Do foreign companies earn more and distribute more than domestic companies in India？

There is a prevalent opinion in the corporate arena that the foreign companies are earning more but are less concerned with reinvesting their earnings in the foreign countries in which they operate and are more concerned in profit appropriations for quick repatriation of their investments by way of declaring high dividend payments. As compared to the foreign companies, domestic companies in India are relatively more concerned for reinvesting their profits and help to trigger the capital accumulation and industrial growth. This practice of comparatively paying higher dividend by foreign companies in India, if proved, supports the view that foreign companies are least concerned with the industrial growth of the country in which they operate. Hence the analyses of the dividend payments and the retained earnings of foreign and domestic firms assume economic importance. Considering the above hypothesis and the importance of the study, this paper made an attempt to empirically test the opinion and bring out any significant differences in the profitability and dividend payments between the two groups often pharmaceutical companies operating in India for the period of last 20 years.     

对“家电下乡”的深层思考

为了响应国家家电下乡的政策,推进家电下乡活动在全国范围的深入开展．通过分析“家电下乡”活动的积极意义以及在政策推行过程中存在的问题,提出了推进“家电下乡”活动的积极措施．得出了要进一步完善政策,在平衡各方利益的同时真正发挥市场竞争机制的作用,使家电下乡走得更远的结论。     

Oil Crisis,Market Reforms,and Human Welfare： An Econometric Analysis of the Australian Economy

As an active trader in international crude oil and petroleum product markets, Australia＇s human welfare is affected by oil crisis and contagion from the perspectives of economic growth, income inequality, and environmental sustainability. This paper investigates the impacts of oil price shocks upon Australia＇s gross domestic product （GDP） growth, Gini coefficients, and carbon dioxide emissions per capita from 1970 to 2012 with yearly frequency. Hypotheses concerning whether Australia＇s economic immunity against oil crisis is affected after the deregulation of oil market and whether endogenous oil price shocks account for more variations in human welfare than exogenous oil price shocks are tested. The methodologies include a theoretic model and a series of econometric tests. For the short-run dynamics, oil price is integrated into the model both linearly and non-linearly. Oil price shocks are categorized into exogenous and endogenous shocks. The conclusions are that inflated oil prices exert mainly non-linear negative impacts upon human welfare indicators and exogenous shocks induce endogenous shocks through labor price, Consumer Price Index （CPI）, interest rate, and exchange rate. For the long-run equilibrium, non-linear shocks＇ effects decay more slowly than linear shocks and the impacts of endogenous shocks last longer than that of exogenous shocks. Finally, oil market policies are evaluated and proposed.     

新常态下内需拉动经济增长是否存在有效边界*

新常态下,中国如何维持经济中高速增长既是重点,也是难点。由于外需拉动型经济增长方式逐渐难以为继,扩大内需的重要性日益突出。然而,扩大内需真的是有效国策吗？投资和消费拉动经济增长,是否存在有效边界？基于此,本文通过构建面板门限模型,利用2012-2013年中国275个市级数据,对内需拉动经济增长是否存在有效边界问题进行了实证检验。研究结果显示：投资拉动经济增长确实存在有效边界,当投资率较低时,增加投资能够有效拉动经济增长,当投资率已经较高时,增加投资对经济增长的拉动作用将不再显著;消费拉动经济增长也存在有效边界,当投资效率较低时,增加消费会抑制经济增长,当投资效率足够高时,增加消费才能够有效拉动经济增长。\     

多哈回合谈判的困局及出路

经过近九个年头的谈判,多哈回合仍然没有任何结果,让人觉得前途暗淡。然而必须看到,多哈回合的胜利完成,一方面,会带来更大的贸易自由化;另一方面,可以抵御日渐抬头的贸易保护主义;而它的失败则会对全球贸易带来严重后果。因此,针对目前的僵局,发达国家应该做出更多让步;小国家则应该组成不同的集团,以集团代表的方式参加各项议题的讨论;而谈判委员会主席的工作和职权则应该受到更多的约束。只有各方都做出调整,谈判才有可能顺利完成。     

我国经济增长模式比较:内需与外需

中国经济发展所创造的显著成就,以及外向型程度的快速上升,引发了世界各国对中国经济增长模式的广泛关注。消费、投资和出口是拉动经济增长的三大需求和动力源泉,判断一国经济增长模式,一般看两个重要基准:一是看三大需求对一国总需求的贡献,二是看三大需求拉动的国内增加值对一国国内生产总值的贡献。相关研究表明,在需求主体方面中国以内需为主,在动力结构方面中国经济增长模式具有双轮驱动的典型特征。     

高等教育质量对企业出口国内附加值的影响研究

本文基于我国高等教育质量和中国海关贸易数据库的数据,实证检验了高等教育质量对企业出口国内附加值的影响效应.实证结果显示,高等教育质量的提升对我国企业出口国内附加值有显著的正向影响.异质性分析显示:高等教育质量对外资企业有显著的正向影响,而对本土企业的影响不显著,对我国东部地区企业有显著的正向影响,而对中部和西部企业的影响不显著.机制检验显示:高等教育质量会通过增加企业生产率和提高技术创新两个渠道来提升企业出口国内附加值.根据研究结论,本文提出了相关建议.     

再谈内需不足的问题

国内有效需求不足,是当前阻碍我国经济快速发展的重要因素。造成内需不足的原因是多方面的,不少专家学者也提出了很多解决问题的办法和措施。试图从市场供求关系方面来分析造成内需不足的结构性因素,并寻求缓解问题的根本性途径。     

加快中小企业发展是实施扩大内需发展战略的保证

面对金融危机的冲击,为保证我国经济持续稳定增长,中央提出了实施扩大内需发展战略。我国是农民占人口多数的国家。农民收入水平不高是造成我国内需不振的主要原因。要落实扩大内需发展战略就必须采取措施增加农民收入,而增加农民收入就必须大力发展中小企业。