A DEA Approach to Understanding the Productivity Growth of Malaysia's Manufacturing Industries

This paper seeks to explain the productivity growth performance of Malaysia's manufacturing sector using a panel data of 28 industries from 1981–1996. Here, the data envelopment analysis technique is used to calculate and decompose the Malmquist index of total factor productivity (TFP) growth into technical change, change in technical efficiency and change in scale efficiency. This allows the identification of the sources of productivity growth which is crucial for policy formulation. It was found that the annual TFP growth of the Malaysian manufacturing sector was low at 0.8% and this was driven by small gains in both technical change and technical efficiency, with industries operating close to optimum scale.     

经济增长在险水平、条件波动性与经济增长态势研究

经济增长在险水平（GaR）和条件标准差（CSD）能够有效地度量国家经济风险波动的单向性和双向性。利用动态时窗和条件异方差模型，我们发现我国国家经济风险与经济周期波动密切相关，目前的国家风险状态已经体现出明显的稳定性。利用协整关系检验，我们发现我国国家经济风险与经济增长水平之间存在正相关的长期均衡关系，因此采取积极经济政策的“反周期”干预，所诱发的适度经济波动将有且经济快速稳定增长。     

Inequality, Crime and Economic Growth. A Classical Argument for Distributional Equality

This paper studies the dynamic general-equilibrium interactions between inequality, crime and economic growth by embedding the rational choice-theoretical approach to criminal behavior in a heterogeneous-agents endogenous-growth OLG model. Based on their respective opportunity costs, individuals choose to specialize in either legal or criminal activities. While legal households contribute to aggregate goods supply over time by either working or building human capital, criminals make a living by expropriating legal citizens of part of the latter's income. An increase in inequality lowers the economy's growth rate and possesses negative welfare effects for all agents with endowments equal to or above average and for agents with endowment below average that are born sufficiently far in the future.     

Exploring export sales management practices in small- and medium-sized firms

We investigate key sales management aspects in relation to the export involvement stage of the firm. Specifically, an attempt is made to examine the presence of significant differences in export sales management control strategy, export sales organization design and export sales management behavioral attributes between ‘active’ and ‘committed’ exporting firms. We identify several differences among these exporter groups with the main conclusion being that the sales management function is more effectively organized and managed at advanced levels of export involvement. These findings are discussed in the light of existing knowledge, and various conclusions and research implications are also derived.     

资本约束、风险管理与商业银行成长

基于资本必须覆盖风险命题的要求,银行的风险管理能力决定了银行的资本规模和资本的配置,银行资本管理实质上等价于风险管理,资本约束实质上就是风险约束。资本软约束是制约中国商业银行成长的主要障碍之一,但仅仅致力于资本充足率问题的解决并不能保证我国商业银行的可持续成长,风险约束是制约我国商业银行成长的瓶颈。只有从制度、技术和经营战略等方面入手,不断提高风险管理能力,建立以资本约束为核心的业务增长模式和资源配置方式,尽快实现成长模式由资金约束到资本约束的转变,中国商业银行才能在效益、质量和规模协调发展的基础上实现持续成长。     

中国的经济增长、需求约束与税收结构

在我国目前的经济增长中,出现了投资需求过热而消费需求不足的结构性失衡状况。为此,可以把税收结构引入汉森-萨缪尔森模型,来研究税收结构对投资和消费的影响。通过实证研究发现,在税收结构中,流转税(间接税)比重的增加对投资增长有激励作用,而对边际消费倾向没有显著影响;所得税和其他税(代表了直接税)比重的增加,有利于抑制投资和过快的经济增长,相反,可以提高边际消费倾向,从而促进消费。     

可持续增长率与财务管理目标相关性分析

可持续增长率是企业现有财务资源所能够支持的销售收入的最大增长率,代表企业最适宜的增长速度。企业的财务管理目标是企业价值最大化,而决定企业价值的重要因素是由销售收入增长所带来的未来现金流量。企业以可持续增长率作为销售增长目标,有利于企业价值的持续增加;而将企业价值最大化作为财务管理目标又有利于企业的可持续增长,可持续增长率与财务管理目标密切相关。本文将以可持续增长率与财务管理目标的相关性作为研究起点,试图从财务管理目标的角度来进一步认识可持续长率。     

资本约束、风险管理与商业银行成长

基于资本必须覆盖风险命题的要求，银行的风险管理能力决定了银行的资本规模和资本的配置，银行资本管理实质上等价于风险管理，资本约束实质上就是风险约束。资本软约束是制约中国商业银行成长的主要障碍之一，但仅仅致力于资本充足率问题的解决并不能保证我国商业银行的可持续成长，风险约束是制约我国商业银行成长的瓶颈。只有从制度、技术和经营战略等方面入手，不断提高风险管理能力，建立以资本约束为核心的业务增长模式和资源配置方式，尽快实现成长模式由资金约束到资本约束的转变，中国商业银行才能在效益、质量和规模协调发展的基础上实现持续成长。     

中国经济真的动态无效吗

史永东与杜两省、史永东与齐鹰飞、袁志刚与何樟勇相继考察了中国经济的动态效率,结果均表明中国经济是动态无效的.本文首先通过实证研究进一步检验上述结论,并进而追问中国经济为什么会发生动态无效.笔者的分析表明,这种无效性只是一种表象,它是由我国的粗放式经济增长方式决定的,其根源在于静态资源配置,特别是投资配置的无效性.在此基础上,本文进而指出,上述作者提出的消除无效性的政策建议是不恰当的,真正有效的途径只有转变增长方式,提高增长绩效.     

Entry in the presence of dueling options

This paper investigates the influence of industry uncertainty on the decision by established firms to enter a new industry. Specifically, we examine the tension between the option to defer , which discourages entry in the presence of uncertainty, and the option to grow , which may encourage entry in the presence of uncertainty when there are early mover advantages. Empirical analysis on data from a broad array of industries revealed that the effect of uncertainty on entry is not monotonic. Our findings are the first to find support for the nonmonotonic effect of uncertainty that has only recently emerged in theoretical treatments of real options theory, and amplify the importance of considering both the option to defer and the option to grow when contemplating entry. Furthermore, we found evidence that the relationship between uncertainty and entry is moderated by: (a) irreversibility, which influences the value of the option to defer; (b) the total value of growth opportunities; and (c) early mover advantages, which magnify the value of growth options. Copyright © 2003 John Wiley & Sons, Ltd.