The education pillar of the Europe 2020 strategy: a convergence analysis

Empirica - In March 2010, the European Commission launched the Europe 2020 strategy ‘for smart, sustainable and inclusive growth’ in the EU. Education is a major pillar of the Europe...     

The heterogeneous relationship between board social ties and corporate environmental responsibility in an emerging economy

Firms in emerging economies are faced with multiple, incompatible institutional forces in their environmental activities. Which of these forces will be dominant and instantiated within an organization is partly determined by the social relationships that a firm maintains with external actors. This paper investigates the relationship between board social ties and the level of environmental responsibility undertaken by firms in China, an emerging economy, by categorizing board social ties into three types in terms of the three isomorphic forces in the institutional field (coercive, normative and mimetic). Drawing on institutional and agency theories, using a sample of listed firms in environmentally sensitive industries, and a generalized least squares regression method, the results provide empirical evidence that ties that are linked to coercive and normative forces (i.e., political organizations and universities) are related to a higher level of environmental responsibility; however, those that are linked to mimetic forces (i.e., industrial peers) have a negative association with environmental responsibility, which is mitigated by CEO power. These findings suggest that the heterogeneous effects of board social ties on environmental responsibilities experienced by firms in a context of environmentalism are at an early stage.     

Factor Heterogeneity,Factor Market Imperfection and Trade

This paper develops a tractable model of examining how factor heterogeneity and imperfect factor market interact for determining a pattern of trade. Institution plays a crucial role for the interaction. In my work, firm productivity is defined as a composition of factor productivity and technology. Thus, input selection should affect the pattern of Melitz’s intra-industry allocation due to the incurring transaction cost. For a simple model, I assume two factors (labor and capital) and two sectors, which are relatively less institution-dependent and relatively more institution-dependent. When the economy is open, effect of the transaction cost on income distribution is more drastic for an institutionally underdeveloped country. Depending on institutional quality, the economic openness reallocates resource across countries through job creation or job destruction. The job turnovers redistribute income between heterogeneous labors within countries. The income redistribution is catalyzed by international mobility of capital. As a result, income disparity is widened between the institutionally developed country and the institutionally underdeveloped country. This paper can contribute to the literature of institution and international trade.     

The effect of corporate real estate ownership on R&D innovation: credit relief vs. resource replacement in China

Against the background of supply-side structural reform and the real estate financialisation in China, this study investigates the impact of real estate holdings on R&D investment using data of enterprises listed on the Shanghai and Shenzhen stock exchanges. Our empirical results yield five main findings. First, enterprises holding more real estate assets face more serious financial constraints, thus restraining corporate innovation efficiency. Second, when the profit margin gap between entity enterprises and the real estate industry is larger, enterprises are more inclined to transfer industrial capital into the real estate industry, thus reducing R&D investment. Third, when the degree of marketisation is high, intensified market competition, the optimal allocation of factor and product markets, and stronger patent protection will weaken the restraining effect of corporate real estate holdings on R&D investment. Fourth, monopoly enterprises obtain potential profits more than undertaking risks from the real estate industry, they are more willing to hold real estate, thus strengthening the restraining effect of real estate holdings on innovation. Finally, investors' regional preference intensifies the restraining effect of corporate real estate holdings on R&D investment. Our empirical evidence can guide entity enterprises on how to effectively balance short-term (non-productive) and long-term (productive) capital investment.     

供应链金融智慧化创新的内在机理研究——基于扎根理论的探索性分析

文章基于10个智慧供应链金融案例,对供应链金融中信息通信技术的赋能机制、作用机理及所实现的智慧效应进行了梳理,报告了供应链金融进行智慧化创新的内在逻辑.通过采用扎根理论方法,展开实践案例资料调查,反映了供应链金融业务迫切需要新的技术支撑以解决资金供需双方的信息不对称问题,进而构建出"需求—手段—中介—效应"这一供应链金融创新机理模型,揭示了供应链金融智慧化创新的路径方法.     

金融科技对传统银行行为的影响——基于互联网理财的视角

本文使用2011-2015年263家银行的年报数据和北京大学数字金融研究中心基于蚂蚁金服用户数据构建的地市级数字金融普惠指数,探究金融科技的发展对银行行为的影响。研究发现金融科技的发展实质上推动了一种变相的利率市场化,改变了银行的负债端结构,使得银行负债端越来越依赖于同业拆借等批发性资金。负债端结构的改变导致银行资产端风险承担偏好上升,但是借贷利率和净息差都有所下降。即银行选择了更高风险的资产来弥补负债端成本上升所造成的损失,但并没有将成本向下游企业转移。此外,本文还发现规模越大的银行受到金融科技的冲击越小。     

新能源电厂并网全过程标准化管理

规范新能源电厂并网流程管理,避免因管理不善而造成的并网延误,践行"四个服务"的理念,在确保电网安全、优质、经济运行的基础上最大限度地保障发、供、用三方的合法权益,提升优质服务水平.     

Coordination in a skeptical two-group population

Journal of Economic Interaction and Coordination - This paper explores a situation in which a population split into two groups attempts to achieve the socially efficient outcome of a coordination...     

关系质量对企业知识创造绩效的作用机理：一个被调节的中介模型

基于嵌入性视角，分别引入知识转移、合作模式作为中介变量和调节变量，深入探究关系质量影响企业知识创造绩效的内在机理。利用277份来自全国多地的制造业及高新技术企业调查问卷，采用多元回归方法进行实证研究。结果表明：经济型和社会型关系质量均正向影响企业知识创造绩效；社会型关系质量通过元素知识和架构知识转移正向影响企业知识创造绩效。在契约治理模式下，经济型关系质量更倾向于通过元素知识转移正向影响企业知识创造绩效；在股权治理模式下，社会型关系质量更倾向于通过架构知识转移正向影响企业知识创造绩效。