后疫情时期承德产业集聚对经济高质量发展效应的实证研究

随着后疫情时期的到来以及经济高质量发展的不断推进,承德产业分工受到了较大影响。增强经济“韧性”,加速产业空间集聚,成为承德后疫情时期经济战略方向的重要考量。论文通过构建VAR模型,实证研究承德产业集聚对经济高质量发展的动态效应,结果表明:产业集聚对经济高质量发展具有周期性循环往复效应,制造业与公共服务业集聚效应显著,制造业专业化集聚的贡献率最大。因此,要加大对制造业、公共服务业等产业的支持力度。     

Top executive gender diversity and financial reporting quality

We examine whether gender diversity of chief executive and chief financial officers (CEOs and CFOs) is associated with financial reporting quality. The CEOs and CFOs of publicly traded companies are both required to certify the appropriateness of their financial statements and annual disclosures. We argue that gender diverse dyads (groups) of executives can bring different perspectives and professional skepticism to financial reporting. Using a sample of different CEO/CFO gender dyads during 2006–2019, we postulate and find evidence of higher accruals quality among firms led by gender-diverse dyads compared to accruals quality reported by firms led by all-male CEO/CFO pairs. Additional analyses reveal that the auditors of firms with gender-diverse executive dyads issue audit reports later, charge higher audit fees, and are more likely to be one of the Big 4 firms. These findings support the view that top executive gender diversity enhances financial reporting quality, which has important implications for corporate governance mechanisms.     

CEO power and annual report reading difficulty

We examine the impact of CEO power on reading difficulty of corporate annual reports. We find that CEO power is positively related to reading difficulty, implying that annual reports of corporations with powerful CEOs are difficult to read and understand. More importantly, we find that the relation between CEO power and reading difficulty is moderated by earnings performance or corporate governance. Additional findings suggest that this relation becomes stronger for firms with lower financial reporting quality or for CEOs with shorter tenure. Our study not only joins the debate on the consequences of powerful CEOs but also uncovers several factors that moderate the relation between CEO power and annual report reading difficulty.     

Dimensions of quality upgrading

The impact of the Central and Eastern European (CEE) economies’ trade integration with European markets on CEE trade structures has been studied extensively. These studies frequently observe a quality upgrading of CEE exports. In this paper we consider three dimensions of quality upgrading: upgrading across industries, upgrading across different quality segments within industries and, finally, product upgrading within quality segments inside industries. For the analysis we partition industries into quality segments based on EU‐15 import unit values. The results for ten CEE countries (comprising the CEE‐5, the Baltics and South East Europe) and thirteen industries suggest fundamental differences, both across country groups and across the three different notions of quality upgrading. The CEE‐5 show no evidence of entering a ‘low‐quality trap’ in all three dimensions. By contrast, while there is a general catching‐up process across industries and inside quality segments, the second notion of low‐quality specialization may be applicable within the high‐tech industries to the performance for the Baltics and South East Europe as a group.     

Minimum Quality Standards under Asymmetric Duopoly with Endogenous Quality Ordering: A Note

In this note, we revisit minimum quality standards (MQS) under a vertically differentiated duopoly. We generalize the model in Ronnen (1991) and Valletti (2000) by introducing asymmetry into the fixed cost of quality improvement and by explicitly taking into account the endogeneity of quality ordering. In the generalized model, we show that the results derived by Ronnen (1991) and Valletti (2000) are largely robust.     

非国有经济发展对中国经济增长质量影响机理研究——来自VEC模型的新证据

转轨以来,中国非国有经济的发展促进了经济增长的数量扩张.这是因为,经济非国有化改革作为一种制度创新,是一种增量式改革.这种改革使得体制内利益在未受影响的条件下,实现了帕雷托式的增长.然而,非国有经济的发展并没有带来中国经济增长质量的同比改善.这是因为,中国民营企业发展一般都过分强调以利润为中心,忽略环境成本,并且由于融资困难等因素导致了其技术创新能力的弱化;其次,中国引进的外资不仅在技术和管理创新的扩散效应上没能达到预期效果,而且日益增加的加工贸易通过转移定价方式使中国经济不能充分享有出口增长带来的利润贡献.     

Economic Valuation of Health for Environmental Policy: Comparing Alternative Approaches. Introduction and Overview

Protecting human health is a primary goal of environmental policy and economic evaluation of health can help policy-makers judge the relative worth of alternative actions. Economists use two distinct approaches in normatively evaluating health. Whereas environmental economists use benefit-cost analysis supported by monetary valuation in terms of willingness-to-pay, health economists evaluate interventions based on cost-effectiveness or cost-utility analysis (CEA), using quality-adjusted life-years (QALY) or similar indexes. This paper provides background on the controversy about the relative merits of these approaches and introduces the remaining papers in the special issue. These papers (with one exception) were presented at a conference sponsored by the Department of Economics at the University of Central Florida with support from the US Environmental Protection Agency. Although CEA might not lead to substantially different implications for environmental policy than benefit-cost analysis, and QALY may provide a benefit transfer tool to fill gaps in the morbidity valuation literature, the papers in this issue raise serious concerns about the suitability of QALY-based CEA for environmental regulatory analysis. QALY does not in general appropriately represent individual preferences for health and CEA is neither independent of income distribution nor adequate to assess efficiency.     

Effect of credible quality investment with Bertrand and Cournot competition

We show how credible revelation and ability to commit to quality choice effect equilibrium qualities and welfare when product market is either Bertrand or Cournot competition. We show that results depend on the type of competition but not generally on the cost of quality function. We show that with Bertrand competition, the equilibrium qualities are lower with credible commitment. Competition is moderated and producer surplus is higher and consumer surplus lower. With Cournot competition, higher quality will be better but lower quality will be worse with credible commitment. Consumer surplus is always greater with credible commitment and if cost does not increase too quickly with quality, producer surplus will also increase. Thus credible commitment is a collusive device with Bertrand competition but it can improve social welfare with Cournot competition. Received: February 8, 2000; revised version: February 14, 2002 RID="*" ID="*" The idea of this paper originated in the weekly workshops of Mordecai Kurz at Stanford. I am forever in debted to Mordecai and fellow students – Luis Cabral, Peter DeMarzo, John Hillas, Michihiro Kandori, Steve Langois, Patrick McAllister, Steve Sharpe, Peter Streufert, Steve Turnbull and Gyu-Ho Wang – for their criticism and encouragement. I also benefited from comments from Yi-Heng Chen, Jin-Li Hu, Kala Krishna, Jinji Naoto, Thomas J. Prusa, and Shyh-Fang Ueng at various later stages of this work. Last but not least, I am grateful for the detailed comments of the referee.     

非审计服务、盈余管理与审计质量——来自中国证券市场的经验证据

本文以2001～2004年A股上市公司为研究对象,在国内首次验证了会计师事务所向审计客户同时提供审计与非审计服务,是否会允许管理当局有较大的盈余操纵空间,以探讨非审计服务的提供是否会影响注册会计师独立审计的质量。实证研究结果显示:在我国,控制了其他影响因素后,非审计服务的提供与异常应计数正相关,但不具有统计显著性。这表明,在我国,没有证据显示,非审计服务会的提供会损害注册会计师审计独立性及审计质量。     

广西乡村──城市转型与协调发展研究

本文揭示了“八五”期间广西乡村──城市转型发展的特征及其地理动力机制．预测未来15—25年内乡村──城乡转型发展的趋势、提出了促进乡村──城市转型与协调发展的一些对策建议。