Business groups,the financial market and modernization*

Business groups are an important aspect of the industrial organization of many developing countries. This paper develops a theory suggesting that they may be organizations that facilitate modernization in the presence of financial market constraints. An important function of the stockmarket is the diversification of risk that comes with specialized, productive technology. But in the face of serious information problems a well functioning stockmarket may fail to emerge, relegating the economy to a low productivity‐poverty trap. Bilateral links between a firm and a group of others may be a more cost effective way to achieve risk‐sharing. Such business groups may be feasible when a full‐fledged stockmarket is not. As modernization takes place, either because information problems become less severe or more firms enter the economy, business groups actually expand in size before being abruptly rendered obsolete by the stockmarket. This is consistent with empirical results from a number of emerging economies.     

The Recognition and Timing of Deferred Tax Liabilities

Abstract:   This paper examines the characteristics of firms that account for deferred tax liabilities related to government investment grants under an extended adoption timing period. Not only the recognition but also the timing decision is associated with changes in future performance and changes in the debt structure. Recognisers outperform non‐recognisers in the future, while early recognition is related to post recognition performance but only for those firms that currently perform well. Changes in the balance sheet structure are also related to both decisions. Firms with recent increases in the debt level tend to postpone recognition, while currently well‐performing firms that increase their future debt level are less likely to recognise deferred taxes.     

Delaying integration of immigrant labor for the purpose of taxation

Delayed integration (DI) is a rule for taxing migrants. It requires that immigrants be taxed in the host country only after some period of transition. Conversely, emigrants are released from the obligation to pay taxes only after a certain period. DI is an alternative to the Employment Principle and the Home-Country Principle. The former governs the international taxation of labor. The latter is a close substitute for the Nationality Principle, on which US tax law is based. The paper studies DI in a setting which allows one to trade off the efficiency costs of distortionary taxation and of wasteful government.     

上海都市旅游规划的时空审视及其战略取向

时间和空间是物质存在的方式,也是旅游活动存在的方式.脱离了时间的空间,或者脱离了空间的时间,在实际上都是不可能存在的.针对上海城市对空间的重视程度高于对时间的关注之倾向,本文立足于二元一体的时空坐标,从辩证思维视角,对上海都市旅游作属性定位,提出了上海都市旅游的战略选择取向应当立足于"通过空间展示时间"的观点,进而在时空坐标战略钟的选择中,提出上海城市建设以及都市旅游发展战略选择的合理取向的某些构想.     

FDI location choice of Chinese multinationals in East and Southeast Asia: Traditional economic factors and institutional perspective

This paper investigates the factors determining foreign direct investment (FDI) location choices of Chinese multinational firms. We developed a conceptual framework that synthesizes traditional economic factors and institutional perspective. Then several hypotheses were developed in line with the framework and empirically tested using panel data of Chinese outward FDI to eight economies in East and Southeast Asia across a time period of thirteen years. Our findings suggest that institutional factors demonstrate a higher level of significance, complexity and diversity in determining FDI location choice in comparison with economic factors, while both types of factors influence the FDI location choice of Chinese multinational firms. We also found that the FDI location choices of Chinese firms have a dynamic nature, as statistical evidence indicates a heterogeneous response of Chinese FDI towards different economic groups and during different time periods.     

高校的激励机制研究:文化视角

高等学校是培养创新型人才和高素质人才的重要基地,大学文化是高校可持续发展的精神动力.文章首先分析了大学文化、激励机制和高校效率三者之间的关系,接着从文化及博弈角度对高校激励机制选择机理进行了深入探讨,最后构建了基于文化的高校激励系统.     

中国住宅投资引领经济增长吗?

本文运用1985—2009年中国各省、直辖市、自治区的数据,对住宅投资与经济增长之间的领先—滞后关系进行分析。结果表明,无论是1985—2009年全时段还是以1998年大规模房改为分界线的分时段,无论是全国各省市还是分区域的各省市面板数据,经济增长引领住宅投资的单向Granger因果关系是稳定的;不同于一些研究和政策措施所主张的住宅投资引领经济增长的观点,本文认为找不到证据来支持住宅投资带动经济增长的论点。由此可见,所谓"住宅引领增长假说"在我国并不成立,而我国自上世纪90年代中期以来一直大力促进住宅投资以带动经济增长、把住宅建设当作国民经济的新增长点和支柱产业的政策值得反思。     

品牌经济学的理论基础——引入品牌的需求曲线及其经济学分析

需求定律是经济学分析的理论基础之一,品牌经济学的理论基础为引入品牌的需求曲线或考虑选择成本的需求定律。把品牌引入经济学中后,品牌信用度的提高使需求曲线右移并变得更为陡峭,同时品牌信用度的提高改变了需求曲线的位置,使得均衡价格提高,均衡数量增加,增加了消费者剩余和生产者剩余,提高了社会福利水平。文章为“品牌战”替代“价格战”提供了理论依据,即通过品牌建设提高品牌信用度,使得在价格提高的条件下需求量增加,而这只有在需求曲线改变位置时方能做到。     

中国创业投资的项目评估与选择机制研究

创业投资的评估和选择机制对创业投资非常重要.结合中国创业投资的实践,研究探索中国的创业投资评估指标体系,对建立健全中国的创业投资市场有积极作用,对其理论评估的方法选择有实际拓展意义.