支出,通常把商务成本分为显性成本和隐性成本两类。前者是指企业为各生产要素如劳动力、土地等的支出,后者指企业经营的外部环境所带来的耗费,如政策、法律、交通、政府服务等。     

商务成本：上海之痒？

2003年,商务成本成了上海这个中国最大工商城市里的一个热门话题。 商务成本是指企业进行生产经营所需付出的成本,主要由土地及房地产价格、劳动力成本、原材料价格、综合管理费用等构成。上海商务成本近几年来持续攀升,在一定程度上影响了上海的竞争力,并可能成为制约上海经济发展的重大风险。 面对商务成本持续上升的局面,上海开始探索降低商务成本的新思路。     

中部六省商务成本比较研究——以中部六省省会城市为例

商务成本是企业在投资决策时考虑的重要因素,也是衡量一个国家或地区综合竞争力的重要方面。文章根据对商务成本内涵的理解,构建了一个多层次的商务成本评价指标体系,分别从商务总成本、要素成本、交易成本等方面,对中部六省省会城市的商务成本进行了比较和分析,并对政府如何进一步降低商务成本、改善投资环境提出了建议。     

皖江城市带主要城市商务成本比较分析

商务成本既是皖江城市带成功承接长三角产业转移,进行产业合理布局的重要依据,也是衡量和对外宣传皖江城市带投资环境的一个关键指标。在文献回顾和专家访谈的基础上,构建皖江城市带主要城市商务成本评价指标体系,基于数据分析,结果显示马鞍山、铜陵、合肥三市商务成本综合得分位列前三;合肥、芜湖、马鞍山三市的要素成本、营业成本相对较高;巢湖、池州、滁州三市制度成本得分较高;而巢湖、六安和安庆其他成本则较高;表明皖江城市带主要城市商务成本整体结构仍需优化。     

总部经济模式下商务成本评价体系与方法

文章在对总部经济及商务成本核心内涵分析后,首次对总部经济模式下商务成本进行了定义,概括出了总部经济模式下商务成本的特点及构成要素,并据此建立了总部经济模式下商务成本的评价体系;在吸收了德尔非法和层次分析法优点的基础上,结合总部经济模式下商务成本评价体系的灰色系统特征建立了灰色关联度评价模型,使得评价结果更加科学、客观和全面.总部经济模式下商务成本评价模型和评价指标体系的建立,进一步探索了我国总部经济发展中关于商务成本的相关问题,同时为发展总部经济的城市提供了客观的评价方法和衡量标准.     

日本东京圈的商务成本

日本经济高度集中于东京圈导致了地价、房租和劳动力等商务成本的增加，也导致交通拥挤和居住环境的恶化，商务成本和生活成本高对经济带来的影响导致了东京圈的功能特化，即：制造业不断撤退，居民纷纷向外迁徙，但以金融业和信息传媒产业为首的第三产业和大公司的总部以及外国大公司却看好东京，东京圈中心部降低商务成本的主要措施是促进土地合理流动和提高土地利用率以降低地价，而周边地区的主要措施则是用新的手段加强招商引资，     

Does Foreign Venture Capital Provide More Value‐added Services to Initial Public Offering Companies in China?

This paper uses all 1404 initial public offerings (IPO) undertaken between 2002 and 2012 in China to analyze whether venture capital (VC) investment, especially foreign VC investment, brings more or less value‐added services to the invested companies during the 3 years following the IPO. The results show that venture capitalists choose to invest in companies with higher value potential, and, in turn, the value of the companies increases after the IPO is undertaken; foreign VC adds more value to companies than domestic venture capital. However, the profitability of VC‐backed and non VC‐backed companies after IPO does not differ significantly. Nevertheless, it is shown that VC plays an active role in China.     

Business start-up regulations and the complementarity between foreign and domestic investment

This paper shows that the complementarity between foreign direct investment (FDI) and domestic investment significantly depends on regulations required to start a new domestically owned business in host economies. It finds evidence that FDI crowds out domestic investment in countries with entry regulation cost above a certain level, and many of these countries are in the bottom quartile of GDP per capita. Reforms in business start-up regulations can therefore play a critical role in enhancing the complementarity between foreign and domestic investment and thereby increase entrepreneurship and economic growth in low-income countries. The analysis takes into account other significant factors which affect domestic investment such as the cost of capital, government’s economic growth track record, institutional quality, and market size.     

Development Paradox of FDI in China

According to the arising problems of foreign investment utilization, this paper analyzes the anbalanced market competition, absence of core technology, increasing implicit cost, growing dependency on foreign capital and impact of potential monopoly. At last the conclusion is that China should take constantly improvement of foreign investment utilization quality and positive expanding foreign capital utilization scale as its main goal of foreign capital policy within the mid and long-term period.     

Audit Regulation and Cost of Equity Capital: Evidence from the PCAOB's International Inspection Regime*

This study investigates the relation between audit regulation and cost of equity capital. There is scant empirical evidence on this relation because changes in audit regulation are frequently accompanied by other major regulatory changes. We exploit variation in the timing of regulatory changes induced by foreign governments' staggered allowance of PCAOB inspections. Using a difference-in-differences design, we find that foreign SEC registrants with auditors from countries that allow PCAOB inspections enjoy a lower cost of capital, relative to foreign SEC registrants with auditors from countries that prohibit inspections. Furthermore, we find that this cost of capital effect is attenuated for companies with higher-quality governance mechanisms. Finally, we document that inspection access is associated with higher-quality analyst forecasts, which suggests that this change in audit regulation reduces information risk for market participants.     

外商投资“独资化”浪潮下的广东经济

自改革开放以来,广东在吸引外资方面一直走在全国的前沿,成为我国利用外资名副其实的“排头兵”。然而,随着我国加入世贸组织和广东的投资环境与国际市场日益接轨,外商对广东具体情况的了解不断加深,外商投资企业“独资化”倾向日趋严重,这给广东经济既带来了正面效应也带来了不小的负面影响。     

Business groups,foreign direct investment,and capital goods trade: The import behavior of Japanese affiliates

We examine the impact of buyer–supplier relationships within business groups on capital goods trade by taking into account potential simultaneous effects of business group ties on foreign direct investment. We posit that (1) foreign affiliates of business group firms have a greater propensity to import capital goods from the home country, increasing home country exports; (2) if the establishment of overseas affiliates by business group firms attracts foreign direct investment by their capital goods suppliers, business group ties are localized and the ‘trade creating’ impact of business group ties may disappear or even be reversed. Empirical analysis of capital goods imports by 1790 manufacturing affiliates operated abroad by Japanese multinational firms, combined with information on linkages with machinery suppliers within horizontal and vertical business groups, provides broad support for these predictions. Our findings suggest that it may be incorrect to infer from the absence of a simple relationship between business group ties and trade that such ties are unimportant; instead, intra-group ties may be replicated abroad through foreign direct investment.     

Dynamic relationship between China's inward and outward foreign direct investments

This paper studies the dynamic relationship of China's inward and outward foreign direct investments (FDI). It first identifies the key determinants of China's outward FDI (OFDI) in 172 host countries during 2003–2009 using a partial stock adjustment model. It finds strong evidence of dynamic adjustment in China's OFDI stock with an agglomeration effect. The dynamic adjustment and agglomeration effects are stronger in “high-tech” countries than in “low-tech” ones but indifferent in host country's resource endowments and income levels. The empirical results suggest that there exists a substantial adjustment cost in China's OFDI and that China's existing OFDI stock can gradually adjust toward its long-term equilibrium level, which is not only greater but also more volatile than the actual stock. Of particular interest is that we find a strong and positive relationship between lagged inward FDI (IFDI) and contemporaneous OFDI, implying that capital outflow from China has been partially induced by the countries which have invested in China.     

国内私募证券投资基金与海外对冲基金比较研究

本文就金融期货和卖空机制的缺位及资本项目的不完全开放这三个制度因素对国内私募证券投资基金在组织管理和资金运用,及其引发的国内证券投资基金与对冲基金的差距进行了探讨。但是,本文认为即将推出的股指期货,将要实行的证券公司的融资融券业务与我国逐步开放的资本市场都将使国内证券投资基金最终演化为对冲基金。     

中外资银行个人理财业务的比较分析及发展对策

我国个人理财业务面临巨大的发展潜力和机遇,中外资银行将在这一领域展开激烈的竞争,本文在比较分析了中外资银行个人理财业务的优势和劣势基础上,对如何进一步提高中资银行的竞争力提出了相应的对策。