OFDI与投资国(地区)产业结构调整:文献综述

对20世纪90年代以来国内外学术界就OFDI与投资国产业结构调整的研究文献进行了系统的梳理、分析和总结。国外就该主题的研究起步早,在理论和研究方法上已相对成熟,而国内学术界对该主题的关注主要出现在我国加入WTO以后,基本上延续了国外的研究思路和方法。现有文献比较一致的研究结论是:OFDI对投资国产业结构调整具有直接或间接的促进作用;对我国而言,受OFDI规模小和"滞后效应"的影响,目前这一促进作用尚不明显。有待深入研究的问题是:OFDI对企业产品升级、技术创新和价值创造能力提升的作用,OFDI促进投资国产业结构调整的影响因素以及OFDI对投资国产业结构调整可能产生的负面影响。     

基于投入产出表河南省产业关联及其碳排放影响研究

基于投入产出表,以河南省各产业部门为研究对象,计算各产业部门的影响力系数、感应度系数和碳排放影响力系数,分析各产业部门的相关系数,并对河南省产业结构调整路径的选择进行讨论。得出结论:电力行业、石油加工炼焦及核燃料加工业、燃气生产和供应业、金属冶炼及压延加工业这四大部门不仅对河南省的经济发展起重要作用,同时也是碳排放量最大的产业部门。     

Labour inputs substitution during corporate restructuring: a translog model approach for US freight railroads

After deregulation in 1980, competitive pressures forced the large US freight railroads to reduce costs and restructure, resulting in an economic renaissance of the US railroad companies after years of poor financial conditions. The most striking restructuring measure receiving much attention was dramatic labour downsizing: until 2004 employment was reduced by 60%. But other overlooked measures are the significant restructuring of workforce composition, and important changes in railroads’ workplace organization practices and corporate culture. To better understand this successful occupational restructuring, I investigate labour inputs substitutional relationships by using a translog variable cost model. Labour is decomposed into six employee categories rather than traditional production–nonproduction breakdown to estimate inputs elasticities of substitution. The data investigated is a unique firm-level dataset on the US freight Class I Railroads, covering a 22-year period, which allows this fine-grained analysis. I also document railroad workplace organization practices relating to results and reflecting changes in railroads corporate culture. I find strong substitutability between managerial positions and transportation employees, pointing to achievement of better command and control of operations; a high degree of complementarity between the most skilled employee categories and the strongest substitute relationship between transportation and maintenance of Ways&Structures groups.     

Channels of restructuring in privatized Czech companies1

The main contribution of this paper to the literature on restructuring in the transition economies of Central and Eastern Europe is the analysis of productivity‐growth effects for different channels of restructuring. It examines a panel of 737 voucher‐privatized Czech companies in the first years after the transfer of ownership (between 1993 and 1998). The results indicate that asset sales and employee incentives serve as restructuring channels through which productivity of the privatized companies increases. The analysis also indicates that capital expenditures, labour shedding and CEO replacements are not significantly correlated to productivity growth. Furthermore, the analysis suggests that the availability of bank loans is positively associated with productivity growth, but not for less profitable firms. This provides some evidence in support of soft budget constraints accommodated via bank lending.     

Theory and Application of Linear Supply Function Equilibrium in Electricity Markets

We consider a supply function equilibrium (SFE) model of interaction in an electricity market. We assume a linear demand function and consider a competitive fringe and several strategic players having capacity limits and affine marginal costs. The choice of SFE over Cournot equilibrium and other models and the choice of affine marginal costs is reviewed in the context of the existing literature. We assume that bid rules allow affine or piecewise affine non-decreasing supply functions by firms and extend results of Green and Rudkevitch concerning the linear SFE solution. An incentive compatibility result is proved. We also find that a piecewise affine SFE can be found easily for the case where there are non-negativity limits on generation. Upper capacity limits, however, pose problems and we propose an ad hoc approach. We apply the analysis to the England and Wales electricity market, considering the 1996 and 1999 divestitures. The piecewise affine SFE solutions generally provide better matches to the empirical data than previous analysis.     

The China＇s Mode Reform Process of Market Economy System and the Level of Marketization

During the new epoch of reform, the discussion and practice launched by the government and the Communist Party of China （CPC） has experienced 4 stages. Since 1992, China has entrenched formally establishing the Socialist Market Economy System, which is a so-called China＇s Mode development way led by the Deng Xiaoping＇s theory. This paper tries to set up an index system to evaluate the development level of China＇s market economy from 1992 to 2001.     

国企改制中的财务会计问题探微

国企改制中的财务会计工作是十分重要的,但是在国企改制过程中却出现了一系列财务问题,为了推进国企改制的顺利进行,确保国有资产的安全,必须进行清产核资、界定产权、正确处理好股权设置以及防止国有资产流失等问题。     

基于DEA-Malmquist指数的军工企业改制效率研究

本文以十大军工集团旗下真正涉及军工业务的22家上市公司为样本,以军品资本运作进入到实 质阶段的2008～2013年为观察期,以年报数据为基准,运用DEA-Malmquist指数对全要素生 产率、技术进步和技术效率进行测算。结果显示,上市军工企业的规模效率上升了19%, 但由于管理机制、技术水平等因素的制约,上市军工企业的综合技术效率只上升了04%; 另一方面,由于上市军工企业技术进步指数下降72%,导致全要素生产率下降了68%。军 工企业在改制重组的过程中应不断通过管理机制、科技创新等提高效率。     

基于家庭农场角度浅析新型农业经营主体融资问题

家庭农场目前作为新型农业经营模式,近年来得到了长足发展。但家庭农场在发展过程中遇到的融资难问题是一个亟待解决的新课题。妥善解决好家庭农场融资难问题,有助于解决我国农业长期以来的分散经营、低效生产等弊端,有利于实现农业规模化生产经营,对国民经济稳定快速发展有着积极作用。     

Distressed Debt Restructuring in the Presence of Credit Default Swaps

The availability of credit insurance via credit default swaps has been closely associated with the emergence of empty creditors. We empirically investigate this issue by looking at the debt restructurings (distressed exchanges and bankruptcy filings) of rated, nonfinancial U.S. companies over the period January 2007–June 2011. Using different proxies for the existence of insured creditors, we do not find evidence that the access to credit insurance favors bankruptcy over a debt workout. However, we document higher recovery prices following a distressed exchange in firms where empty creditors are more likely to emerge.