企业并购能否抑制经济“脱实向虚”——基于产业优化发展的视角

近年来,我国经济面临着严峻的“脱实向虚”问题,微观层面表现为实体企业金融化现象日益凸显,不仅影响我国经济的高质量发展,而且导致金融领域的风险集聚。因此如何抑制经济“脱实向虚”一直受到社会各界的广泛关注。本文以2009—2018年中国沪深A股非金融类、非房地产类上市公司为样本,采用倾向性得分匹配双重差分法,从产业优化发展的视角出发,实证检验企业并购对实体企业金融化的抑制影响及作用机制,并采用三重差分法检验境内并购和海外并购对于实体企业金融化抑制作用的差异。研究发现：企业并购对于企业的短期金融化行为和长期金融化行为均有抑制作用,且海外并购的抑制作用更强;境内并购主要通过“规模经济和范围经济效应”和“产业链协同互补效应”抑制企业金融化,海外并购主要通过“产业链协同互补效应”和“技术协同效应”抑制企业金融化。本文研究表明企业并购可以通过促进产业的健康可持续发展,提升产业对资本的吸引力,从而从根本上治理经济“脱实向虚”问题。     

参与产学研合作对科研人员国际和国内论文发表的影响——区域边界和院校层次的调节作用

当前文献对参与产学研互动是否会正向或负向影响科研人员的学术绩效尚未形成一致结论。本文搜集参加广东省企业科技特派员计划的共3 524名科研人员的相关数据,考察参与学企人员流动形式的产学研互动对其学术绩效的影响,包括对国际和国内论文发表的影响。研究发现,参与学企人员流动对学术绩效既有正向促进作用,也有负向削弱效应。结果表明,参与计划对特派员国际论文发表的促进作用大于国内论文。参与后,特派员国际论文发表的增长速率有显著增加,而国内论文发表的增长速率却明显减低。且高层次院校科研人员参与学企人员流动比一般院校人员获得更高的国际论文产出。本地科研人员参与学企人员流动能够比区域外人员获得更高的国际论文产出。研究结论对平衡科研人员学术研究和创新成果转化活动的政府产学研政策、学研机构行政机制和企业管理策略都具有重要参考价值。     

人民币升值对国际收支调节的有效性分析--兼谈货币主义汇率调节理论在中国的适用性

本文通过分析我国汇率水平调整对国际收支调节的历史数据、我国进出口商品的需求价格弹性以及我国目前的国际收支结构,认为仅靠汇率水平的调整可能不能够有效地对我国目前的国际收支顺差做出调节。在此基础上,笔者收集了1985-2004年的相关数据,对国际收支调节的另外一个重要理论——货币主义理论,进行了Johansen协整检验,结果发现,我国外汇储备与国内信贷之间存在协整关系,系数为-3．613,说明我们可以尝试通过对国内信贷数额的调整来对我国国际收支进行调节。     

文学与外语教学

随着外语教学改革的逐步深入,外语教学中注重学生能力的培养已蔚然成风。在此情况下,学生们的听、说、读、写等各种外语技能技巧确有很大的提高。但同时我们也应看到,他们真正的交际能力却很差,除了一些简单的应答之外,几乎不能用外语与外国人深入讨论问题。其中丰要的原因是：我们在外语教学中只注意到各种技能技巧的训练,而忽视了环境与文化知识的作用。     

伊朗回购合同的执行与油气服务市场

伊朗回购合同在规范油气勘探、开发、生产、投资、产能建设和成本回收方面,与其他油气合作合同有所不同,由此产生合同执行过程及管理理念的较大差异.对于回购合同的执行,成本控制和时间是至关重要的.回购合同的作业者以伊朗国家石油公司(NIOC)的名义并代表伊朗国家石油公司进行作业,但并非石油作业的最终决策者.回购合同项目的联合管理委员会、伊方技术代表和协调程序,要求作业者具备扎实的专业知识和现场作业经验,拥有较高的商务操作和处理能力.伊朗石油服务市场呈现作业量有限、市场资源匮乏、市场准入门槛高的特点,作业者必须考虑在伊作业的工程风险.在伊执行回购合同时,应注意合同执行总体计划、选择承包商、工程技术设计方案、作业管理以及项目回收等环节的重点工作.     

Information disclosure quality: correlation versus precision

We investigate how a multidimensional disclosure quality (i.e., correlation and precision) determines an optimal information disclosure strategy. We find that, for an infinitely lived, unlevered firm with market perfection, a truth‐telling disclosure is optimal at increasing the expected firm value. However, for a finitely lived, levered firm in the presence of market imperfections (e.g., bankruptcy cost), the optimal disclosure quality depends negatively on the level of imperfections. Once we consider the agency problem, such dependence can become positive, thereby highlighting the importance of a proper managerial‐incentive scheme to align the information disclosure interests of managers and shareholders.     

Overconfidence and Resistance to Abandoning Unprofitable Capital Budgeting Projects: The Effects of Autonomy,Internal Audit,and Accountability

The purpose of this study is to investigate the effects of managers' autonomy in choosing a capital budgeting project has on their confidence in managing the project. Furthermore, this study examines the role that internal audit reports and accountability play in mitigating the impact of autonomy on managers' resistance to abandoning unprofitable capital budgeting projects. Building on motivated reasoning theory, we hypothesize and find that managers who are given autonomy to choose their own projects are more confident that their projects will be successful than managers who are assigned the projects by their superiors. This study also shows that internal audit reports and accountability are effective mechanisms for reducing the influence of prior decisions on managers' resistance to abandoning unprofitable projects.     

Environmental regulation,total factor productivity,and enterprise duration: Evidence from China

Environmental regulation has been confirmed to have an important impact on enterprise productivity, which is regarded as a crucial factor of enterprise duration. However, existing studies have paid little attention to how environmental regulation affects enterprise duration. Using firm‐level data from the Chinese Industrial Enterprises Database (2003–2007) and the stochastic frontier analysis method, we estimate enterprise total factor productivity (TFP) and its four decomposed components (scale efficiency change, technological change, factor allocation efficiency change, and technical efficiency change). Meanwhile, we adopt a comprehensive index to measure the environmental regulation intensity. Furthermore, we use the linear probability model and the proportional hazards model to investigate the effect of environmental regulation on enterprise duration through the mediating role of enterprise TFP. The results show that although environmental regulation per se negatively impacts on enterprise duration, environmental regulation can present a synthetic positive effect on enterprise duration due to its positive effect on enterprise TFP. Specifically, environmental regulation significantly mitigates the scale efficiency and technical efficiency of regulated enterprises. It also stimulates regulated enterprises' technological innovation and improves their factor allocation efficiency. In addition, state‐owned and large‐scale enterprises are more malleable when facing environmental regulations. We propose that the government should encourage enterprises to innovate and improve the allocation efficiency of production factors, so as to achieve the purpose of controlling environmental pollution in stages while extending enterprise duration.     

What types of homeowners are more likely to be entrepreneurs? The evidence from China

Small Business Economics - This paper highlights a previously undocumented observation regarding the heterogeneity of the association between entrepreneurship and homeownership across ownership...