Impact of split share structure reform on capital structures: empirical evidence from China’s listed companies

An econometric model based on a natural experiment and the difference-in-differences method is introduced to empirically investigate the impact of split share structure reform on capital structures. A total of 1026 listed companies in Chinese A-share during 2001–2011 are used as the sample for the research and interest-bearing debt ratios (BDRs) are taken as a representative indicator for capital structures. The theoretical and empirical analysis indicates that both market expansion effect and corporate governance effect caused by the split share structure reform are associated with an increase in BDR. As far as the timeliness is concerned, the effects of split share structure reform on capital structures will last 3–4 years.     

知识产权壁垒研究综述

在国际贸易往来中,知识产权作为贸易保护主义的一种工具被发达国家越来越频繁地使用,形成了一种新型的贸易壁垒即知识产权壁垒,随着贸易摩擦的频率与次数逐渐增多,其对贸易国家尤其是发展中国家构成了较大的威胁与障碍。立足于我国实际,通过结合国内外学者最新研究成果对知识产权壁垒研究进行梳理与总结并得出启示,提出我国相关产业与企业应客观看待并积极应对知识产权壁垒,不断提高自主创新能力与国际竞争力。     

论海湾河口水环境治理制度建设的理论基石

通过对经济学与管理学的相关文献与理论的梳理分析,提出海湾河口水环境治理制度建设的四块理论基石:海岸带综合管理理论、湖泊流域水环境管理理论、环境产权理论、合作型环境治理理论,以期为建立海湾河口水环境治理制度体系提供理论依据和指导。     

Share trading activity and the rise of the rentier in the UK before 1920*

Abstract

Using a hand-collected dataset, we examine share trading activity over the period 1882–1920 for the North British and Mercantile Insurance Company, one of the largest UK companies of the time. Our main finding is that the steady flow of rentiers into the shareholding constituency of this company stymied share trading activity. Another important finding is that share trading still occurred during the closure of the stock exchange in 1914, but on a much-reduced scale. We also find that there was a substantial boom in share trading and in insurance stock prices after World War I.     

网络流行语中民众网络话语权研究

网络流行语作为网络文化的产物，映射当下现代文明的各类现状。通过挖掘网络流行语内在起因、情境和心理，以反沉默螺旋法则为理论依据，研究当代民众网络话语权的产生、表达方式和表达心态以及相关应对机制。希望通过本研究对我国社会行政管理科学化进程有所助益。     

The market microstructure of the European climate exchange

This paper analyzes the market microstructure of the European Climate Exchange, the largest EU ETS trading venue. The ECX captures 2/3 of the screen traded market in EUA and more than 90% in CER. Volume growth has averaged 277% in EUA between 2005 and 2009 and 724% in CER since 2007. Spreads range from €0.0188 to €0.0406 for EUA and €0.0276 to €0.0796 for CER. The median proportion of the spread due to adverse selection reaches 76% for EUA and 75% for CER. Realized volatility, bid-ask spreads and adverse selection costs decline with verified emission releases. Market impact estimates imply that an average trade will move the EUA market by 1.06 euro centimes and the CER market 1.45. The ECX is providing between 75% and 88% of price discovery for EUA trading and between 64% and 72% for CER. We find imbalances in the order book help predict returns for up to three days. A simple trading strategy that enters the market long or short when the order imbalance is strong is profitable even after accounting for spreads and market impact.     

林权流转主导模式与制度创新

顶层制度上受相似的基本的社会条件制约,集体林权流转进而也期待形成"三权分离"的经营格局。但是,由林地、林权本身特性决定的物权式流转的主导模式,将导致林农承包权的退出。基此,通过经验与规范实证的结合分析,诸如林下经营权及其流转等有关制度性措施、实践的意义与价值及其局限性可被清晰认知,进而制度供给仍有不足也被问题化。欲有所作为并能有效应对,则林权流转在普通的方式之外,可考虑引入典权制度。而典权是一种均衡的制度安排,兼顾了社会实质正义。     

去工业化、技术差距与产业转移的技术溢出效应

中西部承接产业转移缺乏显著的正向技术溢出效应，成为2000年后区际技术差距持续扩大以及近年部分地区过早去工业化的关键影响因素之一。利用2001~2017年全国30个省（市）面板数据研究证实，各地区技术水平与工业增加值在地区生产总值中的份额之间存在显著正相关性；中西部在2005~2014年承接了较大规模产业转移，而区际技术差距却持续扩大，技术溢出效应显著为负。在相对偏低的技术水平条件下，中西部地区在十余年的产业承接中主要依赖于廉价的要素成本优势，其自主创新能力、创新资源积累已不足以抵御本地消费升级、要素成本上升与国际需求疲软等负面因素的叠加影响。最终，技术差距、商品及服务净输出赤字的扩大至少加快了部分欠发达地区的去工业化。     

审计质量、产权性质对上市公司投资效率的影响研究

审计质量作为第三方会计师事务所为公司提供的服务,可以独立于公司之外对上市公司投资活动进行监督。根据产权理论,产权性质不同的经济组织从事的经济活动不同,审计质量对不同产权性质的上市公司投资效率的影响也不相同。本文以2014—2018年沪深两市上市公司作为样本,实证检验了审计质量、产权性质与公司投资效率间的关系。研究发现,审计质量与上市公司投资过度显著负相关,与投资不足负相关但作用并不明显;在国有上市公司中审计质量对投资过度行为的抑制作用更明显,在非国有上市公司中审计质量可以在一定程度上防止投资不足行为的发生但作用并不显著。研究结论有利于启示各不同产权性质公司的利益相关方,客观认识审计师的作用功能及其局限性,有针对性、有效率地利用好审计服务,改善公司投资效率。     

Financial globalisation and the labour share in developing countries: The type of capital matters

In this paper, we investigate how de facto financial globalisation has influenced the labour share in developing countries. Our main argument is the need to distinguish between different types of capital in this context as they differ in their effect on the host countries' production process and vary concerning their bargaining power vis-à-vis labour. Our econometric analysis of the impact of foreign direct versus portfolio investment in a sample of about 40 developing and transition countries after 1992 supports this claim. Using different panel data techniques to address potential endogeneity problems, we find that foreign direct investment has a positive effect on the labour share in developing countries, while the impact of portfolio investment is significantly smaller and potentially negative. Our results also highlight that de facto foreign investment cannot explain the decline of the labour share in developing countries over the investigated period.