长洲水利枢纽三线四线船闸建设征地移民安置初步规划

文章根据调查的实物指标,结合征地区的情况,在分析安置区的环境容量后提出符合当地情况的移民安置规划,并对移民安置静态投资作出了估算。     

我国城市基础设施融资投资结构分析

文章通过分析我国几类有代表性城市基础设施项目融资中的投资结构,认为我国投资结构的分类主要由项目本身所提供的公共品程度决定,对于提供完全公共用品项目,投资结构构成以政府控制为主;提供半公共品的项目,实现政府与企业相机治理;以及能实现稳定的现金流、经济收益较大的项目,可通过采用公司制方式进行所有权配制。     

再造成本不确定性对再造投资的效应分析

本文在一定假设条件下,对进行产品制造和再造混合生产的垄断制造商建立两期模型,研究再造成本的不确定性对制造商再造投资和最优决策的影响效应。研究表明,在某些条件下,再造成本不确定性对再造投资具有一定促进作用。制造商可以根据自身条件,适当选择再造投资,文章也为其再造投资决策提供了依据。     

新环保法实施增大了企业的技术创新投入吗？——基于PSM-DID方法的研究

以2012—2017年A股上市公司为样本,借助双重差分倾向得分匹配法（PSM-DID）研究了新环保法实施这一外生性事件对企业技术创新投入的影响。结果显示,新环保法实施后受影响企业的技术创新投入有所增加,但结果并不显著。进一步探究其原因,发现除新环保法影响可能存在的时滞性特征以外,企业并没有在新环保法实施环境下对企业的资本结构、治理结构和激励方案等影响企业技术创新的重大方面做出及时调整,导致环保法的强制性作用无法快速、有效地影响企业的技术创新。     

机构投资者与个人投资者非理性行为差异研究

机构投资者与个人投资者是证券市场的重要组成部分,其非理性程度直接影响着市场的健康稳定。本文基于有情境元素的问卷调查,构建包含投资者类别为自变量,年龄和性别为控制变量,16种常见非理性行为为因变量的分析框架,实证检验机构投资者与个人投资者非理性行为差异。结果表明,中国机构投资者与个人投资者都存在严重的非理性行为;相比机构投资者,个人投资者非理性程度更为严重;机构投资者与个人投资者在偏好逆转、证实性偏差、沉没成本、模糊厌恶、处置效应和损失厌恶方面存在显著差异。本研究为投资者防范非理性行为提供建议,为市场稳定发展提供参考。     

Payments for ecosystem services and corporate social responsibility: Perspectives on sustainable production,stakeholder relations,and philanthropy in Thailand

Payments for ecosystem services (PES) are environmental management tools that enable corporations to simultaneously enhance their environmental performance and fund sustainable development in rural areas. PES is primarily promoted as part of a sustainable production strategy for conserving natural resources, offsetting carbon emissions, and green supply chain management. Nevertheless, PES uptake by the private sector remains low, and few studies have analysed whether corporate‐financed PES schemes conform to this rationale. This study evaluates three of the first PES schemes in Thailand, financed by large corporations in the water utilities, aquaculture, and beverage sectors. Interviews with 39 business managers and project stakeholders suggest that PES may be viewed as a tool for philanthropy, public relations, and gaining license to operate—akin to many corporate social responsibility initiatives. Explanations and ramifications are discussed in the context of ecological uncertainty, risk management, financial performance, organisational learning, and the corporate‐engagement strategies of non‐governmental organisations.     

财务柔性与企业绩效的动态关系 ——基于融资约束与代理成本的调节效应分析

财务柔性在为企业创造有利机会的同时,也带来了投资不经济、持有成本和协调困难,因此它对企业绩效的影响效应可能是非线性的。基于2006—2016年沪深两市非金融上市公司的数据,本文研究发现,财务柔性与企业绩效之间呈倒U型关系,表现为先增长、后下降的变化趋势。此外,考察融资约束和代理成本对于财务柔性与企业绩效之间关系的调节作用。分析结果显示,融资约束越高,财务柔性对绩效的促进效果越明显;代理成本弱化了财务柔性与企业绩效的曲线关系。进一步的中介效应检验结果表明,财务柔性部分地通过增加投资支出而间接影响企业绩效,投资支出在两者之间起着非线性中介作用。     

AN APPLICATION OF AN INTEGRATED TRANSPORT NETWORK – MULTIREGIONAL CGE MODEL TO THE CALIBRATION OF SYNERGY EFFECTS OF HIGHWAY INVESTMENTS

A transportation network-multiregional CGE model is applied to estimate the synergy effects of a set of highway projects on value added by region and industrial sector. This synergy effect is defined as a difference between the summation of the net GDP increase from the development of each highway sub-link without spatial linkage and the change in GDP resulting from the concurrent development of all links with spatial linkages. Among nine east–west highways in Korea, the East–West 9 highway increases the GDP by 0.3% over the 30-year time period horizon, with 0.016% of the GDP due to the synergy effect. The East–West 9 highway has the largest synergy effect of US$0.164 billion per year on the manufacturing sector of Kwangju Metropolitan Area, resulting in a gain in a regional GRP per capita of US$15.88 per year. Since most synergy effects are generated in less developed regions, highway development can contribute to the reduction in regional disparities.     

Dynamic and non-neutral productivity effects of foreign ownership: A nonparametric approach

This paper studies two novel productivity characteristics of foreign acquisition on high-tech manufacturing firms: the dynamic and the non-Hicks-neutral effects. A dynamic productivity effect of foreign ownership arises when adoption of foreign technology and management practices takes time to fully realize. Furthermore, these dynamic adjustments may be capital or labor augmenting as adoption of advanced production technologies tends to have non-neutral productivity implications in developed countries. We propose and implement an econometric framework to estimate both effects using firm-level data from China's manufacturing sector. Our framework extends a nonparametric productivity framework, in which identification is achieved using a firm's first-order conditions and timing assumptions. We find strong evidence of dynamic and non-neutral effects from foreign ownership, with significant differences across investment sources. Investment from OECD sources is found to provide a long-term productivity boost for all but the largest recipients, while that from Hong Kong, Macau, and Taiwan does not raise performance. These findings have implications for China's declining labor share and for the rising domestic value-added content of its high-tech exports.     

机构投资者是股票市场影响实体经济的助推器吗？——基于投资者情绪对公司资本投资的视角

"资本市场并非有效",股票市场上投资者情绪对公司的实体投资行为具有重大影响。被监管层寄予厚望的机构投资者从中扮演了什么角色?上述重大影响的助推器抑或制衡器,深层的作用机理又是什么?运用行为公司金融理论,研究发现,公司资本投资决策倾向于遵循机构投资者的"专家意见",机构投资者是投资者情绪影响公司资本投资的"助推器","管理者信心"是上述助推功能得以发挥的重要渠道。上述研究发现有助于从微观企业的视角,有效识别机构投资者在股票市场影响实体经济中的角色,为监管层在"后金融危机时代"制定和执行有关机构投资者的政策提供依据;也有益于公司管理层科学理解机构投资者传递的信息,合理规避决策过程中的"专家陷阱"。