欧盟对华贸易逆差问题研究

在中国与欧盟贸易高速发展的同时,欧盟对华贸易逆差不断扩大。本文运用来自欧盟、世界贸易组织以及中国国内的大量统计数据,对欧盟对华贸易逆差的成因进行解析。分析表明:欧盟的经济政策与欧元的持续升值、中国产业结构的调整、欧盟对华贸易“逆差集中效应”,以及欧盟全球化配置资源的需要促成了欧盟对华贸易逆差不断扩大,这四大因素将对未来欧盟与中国的贸易产生持续的影响。     

促进建筑业健康发展的财政政策研究——以宁波市海曙区为例

城市化建设为建筑业提供了巨大的发展机遇,建筑企业由过去单纯的建设者正在向上游产业链延伸,转型发展已成为建筑企业的必然选择。从海曙区建筑业发展情况来看,行业规模和集中度较高,但若放眼全市、全省水平来看,总体竞争力和市场开拓力则相差太多,发展也面临诸多实际困难。促进建筑业的健康发展,有待于企业的内在转型,也有赖于政策的外在推动,尤其是在资质升级、市场开拓、科技进步、人才培养等方面加大倾斜和扶持力度。     

京津冀地区就业增长的空间集散趋势分析

都市圈是城市经济演化的高级空间形态,就业空间分布正是刻画区域空间结构特征的重要变量。以京津冀都市圈为例,首次利用两次经济普查的就业数据研究就业增长的空间集散特征。根据核密度分析结果确定都市圈内的京津石为一级就业中心,唐保沧张为二级就业中心,秦承廊为三级就业中心。京津冀就业的整体空间集散特征为仍在进一步集聚,且集聚特征稳定。空间统计表明:2004年和2008年京津冀都市区的重心均分布在廊坊境内,移动方向为东北向。北京、天津、石家庄、唐山、保定、沧州和廊坊所在的区域为京津冀都市圈的核心区,呈"东北—西南"分布模式。对比两年变化得出就业核心区范围在减小,密度在加大。分产业和行业来看,三次产业中第二产业就业分布最为均衡,第三产业分布最为集中,其中生产性服务业仍在进一步集中,而生活性服务业在扩散。     

How does competition affect bank systemic risk?

Using bank level measures of competition and co-dependence, we show a robust negative relationship between bank competition and systemic risk. Whereas much of the extant literature has focused on the relationship between competition and the absolute level of risk of individual banks, in this paper we examine the correlation in the risk taking behavior of banks. We find that greater competition encourages banks to take on more diversified risks, making the banking system less fragile to shocks. Examining the impact of the institutional and regulatory environment on bank systemic risk shows that banking systems are more fragile in countries with weak supervision and private monitoring, greater government ownership of banks, and with public policies that restrict competition. We also find that the negative effect of lack of competition can be mitigated by a strong institutional environment that allows for efficient public and private monitoring of financial institutions.     

同舟“共济”还是同舟“共挤”：供应链关系与成本行为

供应链关系既能发挥“协同效应”,也能发挥“侵占效应”,是影响企业成本管理决策的“双刃剑”。以2009—2020年沪深A股制造业上市公司为样本,探究供应链集中度与企业成本粘性之间的关系。实证结果发现,在供应链集中的三方关系下,制造商与供应商、客户之间更多地表现为“共济”效应,供应链集中能够通过信息机制和治理机制来抑制成本粘性。进一步研究表明,当外部宏观经济政策不确定性较低、区域发展环境较差时,供应链集中度表现出对成本粘性更强的抑制作用;此外企业财务柔性的增加也有益于促进供应链集中度对成本粘性的抑制效应;当企业为非国有企业时,供应链集中度对成本粘性的抑制效应更显著。研究结论肯定了供应链集中度发挥“共济”效应来降低成本粘性的积极作用,并进一步探讨了供应链集中度发挥“共济”作用的内外部条件,有助于企业发挥供应链关系的积极影响。     

Prices and market structure: an empirical analysis of the supermarket industry in Chile

This article investigates empirically the relationship between market structure and consumer prices in the supermarket industry in Chile. A panel of monthly data from 16 cities in the period January 1998–September 2006 is used. We find that, the more concentrated the industry in a city, the higher the prices, while the participation of major national chains in cities tends to lower prices. In terms of magnitude, this latter effect prevails over the former. Moreover, the dominant local chain is found to behave differently depending on whether or not one of the national chains is present in the city. Finally, we find that prices rise when a national chain acquires another chain and both were previously in a city (inmerge) while if only one of the two was present (outmerge), prices fall.     

Lending technologies,banking relationships,and firms’ access to credit in Italy: the role of firm size

This paper analyses the role of lending technologies and banking relationships on firms’ credit access in Italy. Using EFIGE firm-level data, we show that the depth and strength of firm–bank relationships have heterogeneous effects on credit demand and rationing probabilities depending on the size of the borrower. Multiple banking relationships alleviate financial constraints for small firms, while borrowing from a large number of lenders hinders access to credit for large companies. Small and medium-sized enterprises with a higher share of debt with the main bank have a lower probability of being credit denied, as debt concentration contributes to overcome the opacity problems typical of the SMEs. Long-lasting relationships, by reducing information asymmetries, significantly improve access to credit for small and large firms. Conversely, we find that medium-sized enterprises are more exposed to financing constraints as relationship duration increases, due to possible lock-in effects. Finally, firms maintaining banking relationships based on transactional technologies are more likely to be credit denied, while the use of relationship lending technologies improves credit availability for both small and large enterprises.     

Similarly traded securities: Greek common vs. preferred stock

This paper examines the price spread between voting (common) and non‐voting (preferred) stocks during the period 1990–95 for a sample of 55 Greek companies. Because in Greece preferred stocks are not essentially different from common stocks, a number of hypotheses were tested to explain the observed differences. The data reveal an average spread of 27.5% for the entire period which, however, varies across years considerably. In cross‐sectional regressions it was found that the volatility of common stock returns, the liquidity of common shares relative to preferred shares, the ownership concentration, and the minimum dividend yield guaranteed to preferred stockholders explain a significant portion of the spread.     

What Enhances Insider Trading Profitability?

This study analyses the factors triggering insider trading profitability. Since there is not much evidence on this topic in the continental-European context, we focus on the Spanish stock market. Our findings show that the main relevant factors (the timing ability of the insider, the transparency of the transaction and the level of free cash flow of the firm) are related to insiders’ opportunities behaviour, motivated by the lack of either managerial control within the firm or enforcement of insider trading regulation. The level of ownership concentration, the spread and the interaction between the size and the transparency of the transaction are other relevant factors, some of them tested for the first time in the insider trading literature.      

Individual and Institutional Concentration of Leisure Research in North America

The purpose of this article is to identify key characteristics of the community of leisure scholars in North America and to use patterns derived from data about publication activity as a platform for discussing the nature and implications of concentration in leisure research at the individual and institutional levels. The study uses cluster analysis to detect patterns of research and publication activity among 1785 people who were associated with leisure research in North America in the 1990s, concentrating on the slightly smaller number of people (1631) whose names were listed as authors on at least one publication in all editions of 6 research journals and 14 conference proceedings from 1990 to 1999 inclusive. The results demonstrate that leisure research in North America is concentrated at both the individual scholar and institutional levels. For example, at the individual level, less than one-fifth of authors accounted for more than two-thirds of journal articles and conference papers. The implications of these findings are discussed with reference to issues such as the critical mass of scholars and problems of disciplinary isolation detected by previous researchers.