Home-country government support,the belt and road initiative,and the foreign performance of Chinese state-owned subsidiaries

State-owned (SO) multinational enterprises (MNEs) from emerging economies face two contradictory effects on their foreign operations due to their linkage with their home-country governments. Although home governments provide SO MNEs with resources, the affiliation also exposes SO MNEs to the legitimacy challenges in the host countries. Given this theoretical debate, we propose that home government support may facilitate SO MNEs’ post-entry operations in the host markets. Furthermore, because the legitimacy pressures directed at SO MNEs may be contingent on the interstate relations between the host and home governments facilitated by China’s Belt and Road Initiative (BRI), the BRI cooperative relations may shift the effect of home government support. Using survey and archival data, we find that home government support has a positive impact on the foreign performance of SO subsidiaries. This effect is weaker in countries that are cooperating with the BRI than in those that are not. Moreover, institutional distance weakens the negative interactive effect between BRI cooperation and home government support on the performance of SO MNEs’ foreign subsidiaries. These findings extend the institutional perspective by highlighting an alternative source of legitimacy for MNEs with distinctive attributes and in various host conditions.

     

The Incidence of Public Spending on Healthcare: Comparative Evidence from Asia

The article compares the incidence of public healthcare across11 Asian countries and provinces, testing the dominance of healthcareconcentration curves against an equal distribution and Lorenzcurves and across countries. The analysis reveals that the distributionof public healthcare is prorich in most developing countries.That distribution is avoidable, but a propoor incidence is easierto realize at higher national incomes. The experiences of Malaysia,Sri Lanka, and Thailand suggest that increasing the incidenceof propoor healthcare requires limiting the use of user fees,or protecting the poor effectively from them, and building awide network of health facilities. Economic growth may not onlyrelax the government budget constraint on propoor policies butalso increase propoor incidence indirectly by raising richerindividuals' demand for private sector alternatives.     

企业非相关多元化经营的战略路径与风险规避——基于春兰集团多元化经营战略案例研究

春兰集团是中国较早走上多元化之路的大型企业集团,先后进军摩托车、卡车、高能动力镍氢电池、投资贸易等领域,形成了产品多元化经营的格局。春兰集团实施非相关多元化经营的战略路径是:以掌握产业核心技术为战略核心;以企业并购为战略重点;以整体绩效为战略目标。企业非相关多元化经营的风险甚大,必须采取相应措施予以规避:科学选择多元化经营的进入领域;确保企业的核心竞争力不受削弱;注意"协同效应";保持合理的负债水平;要注重规模经济的效应。     

中国大飞机产业链拆分与技术策略

中国在经过多年的专家论证后决定大飞机研制走自主创新之路,本文认为自主创新并不排斥国际合作,并且国际合作有加快研发速度和节约研发成本的优势.因此,本文试图通过产业链拆分对大飞机制造技术进行分类,以此探寻各个环节合适的技术策略,便于中国在最短的时期内利用最少的成本研制出具有自主知识产权的大飞机.     

借鉴国外经验优化我国外汇投资公司模式

尽管我国目前关于外汇储备管理改革方案的具体制度设计还未明确,但可以肯定的是,国家外汇投资公司(SIC)的设立将对国内货币经济产生重大影响.在本文中,笔者考察了我国设立外汇投资公司的动因及国外外汇储备管理的相关经验,针对设立外汇投资公司可能的模式选择及其对我国货币经济的影响进行了探索性分析.     

有限责任公司股东优先购买权立法模式研究

国际上有限责任公司优先购买权的立法有四种模式.从部分国家或地区演变历史看,有限责任公司股东优先购买权的立法演变可分为四种演进路径,并总体上体现了有限责任公司立法的三个共同原则.我国有限责任公司股东优先购买权立法模式是从法定主义模式到排除主义模式的转变,这种转变表明了在我国公司活动日益成为世界经济竞争性活动重要参与主体的背景下,我国公司立法指导思想的转变.     

相对交易效率、垂直分离与企业规模变化之谜

本文通过发展一个包含中间产品迂回生产的模型解释了生产非一体化程度的决定因素,并且对19世纪后期以来企业规模变化及近30年来垂直分离发展原因给出了解释.论文指出当今世界经济增长已经不是主要依赖企业内部的规模经济,而是更多依赖于组织间资源和知识.因此创造一个便利于组织间资源流动的市场体系,尤其是高级要素交易的体系对于经济增长变得日益关键.     

信贷约束、再分配及不平等对增长的影响

当信贷对那些禀赋较少的当事人是完全可获取时,再分配对长期增长无影响.当信贷不可得时,再分配可以促进经济增长.富人与穷人之间的不平等程度越高,越容易刺激穷人掠夺富人的财富,并牺牲了总的投资与增长.恰当的再分配政策设计可以有利于禀赋少者并促进总的产出,并使社会朝着增长与和谐的方向努力.