银行业市场进入与退出分析:统一的市场角度

市场进入与市场退出是组成市场的两个必不可少的方面,两者之间存在着密切的联系。市场进出制度的建立,是建立、完善社会主义市场制度的重要组成部分。本文分析了银行业市场进入与市场退出之间的关系,认为在我国应尽快建立完善的银行市场进出入制度,以形成一个既可以保证银行体系安全、又具备竞争力的银行业市场结构。     

Economic Issues in the Antitrust Assessment of Hospital Competition: Overview

Rapid consolidation in the hospital industry, as health care markets respond to consumer pressures for more cost-effective delivery of health care services, has focused increased attention on antitrust enforcement theories and actions. This paper reviews the Federal agency challenges of four recent hospital mergers that have all been denied by the courts, but for varying reasons. Questions raised include the appropriate definition of the product and geographic markets, the extent of realizable merger-specific efficiencies and the influence of non-profit status on hospital behavior. The lack of conclusive empirical economic evidence on these topics undoubtedly contributes to the current divergence of opinion among regulators, courts and hospitals. This paper also identifies how each of the subsequent papers in this special issue contributes valuable findings to inform the lively debate.     

Human resource systems as antecedents of hotel industry market orientation: An empirical study in the Canary Islands, Spain

This paper studies how the different dimensions determining the human resource management system (recruiting, training, evaluation and compensation) influence the market orientation of hotels. There is also an exploratory analysis of the differences in the human resource management systems according to the following hotel classification data: star rating, size, ownership, time-share offer, type of location, customer satisfaction and profitability.     

Market imperfections,opportunity and sustainable entrepreneurship

This research develops the argument that four types of market imperfections (i.e., inefficient firms, externalities, flawed pricing mechanisms and information asymmetries) at once contribute to environmental degradation and that they also provide significant opportunities for the creation of radical technologies and innovative business models. We show that these opportunities establish the foundations for an emerging model of sustainable entrepreneurship, one which enables founders to obtain entrepreneurial rents while simultaneously improving local and global social and environmental conditions. To advance this new field, we offer suggestions for a research agenda focusing on two areas: the relationship between market imperfections and entrepreneurial opportunities, and the emerging field of sustainable entrepreneurship.     

装备制造企业颠覆式创新实现机理及路径研究——基于扎根理论的分析

颠覆式创新是我国实施创新驱动发展战略、加快装备制造企业创新发展的重要手段。以我国3家具有代表性的装备制造企业为研究对象，运用扎根理论研究方法，对装备制造企业颠覆式创新实现机理及路径进行多案例探索性研究，通过开放式译码、主轴译码和选择性译码，构建装备制造企业实现颠覆式创新的机理路径模型，归纳出装备制造企业实现颠覆式创新的3个阶段，并据此为我国装备制造企业实现颠覆式创新提出管理策略和建议。     

要素市场扭曲、交通基础设施改善与企业出口

文章基于Melitz（2003）企业异质性理论构建厂商出口决策模型，利用2005-2007年工业企业数据库，从要素市场扭曲角度分析交通设施影响企业出口的微观机制。研究发现，交通基础设施对企业出口倾向和出口数量具有显著的促进作用，在进入国内市场固定成本大于进入国际市场成本时，地区要素市场扭曲程度越高，交通基础设施的促进作用越明显。聚焦不同所有制的企业可以进一步发现，要素市场扭曲对非国有部门企业的抑制作用更突出，改善交通基础设施通过优化资源配置更有助于带动非国有企业的出口。研究结果还显示，交通基础设施和要素市场扭曲对企业出口的影响存在地区差异，交通基础设施和要素市场扭曲对中西部地区企业出口数量的促进作用比东部地区企业更大。这一结论不受内生性的影响。     

Testing market efficiency with the pricing kernel

Market efficiency and the pricing kernel are closely related. A non-monotonic decreasing pricing kernel implies the existence of a trading strategy in contingent claims that stochastically dominates a direct investment in the market. Moreover, a market is assumed to be efficient only if no dominating strategies exist. Empirically, many studies of the pricing kernel find non-monotonicity, apparently ruling out market efficiency. However, these results are often unreliable, because the pricing measures of the pricing kernel are estimated using differing filtration sets. We show this effect both theoretically and empirically, and we discuss recent approaches in the literature for achieving more reliable estimates of the pricing kernel, potentially leading to better tests of market efficiency.     

市场孵化、发展政策与国家能力——建设有效市场的政策逻辑

市场有效性取决于制度质量，但是一个欠发达国家不可能迅速建立起符合有效市场要求的高质量制度。为打破在发展中国家普遍存在的"低制度质量—增长停滞"的恶性循环，文章基于中国经验，提出了一个国家实施孵化市场的发展政策与制度建设同步并举的发展赶超路径，通过培育现代产业、扶植竞争性企业和优先发展公共事业尤其是基础设施，籍此扩充市场参与者数量、提升市场参与者能力、扩大市场边界和规模，加速市场发育，并由此反过来倒逼推动制度质量提升。进一步，我们指出，要正确制定和有效实施如此广泛的发展政策，需要来自国家力量的保障。在现有文献所提出的维持有效市场需要依靠国家财政能力和法治能力支撑之外，文章提出发展中国家还需要建设基于"对外学"和"干中学"的国家学习能力，用于在制定和实施发展政策中纠错纠偏，并补偿一国发展早期天然存在的国家财政能力和法治能力的欠缺。尽管文章分析主要结合中国经验展开，但针对的是发展中国家共性问题，对广大发展中国家具有普遍参考价值。     

技术市场对重大科技创新影响的实证分析——技术输出与技术吸纳视角

利用2006-2018年全国省级面板数据，从技术吸纳和技术输出视角研究技术市场对重大科技创新的影响。结果发现，技术输出和技术吸纳对重大科技创新的影响呈现异质状态，即技术输出能够显著促进重大科技创新水平提升，而技术吸纳对重大科技创新的影响不显著。考虑到技术输出与重大科技创新可能存在内生性问题，选取劳动争议处理量作为工具变量进行回归，研究表明该结果具有稳健性。此外，研发人员与经费投入、高等教育水平等因素在促进重大科技创新水平提升过程中具有一定局限性。基于此，提出强化技术市场对重大科技创新影响效应的对策建议。     

区域技术市场发展对创新的驱动作用

利用我国2002-2015年省级面板数据，考察技术市场对创新的影响，研究区域研发环境与技术创新的协同作用。首先，通过构建GMM模型稳健性检验，发现在控制物质资本、人力资本、制度因素、R&D投入、FDI、对外贸易、市场化程度等各种影响因素后，技术市场对创新具有显著影响，且对技术含量较高的发明专利的影响弹性最大；其次，通过交互项检验和门槛回归，发现R&D物质资本和人力资本对技术市场存在两个门槛，跨越门槛将增加技术市场的边际创新产出；再次，技术市场发展对各类专利贡献率的测度结果显示，发达地区技术市场对发明专利的贡献最大。据此提出加速我国技术市场发展、因地制宜改善区域研发环境、进一步强化技术市场驱动高质量创新发展等政策建议。