中国企业技术获取型对外直接投资风险量化与评估

为了更好的防范技术获取型对外直接投资的风险,本文在考量政治风险、经济风险和文化风险的基础上,结合技术获取型对外直接投资的特点,加入技术风险指标,对中国企业技术获取型对外直接投资风险进行量化与评估。首先,采用主成分分析法量化风险;然后,通过聚类分析法评估风险等级。实证研究结果表明：2003～2011年期间,20个样本国家中,低风险国家都是发达国家;中等风险国家有4个,其中只有1个是发展中国家;高风险国家全都是发展中国家,包括印度、南非、墨西哥、巴西和俄罗斯;2008年后,多数发展中国家的风险在不断改善,但很多发达国家的风险却逐渐上升。因此,中国企业应针对不同东道国的风险变化特点,采取措施规避风险。     

Outward foreign direct investment by emerging market firms: A resource dependence logic

This study examines and extends the resource dependence logic of diversification for a better understanding of outward foreign direct investment (OFDI) activities by emerging market firms. We contend that the diversification logic is bounded by state ownership, an important but less considered component of interdependence. Our empirical results, based on panel data analysis of Chinese listed firms, suggest that the level of interdependence between Chinese and foreign firms in China in multiple forms, including symbiotic, competitive, and partner interdependencies, is positively associated with the level of the Chinese firms' OFDI activities. However, Chinese firms with higher levels of state ownership are less susceptible to the pressures imposed by foreign firms to invest abroad. Copyright © 2013 John Wiley & Sons, Ltd.     

加拿大煤炭资源调查研究

对加拿大煤矿投资并购过程中的相关资料和信息进行收集、分析和整理,依据加拿大煤炭行业现有的法律法规体系和行业标准规范,了解加拿大煤炭资源分布概况、种类和分级标准,介绍加拿大运营煤矿及开发项目情况,以及加拿大煤矿建设开发过程中需要的相关许可证和步骤,分析中国煤炭企业在加投资潜力和需要注意的问题,并为其提供参考意见。     

我国服务业FDI结构、技术进步与经济增长

服务业外商直接投资可分为生产性服务业外商直接投资和消费性服务业外商直接投资,二者对国家经济增长有着不同的影响。本文从技术进步的角度,利用面板模型,研究了我国不同类型服务业外商直接投资对经济增长的影响,并分别讨论了东西部地区服务业外商直接投资对技术进步和经济增长的差异性影响。研究结果表明生产性服务业外商直接投资对经济增长和服务业技术进步均有明显促进作用,消费性服务业外商直接投资对经济增长有促进作用,但对服务业技术进步有阻碍作用,且这一趋势在我国东西部地区之间存在显著差异。     

The ladder of investment in Europe,in retrospect and prospect

The ladder of investment was adopted by many European (and other) regulators in the era of copper networks as a means of implementing unbundling in a way which progressively promotes competitive providers׳ infrastructure investment in fixed networks. The paper reviews the evidence of its application and effects, in comparison with the most likely alternative, argues that it probably conferred benefits. In the more recent era of transition to fibre in Europe, regulatory priorities have shifted towards promoting roll-out. Two broad approaches are identified; one continues the focus on a programme of infrastructure competition in taking fibre to the home; another, relying on fibre to the cabinet, reverses it with bitstream used as the access product. It is soon to evaluate the two approaches.     

境外上市与企业投资效率

截至2021年11月,我国单独境外上市企业占到境外上市企业总数的88.32%,但单独境外上市的研究明显与该数据不匹配,研究数量缺乏。为扩充该方面研究,本文以2012~2020年单独在美国和中国香港上市的中资企业为研究对象,对境外上市与投资效率关系进行检验。实证结果发现,单独境外上市与境内上市企业相比投资效率更低,区分企业上市地点后发现,规模大、信息透明度低、存在代理成本的赴港上市企业比境内上市企业投资效率低,规模小、代理成本高、信息透明度低的赴美上市企业比境内上市企业投资效率低。通过机制分析发现,信息透明度、境外上市和非效率投资三者存在"遮掩效应",境外上市企业未能受到有效的信息约束。     

The involvement of utilities in the development of broadband infrastructure: A comparison of EU case studies

Energy companies and other utility providers have been often involved in the provision of telecommunications services. Nevertheless, their contribution to broadband development has varied significantly over time. In the late 1990s, both local and national utilities in the European Union (EU) engaged in the provision of broadband networks, but only few of them managed to establish themselves as major broadband providers. More recently, new projects involving national utilities have been announced in several EU countries, opening new scenarios for utilities’ contribution to Next Generation Access (NGA) development. This paper identifies and explores the factors affecting the entry and the success of utilities in the EU broadband market, through the comparison of four case studies from four EU countries (Germany, Italy, Sweden and the UK). The evolution of utility involvement in the EU broadband markets is assessed against the interaction of market, technology and policy factors, focusing on the impact of policy and regulatory measures. As a result, this paper provides fruitful insights into the relevance and effectiveness of public interventions in broadband markets. Across the four case studies, public support and public ownership emerged as the main drivers for the involvement of utilities in EU broadband markets, with regulatory measures and economies of scope exerting a limited and decreasing influence. However, the contribution of utilities has varied significantly across the cases studied, reflecting the different approaches taken at national and local level to support broadband development, in spite of the common regulatory framework.     

The impact of earnings expectations on corporate downsizing

Research Summary: We propose that due to financial market pressures, managers are forward‐looking in their search and decision processes and focus on meeting performance targets set by the financial community. Using panel data on S&P 100 companies, we find that pressure felt by management to meet the analyst consensus earnings estimate influences the extent of corporate downsizing. Moreover, our results show that high levels of institutional investor stock ownership and CEO power attenuate managers’ sensitivity to financial market pressures, while high levels of analyst coverage increase their sensitivity. Managerial Summary: In this study we examine how financial market pressures influence managers’ downsizing decisions. We argue that investment analysts’ earnings estimates represent important performance targets to which managers aspire. If firms fail to meet analysts’ expectations, the stock price will suffer. This study shows that managers utilize corporate downsizing to address the potential shortfall between a firm's future performance and the analyst consensus earnings estimate. In addition, we find that managers’ concerns over meeting analysts’ earnings estimates are influenced by various contextual factors such as institutional investor stock ownership, CEO power, and high levels of analyst coverage.     

我国主权财富基金的投资方向选择问题——基于国家利益原则的战略视角

我国主权财富基金的成立引起了全世界的关注,而事实上的投资实践并不成功。有关主权财富基金的投资一般仅仅被理解为化解巨额外汇储备风险,在世界范围内(特别是美国等发达国家)寻求具有稳妥收益的债券投资,而实际上美元贬值及国际金融危机等金融波动却造成巨额亏损。主权财富基金投资方向选择越来越成为重要的战略问题。本文从现阶段我国的国家利益原则出发,提出主权财富基金的投资方向主要是对外直接投资。通过对外直接投资为我国工业化发展提供稳定的基础资源(特别是能源)和技术供应,为国内企业走出去提供资金支持,从而获得国内产业升级和结构优化,实现国民经济的可持续发展和福利最大化。本文对直接投资的可行性进行了动态博弈分析,提出了主权财富基金参与对外直接投资的可行性由东道国对其收益与风险的衡量决定的观点。