Diverging trends in health care use between 2010 and 2016: Evidence from three groups of transition countries

This paper investigates changes in health care use in 28 transition countries using data on more than 60,000 households from the “Life in Transition” surveys II and III conducted in 2010 and 2016. Following the literature, the transition countries are divided into three groups – Eastern Europe, Southern Europe and the non-Baltic states of the former Soviet Union with Mongolia – based on the speed of their transformation. Regressions based on Andersen’s conceptual framework show no difference in public health care use between the three groups in 2010. By 2016, however, the share of households using the public health care system dropped by remarkable 17.1–22.2% points in Southern Europe and 13.5–27.1% points in the former Soviet Union with Mongolia compared to Eastern Europe. Moreover, by 2016, the probability of a household using the private health care system (with no use of public health care) in Southern Europe and the former Soviet Union was 7.5–18.7% points higher than in Eastern Europe, whereas it was 2.9–6.8% points lower than in Eastern Europe back in 2010. The analyses indicate that differences in household characteristics, as well as perceived corruption and quality of public health care, help to understand these diverging trends in health care use in the three groups of transition countries between 2010 and 2016.     

Quantifying Financing Needs in the Belt and Road Countries

ABSTRACT

This paper provides a thorough analysis to quantify the financing needs in the Belt and Road countries during 2009 and 2014. By examining financial constraints using financial data of firms in the Belt and Road countries, this study constructs a Financing Needs Index for Belt and Road countries and highlights the characteristics of financing needs across 36 countries and 6 years. By further incorporating information from World Bank Enterprise Surveys, this paper builds an Augmented Financing Needs Index for 56 Belt and Road countries. The findings of this paper provide important policy implications by showing that countries can improve their financial liberalization and institutional environment to address the financing needs of their indigenous firms and thus achieve economic growth.     

融资约束、政府资助与企业R&D投资——基于高新技术上市公司的实证检验

基于2013-2016年沪深两市448家高新技术上市公司数据，运用多元线性回归方法，实证检验融资约束和政府资助对企业R&D投资的影响。研究结果表明：我国高新技术上市公司面临融资约束问题，且融资约束在一定程度上阻碍了企业R&D投资。进一步研究还发现，政府补助能够在一定程度上抵消融资约束对高新技术企业R&D投资的不利影响。研究结果为我国政府更好的制定和执行企业R&D补贴政策，以缓解企业融资约束，增加企业R&D投资提供了理论参考。     

中国十二大军工集团融资效率及融资冗余比较——基于旗下A股上市公司的实证数据

深入分析军工企业融资效率及融资冗余,有利于国防科技领域创新融资模式,优化融资结构.以十二大军工集团旗下上市公司的年报数据为实证依据,运用DEA-BCC模型测算2016—2018年融资效率及其变动情况,对融资冗余进行比较与分类.研究发现:十二大军工集团的融资效率持续上升,但处在融资有效前沿面的企业数量有限;不同军工集团融资效率存在明显差异且整体水平不高;高估融资需求及不合理的融资结构是制约融资效率的主要因素.当前阶段,仍需进一步健全资金投入政策、完善多元化市场融资机制、优化资金配置方式、实施具有国防特色的金融支持机制,确保战略性两用技术的研发与产业化.     

The real effects of financial (dis)integration: A multi-country equilibrium analysis of Europe

Using data from 15 European Union economies, we quantify the real effects of supply-side frictions due to the financial disintegration of European countries since the 2008 financial crisis. We develop a multi-country general equilibrium model with heterogeneous countries and destination-specific financial frictions. Financial institutions allocate capital endogenously across countries, determining the cost of capital to firms and the wealth of nations. The cost of financial disintegration is reduced access to capital for firms which results in lower output. Financial disintegration leads to a 0.54% fall in output in Europe since the crisis. We also estimate benefits of further financial integration.     

通货膨胀条件下的企业财务问题研究

宏观经济环境决定了企业发展的机会程度。由于市场竞争日趋激烈,特别是持续通货膨胀的冲击,对通货膨胀下企业财务问题进行研究已经很有必要。     

2010年银行间市场运行报告

2010年,银行间市场交易整体呈现平稳快速增长,市场成员稳步增加。主要特点是：货币市场资金面逐渐收紧,短期利率明显上扬;银行间国债指数震荡上行,现券交易显著增长;人民币外汇即期交易微幅增长,重启汇改后人民币汇率升值速度加快、波动幅度扩大;利率互换交易量后四月连创新高,Shibor定价基准作用加强;头寸新规后,人民币外汇衍生品市场发生结构性变化;制度建设取得较大进展,市场发展动力加强;产品创新进一步推进,各项业务稳步开展。     

中小企业集群融资与民间资本对接运作模式研究——以浙江为例

在集群融资"交易成本理论、信息对称理论、经济效率理论"指导下,基于民间资本供需主体存在着发展目标的一致性以及功能互补性的理念,以浙江中小企业集群民间融资为对象,研究企业集群融资与民间资本对接的路径、对接渠道、对接运作方式,为中小企业集群融资提供运作模式与技术手段,为引导民间资本转型升级提供路径选择与政策建议。     

Debt structure and corporate performance in emerging markets

This paper examines the effects of public and bank debt financing on firm performance in emerging markets. Using data on 700 publicly traded firms from the BRIC countries, it is documented that bank debt may have a positive effect on firm profitability. While overall market assessment of bank debt financing is negative, it is found that fully bank-financed firms lose less of their market value. Main findings remain unchanged after addressing potential endogeneity issues by introducing a novel instrumental variable. Overall, the results suggest that higher levels of bank financing may have positive effects on firm profitability and market valuation.     

渔船燃油补贴的金融效应——以赣榆县下口村为例

我国渔船燃油补贴依据我国国情提出,有其自己的特殊性。油补发挥作用的基础是"双控"政策,即渔船船数和功率指标实行总额控制,在这一政策背景下,实施油补,不会造成出海捕鱼的数量增加,更深一步,不会造成渔船过多以至于造成过度捕捞。燃油补贴的发放,使得功率指标转化成渔民的一项可支配资产,可进行买卖,同时也为渔民的融资提供了一个新的途径。除此之外,目前渔民的运营模式也变得金融化,使得渔村金融的繁荣,充满活力。因此,燃油补贴在改善渔民生活水平的同时,也改善着渔民的运营态势。