Diversification cones, trade costs and factor market linkages

This paper finds non-uniform differences in the distribution functions of factor usage intensities among 10 rich OECD countries. The 10 countries form three distinct groups such that the between-group differences are more pronounced than within-group differences and capital-abundant countries are in capital-abundant groups. The estimation works even if the same industry codes represent different goods across countries in the data. The finding is consistent with the multiple-cone factor proportions theory with zero trade costs with each group being one cone. An alternative interpretation is non-zero trade costs. Both interpretations imply weak factor market linkages between the countries in different groups.     

订单农业对农户的影响总是有效吗?——买方垄断和非垄断市场订单农业参与效果的对比研究

订单农业作为促进我国现代农业发展和农业价值链转型升级的有效策略,近年来受到广泛的关注和采纳。但其在不同市场条件下对参与农户的影响效果是否一致是一个有争议的问题。文章以山东、山西、宁夏三省非垄断特征市场下千余农户样本和内蒙古自治区H市具有买方垄断特征的生鲜乳市场下的农户样本为例,采用PSM方法分别分析了订单农业对农户农业成本收入和农业服务可得性的影响。结果发现,非垄断市场下订单农业的影响效果显著优于买方垄断市场。     

从组织公平到创业团队创造力的双中介路径检验：基于社会惰性与团队效能视角

从社会惰性与团队效能视角揭示组织公平感对创业团队创造力的内在作用机理,构建从组织公平到创业团队创造力的双中介路径。以河南省81个创业团队为样本的调查研究结果表明,组织公平感对团队效能产生显著正向影响,进而提升团队创造力;社会惰性在组织公平与团队创造力之间起中介作用;团队学习行为在团队效能与团队创造力、社会惰性与团队创造力之间均起正向调节作用。该研究结果不仅有助于丰富团队创造力实现路径认知与社会惰性研究,同时可为创业团队提升团队创造力、深入理解社会惰性、营造公平公正的团队氛围提供借鉴和参考。     

A unified model of entrepreneurship dynamics

We develop an incomplete-markets q-theoretic model to study entrepreneurship dynamics. Precautionary motive, borrowing constraints, and capital illiquidity lead to underinvestment, conservative debt use, under-consumption, and less risky portfolio allocation. The endogenous liquid wealth-illiquid capital ratio w measures time-varying financial constraint. The option to accumulate wealth before entry is critical for entrepreneurship. Flexible exit option is important for risk management purposes. Investment increases and the private marginal value of liquidity decreases as w decreases and exit becomes more likely, contrary to predictions of standard financial constraint models. We show that the idiosyncratic risk premium is quantitatively significant, especially for low w.     

中国产业结构优化升级引致的城镇化效应研究——一个省级面板分位数模型的实证检验

基于2000～2011年我国省级面板数据,采用面板分位数计量模型考察了产业结构引致的城镇化效应。研究发现,第三产业份额的估计参数显著为正,说明产业结构优化带来的城镇化效应是存在的。同时,这种效应对于处于不同分位数上的地区有较大差异:第三产业份额适中的省(市、自治区),城镇化效应最为明显;第三产业份额相对过高或过低的省(市、自治区),产业结构优化带来的城镇化效应较弱,估计参数呈现"两头小、中间大"的结果,显著、稳健为"倒U型"结构。     

Does banking competition alleviate or worsen credit constraints faced by small- and medium-sized enterprises? Evidence from China

Banking competition may enhance or hinder the financing of small and medium-sized enterprises. Using a survey on the financing of such enterprises in China, combined with detailed bank branch information, we investigate how concentration in local banking market affects the availability of credit. We find that lower market concentration alleviates financing constraints. The widespread presence of joint-stock banks has a larger effect on alleviating these constraints, than the presence of city commercial banks, while the presence of state-owned banks has a smaller effect.     

Perceived risk and the interplay of expert endorsement,corporate image and investment knowledge in mutual fund advertising

This study aims at examining the effects of expert endorsement, corporate image and investment knowledge on individuals’ perceived risk in mutual fund advertising. Based on the results from a content analysis of 341 print advertisements of mutual funds in Hong Kong, a 3 (advertising texts about corporate image: corporate management, financial performance, corporate responsibility)?×?2 (visual of expert endorser: presence, absence) between-subjects online experiment was subsequently conducted. The content analysis showed that visuals of experts had a significant relationship with corporate attributes in the advertisements. Results from the experimental study revealed that the participants reading the expert-endorsed advertisement about corporate management were more favorable toward the advertiser’s corporate image. The participants’ investment confidence posed a significant effect to their favorability toward the advertiser’s corporate image and subsequently their willingness to invest. When formulating communication strategies for financial products and services, practitioners should pay attention to the effect of expert endorsement in enhancing individuals’ favorability of the corporate image, as well as the effect of individuals’ investment confidence on individuals’ willingness to invest.     

内蒙古中部生态移民村移民留守意愿影响因素的实证分析

生态移民政策在保护环境恢复生态方面的作用是有目共睹的,但是由于地方政府相应的配套服务体系建设滞后,生态移民村建设和补偿不足,移民移入后收入水平难以提高,经济基础薄弱,这就导致了移民对政策的实施满意程度较低,在移入后不愿长期留在移民村定居。本文以内蒙古巴彦淖尔市和鄂尔多斯市的三个生态移民村作为研究对象,对移入地资源环境条件和影响移民留守意愿的因素进行分析和比较,并运用logistic回归模型,从微观层面探讨影响生态移民留守意愿的因素。