人民币实际汇率错位的经济效应实证研究

本文运用行为均衡汇率模型和协整理论,测算1984—2004年人民币实际汇率错位的季度状况,结果表明,人民币实际汇率在此期间经历了三个阶段的币值低估和两个阶段的币值高估。结合这21年间中国主要经济指标的增长率,划分阶段研究人民币实际汇率错位的经济效应,可以发现:较大幅度的实际汇率错位对涉外经济变量产生了比较明显的影响;而低幅度的实际汇率错位,不会对经济产生较大危害,经济系统本身可自动调节;另外,实际汇率错位对涉外经济变量的变动有非常好的解释作用,这反过来证明,对人民币实际汇率错位状况的测算是准确的。通过建立计量模型,从1984—2004年整体时段来研究人民币实际汇率错位的经济效应,结果表明,实际汇率错位对出口和进口都产生了显著的负面影响。     

Do analysts follow firms with able managers?

Although previous studies suggest that management quality impacts analyst behavior, there is a dearth in direct empirical evidence that proves this. A sample of listed Chinese firms over the period 2008–2016 proves that a firm with highly skilled managers draws more analysts. We use an instrumental variable approach to mitigate endogeneity issues. Tests show that the positive impact of managerial ability on analyst following is more salient in firms with no political connections and firms located in regions with developed formal institutions. Firms with high-capability managers help analysts improve their forecast accuracy and lower the dispersion of their opinions.     

CORPORATE TAX AVOIDANCE: A LITERATURE REVIEW AND RESEARCH AGENDA

Tax avoidance can range from reduction of the corporate tax burden by legitimate use of tax rules to violation of tax laws. In this paper, we endeavor to synthesize the major findings of tax avoidance research from the accounting and finance literatures over the past ten years. We consider theoretical developments and the related empirical findings about the interconnected issues of measuring tax avoidance, and the possible causes and outcomes of corporate tax avoidance. We present some ideas for further research to examine underexplored topics regarding tax avoidance.     

Industrial upgrading efficiency and free markets in emerging economies: A two-stage meta-frontier approach

This paper establishes an industrial upgrading model by dividing the industrial upgrading process into two: the foundation–construction and industrial upgrading stages. Eighty-one sample countries, from 2006 to 2012, were divided into two groups according to their degree of market freedom. The meta-frontier method was employed to explore technology gaps in the groups caused by the different markets. It was found that emerging economies with a free market have a better upgrading performance than those with a restricted market, and the efficiency gap between the two groups was seen to be continually increasing.     

创业中，我出错了一张关键牌

大学毕业后，我被分配在湘潭市无线电二厂工作。我学的是无线电技术，这家工厂生产电视机，专业很对口。那时，只要是电视机厂工作的大学生，人们便将你当作技术权威看待，同事的、朋友的、亲戚的电视机坏了，都会叫你去修。刚开始，我只有硬着头皮去，修不好，找借口拿回宿舍，看书、查资料、请教水平高的人，直到修好为止。     

Economic burden of hypoglycemia: Utilization of emergency department and outpatient services in the United States (2005–2009)

Objective: To estimate the economic burden of hypoglycemia on the healthcare system at the national level in the US between the years of 2005–2009.

Methods: This study analyzed the National Hospital Ambulatory Medical Care Survey (NHAMCS), including emergency department (ED) and outpatient department (OPD) components, and the National Ambulatory Medical Care Survey (NAMCS). The annual rates of ED and OPD visits associated with hypoglycemia were reported. Subsequent medical services after disposition were studied. The unit cost of specific medical service was estimated from the Medical Expenditure Panel Survey (MEPS). All annualized costs were adjusted to US 2009 dollars. We also estimated the rates of injury and ambulance use incurring within a visit for hypoglycemia.

Results: The total direct medical cost of hypoglycemia was estimated as $3.49 billion in 2005 and decreased gradually to $1.84 billion in 2009. The declining trend was correlated with hospital admissions from ED, which decreased from 170 665 in 2005 to 71,751 in 2009. Consequently, the estimated annual expenditure of hospitalization for hypoglycemia from ED declined over time by more than half ($2.90 billion in 2005, $1.25 billion in 2009). Injury was reported among 9.5% of the ED visits for hypoglycemia. Ambulances were used among 58% of the ED visits for hypoglycemia.

Conclusion: Hypoglycemia poses a significant burden on the healthcare system; however, annual direct medical cost of severe hypoglycemia in the US decreased over the 5 years studied, which is attributable to tremendous decrease in need of hospitalization following an ED visit.     

Comparative persistence and adherence with newer anti-hyperglycemic agents to treat patients with type 2 diabetes in the United States

Objectives: Non-adherence and non-persistence to anti-hyperglycemic agents are associated with worse clinical and economic outcomes in patients with type 2 diabetes. This study evaluated treatment persistence and adherence across newer anti-hyperglycemic agents (canagliflozin, dapagliflozin, sitagliptin, saxagliptin, linagliptin, liraglutide, or exenatide).

Methods: This retrospective cohort study of Truven Health Analytics Marketscan databases included adult patients with type 2 diabetes whose first pharmacy claim for a newer anti-hyperglycemic agent was between February 1, 2014 and July 31, 2014. Treatment persistence and adherence were assessed for 12 months after the first claim (post-index). Persistence was defined as no gap ≥90 days between the end of one pharmacy claim and the start of the next pharmacy claim post-index. Adherence used two definitions: proportion of days covered (PDC) and medication possession ratio (MPR). Multivariable analyses of non-persistence (hazard ratios) and adherence (odds ratios) were adjusted for baseline demographics, drug cost, clinical characteristics, and other anti-hyperglycemic agents.

Results: A total of 11,961 patients met all study selection criteria. Persistence rates at 12 months were significantly greater (p?p?=?0.83; PDC?=?0.79) and canagliflozin 300?mg (MPR?=?0.92; PDC?=?0.81) were greater than for the other index anti-hyperglycemic agents (MPR?=?0.33–0.75; PDC?=?0.33–0.72). Consistent results for treatment persistence and adherence were observed in multivariable analyses that were adjusted baseline characteristics.

Conclusions: Canagliflozin was associated with better treatment persistence and treatment adherence compared with other anti-hyperglycemic agents in real-world settings.     

Labour Markets in China: A Study of the Structure and Evolution of Wages

This paper examines the development of labour markets and the evolution of a structure of wages in China, using household surveys for 1988, 1995, 2002 and 2007. It finds evidence of both provincial and sectoral segmentation in labour markets, with eastern regions and the state-controlled sector enjoying high wage premiums in the early reform period. During the reform, China has progressed slowly towards an integrated labour market with convergence in incomes between the rural non-agriculture sector and the urban market-based sector by 1995, when industry flourished in the rural areas. The wage gap between the rural non-agriculture sector and other sectors increased and the urban state-controlled sector remained segmented with respect to all other sectors up to 2002. However, the data from 2007 show there has been increasing sectoral and spatial integration.     

关于企业家市场化的研究

文章从理论与实际的结合上 ,论述了企业人事制度改革与企业家队伍的建设问题 ,提出了建设企业家队伍的根本是加强人事制度的改革 ;造就企业家队伍的关键在于企业家的职业化 ;企业家的职业化首要的是企业家的市场化。并就加快企业家市场的建设 ,在创造条件、改革创新等具体运作上 ,提出了具体意见。     

责任感、信任感与职工持股

中国企业中实行的职工持股制度，目的是为了解决长期以来企业中存在的“人人皆主人，无人会负责”的职工缺乏主人翁意识的状况。职工在工作中的责任感和信任感的存在，对企业的活动及其效益皆具有非常重要的意义。职工持股制度的着眼点是把激励建立在可感知的利益和“期望的利益”之上，这对于增强企业职工的主人翁意识与强化企业与职工之间的信任关系大有益处，它使职工对企业的参与有了可靠的物质基础和切入点。