人力资本、FDI技术溢出与区域自主创新——基于空间计量模型的实证研究

通过运用空间计量经济模型,对2005—2009年的省际数据进行分析来检验人力资本与FDI技术溢出对区域自主创新的影响。结果表明,在样本期内人力资本与FDI均对我国自主创新有较显著的促进作用,且人力资本的提高有助于对FDI所带来的国外技术的吸收。同时发现,我国各地区间的技术创新能力呈现出显著的空间自相关性,因而采用空间计量经济模型来估计变量间的关系比经典回归模型更为稳健可靠。     

The Relationship Between the Cost of Equity Capital and Corporate Disclosure: The Chilean Case

ABSTRACT

The objective of this research is to determine whether the Chilean investor rewards the corporate disclosure of economic information. The results have been consistent with international findings, since the relationship between the two studied variables was widely negative (the more information, the lower rate demanded by the investor). Also, the study shows that the integration of the capitals markets is improving the minimum standards of disclosure since, when a local company participates in more than one stock market, the strictest corporate disclosure or transparency rule will be applied.

RESUMEN. El objetivo de esta investigación es determinar si el inversionista chileno premia la entrega de información por parte de las empresas. Los resultados han sido consistentes con la evidencia internacional, ya que la relación entre las variables estudiadas fue ampliamente negativa (a mayor información, menor tasa exigida por el inversionista). Además, el estudio evidencia que la integración de los mercados de capitales está mejorando los estándares mínimos de revelación, ya que al participar una firma local en más de una bolsa de valores, se aplicará la normativa más exigente de revelación o transparencia corporativa.

RESUMO. O objetivo desta pesquisa é determinar se o investidor chileno compensa a divulgação das informações econômicas pelas empresas. Os resultados têm sido coerentes com as evidências internacionais, visto que a relação entre as duas variáveis estudadas foi amplamente negativa (quanto mais informação, menor é a taxa exigida pelo investidor). O estudo evidencia, também, que a integração dos mercados de capitais tem melhorado os padrões mínimos de divulgação, já que quando uma empresa local participa em mais de uma bolsa de valores, as normas mais rígidas de divulgação ou de transparência corporativa são aplicadas.     

民营企业的经营抉择:专业化或多元化

民营企业是专业化发展还是多元化经营,一直困扰着民营企业家。文章认为,目前中国的民营企业正在分化为两大趋势:一部分企业坚守岗位,深化自己产业的深度、纵度、精细化;另一部分企业则开始朝着多元化趋势发展。应根据企业规模、企业在本产业的发展潜力等具体情况,决定发展模式。     

South African Capital Structure Decisions: A Survey of Listed Companies

ABSTRACT

This paper explores the factors that influence capital structure decisions in South Africa from the perspective of the Chief Financial Officer (CFO). The results of a survey of 33 CFOs of JSE listed companies find that South African CFOs are equally likely to follow the Pecking Order and Static Trade-Off theories. However, small companies are more likely to follow the Pecking Order theory while large companies are more likely to follow the Static Trade-Off theory. In addition, the results show that South African companies are more likely to follow the Static Trade-Off theory than companies in other emerging countries.     

社会资本、非正式制度和农业企业发展:机制抑或路径

受传统文化的影响,与社会资本有关的非正式制度对农业企业发展的影响更为深刻,作为非正式制度的社会资本与正式制度之间存在替代、互补关系。建立社会资本、非正式制度与企业发展的分析框架,并以广东东进农牧集团为讨论对象,探讨社会资本和非正式制度对农业龙头企业的作用机理及其作用路径选择。     

Entrepreneurial values,hybridity and entrepreneurial capital: Insights from Johannesburg's informal sector

This study explored entrepreneurial values in Johannesburg's informal sector. Using responses to open-ended questions in a survey of 359 informal traders, the author analysed the way Western and indigenous (African) values mix to form hybrid values. The resulting understanding of hybridity makes it apparent that these traders exhibit both kinds of value in varying forms. In this paper the implications of the emergence of hybrid values, as a form of entrepreneurial capital, are explored using Bourdieu's notion of embodied capital. On this basis it is proposed that hybrid values are of material benefit to traders through conversion into other forms of capital, such as financial capital. More research is required, however, to investigate further how hybrid values translate into material gain in practice.     

江西上市公司总体状况分析及发展建议

江西要在中部崛起,资本市场的发展不容忽视。资本市场的发展在一定意义上就是所辖区域内上市公司的发展与壮大。换而言之,通过上市公司这个层面多少可以对一个地区经济发展水平起到管中窥豹的作用。本文以2010年中期江西上市公司有关数据作比较、分析,并就江西上市公司的发展提出了一些建议。     

品牌资本共生规律及其经济学价值

品牌之间的关系，主要有共生与竞争两类，并且是此消彼长的。在不存在城市关键资源尤其水资源瓶颈的条件下，品牌资本的存在与发展具有空间结群性，即每一品牌资本往往是同一城市（地区）其它品牌资本存在和增长的有利条件，这就是品牌资本共生规律。品牌资本共生的有利条件，是区位优越、人口较多的城市，而不是人口较少、布局分散的小城镇，这就决定了人口密度较小的广大中西部地区，必须抛弃小城镇战略。品牌资本共生规律的经济学价值，在于迫使人们重新思考我国城市化的路径，纠正招商引资的价值取向。     

Capital income taxation of Swedish households, 1862–2010

This study describes the evolution of capital income taxation, including corporate, dividend, interest, capital gains and wealth taxation, in Sweden between 1862 and 2010. To illustrate the evolution, we present annual time-series data on the marginal effective tax rates on capital income (METR) for a marginal investment financed with new share issues, retained earnings or debt. These data are unique in their consistency, thoroughness and time span. We identify four tax regimes separated by shifts in economic policy. The first regime stretches from 1862 until the Second World War. The METR is low, stable and does not exceed 5% until the First World War, when the METR begins to drift upwards and varies depending on the source of finance. The outbreak of the Second World War establishes the second regime, when the magnitude and variation of the METR sharply increase. The METR peaks during the third regime in the 1970s and 1980s and often exceeds 100%. The 1990–1991 tax reform represents the beginning of the fourth regime, which is characterised by lower and smaller variations in the METR. The METR varies between 15% and 40% at the end of this period.     

社会固定投资与居民福利量化关系模型分析

固定资本投资是流动资本投资的前提和基础，也是整个社会经济规模扩张与发展所必须依赖的重要物质基础。现期厂商的固定资本投资会直接导致本期总需求的增加，在保持总供求平衡的前提下，政府本期的调控货币投放规模将会相应减小，从而影响本期社会弱势居民的福利水平。