中国上市公司研发效率及其影响因素分析——基于2007—2014年中国上市公司的经验数据

基于2007—2014年中国深沪上市公司的非平衡面板数据,构建DEA模型测度了上市公司的研发效率,从时间和空间维度分析了其收敛性,并考察了人才结构、专利保护程度和全球化战略对上市公司研发效率的影响。结果表明:东部地区上市公司的研发效率优于中、西部地区的上市公司,但后者有追赶前者的趋势;在上市公司研发效率的影响因素中,专利保护程度以及上市公司全球化战略与研发效率之间存在显著的正相关关系;大专以上学历与上市公司研发效率之间存在显著的正相关关系,而大专以下学历与上市公司研发效率之间存在不显著的负相关关系。     

Effect of public subsidies on farm technical efficiency: a meta-analysis of empirical results

Investigating the impact of public subsidies on farm technical efficiency is becoming a critical issue in applied agricultural policy analysis. This article presents a meta-analysis of empirical results on this issue, based on data gathered from a systematic literature review. We find that, in the empirical literature, subsidies are commonly negatively associated with farm technical efficiency. Meta-regression estimation results show that the direction (significantly negative, significantly positive or non-significant) of the observed effects is sensitive to the way subsidies are modelled in the empirical studies.     

Does raising indigent defender pay rates improve defendant outcomes? Evidence from New York

Beginning 1 January 2004, the rates paid to assigned counsel – private attorneys who defend the indigent in criminal cases when a public defender does not – were raised from a maximum of $40 per hour to $75 per hour in the state of New York. This article examines the extent to which this relatively large pay increase affects case outcomes. Efficiency wage theory would suggest paying workers higher rates can improve their productivity, and the results of this analysis are consistent with this. Using a difference-in-difference approach, I find that after the assigned counsel rate increase, case outcomes significantly improved in counties with higher poverty rates relative to those with lower poverty rates. The likelihood of conviction and the likelihood of pleading guilty both fell by more than two percentage points in high-poverty counties compared to low-poverty counties after the rate increase, and the differences in the likelihood of being convicted are especially pronounced for cases involving violent felonies. The results suggest raising assigned counsel rates can be an effective policy tool to improve indigent defence systems that are in need of reform.     

高校规模经济下财务风险控制初探

随着高等教育由精英化到普及化,这种规模经济带来的扩张态势,使高校财务风险日益显现。怎样识别、规避、防范以至排除风险是高校财务工作的重心。文章结合高校工作的实际情况,在分析高校财务风险现实表现上,有针对性的提出控制措施,旨在通过这种控制措施来保障高校财务工作的顺利进行,以期达到良性循环的效果。     

Are generalized call-spreads efficient?

In order to explain coexistence of a deductible for low values of the loss and an upper limit for high values of the loss in insurance contracts, we consider the exchange of risk between two rank dependent expected utility maximizers. It is shown that if the insurer (insured) takes more into account the lowest outcomes – hence maximal losses – than the insured (insurer), then the optimal contract has an upper limit (includes a deductible for high values of the loss). If furthermore, the insured (insurer) neglects the highest outcomes while the insurer (insured) does not, the optimal contract includes a deductible (full insurance) for low values of the loss.     

Estimating input-mix efficiency in a parametric framework: application to state-level agricultural data for the United States

ABSTRACT

This paper contributes to the productivity literature by demonstrating novel econometric methods to estimate input-mix efficiency (IME) in a parametric framework. Input-mix efficiency is defined as the potential improvement in productivity with change in input mix. Any change in input-mix (e.g., land to labou r ratio) will result in change in productivity. The advantage of this approach is that it does not require data on input prices to estimate the mix efficiency levels. A nonlinear input-aggregator function (e.g., Constant Elasticity of Substitution) is used to derive an expression for input-mix efficiency. Bayesian stochastic frontier is estimated for obtaining mix efficiency using US state-level agricultural data for the period 1960–2004. Significant variation in input-mix efficiency is noted across the states and regions, attributable to diverse topographic and geographic conditions. Furthermore, comparisons of allocative and mix efficiencies provide insightful policy implications. The production incentives such as taxes and subsidies could help farmers in adjusting their input mix in response to changes in input prices, which can affect the US agricultural productivity significantly. The proposed methodology can be extended by i) using flexible functional forms; ii) introducing various time- and region-varying input aggregators; and iii) defining more sophisticated weights for input aggregators.     

Market maker competition and price efficiency: Evidence from China

We test the relationship between market maker competition and stock price efficiency. Using the number of market makers as a proxy for competition, the results show a strong positive correlation between competition and stock price efficiency. Moreover, price efficiency is higher when competing market makers have higher research ability. We suggest that market maker competition increases price efficiency through two channels: 1) Competition decreases transaction costs, and 2) Uninformed market makers learn from orders submitted by informed market makers through competition. The latter happens only in the group of market makers with higher experiences. The results imply that the price efficiency can be improved by enhancing the competition of market makers with high research ability and experiences.     

粤港澳大湾区城市建设用地和经济规模增长格局演变及协同关系

文章研究了1990—2017年期间粤港澳大湾区各城市建设用地增长情况及经济规模变化情况,并对二者之间的协同关系进行了分析。主要结论如下:1990—2017年,粤港澳大湾区各城市建设用地增长速度总体呈加快态势,各城市在不同时期建设用地增长速度的变化与城市所处发展阶段的变化密切相关。大湾区内城市经济规模多数在广东—港澳范围内排行前列,且位序逐渐攀升,仅有肇庆和澳门在1990—2017年经济规模在广东—港澳范围内排序明显下降。以1990年为基期,至2017年,大湾区整体建设用地与经济规模增长的协同度一直处于上升的态势,有序性不断增强,上升速度2010—2017年期间与之前相比有明显的下降,体现出近年来随着城市化进程的不断推进,建设用地增长和经济规模增长二者之间的相互依赖程度有所下降。各城市间建设用地与经济规模增长的协同度演变差异性十分明显。深圳、珠海、中山三个城市建设用地增长对经济规模增长的作用效率在研究期间不断上升,其他多数城市研究期间该效率在2000—2010年期间达到最高,2010—2017年期间均出现明显下降。各城市间产业的发展阶段以及目标定位的不同造成了建设用地和经济规模增长协同性...     

Estimation of the scale matrix of a multivariate t-model under entropy loss

This paper deals with the estimation of the scale matrix of a multivariatet-model with unknown location vector and scale matrix to improve upon the usual estimators based on the sample sum of product matrix. The well-known results of the estimation of the scale matrix of the multivariate normal model under the assumption of entropy loss function have been generalized to that of a multivariatet-model. The paper is based on the first author’s unpublished Ph.D. dissertation ‘Estimation of the Scale Matrix of a Multivariate T-model’, University of Western Ontario, Canada. Present address: School of Mathematics and Statistics, The University of Sydney, NSW 2006, Australia.     

Development of a national competitiveness index based on a structural equation model

In this paper, we propose a national competitiveness index using raw Institute of Management Development (IMD) data and try to overcome a shortcoming in the IMD's own ranking system. The IMD world competitiveness ranking considers 20 factors to define an index, but it does not consider the structural relationships among various factors. We utilise a structural equation model to derive a national competitiveness index that reflects such structural relationships. We then reveal new rankings of world competitiveness. In addition, we conducted a comparison analysis by economy level and identified improvement points in terms of measurement variables as well as latent variables. Our work is expected to promote a new era of national competitiveness rankings and indices.