Enforcement of Capacity-Differentiated Regulations in China: Evidence from Coal-Fired Power Plants

This article investigates the effects of the capacity-differentiated regulations that are popular in China. These regulations usually involve measures that gradually shut down small plants while allowing them to continue to operate until shutdown. We use a panel data set from coal-fired power plants during the period from 2003 to 2010 and employ the input demand equations and the difference-in-differences method to quantify the effects of these regulations. Our findings, which are robust to a variety of specifications, indicate that regulations of this type reduce capital spending and fuel efficiencies in the vulnerable small plants that are subject to shutdown under this regulation. We find no effect on the operating expenses of these small plants.     

产学研结合：东湖高新技术自主创新示范区建设的必由之路

随着中国经济增长方式的转变,高新技术产业已成为＂中国制造＂转变为＂中国创造＂的新动力,以企业为主体、市场为导向、产学研相结合的高新技术自主创新体系成为经济发展的主导力量。希望通过东湖国家自主创新示范区的建设,进一步完善国家技术创新体系,强化企业在技术创新中的主体作用,通过产学研结合营造有利于创新成果转化、创新人才聚集的环境氛围,推动区域经济创新发展。     

流动性与股票收益:来自我国股市的时间序列实证分析

借鉴Amihud（2002）的分析思路，以换手率作为流动性变量，直接从流动性的角度对我国股票市场的预期和未预期市场流动性对市场和个股超额收益的影响进行实证研究。结果表明：在我国股票市场上，预期和未预期流动性对股票收益都存在正面影响；我国股市也存在流动性替代效应，但效应发生的结果是流动性越高，股票收益对预期和未预期流动性的敏感性越大。     

中部地区承接产业转移的SWOT分析及其对策研究

中部地区在承接产业的过程中存在一些突出的问题,如产业配套能力欠缺、现代物流业落后、环境污染和资源浪费现象严重等,严重制约了中部地区承接产业转移的健康发展。本文运用SWOT分析理论,从中部地区的优势、劣势、机遇和威胁等方面展开,研究中部地区承接产业转移的思路,从产业配套完善、物流建设、政府作用、环境保护和区域间合作等多个角度提出相应的政策建议。     

中国水资源安全现状及发展态势

水资源的安全问题已成为中国经济社会发展和生态环境建设的重要制约性因素。文章阐述了水资源安全的内涵,对中国的水资源安全状态进行了综合测算,认为中国水资源安全已处于危险状态,部分地区,部分指标已处于高度危险状态。文章还对中国未来的水资源需求及水资源安全状况进行了综合预测。     

技术关联对制造业结构升级的影响——基于东北三省企业面板数据的实证分析

利用东北三省36个地级行政单元2003年至2020年的面板数据,对东北三省制造业高端化水平和制造业技术关联水平进行测度,并对技术关联和其他各要素对制造业高端化的影响机制进行分析。研究结果表明:东北三省制造业高端化水平小幅度上升,空间上整体呈现出南高北低的格局,资源型城市的制造业高端化水平较低;各制造业之间的技术关联密度明显增大,医药制造、汽车制造、专用装备制造等高技术制造业逐渐取代资源加工类制造业居于关联网络中心,而农产品加工相关制造业则一直位于关联网络中心;东北三省技术关联水平先上升后下降,空间上呈现中南部高、西北部低的格局;技术关联密度对制造业高端化起到促进作用。     

What firm risk factors drive bank loan pricing and other terms? Evidence from China

This study investigates how firm risk factors affect bank loan pricing. Although firm-specific stock price crash risk affects bank loan costs directly, it also prompts other risks, including financial restatement and litigation, which in turn trigger higher bank loan costs. Strong internal and external governance mechanisms help reduce agency problems and improve information transparency, alleviating the adverse effect of stock price crash risk on loan costs. Our results confirm that bankers take good corporate governance into account in their bank loan decisions. We also show that bond investors price the adverse effect of stock price crash risk, prompting higher corporate bond costs. Futher evidence suggests that banks impose stricter non-price terms, such as smaller loan size, shorter loan maturity, and a higher likelihood of collateral requirement, on firms with higher crash risk.