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.     

我国“一带一路”沿线地区风险投资时空分布及影响因素研究

深入分析我国“一带一路”沿线地区风险投资时空格局及影响因素，有助于促进创新创业与企业发展、提高区域科技创新水平。运用空间分析方法和空间计量模型，对2003-2018年我国“一带一路”沿线139个城市风险投资的时空分布特征及影响因素进行分析，结果表明：①沿线地区的风险投资发展具有不均衡性，呈现为沿海高、西部低的分异格局；②风险投资的全局自相关系数均为正，呈现出明显的空间集聚特征；③风险投资机构数、国家高新区数量、风险投资退出、政府引导基金发展、财政科技支出对区域风险投资具有显著促进作用，环境污染对风险投资有一定抑制作用。随着ESG投资理念逐渐获得认可，沿线地区可以通过提升绿色发展水平促进风险投资发展。     

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。     

Covariance breakdowns and connectedness of crude oil futures markets with non-synchronous data

ABSTRACT

This article identifies the breakdowns in the covariance of three benchmark crude oil futures markets (WTI, Brent and Dubai) and investigates the changes of market connectedness across the breakdown periods. As the crude oil futures are traded in different regions, this article eliminates the non-synchronous trading data by employing the Vector Moving Average structure and the Bayesian data augmentation approach, which keeps the integrity of original data without changing its properties. The results show that there are significant breaks in the covariance structure of crude oil futures markets. The breakdown periods are consistent with the periods when the market volatilities are at high level and the returns are volatile. The changes of market connectedness are independent of the covariance states, which supports the globalization hypothesis for the crude oil market. The results also suggest that there is more information flow out of the WTI than to the WTI during the sample period, particularly during the breakdown periods in 2008–2009.     

原甲酸三乙酯生产技术动向

对原甲酸三乙酯的原料来源、成本、生产技术信息、技术开发相关情况作了介绍，有益于该产品的生产技术开发。     

How Has Rural Tax Reform Affected Farmers and Local Governance in China？

Using nationally representative data, the present paper examines the impact of China's ongoing rural tax reform on farmers. The difficulties in further local governance restructuring are also discussed. It is argued that the issues associated with rural taxation and local governance in China result from inherent tension between an increasingly liberalized economic system and a still centralized political system. Although rural tax reform has helped to reduce farmers' tax burdens in the short term, the establishment of an effective local governance regime requires coordinated reforms to downsize local bureaucracy by providing social security for laid-off cadres, to strengthen local accountability by granting higher local formal tax autonomy, and to promote meaningful participation by expanding local democracy.     

税制改革与税收文化滞后分析

本文引入了税收文化滞后的概念,阐明了进行税制改革时将会出现税收文化滞后现象,它将影响到税制结构优化目标的实现,因此必须尽力减弱其影响,以确保税制改革的成效。     

A Dynamic Analysis of Fixed- and Adjustable-Rate Mortgage Terminations

This paper provides a side-by-side comparison of loan-level statistical models for fixed- and adjustable-rate mortgages. Multinomial logit models for quarterly conditional probabilities of default and prepayment are estimated. We find that the estimated impacts of embedded option values for prepayment and default are generally quite similar across both FRM and ARM loans, providing additional empirical support for the basic predictions of the options theory. We also find that differences in estimates of conditional probabilities of prepayment and default associated with mortgage age, origination period, original LTV, and relative loan size, indicate the continued significance of these other economic and demographic factors for empirical models of mortgage terminations.