高校内部经济政策研究

随着我国高等教育改革的深入发展,高校的各类创收活动日益活跃,创收收入呈不断增长趋势.关于创收收入分配的内部经济政策也成为高校重要的财务管理办法,但高校普遍对政策的评价分析和执行效果的反馈重视不足,这严重地影响了政策的执行效力.本文试通过对部分高校现有内部经济政策的调研分析,探讨内部经济政策的评价指标,反馈执行中存在的问...     

控制股东的掏空行为与公司的股权结构及公司价值——基于双层委托代理模型的分析

本文构建了一个小股东、控制股东和经理人之间的双层委托代理理论分析框架来分析我国上市公司中同时存在的两类代理问题:股东与经理人的利益冲突以及控制股东与小股东的利益冲突。在此基础上着重研究了控制股东掏空行为与公司股权结构及公司价值之间的关系。通过分析指出:(1)均衡状态下,公司的所有权集中程度由公司股东所受投资者法律保护程度决定。随着投资者法律保护程度的增加,小股东最优的投资数量也会增加,公司的所有权结构趋于更加分散。(2)在公司的现金流所有权结构确定的情况下,由股东和经理人之间的信息非对称性引起的股东和经理人之间的利益冲突会减少公司价值,使得控制股东和小股东的利益均受到损害。控制股东掏空资产收益的比例随着其自身现金流所有权的增加而减少,随着其控制权和所有权之间的分离程度而增加,随着投资者法律保护的增加而减少。(3)相对于公司中仅仅存在股东和经理人之间的利益冲突的情形,控制股东的掏空行为会进一步降低公司的价值,而且降低的程度会随着控制股东的控制权和所有权的分离程度的增加而增加。(4)当控制股东完全不能进行掏空时,即使小股东仍然面临由于公司中的第Ⅰ类代理问题引起的利益损害,但均衡时,由于控制股东和小股东之间不存在利...     

ICT as a source of economic growth in the information age: Empirical evidence from the 1996-2005 period

This paper examines the hypothesis that ICT penetration has positive effects on economic growth. On theoretical grounds, this paper discusses three channels through which ICT penetration can affect growth: (i) fostering technology diffusion and innovation; (ii) enhancing the quality of decision-making by firms and households; and (iii) increasing demand and reducing production costs, which together raises the output level. This paper conducts three empirical exercises to provide a comprehensive documentation of the role of ICT as a source of growth in the 1996-2005 period. The first exercise shows that growth in 1996-2005 improved relative to the previous two decades and experienced a very significant structural change. The second exercise uses the traditional cross-country regression method to identify a strong association between ICT penetration and growth during 1996-2005, controlling for other potential growth drivers and country-fixed effects. The third exercise uses the system Generalized Method of Moment (GMM) for dynamic panel data analysis to tease out the causal link between ICT penetration and growth. This analysis also shows that, for the average country, the marginal effect of the penetration of internet users was larger than that of mobile phones, which in turn is larger than that of personal computers. The marginal effect of ICT penetration, however, lessens as the penetration increases. This paper points out several policy implications drawn from its analyses and findings.     

电力系统继电保护技术的探析

通过对我国电力系统继电保护技术发展现状的分析,探讨继电保护的任务和基本要求,从分析当前继电保护装置的广泛应用,提出保护装置维护的几点建议,结合实际情况,探讨继电保护发展的趋势。     

Making unilateral trade liberalisation beneficial to the poor

In this paper, we investigate the impacts of unilateral import liberalisation by a representative South Asian developing economy, Nepal, and demonstrate those conditions required to make the impacts ‘pro-poor.’ Applying the Computable General Equilibrium model to Social Accounting Matrix data, we conclude that import liberalisation is growth-enhancing but that, unfortunately, the rich benefit more than do the poor. We envisage a restructured but plausible model economy that requires a transformational period of ten years, and simulate unilateral trade liberalisation but, in the context of a dynamic model. We conclude that improvement in efficiency parameters, reorganisation of investment patterns, along with reallocation of factors of production by both household group and activity type are required to make growth accrued by import liberalisation ‘pro-poor’ in developing economies such as that of Nepal.     

市场势力对银行效率影响分析——来自我国商业银行的经验数据

运用我国14家上市和50家未上市商业银行2000~2009年的数据探讨商业银行市场势力对效率的影响。分别测量我国商业银行的市场势力、成本效率以及利润效率,结果发现与未上市商业银行相比,上市商业银行具有较高的市场势力和利润效率以及较低的成本效率。同时分别建立线性模型和非线性模型分析市场势力对效率的影响,结果发现在我国特殊金融环境下,商业银行市场势力与成本效率或利润效率之间均为线性关系;提高商业银行的市场势力,会导致其成本效率显著下降和利润效率显著提升;在所有显著的变量中,信用风险对成本效率和利润效率的影响都是最大的。     

Further evidence on finance-growth causality: A panel data analysis

This paper reassesses the causal relationship between financial development and economic growth. Using recently developed panel methods on a data set of 71 developed and developing countries over the period 1960-2004, our study confirms previous results of a bidirectional causality between finance and growth. In addition, we show significant differences among country groups when considering both long-run and short-run causality. While in low and middle income countries there is no supportive evidence of short-run causality between financial development and economic growth, in high income countries economic growth significantly affects financial development.     

中国地区专业化促进经济增长的实证研究:1990～2007年

地区专业化对经济增长的影响是多方面的。本文从两个层面剖析中国地区专业化对经济增长的影响。首先,运用全域专业化指数对中国地区专业化进行整体测度,考察中国地区专业化与经济发展水平之间的演变规律;设计地区加权区位商指数,分析各省区市专业化部门综合实力的演化趋势。进而,直接测度中国各地区专业化部门对地区经济增长的贡献;通过偏离份额分析法分别对四大区域专业化部门促进工业经济增长的结构效应和生产率效应进行测算和分析。最后,基于上述实证研究进行总结并提出相关建议。     

中国经济增长的地区差异及其收敛机制(1978～2009年)

本文引入空间统计和空间计量经济分析技术,分析了中国省域经济增长及其分解要素的收敛性。研究表明:物质资本增长是经济增长的主要动力源泉。在考虑空间依赖性的情况下,经济增长具有较为显著的全域性收敛。在经济增长的源泉中,由于物质资本积累与效率改善控制经济增长收敛方向的差异,使得区域经济增长趋同,人力资本存量与技术进步使得经济增长趋异。要保持中国未来持续的高速经济增长,必须将资本投入型增长转变为依靠人力资本和技术进步的增长。