我国商业银行转型中加强经济资本预算管理的策略建议

本文对转型中的商业银行如何强化经济资本预算管理阐述实践认识、分析现实问题与提出策略建议.强调经济资本对风险资产总量的约束与缓冲作用、对业务结构调整的引导作用、对商业银行转型的根本制约作用以及资本回报和资本成本（即经济增加值EVA）的核心激励约束作用.     

News sentiment,credit spreads,and information asymmetry

This paper examines how the sentiment of firm-specific news affects CDS spreads conditional on the degree of information asymmetry. Using a large set of news releases, we document a strong negative relationship between the sentiment of firm-specific news and CDS spreads. More importantly, consistent with the role of public news in reducing information asymmetry, we find evidence that the relation between news sentiment and CDS spreads is stronger for firms with higher information asymmetry. Furthermore, the relation is stronger for news with negative sentiment and during the 2008 financial crisis. Our results are robust to alternative sentiment measures.     

揭示"制度与增长关系之谜"的一个研究视角——基于中国经济转型与经济增长关系的实证研究(1978-2004)

本文通过对中国经济转型与经济增长之间的实证研究,发现经济增长是直接推动经济体制转型深化的内在动力,而经济转型虽然对经济增长有长期的影响作用,但这种作用却不是决定性的.在制度与增长二者关系中,制度虽然是影响增长的长期重要因素,但这种影响却不是决定性的;而恰恰相反,增长对制度的影响却是决定性的.这说明制度创新在增长的大背景中更易达到,而中国改革成功的经验也充分证明了这一点.     

RAIFFEISEN AS SOCIAL INNOVATOR

In recent years the term social innovation has become widely used by policy makers, yet important ambiguities remain. One of these concerns what has been called the paradox of embedded agency – how social innovators conceive of something new when working with existing social institutions. So far few writers have considered whether historical examples can, with benefit of hindsight, shed light on the relationships between social innovators and social institutions. This paper considers the example of Friedrich Wilhelm Raiffeisen, creator of rural credit unions and agricultural co‐operatives in 19th‐century Germany. Raiffeisen was a social conservative who worked in many ways within existing social institutions. At the same time, his desire to meet social needs drove him to create new forms of action and organization that resulted in social innovation. Raiffeisen's process of invention shows that social innovation, particularly in transitional eras like his, need not be a matter of using logical‐deductive processes to address a social need, but may depend critically on values, will, a readiness to experiment, and an ability to find allies. These qualities enabled Raiffeisen to break through existing institutions to do something fundamentally new, and they may be qualities that provide new focus for social‐innovation research and policy.     

经济转型发展中科技人才分型与协同作用机制研究

立足我国经济发展转型诉求,提出基于创新链视角的科技人才新分型思路。在深入分析各类科技人才创新协同机制的基础上,重点剖析创新要素集成流动及创新价值传递转换机理。最后,系统地给出了适应我国经济转型发展要求的科技制度及政策配给调整建议。     

Original Institutional Economics and Political Anthropology: Reflections on the Nature of Coercive Power and Vested Interests in the Works of Thorstein Veblen and Pierre Clastres

Our inquiry advances a comparison of the anthropological content of Thorstein Veblen’s evolutionary perspective with the foundations of the political anthropology drawn from selected works of Pierre Clastres. We seek to establish that what can be referred to as a clastrean reference can simultaneously offer new perspectives on institutionalism, while maintaining a radical and emancipatory understanding of Veblen’s writings. In this sense, we seek to reconsider and reevaluate the role of economic surplus drawn from Veblen’s anthropology, while also offering a general and critical perspective for understanding the emergence of coercive power within societies.     

论生产力系统的要素层次结构

生产力理论随着生产力的演绎而不断丰富和完善.劳动者、劳动对象、劳动资料(劳动力、资本、土地)作为基础性要素处于生产力系统的第一层次,科学技术作为发展性要素处于生产力系统的第二层次,管理与信息作为组合性要素处于生产力系统的第三层次.生产力三个层次的要素各有其特殊功能,共同构成一个完善的、动态创新的现代生产力系统.     

政府研发补贴促进企业创新了吗

政府补贴能否促进企业创新一直存在争议。与以往从资源视角探讨政府补贴与企业创新关系的研究不同,基于信号理论视角,以2012—2016年沪深A股非金融类上市公司为研究样本,通过剔除非研发补贴的噪音并控制样本自选择偏误,实证检验中国转型经济背景下,政府研发补贴对企业创新的微观政策效应,以及企业层面制度因素（产权性质）和区域层面制度因素（制度环境）对该效应的调节作用。研究发现,政府研发补贴释放的积极信号能够帮助企业获取外部创新资源,有效促进企业创新;相比于国有企业,政府研发补贴对非国有企业创新的激励效应更强;制度环境越好,政府研发补贴对企业创新的激励效应越强。研究理论丰富了科技创新政策有效性和信号理论相关研究。同时,研究发现,政府应继续加大对企业创新活动的补贴额度,不断深化所有制改革,为企业创新营造良好的外部制度环境;另外,企业还应充分发挥政府研发补贴信号的杠杆效应,拓宽外部创新资源获取渠道。     

OFDI逆向技术溢出、制度质量与区域创新能力

基于2005—2016年我国省际面板数据,首先通过OLS、DIFF GMM、SYS GMM3种基准线性回归方法论证了OFDI逆向技术溢出对我国区域创新能力的促进作用。以OFDI为核心解释变量,分别构建以地区腐败、市场化程度和知识产权保护为门槛变量的动态门槛回归模型。结果发现：随着地区腐败程度加深,我国区域创新能力逐渐减弱;以市场化程度、知识产权保护为门槛变量,跨越门槛点后OFDI对我国区域创新能力的拉动作用依次增强。最后,结合面板向量自回归模型进一步研究对外直接投资过程中地区腐败、市场化程度和知识产权保护对区域创新能力的动态即期冲击。结果显示:市场化程度单位变动对区域创新能力的影响呈现正向冲击且持续性较强,知识产权保护对区域创新能力的拉动最为迅速但后期持续性较弱,地区腐败对区域创新能力产生负向冲击作用。     

Foreign investment regulation and firm productivity: Granular evidence from Indonesia

When regulating foreign direct investment (FDI), countries often face a trade-off between pursuing national policy interests and suffering efficiency losses due to FDI restrictions. We demonstrate the presence of this trade-off in the case of a protectionist FDI policy in Indonesia. Using a yearly census of Indonesian manufacturing firms from 2000 to 2015, we link product-level changes in binding FDI regulation due to major regulatory tightening to changes in firm-level productivity. Controlling for an extensive set of fixed effects as well as potential political economy drivers of regulation, we show that a tightening of the regulatory environment was successful in reducing foreign capital reliance among regulated firms, and led to increases in FDI among non-regulated firms producing the same product. Despite compensating increases in domestic capital, regulated firms experienced relative productivity losses. This points towards either a less efficient allocation of domestic capital or a general inferiority of domestic capital as compared to foreign investments.