上市公司可转债融资动机理论述评

随资本市场以及公司财务理论的发展,公司融资的渠道也在不断拓宽,不再局限于以往传统的权益融资与债务融资,出现了通过发行以可转债为代表的一系列创新型衍生金融工具来为公司投资项目融资。对公司融资动机(特别是使用衍生金融工具)的研究无论在理论上,还是实践上都有着非常重大的意义,而国内学者在该领域研究较少。对国内外学者在上市公司转债融资动机方面的研究从理论假说和实证分析两方面做一个较为全面、系统的梳理,旨在为以后对公司转债融资进行的相关分析奠定一定的理论基础。     

倒U假说的推演及其在中国的检验

公平和效率问题是经济学界长期关注的重点问题之一，特别是自库兹涅茨提出倒U假说后，该问题再次受到人们的重视。半个世纪以来，各国经济学家对倒U假说的理论推进及实证检验进行了大量卓有成效的工作，然而其结论却不尽相同。通过对中国近二十年来分省（市）城乡收入差距的实证分析，验证了倒U假说在中国的适用性，认为政策、地区等因素是促成倒U假说的重要因素。     

我国消费需求不足的影响因素分析——基于层次分析法的实证检验

现阶段我国经济发展存在过分依赖外贸、投资,而消费不足等问题。文章通过对近十年相关文献的梳理,应用"绝对收入假定"理论分析我国消费需求不足的影响因素,并采用层次分析法进行实证检验。研究结果表明:居民收入过低、增长缓慢与社会保障的不健全是影响消费需求不足的两大因素。因此,应实施全面减税政策,增加居民收入并完善我国社会保障制度,来解决当前我国消费不足的问题。     

我国城乡居民收入分配差距研究

本文利用我国1987-2009年的相关统计数据,以全国和东部、中部、西部地区为出发点,将区域教育发展、城市化水平、产业结构、经济开放度和政府经济行为等多个影响城乡居民收入分配差距的因素同时纳入到面板数据模型之中,实证研究了我国城乡居民收入分配差距与其影响因素之间是否存在Kuznets"倒U"关系。研究结果发现:在全国范围内,教育产出、城市化水平与城乡居民收入差距之间存在显著的"倒U"现象;东部地区的经济开放度与城乡居民收入差距之间存在显著的"倒U"现象;教育投入、政府经济行为、产业结构与城乡居民收入差距之间不存在"倒U"现象。针对以上研究结论,我们提出了一系列解决我国城乡居民收入分配差距的政策和建议,为政府制定相关政策提供有益的参考。     

Trade and productivity: Self-selection or learning-by-exporting in India

Recent literature tried to explain the Indian growth miracle in different ways, ranging from trade liberalization to industrial reforms. Using data on Indian manufacturing firms, this paper analyzes the relationship between firm's productivity and export market participation during 1991–2004. While it provides evidence of the self-selection hypothesis by showing that more productive firms become exporters, the results do not show that entry into export markets enhances productivity. The paper examines the explanation of self selection hypothesis for total factor productivity differences across 33,510 exporting and non-exporting firms. It uses propensity score matching to test the learning-by-exporting hypothesis. In line with the prediction of recent heterogeneous firm models of international trade, the main finding of the paper is: more productive firms become exporters but it is not the case that learning by exporting is a channel fuelling growth in Indian manufacturing.     

Reexamining the permanent income hypothesis with uncertainty in permanent and transitory innovation states

In this paper, we reexamine the permanent income–consumption relationship analytically and empirically, based on the innovation regime-switching (IRS) model developed in [Kuan, C.M., Huang, Y.L., Tsay, R.S., 2005. An unobserved component model with switching permanent and transitory innovations. Journal of Business and Economic Statistics, 23, 443–454]. A novel feature of the IRS model is that it explicitly allows for uncertainty in innovation states. When the labor income follows an IRS process, it is shown that the agent’s perception on the likelihoods of income innovations being permanent and transitory plays a crucial role in determining the optimal forecasts on the change of consumption. The effect of a current labor income innovation on consumption is a weighted average of two distinct effects resulting from permanent and transitory innovations with the weights equal to the perceived likelihoods of the respective states. Also, past innovations may affect consumption when there are revisions in the perceived likelihoods of previous states. Our empirical study on US data shows that consumption indeed reacts significantly to the perceived likelihoods of innovation states. However, even after controlling for the effect of state uncertainty, we find consumption vastly underreacts to permanent innovations in labor income but reacts about the right magnitude to transitory ones when compared with the prediction of the permanent income hypothesis. This evidence is similar to [Elwood, S.K., 1998. Testing for excess sensitivity in consumption: A state-space unobserved components approach. Journal of Money, Credit, and Banking, 30, 64–82] but in sharp contrast with that found in [Hall, R.E., Mishkin, F.S., 1982. The sensitivity of consumption to transitory income: Estimates from panel data on households. Econometrica, 50, 461–480].     

R&D Tournaments with Spillovers

This paper studies the influence of uncertainty and spillovers on a contestant's R&D spending. The relationship between market structure and R&D spending is shown to be sensitive to the form of uncertainty that characterizes the R&D process. When reward to the winner is endogenously determined by R&D spending, a contestant's R&D spending may increase with the degree of spillovers.     

校园踩踏草坪现象监管措施的假设检验及博弈分析

就如何制定踩黯草坪现象的监管措施提出假设,参考“囚徒困境博弈模型”,构建博弈支付矩阵,对假设措施进行检验.依据期望效用公式对假设进行优劣对比,最终否定假设,并得出相对的最优策略,以期对进一步减少校园踩踏草坪现象的发生提出建议.     

Shocks derived from mining windfalls and horizontal transfers: Exploring the permanent income hypothesis in Chilean municipalities from a spatial competition approach

We explore how spatial interaction affects the strategic use of municipal income when deciding between 1) an optimal long-run expenditure strategy versus 2) using the current income to finance current activities, a phenomenon known as the permanent income hypothesis. Even when this hypothesis is grounded in temporal logic, insufficient attention has been given to the impact of spatial dependence on this type of budget decision. Therefore, we present two reasons why spatial interaction adds new insight to this discussion. First, subnational governments located inside larger functional areas have lower average costs due to the population concentration, allowing for coordination between jurisdictions to achieve more power of negotiation and to potentially exploit economies of scale. Second, local government decision-making is not independent of other jurisdictions as municipalities would constantly evaluate the others’ actions regarding local tax effort, spending, and debt. While this spatial consideration remains a challenge for theoretical modeling, we offer empirical evidence to evaluate how robust the permanent income hypothesis is when geography is incorporated. Our empirical approach uses dynamic panel data with spatial dependence on debt, expenditure, and the error term. To evaluate our hypothesis, we exploit panel data from 320 Chilean municipalities between 2008 and 2020 and use two sources of income: non-matched grants via mining windfalls and horizontal fiscal transfers among cities. The evidence indicates that jurisdictions make backward-looking decisions regarding spending; that is, there are no significant differences between the short and long run. The results for debt, however, are not robust. Policy pertaining to the use of public resources should consider the spatial dependence between municipalities which should be a crucial factor in budgetary decision-making.