异质性FDI绿色技术溢出环境规制门槛效应研究

在测度2003-2018年中国工业36个细分行业绿色全要素生产率的基础上,采用线性模型和门槛模型实证比较诱导劳动型FDI和资本型FDI发挥绿色技术溢出效应的环境规制强度。结果表明：FDI并不会自动发挥绿色技术溢出效应,需借助环境规制的调节作用,但环境规制强度应保持在合理区间。静态门槛模型结果表明,当环境规制强度超过第二门槛值后,两类FDI均能发挥绿色技术溢出效应,但仅资本型FDI显著。动态面板模型结果表明,当环境规制强度提高到第三门槛值后,两类FDI均能够发挥显著的绿色技术溢出效应。此外,异质性检验结果表明,为诱导FDI发挥正向绿色技术溢出效应,应在资本密集型行业、劳动密集型行业和污染密集型行业设置较高的环境规制强度,而在清洁生产型行业设置较低的环境规制强度。     

要素市场扭曲抑制了绿色创新效率提升吗——高技术产业集聚的调节效应

中共十九大报告指出,要素市场化配置是经济体制改革的重点。利用2003—2019年中国省际面板数据,采用面板固定效应模型和门槛回归方法,实证研究要素市场扭曲、绿色创新效率与高技术产业集聚之间的关系。结果表明,要素市场扭曲会阻碍绿色创新效率提升,高技术产业集聚能够显著促进绿色创新效率提升,并削弱要素市场扭曲对绿色创新效率提升的抑制作用。门槛效应表明,在高技术产业集聚程度较高的情况下,要素市场扭曲对绿色创新效率的抑制作用会被扭转。以上结果均表现出显著的区域异质性。     

The role of institutions in finance curse: Evidence from international data

This paper investigates the effect of banking sector development on economic growth in a panel of 87 countries, paying particular attention to the role of institutions in reducing the finance curse phenomenon. The dynamic generalized method-of-moments (GMM) results indicate that institutions play an important role in mediating the positive relationship between banking sector development and growth. This suggests that the marginal impact of financial development on growth depends on institutional quality. Using the four-way partition of institutions classified by Rodrik (2005), we also find that resilient market-regulating, market-stabilizing, and market-creating institutions act as mediators to the financial market in facilitating growth. The results are robust to using alternative institutions indicators, estimation strategies, and stopping the sample before the 2007-2008 global financial crisis.     

The optimal bid/ask spread in a Specialist System

In this work we propose a simple market model where some features of the Specialist System are analyzed. In particular, the specialist's obligation to display bid/ask quotes on the book within the bounds imposed by the Exchange is considered. The proposed model allows to analyze the effects of the specialist's interventions on the short term dynamics of bid/ask prices and address a relevant market design issue, that is determination and analysis of the optimal endogenous upper bound that - according to economic conditions - should be imposed by Stock Exchange on the quoted bid/ask spread. The institutional details are summarized in a few structural parameters and the focus is on the aggregate effects of excess demand/supply.     

Financial Development and Economic Growth in Guangxi

通过广西14个地级市面板数据检验了广西金融发展与经济增长的关系。结果表明,总体而言,以金融相关比率度量的金融发展水平能够促进经济增长,但是这种动力是非对称的,在北部湾经济区和西江经济带,这种促进作用要高于全区平均水平。投资对经济增长的效应明显,而消费对经济的拉动作用都受到限制。为此要提高金融运行效率,推动金融创新,支持小微企业和消费金融发展。     

EVA对上市公司资本结构影响的实证研究

本文以我国沪深交易所的上市公司为对象 ,研究EVA(EconomicValueAdded ,经济增加值 )对我国上市公司资本结构的影响 ,同时考察EVA是否能比传统的会计指标 (以EPS、ROE代表 )在更大程度上解释了上市公司资本结构的形成。研究结果表明 ,EVA的确影响了我国上市公司的资本结构 ,但影响的程度不大 ;结合对会计指标的考察发现EVA并不比会计指标 (EPS、ROE)在更大程度上解释了上市公司资本结构的形成 ;研究同时还表明 ,EPS、ROE对资本结构的影响程度也不大。     

我国利率市场化与证券市场动态变迁的分析

在市场经济中,利率市场化对证券金融市场的改革和发展有着重要而深远的意义。目前,我国利率市场化改革已经进入实质性的攻坚阶段由,由实行利率管制逐步演化到利率市场化。探究我国利率市场化与证券市场动态变迁的实质性关系,阐明我国利率市场化作用于证券市场的机制、改革进程及风险防范,对建构科学、健康、有序的证券市场有借鉴意义。     

Technological capabilities and firm performance: The case of small manufacturing firms in Japan

The purpose of this study is to investigate the relationship between technological capabilities and firm performance. We divide technological capabilities into two types—refinement capability, which involves the improvement of the existing asset portfolio, and reconfiguration capability, which involves the restructuring of the asset portfolio through the integration of new assets. The results of an analysis of a sample of 302 small and medium-sized manufacturing firms in Japan suggest that refinement capability relates more positively to operational efficiency than does reconfiguration capability, and that reconfiguration capability relates more positively to strategic performance than does refinement capability. The results also suggest that firms with superior refinement capability tend to possess superior reconfiguration capability. Our findings show that both external and internal factors, such as technological volatility, inter-firm collaboration, and firm age and size, are significantly associated with the level of refinement and reconfiguration capabilities possessed by a firm.

高管团队认知交互与创新绩效的关系：有调节的中介效应检验

在高度不确定的外部环境下,提高创新能力成为高技术企业增强竞争力的重要战略方向。既有关于不同认知层面与行为或绩效关系的研究,忽视了对动态环境下团队认知交互作用机制的思考。从认知视角出发,探讨了动态能力在高管团队认知交互与创新绩效间的中介作用、动态环境对动态能力与创新绩效关系的调节作用,以及动态环境对上述中介作用的调节效应。以长三角地区335家IT企业为研究样本,研究发现：①高管团队认知交互与创新绩效有正相关关系;②动态能力在高管团队认知交互与创新绩效之间具有中介作用;③环境动态性对动态能力与创新绩效的关系有正向调节作用;④环境动态性强化了上述中介作用。     

GMM estimation of panel data models with time-varying slope coefficients

A difference/system generalized method of moments (GMM) model that imposes time-constant coefficients is common in empirical studies using panel data. However, a rejection by the Sargan–Hansen test is sometimes a serious concern for researchers. We highlight the fact that the Sargan–Hansen test for GMM estimators applied to panel data is a joint test of valid orthogonality conditions and coefficient stability over time. A possible reason for a rejection is therefore that the slope coefficients vary over time. One solution is to estimate an empirical model in which the coefficients are time specific. We apply this solution to the system GMM estimator of simple nondynamic Cobb–Douglas production functions for a selection of Swedish industries and find that relaxing the assumption of constant slope coefficients results in more satisfactory outcomes of the Sargan–Hansen test.