公司治理机制及其治理效应研究——基于2003—2013年上市公司的公开数据

伴随着公司治理观念的深入和公司治理结构与机制的建立,公司治理有效性问题逐渐成为监管部门和上市公司关注的焦点。基于2003—2013年上市公司的公开数据,运用面板数据回归方法考察股权结构、运作机制、决策机制、监督机制和激励机制五个治理方面共12个重要治理要素对两种股权代理成本的影响,结果表明:我国上市公司治理要素能够有效降低代理成本,但仍有部分治理要素存在无效性,甚至董事薪酬与第一种代理成本呈现出正相关关系。因此,为进一步提高我国公司治理的有效性,应该在树立正确的公司治理思维、控制董事会会议次数、完善监事会制度等方面予以加强。     

An Analysis of Joint Effects of Investment Opportunity Set,Free Cash Flows and Size on Corporate Debt Policy

This study, based on a sample of 1869 observations from 1989 to 1993 for non-regulated U.S. firms, examines the association between investment opportunity set (IOS), free cash flows (FCF) and debt, and also tests whether firm size acts as a moderating variable on this association. The results show that there is a significantly positive association between FCF and debt for low IOS firms, which provide support to Jensen's (1986) control hypothesis. The results also show that the positive association between debt and high FCF for low IOS firms is more pronounced for large firms, suggesting that the firm size serves as a moderating variable on the association.     

City size and urban labor productivity in China: New evidence from spatial city-level panel data analysis

The previous literature has generally found that most Chinese cities were undersized in the 1990s. However, little is known about how urban agglomeration in China has evolved since the country began to experience much faster urbanization and deep marketization after 2000. Based on panel data of 281 cities between 2000 and 2013, our spatial panel data regression results show that the scale impact of city size on urban productivity appears to have an inverted U shape, and its effect will grow when the cities’ industrial structure becomes more dominated by the service sector. There are also significant spatial interactions and spatial heterogeneity of urban agglomeration among Chinese cities. Furthermore, we compute the optimal size for each city and find that most Chinese cities are still undersized in recent years. Based on our findings, we argue that the Chinese government should focus on promoting sufficient growth of medium sized cities in its new urbanization strategy.     

Endogenous Growth and Real Effects of Monetary Policy: R&D and Physical Capital Complementarities

We study the real long-run effects of the structural stance of monetary policy and of inflation, in the context of a monetary growth model where R&D is complemented with physical capital accumulation. We look into the effects on a set of real macroeconomic variables that have been of interest to policymakers—the economic growth rate, real interest rate, physical investment rate, capital-to-labor ratio, R&D intensity, and velocity of money. These variables have been previously analyzed from the perspective of different, separated, strands of the theoretical and empirical literature. Additionally, we analyze the long-run relationship between inflation and both the effectiveness of real industrial-policy shocks and the market structure, assessed namely by average firm size. We present novel cross-country evidence on the empirical relationship between the latter and long-run inflation.     

农场的性质、规模与效率——中国农业规模化经营研究述评

从农场规模的决定、农场规模的效率涵义、农场组织性质和中国农业规模化经营四个方面看,现有的研究文献关于中国农业经营规模与效率的关系在理论和经验分析上都存在着较大的分歧。以新古典框架为基础的规模报酬原理难以对农场规模效率涵义做出合理的解释,进一步的研究需要建立在农业组织理论创新的基础之上。     

专门阅读目的影响阅读成绩的实证研究

本文提出2个假设:(1)指定的阅读目的能让学生获得更好的阅读效果与成绩。(2)学生回答的问题与指定的阅读目的直接相关时,他们的得分更高。实验工具包括阅读理解测试题,问卷,及非正式的面谈。实验结果表明,专门阅读目的有助于提高读者的阅读兴趣和对全文的注意力,因此有专门阅读目的的学生取得的阅读成绩,高于无指定阅读目的的学生,且有显著性差异;学生能更好地完成与指定的阅读目的直接相关的问题,但学生的文化背景,实践经验以及对待角色的态度等,会影响指定目的在阅读中的作用。     

流动人口的住房选择及其影响因素研究——基于2012年湖北省流动人口动态监测数据的分析

依据2012年湖北省流动人口动态监测数据,分析流动人口在流入地的住房性质和住房租金状况,并运用多项logistic模型对流动人口住房选择的影响因素进行分析,研究结果表明：目前,我国流动人口住房支付能力低,多数选择租住低价房;但随着家庭平均文化程度的提升,流动人口更倾向于选择自有住房;流动人口的流动范围越大,越倾向于选择租住高价房;随迁人数越多的流动人口选择自有住房或租住高价房的概率越高。此外,不同规模城市的流动人口在住房选择方面也有一定的差异性。     

城市规模对城乡居民收入差距的影响效应研究——基于2000～2010年省际面板数据的实证分析

城市规模和城乡居民收入差距加大,是我国当前区域与城市经济发展的明显特征.在2000～2010年中国31个省际地区城镇居民年人均可支配收入、乡村居民年人均纯收入、城镇人口、乡村人口和地区总人口等指标的基础上,构建包含泰尔指数Theilit和城市规模Lnupsit两个面板数据变量的个体固体效应模型,研究表明,泰尔指数与城市规模变量之间存在长期稳定的协整关系,其影响系数为2.6741％,现行的城市规模扩张总体而言仍不利于缩小城乡居民收入差距.     

Employment and output effects of federal regulations on small business

This paper examines the disparate impact of US federal regulations on small businesses. Using a two-sector dynamic general equilibrium model, we obtained two implications of higher regulation on small firms that have yet to be empirically tested in the published literature. First, as regulations increase, small firms’ share of employment shrinks. Second, as regulations rise, small firms’ share of total output falls. Using a panel of industry-specific US regulatory restrictions, we found that a 10% increase in federal regulations was associated with an approximate 0.8% reduction in small firms’ share of industry employment and a nearly 1.5% decline in small firms’ share of industry output.     

中国的机会不平等水平与特征研究*——兼论城市规模的影响

中国经济快速增长的同时,收入差距也在不断扩大。本文依托Roemer的“环境—努力”二元分析理论,采用事前参数法,利用中国劳动力动态调查数据（CLDS）测度近年来我国机会不平等的变化趋势;对机会不平等进行了分解,分析了户籍、家庭、性别等因素对机会不平等的影响程度,探讨城市规模、城市的区位差异和行政等级差异对机会不平等的影响。研究表明,中国的机会不平等程度呈上升趋势,从东部沿海到西部内陆存在明显上升的地区差异,在城乡、性别和年龄等方面都呈现出不同的特征;且与城市规模之间呈倒U型关系,直辖市、省会等高等级城市倾向于有更低的机会不平等水平。