论凯恩斯主义经济理论在中国的实践

1998年下半年以来,我国实施了凯恩斯主义扩张性宏观经济政策,以扩大内需,应对当时严峻的国内外经济形势。应当肯定的是,这一政策取得了一定的积极效果,但是,其预期效果也不尽理想。如何看待凯恩斯主义经济理论在我国的实践是一个具有高度宏观意义的议题。     

基于嵌入性结构的供应链联盟形成机理研究

在对供应链嵌入性结构以及供应链嵌入性结构中企业之间关系的变化进行分析的基础上,探讨了供应链联盟的形成机理,并运用案例进行了实证分析。     

Water as an investment: liquid yet illiquid!

The water industry is in great need of further large investments to address existing severe water shortages worldwide which requires the participation of private sector investors. This industry is heavily infrastructure based and is therefore saddled with fixed assets-in-place or illiquid assets. This exposes the industry to what is termed as ‘illiquidity risk’, and hence, investors in this industry should be compensated for bearing this risk with an appropriate return premium (i.e. extra return). In this study, we provide evidence as to whether illiquidity risk indeed significantly affects returns in this industry. We examine the case of all 76 firms that compose the five major global water indices. After controlling for other factors that impact on returns, our results suggest that asset illiquidity is positively associated with stock returns. Specifically, water firms with a larger proportion of illiquid assets-in-place are observed to have greater stock returns than those with a smaller proportion of illiquid assets. Our results have important implications for the financing of water-related projects particularly those which involve the participation of investors from the private sector.     

Statistical Discrimination and Gender Wage Gap: A Model

In this paper, I extend the model in Coate and Loury (CL) (1993) to show how statistical discrimination by employers can help create gender wage gap for men and women with equal earning potentials. Given that employers do not perfectly observe a worker’s skill type and partly rely on the average skills level of his (her) peers for inference purpose, employers’ differential treatment of male and female workers can create different skill-investment incentives for them, which in turn justify employers’ discrimination in the first place. The second result of this paper which is not possible within the original CL framework is that I point to the possibility that there exist circumstances under which the gender wage gap can not be eliminated without the formerly advantaged sex being negatively affected.     

论农民增收与社会主义新农村建设

社会主义新农村建设是一项涉及农村经济、政治、科技、文化、生态环境等方面的系统工程。推进社会主义新农村建设,必须在多方面采取措施。     

An Experimental Study on Dividing Gains through Politics

This article offers experimental evidence to examine an important case in politics where a monopolistic proposer seeks a majority's consent from competitive responders to split the gain. The unique subgame perfect equilibrium prediction is that the side of trade with a monopoly will exploit the side of trade with competition to reap almost all of the gain. Our experimental evidence reveals that while responders do compete with each other to race to the bottom (consistent with the prediction), the monopolistic proposer settles down to offer a ‘fair’ share of the pie to those from whom he or she seeks majority support (contrary to the prediction).     

中国大陆对外经济联系的空间格局

开放条件下,以沿海发达地区为核心的发展格局逐渐形成,在对外经济联系中,这种格局进一步强化,东部沿海地区在对外开放中的地位更加突出.以大连、天津、上海和广州、深圳为龙头,由沿海至内地形成多条对外联系轴线.根据各地对外联系的主要方向,全国基本形成东北区、黄河流域区、长江流域区和华南区四大对外经济联系区.     

异质性机构投资者差异化作用于双元创新投资吗——基于注意力基础观与市场迎合理论双重视角

基于2011-2020年沪深A股高新技术企业样本,探究公司治理框架下异质性机构投资者对企业双元创新投资的差异化作用机理,得出如下结论：①异质性机构投资者对于双元创新投资具有差异化影响,其中,专注型机构投资者更有利于双元创新投资;②专注型机构投资者影响决策者注意力资源配置,使其更注重探索性创新投资,临时型机构投资者基于市场迎合动机作用于开发性创新投资,且当管理层业绩和外部监管压力较大时,其对开发性创新投资的迎合动机更明显;③专注型机构投资者通过监督和激励管理层、提升企业风险承担水平作用于企业双元创新投资,临时型机构投资者通过丰富投资者情绪作用于开发性创新投资未得到验证;④产业政策有助于增强专注型机构投资者对决策者注意力的影响,使其更专注于探索性创新投资,同时也有助于提高临时型机构投资者的开发性创新迎合投资动机。研究结论为理解机构投资者差异化治理角色提供了一种新视角。     

民营科技企业网络嵌入性、创新动力、创新能力关系研究

针对民营科技企业自主创新能力提升的瓶颈——创新动力不足问题,提出了网络嵌入性、创新动力、创新能力之间关系的一个研究框架,探讨了网络嵌入中技术嵌入性与业务嵌入性对创新能力的影响,并分析了环境动态性在这一关系中的调节作用。研究认为,网络嵌入性的各个维度因素对创新动力有促进作用,进而对创新能力产生正向影响。     

基金经理人动态激励问题研究

本文通过引入一个两期动态模型对基金经理人的行为选择进行分析,刻画了经理人自身基于“职业生涯考虑”的最优努力行为和对“不正当的收入”的攫取。通过动态优化模型的建立得出两种不同业绩评价体系下基金经理人的最优行为选择及若干个具有现实指导意义的结论,并以此为基础对我国基金经理人市场的现状进行了探讨。