金融监管如何影响企业技术创新

金融监管是政府影响微观经济主体的重要政策手段,对新时代下企业的技术创新活动也有着重要影响.本文借助中国2011-2018年沪深两市A股上市企业与金融监管数据集,检验金融监管对企业技术创新活动的影响.研究发现,金融监管强度的增加有助于提升企业技术创新水平.这种影响随着企业外部地域属性和内部特征差异的变化展现出了较强的异质性效果.机制研究发现,金融监管有助于降低企业杠杆率水平,刺激企业多元化投资(包括R&D与实物资本投资),并减轻企业的盈余管理行为,为自身财务风险稳定提供保障,这些都有助于企业技术创新活动的增加.特别地,对于金融科技新业态的监管,使得企业融资的创新行为倾向更加聚焦.本项研究从微观经济主体高质量发展的角度分析了金融监管的重要作用,有助于在功能和内容上强化对金融监管的优化,是新时代下创新驱动转型战略发展的必由之路.     

中国共产党工业化思想的战略逻辑——以社会主义革命与建设时期毛泽东论述为中心

在社会主义革命与建设时期,针对我国国情并且借鉴列宁和斯大林的工业化思想以及苏联工业化经验,毛泽东提出以三个并举为主要内容的工业化思想体系.基于首重安全和兼顾发展的战略逻辑,我国选择了重工业优先发展战略.凭借这一战略,我国到改革开放前建立了独立和比较完整的工业体系,但在工业化过程中存在效率偏低和结构失衡等问题.这种战略逻辑分析有助于理解党和国家领导集体工业化思想的核心要义,有助于把握将农业国转变为工业国的战略方向,有助于说明为什么要对学术界关于工业化战略的一些评论进行历史唯物主义再评论,有助于理解习近平两个不能否定的科学论断和从历史中汲取前进的智慧与力量.     

污染密集产业转移承接地经济与环境协调的途径研究

伴随高速经济发展而来的环境恶化、资源耗竭等一系列环境问题,不但降低了当代人的生活水平,而且也削弱了后代人生存发展的能力。环境与经济协调发展的可持续理论,是过度使用环境,遭到环境报复以后,人们对自己的行为进行反思而得出的经验总结。近年来,国内掀起了一波污染密集产业由东部向中西部地区梯度转移的产业转移浪潮。一方面,污染密集产业转移的承接地需要通过承接产业以带动地区经济增长;另一方面,又不得不正视污染密集产业进入带来的环境等负面效应。文章从污染密集产业承接地的角度,基于环境与经济运行的物质平衡系统,结合环境容量约束来分析污染密集产业转移承接地的环境效应,并提出承接地经济与环境协调发展的三条基本路径。     

技术进步对产业增长作用的测度——基于北京高技术产业的实证研究

在分析技术进步对产业增长作用的传统理论和方法的基础上,将技术进步导致的规模效应置于技术进步效应中,并把技术进步效应分解为技术进步的纯产出效应和规模效应。构建了修正的DEA-Malmquist指数模型,基于1998—2008年全国22个地区高技术产业五大行业的面板数据,对北京高技术产业进行了实证分析,得出了北京高技术产业及五大行业的技术进步效应值及其分解值,验证了本文提出的理论和方法的科学合理性。     

Foreign direct investment and business cycle co-movements: The panel data evidence

The previous literature has largely overlooked the possible channels through which foreign direct investment (FDI) might influence business cycle synchronization. In this study we analyze the linkages that exist among FDI, trade and industrial dissimilarity in relation to business cycle co-movements using a panel data set taken from 77 pairs of developed countries. The error component three-stage least squares (EC3SLS) estimates from a simultaneous equations model with panel data are shown to be superior to the estimates obtained from single equation models or simultaneous equations models with cross-sectional data. Our results indicate that FDI serves as a channel of international business cycle transmission that is equally important as the channels of trade and monetary policy. On the contrary, industrial dissimilarity is identified as having an indirect impact on the business cycle correlation through trade and FDI. Furthermore, our findings suggest that in our sample FDI is of the horizontal type and tends to substitute for trade.     

Who votes for public environmental goods in California?: Evidence from a spatial analysis of voting for environmental ballot measures

Voting referenda provide direct evidence of the demand for public goods. A number of previous studies have used referenda to analyze the support for public environmental goods. These studies have used aggregate data from large jurisdictional units (usually counties) and summary income measures such as the mean or median, and have usually found that higher income areas offer greater support for environmental propositions. We examine environmental referenda voting in California using census block group data, spatial dependence controls, and detailed income distribution data. We find that household income has a negative marginal effect on environmental referenda voting for most of the income range when using census block data. In addition, controls for spatial dependence significantly reduce the magnitude of most coefficients. This suggests that OLS estimates of referenda determinants are biased. We also show that county level data may be subject to severe aggregation bias and might not be appropriate for referenda studies.     

Financial leverage and market volatility with diverse beliefs

We study a general equilibrium model of asset trading with financial leverage, where the investors can engage in speculative trading with diverse beliefs about the asset??s fundamental value. We show that an increase in the leverage ratio causes the stock price to rise in the current period through a ??leverage effect??, and will result in more borrowing and more stock purchase that pumps the stock price higher in the subsequent period, known as the ??pyramiding effect??. There can also be a ??depyramiding effect?? when the price falls because lenders issue margin calls and force stock sales, contributing to further stock price plummeting. Price changes from depyramiding effect, however, may not take effect when margin calls are not triggered. We demonstrate that, under certain conditions, decreasing leverage ratios leads to lower stock price volatility, measured by the variation of prices caused by an exogenous shock, when the shock is unanticipated. The influences of dispersion of beliefs and available investment funds on the relation between financial leverage and market volatility are also examined. When the shock is anticipated, we demonstrate that reducing leverage ratios may not lower stock price volatility, which poses an important challenge to future studies on this issue.     

我国政策性农业保险实施效果评价

根据在政策性农业保险试点地区进行实地调研所得的数据,对农户对我国政策性农业保险实施效果的评价结果进行了描述性统计分析。调研结果表明:不同地区的农户对农业保险的需求程度不同,因此其对农业保险实施效果的评价结果也不尽相同;总体来讲,农业保险在稳定农作物产量、稳定农户家庭收入、增强农业抵御风险能力等方面确实发挥了一定的作用,但还未具有明显的长期效果,并未得到广泛认可。     

社会网络视角下的创客资本研究

揭示创客资本的内涵与特征,有助于深层次挖掘创客与经济社会发展之间的关系。运用关键词共现、社会网络分析和扎根理论方法,对148篇文献、21位由创客与众创空间负责人等构成研究对象的访谈资料和网络文本资料展开分析。社会网络分析发现互联网、数字经济、分享经济等是创客发展的重要驱动力,创客可借助众创空间社会网络跳出时空局限,运用网络资源参与大众创新活动,并与社会网络形成价值共创关系,推动协同创新和平台生态系统构建;扎根理论分析结果表明,创意制造、开放协同、网络共生、边际非稀缺是创客资本的4个核心特征,并印证了社会网络分析结果。基于上述分析结果,进一步基于社会网络理论界定了创客资本的内涵,提出未来需要深度挖掘创客资本与网络场景之间的交互机制及其结果效应。     

Twenty‐eight years of business strategy and the environment research: A bibliometric analysis

The competitive academic climate of all the academic fields, including business strategy, puts great stress to publish. To effectively maneuver the field of business strategy and the environment, all the stakeholders, such as academicians and practitioners, must understand the current position of the theory and practice. A systematic bibliometric analysis of a top tier journal can serve this issue by providing a holistic view of the publications' trends and trajectories. This study analyzes the trend of publication in the Business Strategy and the Environment (BSE) Journal since its inception in 1992 to 2019. The study uses two procedures to analyze the bibliometric data collected from the Scopus database. First, we use different aspects such as citation and publication structure to estimate the evolution of the BSE; second, we use VOS viewer software to visualize the mapping of BSE based on co‐citation, bibliographic coupling (BC), and co‐occurrence (CC). The results show a gradual increase in the citation and publication structure of the BSE. The increase in publications and citations indicates BSE's growing stature as a key academic outlet advancing knowledge in business strategy and environmental sustainability research. This study contributes to the literature by identifying the most influential aspects of the journal, which would help researchers to understand the trends and focus of the BSE.