从演进经济学视角解读城市形成原因

从经济学演进变迁的视角,梳理不同时期经济学家对城市形成原因的不同解说,可以内在统一地解释城市的形成规律,也能给当前我国的城市发展和城市化进程以理论启示.     

风险投资背景异质性与退出时机选择——基于信任视角的实证研究

退出是风险投资获得投资回报、实现投资目标的关键环节,以我国2009—2016年深圳中小板和创业板IPO公司为研究样本,分析风险投资背景异质性对其退出时机的影响,并进一步检验风险投资机构与创业企业之间的信任在其中的调节作用。研究发现：风险投资背景异质性对其退出存在显著影响,与独立风险投资相比,公司风险投资在创业企业IPO后退出企业时间更晚;无论是基于声誉的信任还是基于制度的信任,风险投资机构与创业企业之间双向的信任都会促使公司风险投资更晚退出创业企业;相对于独立风险投资,公司风险投资更晚退出企业是为了追求战略回报。研究表明创业企业可以通过提升风险投资对其信任度来维护其投资管理,而风险投资机构则可以通过提升创业企业对其信任度来加深互惠互信的合作关系。     

A multiproduct Symmetric Generalized McFadden cost function

This paper introduces a flexible multiproduct cost function that permits zero values of one or more of the outputs and can impose restrictions quite easily, if not automatically satisfied, to ensure global concavity property. It satisfies linear homogeneity (in prices) property and is flexible in the output space. Thus the function is ideal for estimating, for example, economies of scope, cost complementarity, product-specific returns to scale, etc., without worrying about zero values of output(s) and extrapolations to points far from the point of approximation. As an empirical application, we use panel data (1978–1985) on 12 Finnish foundry plants to estimate technical progress, overall returns to scale, product-specific returns to scale and economies of scope.     

银行信贷资源错配与产能过剩

本文结合金融抑制和信贷配给理论,在分析我国银行业信贷资源错配原因的基础上,深入探讨了信贷资源错配对产能过剩的影响。在企业生产初期,银行对产能过剩行业中的企业发放大量低廉贷款导致过度投资;在企业试图退出产能过剩行业阶段,银行与政府联手设置高退出壁垒,加剧产能过剩问题。产能过剩问题的根源在于体制,银行信贷资源错配是造成体制性过剩背后重要的金融诱因。     

现金流权、超额控制与公司经营绩效

以2002~2006年我国民营上市公司1214个观察值为研究对象,实证检验了终极控制股东现金流权、超额控制程度对公司经营绩效的影响。研究表明:我国民营上市公司终极控制股东超额控制现象较为严重;终极控制股东的现金流权具有正的激励效应,与公司经营绩效正相关;终极控制股东的超额控制具有负的堑壕效应,与公司经营绩效负向关。     

上市公司业绩预告与股票收益率的经验研究

运用上市公司财务与市场数据,对业绩剧变公司的业绩预告的特点、影响因素及业绩预告对股票价格影响的实证研究发现,业绩预告披露的可能性与业绩变动、基金持股比例、公司规模等因素有关,与风险、前十大股东持股比例等因素无关;业绩预告披露、年度财务报告披露期间的异常收益率与ROE变动比率、资产规模、信息披露细致程度等因素有关。在年报披露期间,业绩预告披露与否对异常收益率有显著影响,业绩预告会在一定程度上削弱年度财务报告信息对该公司股票的利空、利好效应.     

我国流动性过剩的实证分析

本文从货币供求角度对我国流动性过剩问题进行实证分析.首先,通过构建我国广义货币需求模型,对我国广义货币需求量进行拟合,发现从2005年起我国明显出现流动性过剩问题.然后,从货币供求两个方面分析了我国流动性过剩产生的原因,外汇占款快速增长是导致广义货币供给过多的主要原因,而存款利率偏低、预期通货膨胀率提高和资本市场快速发展等都减少了广义货币需求.最后,从货币供求两方面分别提出解决我国流动性过剩的办法,除此之外,还可以有效利用流动性过剩来优化经济结构.     

Does High Service Quality Reduce Risk or Create Idiosyncratic Returns?

This article explores the impact of service quality on idiosyncratic returns, idiosyncratic risk (nonsystematic risk), and beta (systematic risk). Service quality was derived from the airline quality rating, and three dependent variables were calculated by the Fama–French four-factor model. The data includes 1,512 monthly records from 1997 to 2006, across 21 airlines. Multiple regression and vector autoregressive models were applied to test relationships among all, low-cost, and non-low-cost airlines. The study found that service quality has a positive impact on idiosyncratic returns in non-low-cost airlines; non-low-cost airlines are less affected by changes in the external environment.     

Impacts of short-term interest rates on stock returns and exchange rates: Empirical evidence from EAGLE countries

In this study, we estimate Bayesian vector autoregression (BVAR) and time-varying structural VAR (TVP-VAR) models for Brazil, Indonesia, Mexico and Turkey to analyze the impacts of short-term interest rates on stock prices and exchange rates considering the relationships between these variables. BVAR and TVP-VAR models’ estimations indicate that monetary policy decisions of these countries lead to capital movements as well as capital movements may create a considerable amount of variation in exchange and stock markets both in the periods of economic stability and financial crisis. We also reveal that increases in interest rates intending to prevent capital outflows may lead to decrease in stock returns, which in turn may deteriorate the real economic activity in Indonesia, while changes in short-term interest rates in Brazil, Indonesia and Turkey cannot be used as a tool to stabilize the value of their home currencies against the USD. Our study highlights the importance of formulating an optimal monetary policy framework accompanied by macro-prudential polices, which help to reach inflation target and smooth the possible variations in exchange rates and stock prices during economic crisis conditions in Brazil, Indonesia, Mexico and Turkey.     

央地博弈视角的化解产能过剩新政解读

进入21世纪以来,我国学术与实践界有关产能过剩的讨论就没有停止过,中央政府以及有关部门也一再出台抑制产能过剩的政策文件,但旨在抑制产能过剩的政策为什么没有获得应有的效果?该文从中央与地方政府博弈的视角,以中央政府为委托人,地方政府为代理人,利用委托—代理模型,分析两者各自不同的目标和收益函数,以此解释产能过剩屡抑不止的原因,并根据激励相容理论对2013年的新政进行解读,展望新政效果。