Revisiting Border Effect: Evidence from Taobao.com in China

Inherent home bias and trade barriers (particularly local protectionism in China), which are difficult to separate, are two main explanations of border effect. We attempt to solve this problem by analyzing online trade. Different from offline trade, inherent home bias is the only cause of online border effect because local governments are usually unable to restrict online trade. Thus, the difference between the border effect in online and offline trade can be reasonably interpreted as the existence of government protectionism in the offline market. We find a statistically significant difference between online and offline border effects in China, which can be interpreted as strong evidence that policy barriers remain significant and hinder interregional trade.     

Managerial mindset as the mechanism of the country-of-origin effect: evidence from Chinese multinational enterprises’ approach to employer associations

The country-of-origin effect (COE) on employment practices in multinational enterprises (MNEs) has become an important area of international human resource management research. However, research on the mechanisms of the COE, a fundamental and critical aspect of the country-of-origin phenomenon, is scant. This study seeks to empirically explore the mechanisms through which country-of-origin influences Chinese MNEs’ approach to host-country employer associations. Analysis of qualitative data from 13 Chinese MNEs revealed that country of origin affected the approach of Chinese MNEs to host-country employer associations in the form of transfer of managerial norms. It also revealed that it was the mindset of those home-country nationals who were key decision-makers at subsidiaries that enabled the COE in Chinese MNEs. This paper highlights the importance for future studies of international strategic human resources management to pay attention to micro-foundations of cross-border practice transfer and to incorporate analyses of managerial cognition in the investigation of MNEs’ management practices.     

Neighborhood Effects and Regional Poverty Traps in Rural China

The present paper investigates how neighborhood effects are connected to chronic poverty. We examine a large sample of groups of households and find that neighborhood effects are significant in a majority of groups, especially in the poorest groups. People living in poor communities tend to suffer from poverty over time. It is of theoretical and empirical importance to explore how neighborhood effects are interrelated with chronic poverty and the channels through which this occurs. Unlike other econometric analyses, we establish a multilevel econometric model to show that： （i） it is difficult for an individual living in a neighborhood with a high proportion of agricultural labor, low education levels, and poor transport and telecommunication infrastructure to escape from poverty traps; （ii） neighborhood effects dominate in poor communities; and （iii） although poverty is affected by group-level factors, individual factors still play a dominant role in regards to escaping poverty when income surpasses a threshold level Therefore, policy priority should be given to providing social protection and public services, especially in poor rural areas.     

环境税的生态补偿效应分析

环境税作为解决负外部性的一个重要手段,在生态补偿过程中发挥着重要作用。本文从经济效率、收入分配、就业、社会福利等几个方面分析了环境税的生态补偿效应,从而为我国生态环境税制的建立健全提供一定的理论依据。     

商业银行管理层激励机制研究——基于董事会多重目标的视角

由于管理层激励与银行价值相关性较弱,其有效性问题一直困扰着公司治理学者。研究商业银行管理层激励机制设计得出,银行有效管理层激励机制应该是：将董事会所有的目标都作为管理层激励合约的考核指标,并且各个目标产出对管理层收入的影响系数保持相同。除了反映公司价值目标的股票、期权等激励以外,银行管理层的收入还必须包括相当比例的反映资产风险等目标的激励部分。由于商业银行的特殊性,其最优管理层激励约束机制的目标影响系数设定应该较普通企业更低。因此,委托代理问题更严重,董事会直接监督的责任更大。     

On sustained economic growth with wealth effects

In a discounted one-sector convex model of optimal economic growth where utility may depend on both consumption and capital stock, I derive necessary and sufficient conditions for sustained growth (unbounded expansion of capital and consumption). Conditions for bounded growth and extinction are also outlined. Optimal paths may be non-monotone. Sustained growth may occur even though the asymptotic marginal productivity is less than the discount rate and may require the initial capital stock to be above a critical level. The behavior of the marginal rate of substitution between consumption and capital plays a crucial role in the conditions.     

锚网带喷在巷道修复中应用

涡北煤矿南翼一采区轨道上山原支护采用传统的锚网喷支护，支护效果不理想，造成围岩大面积破坏，巷修工作量大，直接影响矿井的正常生产和经济效益，结合现场实际，在原支护基础上采用锚网带喷支护，以满足巷道变形的要求，取得了较好的支护效果。     

救助投机、挤入效应与国有企业预算约束硬化

国有银行的＂救助投机＂行为促进了国有企业的＂预算软约束＂和不良贷款的积累。在政府、银行与国有企业之间的长期动态博弈中,由于预算硬约束企业的出现给国有银行提供了改善贷款资产组合的机会,提高了银行在与政府的救助投机博弈中的议价能力,要求政府给予更多的流动性注入,这会产生银行贷款资产中预算硬约束企业贷款占比不断增加的挤入效应。这种挤入效应累积到一定程度,政府的救助将变得非社会最优的,进而政府将停止救助,国有企业的预算约束也随之硬化。     

股东网络能提高企业创新绩效吗？——两类代理成本的中介效应研究

以中国2010年至2019年沪深A股上市公司为样本,运用社会网络分析(SNA)方法,研究股东网络、两类代理成本与企业创新绩效之间的关系。结果表明,股东网络有利于企业创新绩效的提高,两类代理成本在股东网络与企业创新绩效之间有部分中介效应。同时发现,第一类代理成本的中介效应低于第二类代理成本的中介效应,原因在于第一类委托代理关系中股东网络降低了股东与高管之间的信息不对称,进一步降低了第一类代理成本,从而提升了企业的创新绩效;而在第二类委托代理关系中股东网络较大幅度地增加了中小股东的谈判能力,进而降低了大股东对中小股东的剥削程度,也就降低了第二类代理成本,进而也提升了企业的创新绩效,但是第一类代理成本的降低可能小于第二类代理成本的降低。这一研究深化了股东网络与企业创新绩效的认知,细分了两类代理成本的作用机制。     

高铁开通与城市创新研究综述

高铁网络的建设大大提高了中国铁路运输的效率,缩短了不同城市之间的时空距离,使居民在不同城市工作和消费成为可能。同时高铁服务通过加速人口和要素在区域间的流动,对城市之间的空间联系和城市社会经济的发展产生了重要的影响。高铁在影响经济格局的同时也深刻影响了区域的创新格局,现通过梳理相关文献,整理归纳了高铁开通对城市创新的影响及其作用机制,并对现有的实证研究方法进行总结。在此基础上提出目前存在的问题,为后续的研究指明方向。