外贸可持续发展的战略研究——以湖南省为例

对外贸易是推动湖南经济快速增长的重要力量.面对当前国内外形势发生的一系列重大变化,外贸发展已进入重要的战略转型期.湖南要实现对外贸易发展的新突破,在更大范围、更广领域和更高层面上参与国内外竞争,就必须加快转变外贸增长方式,可持续发展的外贸发展方式是湖南走向成功的必经之路.本文在介绍新世纪以来湖南对外贸易发展基本状况的基础上,结合运用图表数据分析,并运用经济管理相关理论知识对湖南近年来外贸可持续发展状况进行综合评价分析,最后就湖南外贸可持续发展的战略选择提出相关建议.     

An Evaluation of Institutional Matrices Theory Which Was Designed to Illustrate Differences Between Russian and Western Political Economies

This article is devoted to the evaluation of the institutional matrices theory (IMT), which was designed to illustrate the differences between Russian and Western political economic systems. IMT has no matrix, and it is an ideological declaration rather than a theory. It is a set of assertions and assumptions that are adopted without evidence, and then hypostatized to be Russian and Western socioeconomic systems. IMT literature claims to utilize the reciprocity, redistribution, and exchange model of Karl Polanyi (1944 Polanyi, Karl. The Great Transformation. New York, NY: Rinehart &; Company, 1944. [Google Scholar], 1957 Polanyi, Karl. “The Economy as Instituted Process.” In Trade and Market in the Early Empires: Economies in History and Theory, edited by Karl Polanyi, Conrad M. Arensberg and Harry W. Pearson, pp. 239-270. New York, NY: Free Press, 1957. [Google Scholar]). However, IMT suffers from a number of assumptive and methodological problems in its application, the first of which consists of the complete exclusion of reciprocity from consideration. The first section of the article is an explanation of problems with IMT, and the second section demonstrates some particulars of the IMT problems with a real-world social fabric matrix from a Western nation.     

中部地区承接沿海产业转移中的制度距离与制度创新

东部沿海的传统产业在向中部地区加速迁移,但中部地区现存的制度因素制约了东中部产业转移的进程。中部地区在地方财政分权度、产权多元化、政府效率、科技创新制度等方面与东部沿海地区存在较大的制度距离。中部与东部的制度距离制约了东中部产业深度分工和要素优化配置,阻碍了东部沿海的传统产业向中部迁移。中部地区要发挥中部崛起的政策优势,提高政策的利用效率,推进产权制度改革,提高政府管理效率,增强对产业转移的科技支撑,促进技术自主创新和产业升级。     

Smoking hot portfolios? Trading behavior,investment biases,and self-control failure

Self-control is a personality trait that explains undersaving and nonparticipation decisions. We show that self-control failure also affects trading behavior among individuals on capital markets. We use smoking as the most socially accepted example of self-control failure among 13,644 German brokerage clients and compare the trading behavior of 3,553 smokers and 10,091 nonsmokers. Smokers are associated with a higher portfolio turnover unexplained by financial sophistication or wealth effects. Self-control failure also exacerbates overconfidence, social contagion, sensation seeking, and attention grabbing. Overall, self-control failure is costly because it increases the gap between gross and net returns of smokers relative to nonsmokers.     

制度环境、审计市场集中度与审计质量

使用2008—2011年沪、深A股上市公司的数据,考察审计市场集中度与审计质量的关系及外部制度环境的调节作用。研究发现,在全样本中,审计市场集中度与审计质量显著负相关,审计市场集中度的提高并未改善审计质量,而且外部制度环境的调节作用并不显著。进一步按照外部制度环境分组检验的结果发现,在制度环境较好的地区,审计市场集中度与审计质量显著负相关,说明外部制度环境的改善可以减弱审计市场集中度对审计质量的负向影响。     

The Three Faces of Labor: Sustainability and the Next Wave of Automation

This article develops a model of three faces of labor from Figart, Mutari, and Power’s three faces of wages. This is integrated with sustainability models to locate the process of human and social capital formation and explore issues arising from technological change. The latest wave of automation, involving robotics and artificial intelligence, is expected to be an even greater challenge for worker well-being than globalization and immigration. The model supports a new narrative around labor that incorporates the caring economy as well as a framework for thinking about labor issues and long-term well-being.     

体制变革背景下的服务业增长：一个定量分析框架

1978-2006年，中国服务业的高速增长与经济体制变革存在着直接的关系。体制变革是过去20多年中服务业增长的一个最重要因素。体制变革一方面通过放松管制提高了服务业占GDP的比重，另一方面，体制变革通过民营化进程降低了服务业的内部产业X-无效率，提高了服务业的金要素生产率。     

An investigation of the effects of exchange rate volatility on exports in East Asia

This study investigates the effects of the exchange rate volatility on the export flows of Indonesia, Malaysia, Republic of Korea, Singapore, Thailand, and the Philippines during 1974–2011. Towards this goal a trade weighted real effective (rather than the bilateral) exchange rate and three different measures of volatility, i.e. obtained from an ARCH model, a GARCH model and a moving-average standard deviation measure are used in this study. Specifically, the export flows between six Asian countries and the rest of the world are investigated rather than focusing on trade with only one country. Our findings reveal that the exchange rate volatility has a significant impact on export flows in the short run as well as in the long run for all the countries in the sample. The impact in the long run is predominantly negative with the exception of Singapore, but in the short run the impact varies across countries. Moreover, our results are robust to the alternative measures of volatility used and most of the findings in the long run and short run are also robust to the crisis period.     

制度变迁、集体行动与循环经济的发展——以循环经济的制度推进为视角

党的"十二五"规划提出要大力发展循环经济。作为全新的经济发展模式,循环经济的发展离不开制度的变迁和参与者之间的合作。制度的变迁离不开相对价格和偏好的改变。通过制度建设,形成有利于循环经济发展的相对价格格局和人们的偏好,并克服参与者合作时产生的集体困境,有助于推进循环经济的发展。     

险资股权投资的结构性改革研究——基于险资投资的倒U型效应分析

保险资金作为重要的机构投资者能否发挥促进公司绩效提升的作用在已有研究和监管政策制定上都存在较大争议。本文以2005-2017年A股上市公司为研究样本,发现险资持股比例对上市公司绩效以及估值影响存在显著的倒U型曲线效应,相应机制研究表明险资持股通过显著影响两类代理成本的渠道发挥治理作用。在适度持股比例以下,险资增持能够降低被投资公司管理费用率和其他应收款占比,并提高资产周转率,从而降低两类代理成本;持股超过一定比例反而造成两类代理成本上升。险资持股比例变化对保险机构调研次数的影响则从公司治理参与角度印证了以上结论。对倒U型曲线效应的深入分析既有助于深化对机构投资者影响公司绩效的多重效应和机制的认识,同时为在金融机构层面落实金融供给侧结构性改革、增强险资服务实体经济能力提供参考。