区域金融发展对企业投资效率的影响

基于中国情境探讨区域金融发展水平对企业投资效率的影响及其作用机制意义重大。基于2005—2021年我国A股上市公司年度数据和区域金融发展水平数据,分析地区金融发展水平对企业投资效率的影响,得到以下结论：①区域金融发展水平能够通过缓解企业融资约束显著促进企业投资效率提升,且这一结论具有稳健性;②区域金融发展水平对“投资不足”企业和“投资过度”企业的投资效率均具有显著促进作用,但这种促进作用具有明显的异质性,对东部和中部地区、行业竞争能力越强以及股权较为集中企业的促进作用更大;③经济政策不确定性在区域金融发展促进企业投资效率过程中起到负向调节作用。     

Provincial Development in China: Lessons from EU Regional Policy Experience

Abstract

This article evaluates and compares regional development in the Chinese provinces and in the regions of the European Union (EU) countries. Development efforts in southern Italy, northeast England and eastern Germany are reviewed along with EU, Community-wide regional development programmes. Equity concerns suggest promotion of regional policy, but the pursuit of maximum national economic growth would avoid it, since it sacrifices some economic growth. The impact of foreign direct investment (FDI) and domestic investments on individual Chinese provinces is compared with their impact in Europe. There is an implicit contrast between public sector regional development programs and more effective private foreign direct investments.     

SDIs: Infrastructure,agglomeration and the region in industrial policy

This article reports on the initial findings of an Industrial Strategy Project Research Programme on a key current element of national industrial policy, namely Spatial Development Initiatives (SDIs). The ISP Research Programme is concerned with industrial investment. The operational industrial SDIs are examined against the backdrops of the pattern of contemporary industrial location in South Africa and the emergence of a regional industrial policy for the country; the long‐run experience with SDI‐type programmes internationally and in South Africa; and directions in current regional industrial development theory and practice, particularly those interventions aimed at strengthening the economies associated with regional/sectoral clusters or agglomerations typically embedded in metropolitan locations. The preliminary findings of research commissioned on long‐run industrial development in Richards Bay, and the current SDI processes under way in the Fish River SDI (Eastern Cape) and the West Coast SDI (Western Cape) are then presented These findings demonstrate that for the SDIs to meet their intentions in terms of maximising inward investment, creating jobs and catalysing durable regional economic development, the large opportunity present to use SDI processes to build the capacity and social infrastructure for economic development at local and regional level on — and between — both public and private sector sides should be grasped. To this end, it is also suggested that SDIs be closely linked to other government industrial promotion and support activities, notably the cluster initiatives and SMME support programmes, both of which may themselves need, at this point, far clearer regional focus.     

Russian enterprises in spring 2017: Slow restoration of investment activity against a background of economic stabilization

This paper has analyzed and commented on the results of the regular survey of Russian real sector enterprises, which was conducted by the Institute of Economic Forecasting of the Russian Academy of Sciences. The views of enterprises on the quality of economic policy of federal and regional authorities have been presented. Estimates have been obtained that reflect the dynamics of investment activity of enterprises and the dynamics of investment financing from various sources, as well as the need of enterprises to modernize production. The opinions of enterprises about the desirable dynamics of the ruble exchange rate are given. The current situation with the provision of enterprises with human resources has been reflected. Enterprises’ answers to questions about whether they have territorially detached subdivisions and their use of outsourcing have been considered.     

Economic development in Merseyside: A critique of MERCEDO

Much local economic policy in the UK assumes either an inward investment guise or involves some form of work with the local productive sector. This article critically examines both forms of policy as practised in a Merseyside context. It concludes that inward investment and local industrial development work undertaken by MERCEDO was in many ways regressive and broadly reducible to the development of capital. The later orientation of MERCEDO policy towards the unemployed and other labour groups is found to be a more progressive form of intervention.     

福建省外商直接投资区位选择因素分析及对策建议

外商直接投资对福建省经济发展起了极为重要的作用,在吸引外商直接投资方面,福建有得天独厚的"山海侨台"优势,也有投资环境不够完善的地方,本文根据统计年鉴的相关数据,对福建省外商直接投资的区位选择进行了分析,并就如何改善福建省外商直接投资环境给出了加强完善外商投资的产业导向,改善投资软环境,加强区域经济合作等相应的政策建议。     

The Social Welfare Impact of Indonesian Dairy Policies

The Indonesian dairy sector remains highly regulated, in spite of trade and investment policy reforms elsewhere in the economy. The regulations, aimed mainly at fostering development of local industry, include an import ratio requirement (BUSEP), import tariffs; an import licensing scheme, and restrictions on investment in milk processing The paper shows that the current policy mix has resulted in a significant increase in numbers of dairy cattle and dairy farmers, and in fresh milk and end-product output. However, this policy mix imposes costs. The analysis indicates that the economy, and in particular domestic consumers, would gain if dairy trade and investment restrictions were lessened. The gradual movement towards a more deregulated dairy sector is a necessary condition for improved efficiency and a strengthening of Indonesia's competitive position in the world dairy market.     

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。     

The regional consequences of the Japanese second wave: A case study

This paper examines the Japanese “second wave” sector in the local economy. Following an examination of the development of the second wave Japanese-owned supplier sector in the UK, the paper assesses the role of this sector in the local economy, and questions the policy rationale of attracting this particular type of inward investment.     

Building for the future: housing-related sectors and the welsh economy

Since the establishment of the Welsh Assembly Government there has been more emphasis on indigenous enterprises in relation to economic development policy. However, the housing-related sector has received little attention. This paper¹ presents the results of research that has investigated this sector and its significance to the local economy. Whilst acknowledging the considerable data-related difficulties in this exercise, analysis of housing and housing-related functions (including construction, finance, legal services, management of housing stock) showed that the sector accounted for around 4.5% of Welsh employment, and had considerable potential for assisting in the future development of the regional economy.     

基于利益主体理论的苏南五市旅游合作系统研究

区域旅游合作是发展旅游业的重要手段,旅游合作发展涉及到多方面利益,如何协调各方的利益,让合作各方都能主动参与和有效配合,确保区域旅游合作的有效性和稳定性,仍是亟待解决的难题。本文从利益主体理论出发对苏南五市区域旅游合作系统进行了研究,提出了该系统简化为地方政府、旅游产业部门、非营利组织和个人等4个子系统,每个子系统都包括若干个具体利益主体,分析了每个子系统中的利益主体不同的关注点;最后就加强苏南区域旅游合作提出了相关的政策建议。     

提升广州区域性金融中心地位和作用的对策

金融是现代经济的核心，大力发展金融产业，建设广州区域性金融中心，是广州增创发展新优势，增强经济综合竞争实力和发展后劲，实现经济社会全面协调可持续发展的一项重大而紧迫的战略任务。本文分析了提升广州区域性金融中心地位和作用的必要性，针对广州区域性金融中心建设的现状，从金融政策环境、金融生态环境、金融市场环境、金融合作平台、金融需求环境、金融创新环境、金融服务环境7个方面提出了提升广州区域性金融中心地位和作用的对策。     

The Botswana Development Corporation: Divestiture policy and citizen participation in the private sector

The Botswana Development Corporation, Botswana's most important agency for industrial and commercial development, assists in the development of viable businesses, with the emphasis on profit‐making and earning acceptable returns on investment. Its policy is to divest from mature and successful ventures, ‐with the aim of raising capital for future investment, encouraging diversification and competition, and promoting citizen participation in private business ventures. The article considers the implementation of the policy with regard to two brewery companies. Its assessment is that the brewery divestments have had a positive but limited effect on economic participation by citizens and it concludes by suggesting policy and strategy reforms that would ensure sustainable private sector development.     

Papua New Guinea: longer term developments and recent economic problems

Papua New Guinea (PNG) has much to learn from the Indonesian economic experience of coping with one booming sector while creating an environment in which the economy could generate jobs. PNG's macroeconomic policy adjustments to the boom-bust cycles which characterise its economy work extremely well by comparison to most other developing countries experiencing the same difficulties. At the microeconomic level, policy improvement has been harder, with the rhetoric far out-distancing the actual advances. The challenge is to improve the productivity of the agricultural sector, to raise the education levels, and to attract investment to provide employment. At present the investment environment is bleak because of the deteriorating law and order situation.     

环渤海经济圈区域经济一体化发展的优势与对策探析

环渤海经济圈地理位置优越,经济基础雄厚,但本区域发展仍然面临一些问题,有必要从国家、当地政府以及地方企业角度研究环渤海地区发展新战略。国家从宏观调控方面做好基础设施、区域产业结构以及核心城市的规划。地方政府转变地方政府职能,制定并完善区域经济的政策,加强区域间的协调合作。企业要提高自身竞争力,加强本地区中小企业之间的合作;提高产品附加值;加快吸引外资,促进产业优化升级。     

房地产投资与区域经济的可持续协调发展

房地产投资是区域经济的重要组成部分,将房地产投资与经济的协调发展和可持续发展观相结合,提出房地产投资的发展目标是实现房地产投资与区域经济的可持续协调发展。一方面,分析了房地产投资和区域经济发展之间的关系,探讨房地产投资对于经济增长的促进作用,以此来实现两者的协调发展;另一方面,将可持续发展观引入房地产投资,从生态持续、经济持续、社会持续3个方面分析了房地产投资对于区域可持续发展所施加的影响。     

Determinants of bond market development in Asia

One of the major reasons behind the Asian financial crisis in 1997 was the excessive dependence of the Asian economies on commercial banks for domestic financing. The region failed to diversify its sources of corporate financing as it relied mainly on banks since its other types of financing, namely bond markets, were still underdeveloped and their sizes were quite small. On the other hand, the 2008 global financial crisis and the ongoing European debt crisis have led to constraints in acquiring local currency and foreign currency liquidity in the corporate sector in Asia as foreign banks withdrew investments from Asia. Furthermore, Asia needs large long term capital (US$ 750 billion per year for 2010–2020) for developing infrastructure connectivity within and across its economies. Local and regional capital can be channeled for long-term infrastructure projects and other productive investment through bond markets. Having a well-developed local currency bond markets can enhance the resilience of domestic financial sector to external shocks and it can facilitate better intermediation of savings into productive investments in Asia. To enhance corporate bond financing, it is important to examine factors that affect the effective development of bond markets in Asia. The study attempts to identify the determinants of bond market development in Asian economies through examining the relationship of bond issuance with selected key financial and economic factors. It also intends to provide policy recommendations for the further development of the Asian bond market. Major determinants for bond market development in Asia include the size of an economy, the stage of economic development, the openness of an economy, the exchange rate variability, the size of the banking system, and interest rate variability.     

地区市域经济发展趋势及影响机制研究——以中部地区为例

为了研究在新的经济战略格局中,中部地区经济逐渐在全国区域经济发展格局,以市域为研究单元,利用空间自相关性分析和空间计量经济分析方法进行实证研究。结果表明:中部地区的市域经济发展具有明显的空间正相关性,且空间集聚特征呈"U"型的演变趋势;区域投资水平是促进中部地区经济发展的有效手段;河南和山西两省应根据自身特点合理优化经济结构通过各种产业协作促进经济发展;湖北省的地方财政支出政策有待改进和优化;湖南省需要合理优化市场规模和调整财政支出政策;江西省需要发展具有江西特色的经济产业和调整财政支出政策;安徽省应加强了财政收入对其区域经济的贡献作用。     

Foreign capital,welfare and urban unemployment in the presence of agricultural dualism

In a two sector mobile capital Harris–Todaro model, such as [Corden, W.M., Findlay, R., 1975. Urban unemployment, intersectoral capital mobility, and development policy in a dual economy. Economica 42, 59–78], an inflow of foreign capital in the presence of protectionist policy is welfare deteriorating as well as unemployment accentuating. But, the developing countries have chosen liberalized investment and trade policies as their development strategies and have been able to attract a considerable amount of foreign capital during the last two decades. A relevant question is why these countries are yearning for foreign capital given its detrimental effects as predicted by the conventional theoretical literature on trade and development. This paper makes an attempt to address the above issue in terms of a three sector Harris–Todaro model with agricultural dualism and a non-traded final commodity. In the given setup, an inflow of foreign capital is likely to improve welfare and does not necessarily worsen the problem of unemployment. The paper may also be useful to explain as to why many of the developing economies have experienced ‘jobless growth’ in the liberalized regime.     

基于SSM的山西省产业结构分析

合理的产业结构是区域经济增长的关键。山西省是典型的资源型省份,2010年被国务院设为综改区之后,产业结构调整与优化成为山西省转型发展的关键点。基于偏离-份额（SSM）方法,对2008年-2012年间山西产业结构中的19个产业部门发展状况进行剖析,将产业部门按优势进行分类。结果得到：山西省实现转型发展要逐步减少采矿业的份额;对于具有结构优势或者竞争优势的产业部门要给予政策支持;而对于没有任何优势的部门要采取稳定发展政策。