要素扭曲、技术研发与效率损失

运用2008-2016年中国29个地区面板数据,测度资本要素市场和劳动力要素市场扭曲程度,采用基于超越对数生产函数的随机前沿模型,分析要素市场扭曲对我国高技术产业技术研发效率的影响。结果表明：考察期内,我国资本要素市场和劳动力要素市场均呈现显著的反向扭曲,且资本要素市场扭曲程度更高;从全国层面看,两种要素市场扭曲在全国层面均对高技术产业技术研发效率产生抑制作用;分地区看,资本要素市场扭曲对东部地区存在负向影响,对中西部地区影响不显著,而劳动力要素市场扭曲对东中西部地区均有负向影响,且影响程度由东向西递增。反事实计量结果表明,资本要素市场扭曲是造成高技术产业技术研发效率损失的重要原因。     

Commodity financialization and sector ETFs: Evidence from crude oil futures

We investigate the diversification benefits of energy assets in the setting of commodity financialization using data on crude oil futures and Sector ETFs (SPDRs). Correlations between commodities and financial assets increased during the post-Commodity Futures Modernization Act (CFMA)/commodity bull cycle period, resulting in lower benefits of diversification. However, we find that conditional correlations between crude oil futures and sector ETFs meaningfully increased only since the 2008–09 financial crisis. The results therefore suggest that the financial crisis, rather than CFMA regulation, explains changes in the diversification benefits of commodities. Moreover, we find that oil futures returns are less correlated with SPDRs than with the S&P index. Thus, energy futures, and crude oil in particular, offer the potential for diversification benefits in sector-style investing.     

Reprint of "The role of state ownership and institutions in the innovation performance of emerging market enterprises: Evidence from China"

Although it has been suggested that institutional context influences a firm's innovation performance, the role of regulatory institutions has been underexplored. Extending previous research, this study investigates whether and how regulatory institutions (i.e. state ownership, region-specific marketization and industry-specific institutional policy) affect innovation performance of emerging market enterprises (EMEs). Evidence derived from a large sample of Chinese manufacturing firms demonstrates that state ownership positively moderates the effect of R&D intensity on innovation performance. However, state ownership is not equally beneficial for all firms. Our analysis shows that region-specific marketization and industry-specific institutional policy enhance the innovation-enhancing effect of state ownership. By revealing the role of regulatory institutions, our study points to the importance of looking beyond firm boundaries to understand why EMEs are able to innovate despite their weak internal capabilities.     

Market response of US equities to domestic natural disasters: industry-based evidence

This study investigates US industry-based price response to domestic natural disasters over the period 1960–2015. Using an event study methodology, we estimate pre-, during and post-disaster impacts. We document a slower response in the pre-disaster period than in the post-disaster period. We further find that industries react differently to the same disaster and that reactions are not always negative. For example, meteorological disasters have a positive (negative) market impact on Gold (Banking). Moreover, we provide evidence that not every industry responds similarly to different disasters, e.g., Gold reacts positively (negatively) to meteorological (geophysical) disasters.     

Industry policy,investor sentiment,and cross-industry capital flow: Evidence from Chinese listed companies’ cross-industry M&As

This study investigates how the government’s industry policies affect investor sentiment, and whether the influenced investor sentiment guides corporate capital flow in the real economy. By examining a sample of cross-industry mergers and acquisitions (M&As) of Chinese listed companies, we find that industry policies promulgated by the government have a significant asymmetric influence on investor sentiment. Furthermore, investor sentiment under the exogenous shock of industry policies has a significant real effect on companies’ cross-industry M&A behavior, generating cross-industry capital flow. Additional analyses reveal that this effect arises because the acquirer depends on equity financing and has incentive to cater to investor sentiment. Our findings help clarify the effect of public policies on the stock market, theoretically, from the company’s micro-level perspective, as well as the mechanism by which stock market volatility transmits to the real economy.     

福建省湾区经济发展路径研究

发展特色鲜明的湾区经济是福建当前的重要战略之一。在界定湾区经济的内涵和发展的基础条件,认定打造湾区经济的区域价值,以及梳理世界三大湾区发展经验的基础上,分析了目前福建发展湾区经济所具备的基本条件,并采用主成分分析法,对福建湾区的开放度进行实证分析,认为促进福建湾区经济发展的途径有：做好湾区经济发展的顶层设计;统筹利用海陆资源;培育壮大高端产业,促进湾区城市产业转型升级;推进湾区联动发展;补齐湾区基础设施短板;更加重视高层次人才的培养引进;坚持开发和保护并重、污染防治和生态修复并举;着力提升开放度和国际化水平;打造一流的宜居环境和公共服务环境等。     

Industry choice for an airport economic zone by multi-objective optimization

Airport Economic Zone (AEZ) is a suburban area whose infrastructure, land-use, and economy are centered on an airport. More than 100 AEZs are under planning and development in China. Industry choice is the critical issue for all the AEZs. To ensure that all the industries located in AEZs are closely related to airports and air transport, first, we create a pool of optional industries for AEZs based on the industrial input-output model. Second, we construct a multi-objective combinatorial optimization model subject to the constraints of land area of an AEZ, targeting the maximum number of employees, the largest GDP, the highest degree of aviation correlation, the fullest utilization of basic resources, and the greatest policy support. Third, to verify the feasibility of this model in practice, we choose the Zhengzhou Airport Economic Comprehensive Experimental Zone for case study. We divide these five objectives into two categories: economic objectives and non-economic objectives, and put different weights on them to describe different political preferences, and then discuss the calculation results in three scenarios. Finally, we come to the conclusion that comprehensive consideration of every characteristic of each industry can reasonably determine the scale of industrial land use and increase industrial economic benefit in AEZs. Our research provides a new quantitative and reliable method for industry choice and land use planning of an AEZ.     

创新韧性对高技术产业创新的影响机制与特征研究

提出创新韧性的概念,认为创新韧性是创新面临外部冲击时保持系统稳定甚至进化为更高创新水平的能力,并以高技术产业为研究对象,探究创新韧性对高技术产业创新的影响机制,分析创新韧性对创新产出的影响大小、特征、规律。利用高技术产业数据,通过面板数据模型、面板门槛模型实证研究创新韧性与高技术产业创新产出的关系。结果表明,当前我国创新韧性对创新产出存在积极贡献;创新韧性与创新产出呈倒U型关系,创新韧性中等时对创新产出的影响最大;低创新产出下,创新韧性负向影响创新产出;创新韧性的弹性系数随研发经费、研发人员增加先减小后增大,中等研发投入时,创新韧性对创新产出的影响最小。     

制造业技术创新策略：技术水平与技术来源选择

制造业技术创新离不开合理的技术来源选择,而选择技术来源必须考虑行业实际技术水平,这样才能更有针对性地促进技术创新。鉴于此,采用2003—2019年我国制造业细分行业面板数据,按照技术水平进行分组回归,实证检验不同技术来源对不同技术水平行业技术创新的影响。研究表明,自主研发对以专利为代表的技术创新存在显著促进作用,且在高技术行业中的作用更突出;对于以发明专利为代表的实质性创新,自主研发仅在非高技术产业样本中存在创新激励作用,在高技术产业样本中,技术引进则发挥显著促进作用。进一步分析不同技术来源对技术创新经济效益的影响发现,国外技术引进和国内技术购买会抑制技术创新经济效益增长,而技术改造和自主研发会促进技术创新经济效益增长,且其作用效果在低技术行业中更为显著。结论可为我国制造业细分行业针对性选择技术来源、优化技术创新策略提供现实依据。     

技术积累提高了区域创新数量还是创新质量

在创新型国家建设背景下,提高创新质量至关重要。以高技术产业为例,综合采用联立方程模型、面板门槛模型、贝叶斯向量自回归模型,研究技术积累与创新数量、创新质量的关系。研究结果表明：技术积累对创新数量的贡献大于创新质量;创新数量与创新质量间的协调性不高;技术积累对创新数量的贡献中其自身、研发人员、创新质量的门槛效应呈递减趋势;随着创新数量增大,技术积累对创新数量的作用弹性逐步提高;当研发经费处于中等水平时技术积累对创新数量的弹性影响最大,对创新质量具有较强的规模经济效应。