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

Financial constraints due to the imperfection of capital market have been emphasized as an important factors determining investment by researchers recently. Beside of which, the soft budget constraints (SBC) and agency problem caused by dual property structure of enterprise system are even more important for investment in transitional China. Combing the background of aggregate investment, this paper analyzes the investment behavior and its inner mechanism of listed company in China from different views of SBC, agency cost theory and financial constraints. Based on the empirical study of 1 373 listed company, we find there is indeed some differences for SOE and non-SOE in the aspect of financial constraints even the hypothesis on nexus of cash flow and investment fails. Evidence has been found to support that principal-agency problem in the background of SBC and financial constraints can explain the investment behavior of listed company jointly, which provides another way to interpret the investment behavior of listed company in transitional country. __________ Translated from Nankai Jingji Yanjiu 南开经济研究 (Nankai Economic Studies), 2008, (1): 3–18     

The short and long-run interdependencies between the Eurozone and the USA

We estimate quarterly cointegrating vector autoregressive models for the Eurozone and the USA based on long-run restrictions derived from a dynamic open economy model. Three long-run relations between the Eurozone and the USA emerge: relative purchasing power parity, international interest parity and a stationary output gap between the two economies. Generalized impulse response functions show differences in the dynamic adjustment of the two economies. Due to the I(1)-characteristic of both output series and the stability conditions imposed by the long-run equilibrium relationships, shocks to the model produce level effects only, while growth rates converge to their long-run averages.

Is the monetary policy rule responsive to exchange rate changes? The case of Indonesia,Malaysia, the Philippines,and Thailand

Extending Obstfeld and Rogoff (J Econ Perspect 9:73–96, 1995), Ball (Monetary policy rules, University of Chicago Press, pp. 127–144, 1999), Svensson (J Int Econ 50: 155–183, 2000), Taylor (Am Econ Rev 91: 263–267, 2001), Gali and Gertler (J Econ Perspect 21:25–46, 2007), and others, this paper finds that central banks in the Philippines and Thailand respond negatively to the current real exchange rate and positively to the lagged real exchange rate whereas central banks in Indonesia and Malaysia do not react to the current or lagged real exchange rate. For the Philippines and Thailand, the null hypothesis that the sum of the coefficients of the current and lagged real exchange rates is zero cannot be rejected at the 5% level. Central banks in these four countries respond positively to the inflation rate and the output gap, suggesting that the concept of a simple or an extended Taylor rule would apply to these countries. Monetary policy reaction functions for Indonesia and Thailand are steeper than those for Malaysia and the Philippines and would be more responsive to a change in the inflation rate.      

服务接触视角的品牌延伸研究——一个概念性整合分析框架

品牌延伸是近年来营销理论研究的重要内容与前沿性课题,现有研究成果多是针对基于制造业的实体产品,沿用已有分析框架在一定程度上妨碍了人们对服务品牌延伸认识的深化。在对服务品牌延伸有关研究回顾的基础上,探讨了服务接触的内涵、维度,并构建了基于服务接触视角的品牌延伸整合分析框架,为服务品牌延伸研究提供了一种新的理论视角。     

Regulatory effects on the market penetration and capacity of reliability differentiated service

This paper investigates the effects of alternative forms of regulation on the market penetration and capacity that are determined by a profit-maximizing monopolist providing reliability differentiated service to consumers. Both price cap and rate of return regulation lead to larger capacity and market penetration than in the absence of regulation. These forms of regulation also lead to larger consumer surplus than in the absence of regulation. A minimum reliability standard reduces market penetration, and this reduction may lead to a decrease in consumer surplus.      

The asymptotic shapley value for a simple market game

We consider the game in which b buyers each seek to purchase 1 unit of an indivisible good from s sellers, each of whom has k units to sell. The good is worth 0 to each seller and 1 to each buyer. Using the central limit theorem, and implicitly convergence to tied down Brownian motion, we find a closed form solution for the limiting Shapley value as s and b increase without bound. This asymptotic value depends upon the seller size k, the limiting ratio b/ks of buyers to items for sale, and the limiting ratio of the excess supply relative to the square root of the number of market participants. This work was sponsered in part by NSF Grant DMS-03-01795.     

Using inverted Engel curves to estimate material standards of living in a household

This article demonstrates how to estimate latent total consumption expenditure or material standard of living in households by inverting estimated Engel curves. While the conventional estimator, total purchase expenditure, is unbiased for latent total household consumption expenditure, it is not variance minimizing since it is an un-weighted sum. In two stages, this article derives a variance-minimizing, unbiased estimator by first estimating and inverting Engel curves; then combining the estimators from the inverted Engel curves. The employed latent variable method allows for utilization of non-expenditure relations. The suggested method may help improve the accuracy in studies of consumption inequality and tax evasion.      

探索我国城镇养老保险制度改革方向

养老保险制度作为社会保障制度的重要内容之一,起到保障老年人基本生活的作用,是社会平稳有效运行的减震器和安全网.研究我国城镇养老保险制度对于改善民生有重大的现实意义.笔者认为目前国内有关养老保险金的讨论过分集中在制度模式的选择和如何做实个人账户的问题上,偏离了设立养老保险制度的制度目标.本文的创新之处在于从养老保险的功能定位的角度来剖析中国养老保险制度所面临的困境,并结合目前国内宏观经济背景来探索中国养老保险制度的改革方向,进而提出我国养老保险制度的下一步改革仍应保留现收现付模式的观点,解决困境的最终途径在于劳动生产率的提高.     

Does trade foster contract enforcement?

Contract enforcement is probabilistic, but the probability depends on rules and processes. A stimulus to trade may induce traders to alter rules or processes to improve enforcement. In the model of this paper, such a positive knock-on effect occurs when the elasticity of supply of traders is sufficiently high. Negative knock-on is possible when the elasticity is low. Enforcement strategies in competing markets are complements (substitutes) if the supply of traders is sufficiently elastic (inelastic). The model provides a useful structure of endogenous enforcement that gives promise of explaining patterns of institutional development. Presented to the GEP Conference on ‘New Directions in International Trade Theory’, 8 and 9 June, 2007. An earlier version of this paper under another title was presented to the American Economic Association meetings, January 2004.