National Concentration of High-tech Products: The Second Great Divergence?

Based on the product-country level trade data from 2004 to 2017, as well as the High-Tech Products Catalog from the US Census Bureau, this paper examines empirically the current phenomenon of “national concentration” in high-tech exports. The results show that the phenomenon of “national concentration” not only exists but also tends to be self-reinforcing. Compared with other products, the exports of high-tech products tend to be concentrated in certain countries, and this concentration trends were further strengthened after the global financial crisis of 2008–2009. The national concentration of R&D activities may be one of the important causes of the national concentration of high-tech products. This pattern remains robust when we further use the value-added export data and different definitions of high-tech products. We argue that the phenomenon of “national concentration” of high-tech exports may herald the arrival of the “Second Great Divergence” – the divergence between innovative and manufacturing activities – in the global economy.     

防止玉米成为“第二个大豆”的战略研究——从产业之囿到破局之策

目的 2020年以来，中国玉米市场发生深刻变化，呈现进口首次突破配额、进口市场更加集中、进口规模增长间隔短和价格创记录4个特点；从长期看，中国玉米供应偏紧、价格倒挂，以及进口量增加难以逆转，玉米正在呈现大豆的苗头性迹象。文章旨在宏观研判玉米发展成为“第二个大豆”的可能性，并从战略布局予以防止。方法 从多方面对比了中国玉米产业和大豆产业特征的异同，为回答玉米是否会成为“第二个大豆”这一问题提供了多角度证据。结果 玉米产业形势相对乐观，不会成为“第二个大豆”，但玉米产业自身的发展特性和中国玉米产业现存的困境不容忽视。结论 科学把控，系统谋划，综合施策，从种植结构调整、良种攻关、全程机械化、优势玉米带建设、烘干设施、“走出去”六大工程着手，解决玉米产业技术装备相对落后、竞争力弱、需求增速快等难题，从战略上防止玉米成为第二个大豆。     

创始高管团队薪酬激励对真实盈余管理的影响研究

以2009—2012年的创业板市场上市公司为样本,研究了创始高管团队不同薪酬激励形式对真实盈余管理水平的影响。结果发现,创始高管团队的货币薪酬、在职消费程度均与真实盈余管理水平存在一种显著的U型曲线关系,表明了货币薪酬和在职消费对真实盈余管理的两面性影响。而创始高管团队的股权薪酬与真实盈余管理水平正相关,这表明并不是股权薪酬越高,真实盈余管理水平越低,这意味着提高股权薪酬会加大对真实盈余管理的诱发行为。