法律保护、信息环境与信息传染效应：来自乳业危机的证据

以三鹿事件所引发的乳业危机为背景,本文考察了我国资本市场中的信息传染效应在不同公司间横截面上差异的原因。研究发现,宏观层面的法律保护和微观层面的公司信息环境都与毒奶粉事件的信息传染效应显著负相关。进一步的研究还表明,宏观层面的法律保护和微观层面的公司信息环境对信息传染效应的影响存在着互补关系。这意味着,要提高我国资本市场的资源配置效率,就必须同时改善宏观层面的投资者法律保护制度和微观层面的公司信息环境。     

Racial Inequality and Segregation Measures: Some Evidence from the 2000 Census

How much of the observed segregation between black and white Americans can be attributed to income disparities between the two groups? We adopt an approach to the decomposition of segregation measures that combines the method of indirect standardization with the idea that some degree of segregation is the outcome of purely random processes. Using the dissimilarity index as a measure of segregation and data on race and income from US metropolitan areas for 2000, we find that the role played by racial income inequality in accounting for segregation is modest but varies significantly across cities.     

Occupational Segregation and Gender Wage Differentials: Evidence from Malaysia

In Malaysia, the participation of women in the labor market has increased over time. However, occupational segregation and wage differentials continue to be prevalent between men and women in the labor market. The present paper investigates gender‐related occupational segregation and wage differentials based on data collected from 7135 working households in Peninsular Malaysia in 2011. The wage decomposition model introduced by Brown et al. (1980) is used to examine the determinants of gender‐related wage differentials. The results suggest that differences within occupations account for the largest portion of the wage gap between men and women. The results also indicate that wage discrimination within occupations plays an important role in the gender wage gap, while sample selection bias plays an important role in the examination of gender wage gaps.     

基于国家利益视角的印度海洋自然资源实力评估

印度是南亚和印度洋地区的海陆大国,其海洋实力对中国海上丝绸之路和能源运输安全影响较大。海洋自然资源实力是海洋总体实力的基础和基本的构成。从国家利益角度重新定义海洋自然资源的内涵,构建了海洋生物资源、海洋矿产资源、海洋动力资源、海洋化学资源、海洋空间资源、海洋可持续性发展水平6个一级指标、24个二级指标的理想海洋自然资源实力评价指标体系。在此基础上,利用层次分析法和加权和法构建了印度海洋自然资源实力测评模型,对印度的海洋自然资源实力作出分析,横向对比印度、中国、美国、日本、英国5个国家的海洋自然资源实力,对其海洋自然资源实力作出全面评估。     

Occupational Segregation and its Effect on Estimates of the Gender Wage Differential: Evidence from Brunei

This paper investigates the impact of the different occupational distributions of the gender groups on the gender wage differential in Brunei. We disaggregate occupational differences into explained and unexplained portions as this can provide better estimates of across-occupation and within-occupation wage differentials. Using data from the Brunei 1995 Labor Force Survey report, results indicated that the gender wage difference is approximately 60%. Unlike other studies, it is found that in Brunei the unexplained portion of occupational segregation has had an impact on gender wage differentials and accounts for approximately one-third of the observed gap. Interestingly, the unexplained component of the within-occupation gap is relatively less than in some developed economies. This is attributed to the effects of the large public sector in Brunei and its regulated pay scales.     

国家技术创新效率的评估与比较

通过构建国家层面的技术创新效率的评估指标体系,对全球40个国家以及主要经济体国家在2000年至2010年期间的技术创新效率进行了评估与比较,勾勒了一幅全球技术创新的参考地图。通过对技术创新的资本投入效率和人力投入效率的评估与比较,并且采用DEA方法对技术创新综合效率的评估与比较,揭示了全球范围内不同国家之间技术创新的竞争态势与发展趋势,同时也揭示了我国在全球技术创新中的竞争位置。     

创新、企业规模和市场竞争:基于中国企业层面的面板数据分析

本文利用2001~2005年中国规模以上工业企业构成的面板数据,运用Tobit模型考察了影响中国企业创新活动的因素。以研发密度衡量创新活动,我们发现企业的创新与规模、市场竞争之间均呈倒U型关系,一定程度的规模和市场竞争有利于促进企业创新;与其他所有制企业相比,国有企业具有更多的创新活动,并且这种相对优势伴随企业规模变大而更加显著;国有企业的创新效率较低,私营企业的创新效率较高。我们特别区分了市场势力和市场集中度,发现后者可能不适合作为衡量市场竞争程度的指标。     

国家与社会的演进关系

在社会与国家的关系中,长期统治人民的思想一直是国家本位、国家至上、国家主义,归根到底是国家决定社会的历史观,这种历史观,歪曲了国家和社会的关系。为了明确界定国家与社会关系,文章从四个方面揭示其内在联系：社会产生、支持、制约、收回国家。从中会发现国家只不过是历史发展长河中的一位匆匆过客,只有社会才能与人类共始终。     

Teacher Pay and Educational Outcomes: Evidence from the Rural Hardship Allowance in Zambia

This paper studies the effect of unconditional teacher salary increases on teacher and student outcomes. To study the issue, we evaluate the rural hardship allowance in Zambia, which corresponds to a salary increase of 20%. This allowance is allocated to schools on the basis of a distance criterion allowing us to use a regression discontinuity design. We use administrative data from 2004 to 2015 on school, teacher characteristics and test scores. The administrative data are complemented with a telephone survey of schools close to the eligibility threshold. We find that crossing the threshold increases the share of teachers obtaining the allowance by 40%. Because of some non‐compliance with the allocation rule, our estimates are fairly imprecise. Focusing on provinces with better compliance we find some, albeit weak, evidence that the allowance increases the stock of teachers. We, however, find no effects on teacher characteristics or on student test scores.     

金融约束、代理成本假说与企业投资行为——来自中国上市公司的经验证据

金融约束对企业投资行为的影响日益受到重视,众多的研究者将其归结于信贷和资本市场内在的不完全.但是对于存在二元产权结构上市公司体系的转型经济体而言,还需考虑企业的预算软约束和较为严重的代理成本问题.文章结合宏观层面的分析,从企业异质产权结构导致的预算软约、金融约束差异和代理成本理论的分析视角,对我国上市公司投资行为的影响机制进行综合解释,并以1373家上市公司的数据为样本,采用面板数据的分析对我国上市公司的投资行为特征进行分析.文章发现两类企业在融资约束上存在显著差异,尽管金融约束对投资有着明显的影响,但是由于我国资本市场发展的特殊性,经典"投资一现金流敏感度假说"的研究范式缺少上市公司数据的支持.实证表明,我国上市公司的投资行为受预算软约束条件下的委托代理问题和金融约束因素共同影响.这对理解我国上市公司的投资行为特征提供了一种新的思路.     

新发展格局下的全国统一大市场建设

百年变局叠加世纪疫情，我国经济发展面临"需求收缩、供给冲击、预期转弱"三重压力，建设全国统一大市场是构建国内国际双循环新发展格局的基础支撑和内在要求。文章利用相对价格方差均值方法测度了全国商品市场、劳动力市场、资本市场的一体化程度，发现商品市场一体化程度在逐渐上升，但劳动力市场、资本市场并未呈同样上升趋势。地方竞争导致的地方保护和分割负面现象、要素市场流动管制行政色彩较重、基础设施缺乏互联互通、疫情冲击是造成我国现在市场分割的直接原因。强化市场在资源配置中起决定性作用，是建设全国统一大市场的政策内涵。当前，建设全国统一大市场要以供给侧结构性改革为主线，为市场提供统一的基础性制度供给，统筹好安全和发展、全国和地方、市场和政府之间的关系，充分发挥单一超大规模市场的优势，形成以国内大循环为主体、国内国际双循环相互促进的新发展格局。     

Educational Attainment,Citizenship, and Black American Women in Elected and Appointed National Leadership Positions

This article examines the issue of American citizenship and how it is related to Black Americans, especially from the perspectives of educational attainment and national political leadership positions (focusing on the U.S. Senate, office of governor, and the U.S. Supreme Court). The article presents seven interrelated conceptual or theoretical perspectives of American citizenship (Three Citizenships; Gender; Equality; Race; Belonging; Military Service; and Protestant Christianity), and where Black Americans (especially Black women) fit in them. The article claims that while Black American women have made substantial progress in college degree attainment, they have done so at a very high financial cost. The article claims that compared with other groups in the society, the gains in educational attainment made by Black American women have not resulted in them being elected or selected to these national leadership positions. Among the factors presented for this exclusion of Black women are: lack of strong support from Black American male leaders and institutional support; ambition; first occupy public office within the states of the Union; they must become moderate politicians; perception that Black women have more privileges in the society than Black men and other groups; and negative media portrayal of Black female candidates. The article claims that despite being one of the oldest and most native groups in the United States, with over nine out of every 10 of them being native-born citizens, Black American women in particular tend to have the characteristics of non-citizens.     

Family Income and Educational Attainment: A Review of Approaches and Evidence for Britain

It is widely recognized that, on average, children from poorerbackgrounds have worse educational outcomes than their better-offpeers. There is less evidence on how this relationship has changedover time and, indeed, what exactly leads to these inequalities.In this paper we demonstrate that the correlation between familybackground (as measured by family income) and educational attainmenthas been rising between children born in the late 1950s andthose born two decades later. We then consider the extent towhich these associations are due to the causal effects of incomerather than the result of other dimensions of family background.We review the approaches taken to answering this question, drawingmainly on the US literature, and then present our own evidencefrom the UK, discussing the plausible range for the true impactof income on education. Our results indicate that income hasa causal relationship with educational attainment.     

业绩约束的有限套利:模型拓展与实证检验

通过引入套利者基于风险厌恶的资产配置决策．本文对Shleifer和Vishny（1997）的业绩约束的有限套利（PBA）模型作了扩展。本文的理论模型表明业绩约束的套利者的套利能力所受到的限制远超过SV模型的推断。业绩约束的有限套利从两个角度对套利者的套利能力做了限制：业绩不佳,既使得最终投资者减少对套利者的投资资金。也导致套利者预留更多的现金来满足流动性需求,从而套利者可运用到风险资产上的套利资源减少。利用中国开放式基金数据．本文对这个拓展模型做了实证检验。结果显示。套利者在实际投资中存在着基于风险厌恶的资产配置决策,业绩约束的套利者的套利能力的限制是现实存在的。