刍议外商独资化实现方式及效应

随着经济全球化和信息化的迅猛发展,外商对华投资独资化的倾向越发明显,其投资方式已由先前的合资转向独资;投资手段由合资转向并购。在探讨新形势下外商独资化实现方式的基础上,探究了外商独资化对我国经济发展的正、负效应,并提出相应的化解策略。     

“汇改”后人民币汇率制度分析

自2005年7月21日人民币汇率形成机制进行重大改革以来,人民币对美元的基准汇率一直处于单边升值的态势.从宏观经济特征和模型实证分析中可以得出,虽然"汇改"后人民币货币篮子发挥了一定的作用,人民币汇率的灵活性在逐渐增强,但主要还是参考美元汇率来进行调节,属于"软钉住美元的汇率制度".     

Effects of government spending shocks in China,Japan, and Korea

ABSTRACT

This study investigates the effects of government spending shocks on various key macro variables in China, Korea, and Japan using structural VAR models. The main empirical findings are as follows. Government spending multipliers of all three countries are far larger than 1 in recent years. The effectiveness of fiscal expansion has not changed markedly in China but substantially increased in Korea (after the Asian financial crisis) and Japan (during zero lower bound period). Increases in the effectiveness of fiscal expansion are associated with changes in the monetary and exchange rate policy regimes and institutions of these countries. Among the three countries, the government spending multiplier is relatively large in China but relatively small in Japan in recent years. Although the effects on exchange rate and trade balance vary across countries and sample periods, real exchange rate tends to depreciate, whereas trade balance tends to improve under flexible exchange rate regimes. Some empirical findings are consistent with standard theory, but others are not.

Abbreviations: NK: New Keynesian VAR: Vector Autoregressive ZLB: Zero Lower Bound     

中国股市市盈率的变化趋势及国际比较

在市场充分有效的前提条件下,市盈率应该较正确地反映一家公司的基本面和市场因素,包括财务指标、成长性、管理能力、公司治理、股票流动性等多方面。基于对2007年沪深股市的观察,对中国证券市场历史数据进行实证分析和国际比较,可以客观地解答当前中国股民关于市盈率的困惑。     

乡村度假国内外研究进展及启示

乡村度假是乡村旅游发展的更高阶段,是国际主流度假产品之一。国外对乡村度假的研究主要集中在乡村度假发展动因、发展的作用和度假者行为研究等几方面,而国内的研究集中在发展意义和前景、开发前提、发展模式这几方面。通过比较国内外乡村度假的研究进展可知,国内乡村度假研究多集中于基础理论,方法运用以定性为主,鲜有定量研究,因此与国外相比,差距较为明显。国内乡村度假研究有待拓宽研究领域和视野、重视研究方法定性与定量研究相结合,以及加强借鉴国外经验。     

The Impact of Institutions and Exchange Rate Volatility on China’s Outward FDI

Over the past decade, China’s outward foreign direct investment (OFDI) has rapidly increased. However, its characteristics are not sufficiently studied. In this article, we explore the host country’s determinants of China’s OFDI, with a focus on institutional quality, exchange rate volatility, and natural resources by performing an econometric analysis for the period 2003–2013 for a sample of 49 countries. Our results reveal that China’s OFDI is invested in countries with relatively poor institutional quality and abundant natural resources. Exchange rate variability has a dampening effect on China’s OFDI and that the appreciation of the Chinese renminbi enhances OFDI flows.     

Gender,Decent Work,and Global Production Sharing in Indonesian Manufacturing

Abstract:

Global commodity chains reflect and affect gendered labor markets. This article uses the Decent Work framework from the International Labour Organization to analyze employment outcomes for Indonesian workers in manufacturing. This research investigates trends in feminized manufacturing sectors in variously sized firms. Regression analyses is used to evaluate how firm characteristics related to global production sharing effect decent work outcomes for women and men, as well as female share of employment itself. The results suggest that exports and FDI affect men and women differently and that feminization and decent work outcomes depend on how the sector is positioned along the global value chain.     

国际资本引入对商业银行效率影响的实证研究

引入国际战略投资者是国内商业银行提高自身竞争力的有效途径之一。本文首先对引入国际资本后可能产生的各项效应进行分析,继而运用数据包络分析(DEA)方法对引入国际战略投资者前后各商业银行的效率进行了测度,说明其变化情况;并以可能造成效率变化的因素为自变量,银行效率为因变量建立线形回归模型,发现资本充足率高低对银行效率并无直接影响,但产权结构与银行效率显著相关。最后给出相关政策建议。     

合理利用外资与解决当前潜在的通货膨胀

合理、科学地利用外资不仅能确保国家经济安全和健康稳定增长,带动经济社会的发展,而且是有效控制固定资产投资过快增长、抑制经济过热,以及治理通货膨胀的重要手段和途径。当前,无论是发达国家,还是发展中国家都十分重视对境外投资的管理,只是表现形式不同而已。尤其是西方发达国家的有关经济法律制度、产业政策、宏观调控政策的经验等,其中有许多是值得我们借鉴的。因此,根据我们的实际情况提出相应的对策,有效地规避我国当前潜在的通货膨胀风险。     

试论国内区际贸易与对外贸易利益的关系

对外贸易的发展理应建立在国内区际贸易充分开展的基础上。国内区际贸易的开展对对外贸易利益的取得具有重要的意义。我国改革开放过程中的国内市场分割现象,使得国内区际贸易滞后于对外贸易快速发展,并制约了对外贸易利益最大化的实现。本文的政策结论是通过加快改革逐步实现国内经济市场化和一体化以提高外贸利益。