地方财政压力与投资多样性——基于所得税分享改革的研究

利用企业所得税分享改革构建强度倍差模型,使用1997—2012年全国地级市数据,检验了地方财政压力对于投资多样性的影响及相关传导机制。结果表明,地方财政压力不利于投资多样性的提高;在财政压力下,地方容易形成偏向房地产行业的投资倾向。然而,不同地区地方财政压力对投资结构的影响存在异质性。经济发展水平较低的地区在财政压力下更容易降低投资多样性;而经济发展水平高的地区应对财政压力时,更倾向于通过多元化投资的方式做大税基、减轻财政压力。优化分税制结构、建立地方性税种能缓解地方财政压力,对于改变地方“房地产集中型”投资结构有一定的积极作用。     

Did the Federal Crop Insurance Reform Act Alter Farm Enterprise Diversification?

We estimate how much United States farms changed enterprise diversification in response to a marked increase in crop insurance coverage brought about by the 1994 Federal Crop Insurance Reform Act, which substantially increased insurance subsidies. The analysis exploits farm‐level panel census data to compare farm‐specific changes in enterprise diversification over time. By examining diversification decisions of the same farms over time, we control for time‐invariant unobserved individual heterogeneity. We then use pooled cross‐sectional data from the United States Department of Agriculture (USDA) Agricultural Resource Management Survey to estimate the relationship between farm diversification and average returns. We find that the insurance subsidies caused a modest increase in enterprise specialisation and production efficiency. Estimated efficiency gains are far less than the subsidies.     

多元化经营与经营绩效——基于中国纺织业上市公司的实证研究

本文采用2003～2005年相关数据的算术平均数,通过方差分析和相关分析相结合的方法,对我国纺织业上市公司多元化经营与其盈利能力、成长能力和绩效稳定性能力的关系进行了实证分析。理论分析和实证研究表明：适度的多元化经营对于我国纺织企业在现阶段是可行的,也是合理的。     

试论旅游企业集团的成长方向

在介绍了旅游企业集团的三种成长方向,即横向专业化（ＨｏｒｉｚｏｎｔａｌＳｐｅｃｉａｌｉｚａｔｉｏｎ）、纵向一体化（ＶｅｒｔｉｃａｌＩｎｔｅｇｒａｔｉｏｎ）和多角化（Ｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ）后,结合旅游企业集团大量的成长实践,逐一对每一种成长方向的经济性与非经济性进行了剖析,以便为旅游企业集团成长方向的选择提供依据。     

Social Capital,Income Diversification and Climate Change Adaptation: Panel Data Evidence from Rural Ethiopia

The choice between specialisation and diversification of income is driven by multiple, interacting factors, such as economies of scale and scope, risk considerations, context, and household characteristics. Using panel data from Ethiopia, we investigate the role of social capital and the covariate risk of climate change and their interaction. We find that households with greater social capital tend to be more specialised, implying that diversification and informal insurance are substitutes in the mitigation of risk. We also find that this effect is significantly weaker in regions more prone to climate change, which is consistent with the average farmer being aware that informal insurance is not an effective protection against risks that affect the entire social network. We use instrumental variable random effects estimation to account for the plausible endogeneity of social capital and we also establish that our results do not depend on the poorest and most constrained individuals in our sample.     

On the Opportunity Cost of Crop Diversification

Distance functions are increasingly being augmented, with environmental goods treated as conventional outputs. A common approach to evaluate the opportunity cost of providing an environmental good is the exploitation of the distance function's dual relationship to the value function. This implies that the opportunity cost is assumed to be non‐negative. This approach also requires a convex technology set. Focusing on crop diversification for a balanced sample of 44 cereal farms in the East of England for the years 2007–2013, this paper develops a novel opportunity cost measure that does not depend on these strong assumptions. We find that the opportunity cost of crop diversification is negative for most farms.     

上市公司股权集中度与多元化关系的实证研究

多元化战略是企业广为采用和备受非议的战略,股权集中度与企业多元化的关系研究是近年来公司治理领域研究的重点和热点问题之一。本文以筛选出符合要求的531家中国上市公司样本为研究对象。对股权集中度与企业多元化变量的实证分析。结果表明:股权集中度,包括第一大股东持股比例与企业多元化呈显著U型曲线关系。     

旅游企业多元化经营的实施策略

多元化经营是企业发展过程中的重要策略选择,但是,近些年来许多企业因实施多元化经营而使其面临诸多困境,因此,正确认识和实施多元化经营战略显得尤为重要。本文主要从旅游企业的行业特点出发,深入分析旅游企业实施多元化经营的必要性、指出了企业实施多元化经营的方向选择及其依据,并对企业实施多元化经营后如何整合资源提出了相应对策建议。     

Diversification,Performance, and the Corporate Life Cycle

This paper investigates the relation between the extent of diversification in firms and their performance at different life cycle stages. To illustrate the joint endogeneity of diversification and performance, we treat both the extent of diversification and firm performance as endogenous variables in a simultaneous equation system. Empirical results reveal that corporate diversification erodes firm value. Overall, firms in their growing stages experience a significant diversification discount; however, mature firms do not show such findings. Although unrelated diversification leads to trading at a discount in all growing and mature firms, conversely, related diversification exhibits an evident premium in mature firms.     

产业多元化：微型经济体国际比较

澳门产业多元化问题是内地和澳门特区政府以及学术界十分关注的问题。根据产业组织理论,对澳门以及和澳门类似的3个经济体——卢森堡、冰岛和马耳他的产业部门数量和各产业部门在整个经济中的分布进行了比较。使用就业人口和GDP数据计算出的熵指数和赫芬达尔指数显示,澳门的产业多元化程度低于卢森堡、冰岛和马耳他。研究也发现：导致澳门产业多元化程度低的主要原因不是澳门产业部门的数量少,即所谓的＂产业结构单一＂,而是各产业在澳门整个经济活动中的比重不均衡,即所谓的（博彩产业）＂一业独大＂。研究结论可为澳门特区政府制定产业多元化政策提供参考借鉴。