境外投资财税激励政策的国际比较及借鉴

基于境外投资对于投资国在产业升级、对外贸易、资源利用等诸多方面所产生的积极效应,众多发达国家如美国、德国、法国及一些新兴发展中国家都纷纷制定了一系列激励对外投资的财税政策,对其境外投资起到了一定的推动作用,这对正在大力推行和实施"走出去"战略的我国有着明显的借鉴意义.     

Remittances to Latin America from migrants in the United States: Assessing the impact of amnesty programs

The magnitude of remittance flows to Latin America exceeds the combined inflows of foreign direct investment and official development assistance to the region. Since the United States is the destination country of the vast majority of migrants from Mexico, as well as from other Latin American countries, U.S. immigration policy can have a significant impact on the volume of remittances to the Latin American region. This paper studies how a generalized amnesty — a provision in the 1986 Immigration Reform and Control Act (IRCA) — affected immigrants' remitting patterns. In models that control for immigrants' length of residence in the United States and for economic conditions in both the U.S. state of residence and the country of origin, we estimate substantial post-legalization drops in remittances sent home by Mexican-born migrants who legalized through IRCA. Given the potential positive impact of remittances on investment levels, entrepreneurship rates and the development of the financial sector, this finding underscores the importance of gaining a better understanding of the impact that immigration policies in immigrant-receiving countries may have on the stream of remittance flows to immigrant-sending communities in developing regions.     

TPP语境下版权保护期限的经济分析

在TPP影响日益扩大的情况下,中国据其采取相应的对策已经不可避免。由于美国主导下的TPP对知识产权领域的重视以及美国和中国在版权保护期限上的明显差异,中国在TPP语境下面临着是否延长版权保护期限的困境。文章基于预期效用函数理论,建立了版权保护期限对社会总体福利产生影响的线性模型,并据此对不同的版权保护期限产生的经济影响进行相应的分析。根据分析结果和现实的版权保护期限互相印证,可以发现过长和过短的版权保护期限均会损害社会总体福利,而且欠发达社会的最佳版权保护期限要短于发达社会。因此,中国作为发展中国家的一员,虽然在经济建设上已经取得了相当的成就,但在创意产业方面仍然落后于欧美日等创意产业发达的国家,应当采取的最佳版权保护期限肯定要低于欧美日等发达国家。中国不能为了加入WTO而盲目迎合美国的版权保护期限标准,而必须根据自身的经济利益确定是最适当的版权保护期限。     

ICT Investment and Economic Growth in the 1990s: Is the United States a Unique Case?: A Comparative Study of Nine OECD Countries

This paper compares the impact of information and communication technology (ICT) capital accumulation on output growth in Australia, Canada, Finland, France, Germany, Italy, Japan, the United Kingdom, and the United States. Over the past two decades, ICT contributed between 0.2 and 0.5 percentage point per year to economic growth, depending on the country. During the second half of the 1990s, this contribution rose to 0.3 to 0.9 percentage point per year. Despite differences between countries, the United States has not been alone in benefiting from the positive effects of ICT capital investment on economic growth nor was the United States the sole country to experience an acceleration of these effects. ICT diffusion and ICT usage play a key role and depend on the right framework conditions, not necessarily on the existence of a large ICT-producing sector.     

U.S. immigration regulations and India's information technology industry

The export-led growth of India's information technology (IT) industry has been nothing short of phenomenal over the past half-dozen years. Other studies have provided a number of explanations for the growth. This paper proposes that a significant factor has been overlooked or understated in prior explanations. Specifically, the Indian IT industry has utilized U.S. immigration regulations for competitive advantage to accelerate its growth. The importance of this factor is estimated through quantitative data analysis at the macro and firm levels. The analysis helps to explain why India's IT industry grew while that of other developing countries, with similar human capital resources and wage rates, did not. The U.S. Congress is currently debating U.S. immigration policies and may change them in the near future. Any changes will have significant effects on the future growth pattern of the Indian IT industry. Many developing countries have recognized India's success, and policymakers in those countries are implementing strategies to replicate it. The results from this study may help those policymakers better understand a key factor of India's success in exporting IT.     

信息技术与国有商业银行产出率:一种实证分析

关于投资于信息技术是否会提高产出率的研究已有许多.这些研究大多集中产业层面和企业层面,而在企业层面的讨论更多是考察了制造业企业.本文则试图研究国有商业银行信息技术投资对产出率的作用.本文的结论是用于信息技术的投资并没有提高绩效而更多的是出于竞争目的的战略需要,分析的结果同时表明由于信息技术劳动有着巨大的投资回报,因此银行应该从重视信息技术资本投资转向重视信息技术劳动激励.     

信息技术投资对我国商业银行绩效的影响——从ATM的角度分析

回顾了国内外有关商业银行IT投资对其绩效影响的研究,在传统共谋假说验证模型的基础上,加入IT投资变量,并应用ATM安装数量作为IT投资的衡量变量,对我国银行业中有代表性的14家商业银行1995～2002年期间的数据进行了实证分析.结果表明,除了其它股份制商业银行ROA外,ATM投资对四大国有商业银行ROA、ROE以及其它股份制商业银行ROE都具有正面的影响,但在具体的影响程度上却存在着显著的差异.通过分析,本文认为,伴随着四大国有商业银行ATM投资进入平稳期,其对绩效的影响也会趋于平稳,而其它股份制商业银行随后将会加大ATM投资力度,其投资收益必然会不断增长,最终也趋于平稳.     

我国制造业的信息技术投资效果——结合行业影响因素的分析

实证分析结果表明,信息技术投资有利于提高制造企业的绩效,同时,行业资本密集度在信息技术与企业绩效之间的关系中起反向的调节作用,而行业增长率在信息技术与企业绩效之间的关系中则发挥正向调节作用。     

“一带一路”倡议与中国企业对外投资绩效——基于来源国合法性溢出视角

从来源国合法性溢出视角,探讨“一带一路”倡议对中国企业对外投资绩效的影响,并基于中国上市公司对外投资数据,采用渐进双重差分模型进行实证检验。研究发现：“一带一路”倡议对中国企业投资绩效有显著正向影响,在利用倾向得分匹配、工具变量等方法缓解可能存在的内生性问题之后,上述结论依然稳健;与非基础设施行业相比,“一带一路”倡议对基础设施行业企业投资绩效的正向影响更加明显;与非国有企业相比,“一带一路”倡议对国有企业投资绩效的正向影响更加明显;在作用机制上,“一带一路”倡议通过改善来源国合法性进而正向影响中国企业投资绩效。研究结论对企业“一带一路”投资实现互利共赢有重要启示。     

Information technology and firm performance: mediation role of absorptive capacity and corporate entrepreneurship in manufacturing SMEs

ABSTRACT

The success of small and medium-sized enterprises (SMEs) depends on dynamic capabilities, as it provides opportunities to remain competitive and perform well in the dynamic business environment. Although several studies show the significant positive impacts of dynamic capabilities on firm performance, our knowledge of the underlying mechanism through which IT capabilities affect the firm performance is not yet clear. Applying the dynamic capability view, this study investigates the intervening role of absorptive capacity and corporate entrepreneurship. The data of 417 respondents is collected from medium-sized manufacturing sector SMEs in Punjab, Pakistan. The research hypotheses have been analysed through the structural equation modelling method by using the Smart-PLS software. The research findings show that absorptive capacity and corporate entrepreneurship partially mediates the relationship between IT capabilities and firm performance. Furthermore, the sequential path of IT technical skills, absorptive capacity, corporate entrepreneurship, and firm performance is highly significant as compared to other paths.     

The Effect of Corruption on Investment Growth: Evidence from Firms in Latin America,Sub‐Saharan Africa,and Transition Countries*

Most of the empirical studies that analyze the impact of corruption on investment have three common features: they employ country‐level data on investment, corruption is measured at the country level, and data for countries from several regions are pooled together. This paper uses firm‐level data on investment and measures corruption at the firm and country level, and allows the effect of corruption to vary by region. Our dependent variable is firms' investment growth and we employ six measures of corruption from four different sources—two firm‐level measures and four country‐level measures. We find that the effect of corruption on investments varies significantly across regions: corruption has a negative and significant effect on investment growth for firms in Transition countries but has no significant impact for firms in Latin America and Sub‐Saharan Africa. Furthermore, for Transition countries, corruption is the most important determinant of investment.     

Exchange Rate Passthrough Effects and Inflation Targeting in Emerging Economies: What is the Relationship?

Several studies have shown that over the past 10 years the passthrough effect from currency depreciation into domestic inflation has been decreasing in emerging economies that adopted inflation targeting (IT) during the mid and late 1990s. Therefore the nominal exchange rate effect on domestic inflation is becoming less of an issue for these countries. The literature has offered different explanations for these declines but so far they have not been directly related to the adoption of IT. This paper shows that lower passthrough effects can also be the result of the implementation of an IT regime and argues, contrary to previous studies, that the effects of the nominal exchange rate on inflation are still a relevant issue for emerging IT countries. The reason for this is that the empirical evidence offered for the lower passthrough misses the nature of the relationship between inflation and the nominal exchange rate under IT.     

A comparison of the spatial distribution of innovative activities in China and the U.S.

In order to enhance the independent innovation capability and help China to become an “innovation-oriented country” this article compares the spatial distribution of innovative activities between China (representing a typical developing country) and the United States. We also provide some recommendations for China and other developing countries to optimize the spatial distribution of their innovative activities. Using invention patents as an indicator gathered from the websites of the CSIPO and the USPTO, this paper compares the spatial distribution of innovative activity in China and the U.S. by methods such as rank-frequency, concentration and classification. The results show that the invention patents have experienced rapid growth and significant fluctuation in recent years in China, while the United States has been relatively stable. The spatial diversity of patent distribution in China is more obvious than in the United States. There is a concentrated trend of innovative activities in both China and the United States from the inland areas to the coastal regions.     

我国创业企业研发投资经济绩效的实证研究——基于创业板上市企业的经验数据

以2009—2011年我国深圳创业板上市企业为研究对象,从会计业绩和市场业绩等角度,实证考察了其R&D投资的经济绩效。结果显示:创业企业的R&D投资整体上并未呈现出积极的经济效果;R&D投资的经济效果具有明显的行业特征,制造业创业企业的R&D投资对其经济绩效具有一定的积极影响,但该影响具有滞后性;信息技术业创业企业的R&D投资对其当期和滞后一期的经济绩效均未产生积极影响,表明信息技术业创业企业的R&D投资存在一定程度的非效率行为。     

投资潮涌背景下企业投资对创新绩效的影响——以战略性新兴产业为例

提升战略性新兴产业创新绩效，是增强我国创新能力的重要引擎。采用2008—2019年战略性新兴产业综合指数样本股企业数据，实证检验投资潮涌背景下战略性新兴产业新增投资对创新绩效的影响，将创新绩效分为创新产出与成果转化率，结果发现：第一，2010—2012年第一波投资潮涌与2015—2019年第二波投资潮涌下，企业投资均能有效促进创新产出。在先发优势作用下，第一波效果更为显著。第二，无论在投资潮涌前期还是后期，投资支出均有助于促进创新产出，且前期影响更显著，而在非投资潮涌阶段，投资支出对创新产出的影响不再显著。第三，对于任何类型的战略性新兴企业而言，企业投资对创新产出的影响均显著为正；劳动密集型企业、资源密集型企业、国有企业投资与创新成果转化率的关系均为倒U型，而对于技术密集型企业与非国有企业，两者关系呈正相关关系。     

Inflation targeting and the composition of public expenditure: Evidence from developing countries

An important literature shows that inflation targeting (IT) adoption improves fiscal discipline. Our impact assessment analysis performed in a large sample of 89 developing countries over three decades shows that this favorable impact covers a composition effect: IT adoption is found to reduce more current expenditure compared with public investment in IT countries relative to non-IT countries. This finding is robust to various alternative specification, related to the structure of the sample, the measurement of the IT regime, or the estimation method. Consequently, aside from its acknowledged benefits for monetary policy goals, IT appears as an efficient tool to strengthen fiscal policy in developing countries towards lower and more productive public expenditure.     

高管团队职能背景与企业创新绩效 ——"精力"与"资源"的中介作用

依据高阶梯队理论、注意力基础观和资源基础观,通过引入“精力”层面的创新注意力和“资源”层面的研发投入两种创新投入,构建“高管特征-投入决策-创新绩效”研究框架,实证检验高管团队职能背景对企业创新绩效的影响及其作用机制。对我国沪深A股上市的398家技术密集型企业2013-2016年数据进行分析,研究结果显示,高管团队职能背景异质性不利于提升企业创新绩效,3种职能背景中只有“产出型”高管对创新绩效有正向影响,创新注意力和R&D 投入在高管团队职能背景对创新绩效的关系中起到双中介作用和交互作用。     

Information technology investment strategies: a review and synthesis of the literature

In spite of high importance of information technology (IT) investments, managers do not have sufficient guidelines to formulate IT investment strategy of a firm. In this paper, we review the literature to determine the factors that influence the IT investment strategy. The concept of IT investment strategy so far considered two domains: intensity and proactiveness; we enhance this concept by adding the domain of investment focus. Through this review, we made an attempt to answer three strategic questions related to IT investments: (i) level of investment that a firm should make in IT, that is, investment intensity; (ii) areas of firm where these investments should be more focused, that is, investment focus; and (iii) timing of investment, that is, whether to be an early mover in adopting IT or whether to invest relatively late compared to competitors.     

Privatization and capital formation in developing countries: an empirical analysis

The spur for privatization and its impact on economic performance have been analysed from many perspectives, including microeconomics, macroeconomics, and institutional economics. Previous research has focused on efficiency reasons for privatization at the level of the firm, and the relative performance of state‐owned enterprises and privately owned firms. This article investigates the macroeconomic facet of privatization with particular attention paid to the relation between privatization and capital formation in developing countries. Our study uses recent World Bank data on privatization for 105 countries over the time period 1988–2003. We explore the impact of privatization on capital formation by conducting two‐stage least squares and ordinary least squares estimations within three time frames. Our findings indicate that the effect of privatization on capital formation varies across regions and time frames. In general, privatization is neutral with regard to investment.     

我国转基因农产品发展现状研究

基因技术早已成为一项众所周知且应用广泛的现代科技,中国还是世界八大作物起源中心之一,遗传资源十分丰富。2010年种植转基因作物的国家数目为29个,其中19个为发展中国家,中国为其中之一。种植面积上,中国位居第6位(约5 550万亩),排名前10位的其他国家分别是美国、巴西、阿根廷、印度、加拿大、巴拉圭、巴基斯坦、南非和乌拉圭。种植人数方面,中国约有650万农民种植转基因作物。种植作物主要为水稻、玉米、小麦、棉花、番茄等。我国在加强转基因产品生产的同时,对转基因产品的研发、法律监管和标识管理也在不断完善。