交叉上市降低了控股股东与中小股东的代理冲突吗

在我国新兴市场,公司代理成本主要表现为控股股东与中小股东之间的利益冲突.A股上市公司到法律约束与信息披露环境更好的市场(同时发行H股或其他境外流通股)交叉上市是否有利于降低控股股东与中小股东的代理冲突?本文研究发现,交叉上市有利于降低控股股东控制权与现金流权分离程度及公司价值、公司业绩之间的负相关关系,在控制了交叉上市的“自选择”后结论仍然成立;进一步研究发现交叉上市能够有效约束控股股东的资金占用行为,这为前述结论提供了直接证据.     

Demand disruption and coordination of supply chain via effort and revenue sharing

This article explores the equilibrium behaviour of a basic supplier–retailer distribution channel under demand disruption via effort and revenue sharing contract. This differs from the traditional supply chain coordination model. Firstly, demand is simultaneously affected by retail price and nonprice marketing effort from manufacturers and retailers. Secondly, when the demand is disrupted, this article considers disruptions in the market scale and price sensitivity coefficient. Thirdly, the supply chain coordination model is proposed via effort and revenue sharing contract. In this way, the manufacturer reduces the wholesale price as an incentive for the retailer to share revenue. Finally, the total supply chain profit is greater with contract than no contract. This also constitutes another incentive for the players to follow the effort and revenue sharing contract.     

技术创新对市场结构的影响研究——基于我国36个工业行业大中型企业面板数据FGLS分析

以我国36个工业行业的大中型企业面板数据为样本,在Nickell的动态误差修正模型的基础上构建FGLS计量模型,探讨了技术创新对我国市场结构的影响.研究发现,无论从短期还是长期来看,技术创新都显著降低了行业的市场集中度,但影响幅度较小.对技术水平不同的行业组的计量分析也得到了类似结果.这意味着技术进步有利于降低行业壁垒、提高市场竞争度.加大研发投入,提高创新能力,有效控制市场规模,防止市场集中度过高,对于深化垄断行业改革、优化市场结构具有重要的政策启示.     

基于参与者智力决策的产业关键共性技术创新研究

基于ElinorOstrom的IAD延伸模型及对浙江273家代表性装备制造企业的问卷调查,运用二元Logistic回归模型,实证分析了企业这一最重要的创新主体参与产业关键共性技术创新的影响因素及其程度。研究发现：企业状况与其参与产业关键共性技术创新的意愿不完全相关;企业技术状况感知、外部行动状况及创新结果信息了解程度对企业的产业关键共性技术创新决策具有显著影响。因此,应采取“抓大”策略,构建和完善“政府主导、市场引导、广泛合作、互利共赢”的产业关键共性技术供给体系,加强区域共性技术创新平台建设,以促进产业关键共性技术的创新与有效供给。     

集体化时期的分配制度与人口生育——以日照市东村为中心（1949～1973）

过去关于集体化时期高生育率研究着重于家庭经济支撑能力对生育的影响,认为子女的经济效用刺激了家庭的普遍多育。本文通过实证材料分时段、分家庭人口结构具体分析了集体化时期子女的经济效用,发现在整个集体化时期多生孩子对家庭经济支撑能力的贡献并不明显.进一步分析发现,不是“财富流”而是集体财富的分配模式成为影响家庭生育的重要因素,具体体现在“吃大锅饭”对家庭经济支撑模式所产生的影响。20世纪60年代中后期普遍多育的表象下面涌动着节育的要求,生育意愿的代际差异逐渐呈现。     

Structural estimation of behavioral heterogeneity

We develop a behavioral asset pricing model in which agents trade in a market with information friction. Profit‐maximizing agents switch between trading strategies in response to dynamic market conditions. Owing to noisy private information about the fundamental value, the agents form different evaluations about heterogeneous strategies. We exploit a thin set—a small sub‐population—to point identify this nonlinear model, and estimate the structural parameters using extended method of moments. Based on the estimated parameters, the model produces return time series that emulate the moments of the real data. These results are robust across different sample periods and estimation methods.     

ECONOMIC TRANSITION AND LABOUR MARKET DYNAMICS IN CHINA: AN INTERPRETATIVE SURVEY OF THE ‘TURNING POINT’ DEBATE

Has the Chinese economy approached the ‘Lewisian turning point’ that marks the ending of the initial phase of industrial transformation fuelled by surplus labour? In this paper we undertake an interpretative survey of the literature on this issue, in the context of China's labour market conditions prior to the reforms and structural change of the past three decades. The available evidence is mixed, and our assessment makes a strong case for probing institutional constraints to labour mobility from an economy‐wide perspective, going beyond the confines of the rural economy.     

Resource Dependence and Network Relations: A Test of Venture Capital Investment Termination in China

This study examines how venture capital (VC) firms terminate investments in an emerging economy context. We contend that due to the weak institutional environment, it is appropriate to draw on insights from power and social relation perspectives for a better understanding of the phenomenon. Specifically, we argue that a termination decision hinges on not only the dependence relationship between a VC firm and its portfolio companies, but also the social relationships among VC firms. Event history analyses of approximately 12,000 VC deals made in China between 2001 and 2012 reveal that when a VC firm has a greater number of investments in an industry, it is more likely to terminate investments on a portfolio company in that industry. Moreover, such effect on termination is moderated by the focal VC's embeddedness with its syndicate partners and collaboration opportunities with other VC firms outside the immediate access of the syndicate partners. Our study sheds light on research on VC decision making in emerging markets by integrating insights from resource dependence relationships and interorganizational network characteristics.     

外汇占款对我国货币供给的影响机制研究——基于2000-2012年央行资产负债表结构变动的分析

本文从中央银行资产负债表的结构分析出发,详细研究了在三种不同外汇管理体制下,外汇储备的变动对基础货币、货币乘数和货币供给的影响机制.通过对2000-2012年间中国人民银行资产负债表结构变动分析发现:近十余年来,外汇占款已成为影响我国中央银行货币发行最重要因素,并成为推动持续通货膨胀的重要因素.     

一起生活饮用水遭受工业亚硝酸盐污染导致食物中毒调查与分析

目的 调查生活饮用水遭受工业亚硝酸盐污染导致食物中毒事件的发生原因.方法 分别对现场患者呕吐物、剩余食物、可疑食品原料、饮用水等进行现场卫生学调查、流行病学调查、实验室检验,并对加工经营场所依法进行查封.结果 某公司生产车间工业亚硝酸钠用水管道与生活饮用水管道连通且邻近,生产车间生活饮用水管道短时停水,食堂加工人员在此时接用二车间发黄的自来水淘米煮饭,而此时段生产车间一员工打开水阀向高位水箱内添加新水.在这种特定条件下工业用亚硝酸钠水由于虹吸倒流现象污染了生活饮用水,从而导致食物中毒事件故发生.结论 各级政府要提升执法能力,加强执法检查力度,确保食品各领域、各环节安全的有效监管,杜绝类似公共卫生事件发生.