税收优惠影响企业创新产出的多元机制研究——来自中国软件与集成电路产业的证据

创新政策一直是激励企业创新的重要手段，其中税收优惠政策是一种具有市场导向性的激励政策，对企业创新具有良好的促进作用，但是政策对企业产生激励作用的原因尚不清晰。选取对我国技术突破有重要作用的软件与集成电路企业，采用2006-2018年中国A股上市公司数据，聚焦2011年国家对软件与集成电路行业的两个税收优惠政策，运用双重差分法对企业创新产出影响进行实证研究。结果发现：税收优惠政策对发明专利申请有显著促进作用，而对非发明专利申请无显著影响。融资约束、企业避税行为等是税收激励政策发挥作用的主要渠道。另外，税收优惠政策对不同规模、产权和区域企业有不同影响，税收优惠政策对大型企业、国有企业以及中西部地区企业创新产出促进作用更大。从税收优惠政策长期影响看，该政策对专利申请的影响存在时滞性，而发明专利申请在政策发生当年就显著增加。研究结论可为明晰税收优惠政策、融资约束与企业创新产出间关系提供有益启示。     

Institutional quality and corporate financing decisions around the world

We investigate the influence of the recent comprehensive institutional quality dimensions of Karolyi (2015), such as market capacity, operational efficiency, foreign accessibility, corporate transparency, legal protection, and political stability, on financing decisions of firms across 56 countries between 2000 and 2015. We find that stronger institutional quality or lower fundamental risks in a country ease firms' access to long-term debt, and equity financing. We attribute our results to institutional environments influencing financing decisions by shaping the severity of market frictions, such as agency conflicts and information asymmetry, and transaction costs. As a result, we conclude that any improvement in a country's institutional environment will boost firms' access to long-term financing, and thus longer-term investments that promote countries' economic growth will be more feasible. Our findings are robust to potential endogeneity issues.     

Financing investment in East Asia: Regional or global savings?

This paper investigates the extent to which domestic investment in East Asian countries is financed by domestic, (East Asian) regional and global savings in order to infer the relative importance of regional vs. global capital markets in East Asia. Panel regression results show that regional saving in East Asia plays a much more important role than global saving in financing investment in the region. The results suggest that global capital flows, despite its huge volume in East Asia, does not contribute to proper investment financing. The results also show that Japanese saving has significant effects on regional investment but Chinese saving does not.     

Are we all on the same boat? The challenge of adaptation facing Portuguese coastal communities: Risk perception,trust-building and genuine participation

The Portuguese coast is experiencing severe erosion and loss of beachfront, processes which are expected to become worse with climate change impacts. These additional alterations are beginning to show at a time when financing for conventional coastal protection is no longer guaranteed at scales of investment which are likely to be required if future coastlines are to be maintained. This paper looks at how residents and key stakeholders of three coastal communities in Portugal perceive such possible changes, how far they judge and trust current coastal management, and how they perceive their current participation and foresee future forms of involvement on adaptive coastal change. The evidence from these surveys and interviews suggests that there is a strong commitment in each location to maintaining current levels of coastal protection, and to preserving the integrity of local societies and economies, even though there is also recognition that adaptation in some form will eventually be required. However, our research reveals that there is not yet sufficient trust between coastal stakeholders, especially towards public institutions and policies, for any degree of progressive coastal adaptation to take place. Building trust in creative learning processes of progressive adaptation could lead to improved science and participation along with a meaningful dialogue over cooperative coastal planning and financing. The research undertaken for this paper lays the groundwork for such a process of trust-building to begin.     

Competing priorities as constraints in event travel careers

An event travel career is a potentially lifelong pattern of travel to events linked with an individual’s preferred leisure activity. This paper applies the concept of an event travel career to non-elite triathletes. For these active sport tourists, ongoing pursuit of an event travel career is arguably constrained by competing priorities that intervene between everyday life and their pursuit of an event travel career. In-depth interviews were conducted with 21 triathletes identified as pursuing an event travel career. Interpretive analysis revealed seven domains of competing priorities that could work to constrain their event travel career aspirations. These domains included familial relationships, domestic responsibilities, sociability, finances, leisure, wellbeing, and work/education. The seven competing priority domains were interrelated, and cyclical in their constraining effects. Data assisted in clarifying some defining characteristics of the event travel career concept, and challenged notions of leisure participation as entirely positive and fulfilling.     

深化增值税改革的市场反应及影响因素

运用事件研究法和多元回归法考察 “深化增值税改革”（2018年3月28日国务院常务会议）的市场反应及其影响因素。结果表明：尽管中美“贸易战”对股市产生了较大的负面影响,但投资者仍将“深化增值税改革”视为利好消息,且试点行业的市场反应都显著为正。从市场反应影响因素来看,研发支出越多、融资约束越强的公司市场反应更好。此外,进一步细分公司特征发现,高税收敏感度和高产品市场竞争程度的公司市场反应更加积极,存在超额雇佣且研发支出较高以及不存在超额雇佣但融资约束较高的公司市场反应也更加积极。     

Dory & Nemo Early Learning Center

The case requires students to evaluate the current situation and growth options of a small business, Dory & Nemo Early Learning Center (D&N), which provides intergenerational programming to preschool children at a retirement home. The learning center was opened in September 2014, and it was able to make a small profit each year. However, it is projected that there would be a 75 percent decrease in net income from $8,072 in Fiscal 2016 to $1,819 in Fiscal 2017. Davis and Nathans, business partners of D&N, met to discuss the following growth options: (i) Mosaic Retirement Residences' proposal to set up two learning centers at their retirement homes each year for a total of six in three years and (ii) Harmony Retirement Residences' proposal for leasing space to set up learning centers at their retirement homes, one new learning center a year for a total of three in three years. Furthermore, Davis and Nathans had decided to increase the program fee from $320 to $350 per week for the 2017–18 academic session in September. They would also like to reduce their workload from 50 to 40 hours per week, increase their vacation time from two to three weeks, and increase their salaries and bonuses. Students must consider personal objectives of business partners and mission of D&N in the analysis. They learn to identify relevant information for decision making, apply appropriate analytical tools for quantitative analysis, integrate qualitative and quantitative factors in decision making, and make recommendations consistent with analysis.     

银行价格竞争、融资约束与企业研发投资——基于“中介效应”模型的实证研究

近年来我国利率市场化改革积极推进,实体经济发展积极向创新驱动转型,一个亟须研究厘清的关键问题是,银行业竞争如何驱动企业创新活动？本文关注银行价格竞争对企业创新的影响,以2013—2018年沪深两市的上市企业为样本,采用“中介效应”因果分析模型,实证检验了银行价格竞争对企业研发投资的影响,并识别出以融资约束为中介渠道的作用机制。研究发现,银行价格竞争不仅会提高银行的风险容忍度,直接增加R&D投资的信贷供给意愿,而且还会通过降低贷款价格和增加贷款可得性来缓解企业整体的融资约束,间接促进企业创新活动。这一机制在解除贷款利率管制之后以及在民营企业层面体现得更加明显。本文的研究结果对于深化金融市场化改革、改善金融服务实体经济效果以及实施经济创新驱动发展战略,具有明确的政策启示。     

关系型借贷视角下购房融资方式与家庭创业行为——基于2017年中国家庭金融调查的实证研究

本文利用2017年中国家庭金融调查数据深入考察购房融资方式对家庭创业行为的影响。研究结果显示,相较于民间借贷购房的家庭,按揭贷款购房的家庭参与创业活动的可能性更高,且更倾向于主动创业。进一步机制分析发现,相较于民间借贷购房,按揭贷款购房能够降低家庭的流动性约束,缓解家庭的资金压力,从而促进创业。同时,按揭贷款购房能使家庭获得充足的贷款额度与较长的贷款期限,进而有助于家庭创业。而且在偿还按揭贷款的过程中,家庭能与银行建立长期良好的信贷关系,从而有助于提高家庭获得正规信贷的可能性,促进家庭创业。为了积极推进创业创新的战略部署,应进一步健全银行信贷体系,发展和完善住房金融制度,从而有利于缓解小微企业融资难、融资贵的问题,释放和激发家庭创业活力。     

“走出去”对企业融资约束的影响——基于“一带一路”倡议准自然实验的证据

本文基于“一带一路”倡议这一准自然实验,使用双重差分法,以中国2007-2017年A股上市企业为样本,实证检验了“走出去”对企业融资约束的影响。研究发现,参与“一带一路”倡议的企业与未参与的企业相比,融资约束水平有所上升。该效应对处于重点对接省份的参与企业可能更为明显。与国有企业相比,参与“一带一路”倡议的私人企业的融资约束有所上升,而且处在重点对接行业和省份的参与“一带一路”倡议的民营企业融资约束更有可能上升。从机制上看,由于观察周期尚短和其它因素的限制,企业参与“一带一路”倡议以后,其在信贷资源获取、利润率和生产率等方面还未体现出优势来。从政策来讲,为更好地支持国家的“一带一路”倡议,需要进一步拓宽思路对企业形成更有效的金融支持,以提高“一带一路”建设的可持续性。