当前我国科技产业化立法的几点思考

在全球经济一体化浪潮之下,我国科技产业化的发展,需要立足WTO规则,及时作出立法应对,迎接时代的挑战。科技产业化的发展,是产、学、研一体化的发展,要通过立法扶持政府财政对非盈利性的科研院所的补贴,要在立法上加强对自主知识产权和商业秘密的保护,要对技术入股作出立法保障,还需要及时完善和细化反垄断法,推进科技产业化的可持续发展。     

对产业集群可持续发展机制的探讨

一、产业集群可持续发展的核心动力——创新产业集群的可持续发展,对内表现为集群在发展过程中能实现一次次从量变到质变的过程,对外表现为相对于其他同类集群具有竞争优势。竞争优势的持续力是一种持续的改善和自我提升,这种持续的改善和自我提升通过创新行为实现。持续的创新     

文房清供：投资前景看好

文房清供是指在中国传统的“文房四宝”——笔、墨、纸、砚的基础上发展出的一些其他文房辅助工具。据说在事汉时期，“文房清供”就开始出现，唐宋时期得以发展，到明清时期尤其得到大力发展，用具种类非常丰富，致使其成为书房里，书案上的装饰，陈设工艺美术品。     

产业发展、城市集聚耦合与经济增长的关联度

产业集群与城市群的耦合关系是指产业集群与城市群这两个集群体系在经济发展过程中相互作用而彼此影响以至联合起来的非线性关系的总和。实证分析证明,产业和城市集聚的耦合优势将对地区经济增长产生一定的促进作用。随着经济的全球化和区域经济的一体化,产业集群和城市群的共同发展代表着未来经济社会发展的主流趋势,因此必须促进产业集群和城市群耦合的长远发展。     

Securities regulation and implicit penalties

The extant literature offers extensive support for the significant role played by institutions in financial markets, but implicit regulation and monitoring have yet to be examined. This study fills this void in the literature by employing unique Chinese datasets to explore the implicit regulation and penalties imposed by the Chinese government in regulating the initial public offering (IPO) market. Of particular interest are the economic consequences of underwriting IPO deals for client firms that violate regulatory rules in China’s capital market. We provide evidence to show that the associated underwriters’ reputations are impaired and their market share declines. We further explore whether such negative consequences result from a market disciplinary mechanism or a penalty imposed by the government. To analyze the possibility of a market disciplinary mechanism at work, we investigate (1) the market reaction to other client firms whose IPO deals were underwritten by underwriters associated with a violation at the time the violation was publicly disclosed and (2) the under-pricing of IPO deals undertaken by these underwriters after such disclosure. To analyze whether the government imposes an implicit penalty, we examine the application processing time for future IPO deals underwritten by the associated underwriters and find it to be significantly longer than for IPO deals underwritten by other underwriters. Overall, there is little evidence to suggest that the market penalizes underwriters for the rule-violating behavior of their client firms in China. Instead, the Chinese government implicitly penalizes them by imposing more stringent criteria on and lengthening the processing time of the IPO deals they subsequently underwrite.     

Timing earnings

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations. We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.     

The dampening effect of bank foreign liabilities on monetary policy: Revisiting monetary cooperation in East Asia

This paper addresses the cost of formal monetary cooperation from the perspective of monetary policy effectiveness. As banks tend to borrow from abroad in foreign currencies to fund domestic lending, monetary policy may have a reduced effect on the credit market and the economy. Results derived from bank level data in East Asia indicate that bank foreign liabilities significantly reduce the effectiveness of the credit channel of monetary policy, implying a relatively low cost of giving up monetary autonomy.     

Investment-cash flow sensitivity cannot be a good measure of financial constraints: Evidence from the time series

Investment-cash flow sensitivity has declined and disappeared, even during the 2007-2009 credit crunch. If one believes that financial constraints have not disappeared, then investment-cash flow sensitivity cannot be a good measure of financial constraints. The decline and disappearance are robust to considerations of R&D and cash reserves, and across groups of firms. The information content in cash flow regarding investment opportunities has declined, but measurement error in Tobin's q does not completely explain the patterns in investment-cash flow sensitivity. The decline and disappearance cannot be explained by changes in sample composition, corporate governance, or market power—and remain a puzzle.     

Corporate ownership structure and bank loan syndicate structure

Using a novel data set on corporate ownership and control, we show that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant impact on the concentration and composition of the firm's loan syndicate. When the control-ownership divergence is large, lead arrangers form syndicates with structures that facilitate enhanced due diligence and monitoring efforts. These syndicates tend to be relatively concentrated and composed of domestic banks that are geographically close to the borrowing firms and that have lending expertise related to the industries of the borrowers. We also examine factors that influence the relation between ownership structure and syndicate structure, including lead arranger reputation, prior lending relationship, borrowing firm informational opacity, presence of multiple large owners, laws and institutions, and financial crises.