Does the social security fund help non-financial enterprises to transform from the virtual to the real?

At its 19th National Congress, the Communist Party of China vowed to “strengthen the financial sector’s ability to serve the real economy.” However, many studies provide evidence of the opposite trend, a problematic “transition from the real to the virtual,” among Chinese enterprises. Meanwhile, the investment efficiency of China’s Social Security Fund (SSF), a public fund, attracts much attention. In this context, we use A-share listed companies in China from 2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization. We find that SSF holding significantly inhibits financialization and that this effect is non-linear. Mechanism analysis indicates that SSF holding suppresses enterprises’ financialization mainly by improving their governance. Moreover, SSF holding more strongly inhibits small-scale (vs. large-scale), state-owned (vs. non-state-owned), and non-eastern (vs. eastern) enterprises in China. Furthermore, SSF holding can alleviate corporate value impairment caused by financialization. The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.     

Strategic freedom, constraint, and symmetry in one-period markets with cash and credit payment

Summary. In order to explain in a systematic way why certain combinations of market, financial, and legal structures may be intrinsic to certain capabilities to exchange real goods, we introduce criteria for abstracting the qualitative functions of markets. The criteria involve the number of strategic freedoms the combined institutions, considered as formalized strategic games, present to traders, the constraints they impose, and the symmetry with which those constraints are applied to the traders. We pay particular attention to what is required to make these strategic market games well-defined, and to make various solutions computable by the agents within the bounds on information and control they are assumed to have. As an application of these criteria, we present a complete taxonomy of the minimal one-period exchange economies with symmetric information and inside money. A natural hierarchy of market forms is observed to emerge, in which institutionally simpler markets are often found to be more suitable to fewer and less-diversified traders, while the institutionally richer markets only become functional as the size and diversity of their users gets large.Received: 5 June 2003, Revised: 18 November 2003, JEL Classification Numbers: C7, G10, G20, L10, D40, D50. Correspondence to: Eric SmithEric Smith, Martin Shubik: We are grateful to Lloyd Shapley, Duncan Foley, and Doyne Farmer for discussions in the course of this work.     

Identification and analysis of underdeveloped resource-rich regions in China

This paper analyzes the existence of developmental views and compares the results of previous studies for underdeveloped regions.In view of the limitations of previous studies,this study details regional unit,expands index system,applies factor-analysis to structure index system,uses the fuzzy comprehensive evaluation model to improve analytic hierarchy process,and identifies the economic developmental levels of 384 regions,including 4 municipalities,333 cities at prefecture level,and 47 counties under the jurisdiction of province.The levels of the 47 counties are identified by dividing the rank of comprehensive values of more than 337 regions unit into five equal graduations and then matching the 47 counties with the five-graduation results.This study provides the distribution of resources-rich region in China qualitatively and quantitatively in terms of coal,oil gas and other 14 kinds of metal mineral resources.Finally,by matching the two parts of results,this study identifies the distribution of underdeveloped resource-rich regions （URRRs）.URRRs are mainly distributed in Shaanxi,Shanxi,Guizhou,Yunnan,Sichuan,He ＇nan,Shandong,Guangxi and Gansu provinces,which accounts for 78.57% of the total in China.To a certain degree,the result of this paper proves that ＂resources curse ＂ existing in the national stratification plane in later 20^th century still takes places in some cities in China,especially in the counties of these cities ＇jurisdiction.     

RTAs:中国进一步扩大对外经贸合作的新途径

20世纪90年代尤其是世界贸易组织建立和运作以来,区域贸易安排迅猛发展,呈现出许多新的特点.在经济全球化和中国已加入世界贸易组织的新形势下,中国积极参与和推进区域贸易安排是在更大范围、更广领域和更高层次上参与国际经济技术合作与竞争、以开放促改革促发展的新途径.应进一步加强区域贸易安排的研究,建立国家区域贸易安排运作机制,制定切实可行的区域贸易安排计划,以提升中国经济的竞争力,迎接世界区域贸易安排发展带来的机遇和挑战.     

Inter-enterprise arrears in economies in transition

In the context of economies in transition, the paper argues that an excessive liquidity squeeze could throw the economy into a persistent state of low economic activity. In such bad equilibrium, enterprise transactions become largely demonetized, with a chain of arrears, a form of involuntary credit, spreading over the entire system. The empirical analysis of the Romanian experience seems to support the view advanced in the paper.     

Structure,Clearinghouses and Symmetry

We introduce and justify a taxonomy for the structure of markets and minimal institutions which appear in constructing minimally complex trading structures to perform the functions of price formation, settlement and payments. Each structure is presented as a playable strategic market game and is examined for its efficiency, the number of degrees of freedom and the symmetry properties of the structure     

The optimal portfolio for the two-pillar mandatory pension system: the case of Poland

In the recent decade, there has been observed across the Central and Eastern European states the regulatory trend towards the increase of the non-financial (first) pension pillar size at the expense of the financial (second) pillar. It tends to question the consequences of this shift for the future retirement benefits. Applying the portfolio approach we address this issue by running a series of simulations to find out how to allocate pension contributions between both pillars in an optimal way. Our study contributes to the existing literature as follows. First, we do not perform the assessment of the predetermined regulatory solutions, but we look for an optimal one. Moreover, we allow our optimal rule to be time-varying, if necessary, which would be a true novelty in this research area. Second, we do not base our estimates on historical trends; rather, we apply the long-term economy’s projection to account for the society’s ageing impact, which is a crucially important factor for the solvency of the pension system. Adapting some of the simulation assumptions to fit the Polish case, our results confirm that current regulations underestimate the role of the capital pillar and the optimal allocation between both pillars should be time-varying.     

试论我国食品安全供应链综合管理

食品供应链综合管理的核心内容是质量认证与跟踪管理,其思想为解决我国食品供应链中的安全问题提供了基本的思路。本文在分析我国食品供应链中存在的与食品安全相关的问题基础上,对我国实践食品安全供应链综合管理进行了思考,提出了从宏观、中观、微观三个层面上进行食品安全供应链综合管理的框架,并对食品安全供应链综合管理中的信息集成与共享进行了探讨。     

福州市旅游客流量现状及其驱动因素

旅游客流量是衡量区域旅游业及旅游经济发展快慢的一个重要指标,也是反映旅游区景观质量好坏与综合服务水平高低的一个综合指标。文章依据福州市最近5年(1999—2003年)的旅游客流量及相关的社会经济数据,分年度、季度、月与黄金周等不同时段对近年来福州市区域旅游客流量的现状及其变动状况进行分析,并从旅游景区(点)内在的引力因素与外在的社会环境驱动因素两方面对影响福州市客流量的主要驱动因素进行了分析。     

FDI对江西经济增长的贡献

投资水平严重不足,资金紧缺已成为制约江西经济发展的瓶颈。FDI可提升产业关联度、促进人力资源开发和产生技术溢出效应。江西FDI的战略定位构想是:建立生态产业集聚园、营造良好的投资环境、完善区域性资本市场、培养“本土化”的高级人才。