军民融合协同创新驱动产业园区高质量发展研究

军民融合产业园区高质量发展对于推进军民深度融合、在全国形成可复制可推广经验具有重要意义。军民融合协同创新通过促进新知识涌现、推进新产业集聚发展，最终汇聚经济发展新动能，驱动园区高质量发展。在提出军民融合协同创新驱动园区高质量发展的机理与组织框架基础上，将发展模式归纳为以分享经济为背景的资源共享模式、以新型研发机构为核心的第三方模式、以产业联盟为核心的产业链拓展模式和以交易平台为核心的“PPP”模式，最后提出相关对策建议。     

管理层权力制衡强度、债务约束与企业创新投资

企业创新是国家经济可持续增长的关键，受到管理层意愿的影响，因而需要对内部经营者的权力进行制衡。以2010-2018年我国A股上市公司为研究样本，实证检验管理层权力制衡强度对企业创新投资的影响，以及不同债务约束情境下高商业信用配置、高负债水平的调节效应，此外，还考察了产权性质的差异化影响。研究表明，管理层权力制衡强度越大，企业创新投资水平越高；高商业信用强化了该促进作用，而高负债水平弱化了该促进作用。进一步研究发现，管理层权力制衡强度与企业创新投资的关系在民企中更显著；国企能够更好地获得和运用商业信用，使其高商业信用对该关系的强化效应更显著；民企具有更强的债务约束，其高负债水平对该关系的弱化效应更明显。     

科技服务业产出测算：指标确立、数据收集与未来预测

科技服务业产出测算是对科技服务业产出数据的统计与分析，加强科技服务业产出数据的规范统计和应用分析可为我国政府调整产业政策提供重要数据支撑。以科技服务业产出测算为研究对象，结合学者观点、国家标准及各级政府相关产业政策，提出将分支产业作为初始指标的横向统计思路，构建科技服务业产出测算指标体系。在数据收集方面，强调要做好“收”与“填”两个基本工作；在指标确立和数据收集基础上，进一步提出未来预测的两种方法，以此作为科技服务业产出数据预测的初步探索；提出应从统一数据统计标准、完善数据调查与公开制度、加强数据资源开发3个方面建立健全我国科技服务业产出数据测量与管理体制机制。     

A truly global crisis? Evidence from contagion dependence across international REIT markets

This study examines the global nature of the recent crisis under bivariate Markov-switching models for pre- and post-crisis periods using the breakpoint of August 9, 2007. It quantifies international synchronization of boom-bust regime switches to investigate contagion-type dynamic comovements of Real Estate Investment Trusts (REITs). Global REIT markets display persistent bust regimes from September 2008 to May 2009, whereas the regime-switching patterns are not significant in the pre-crisis period. The results provide new evidence for global REIT contagion phenomena and suggest greater difficulties in diversifying risks across global REIT markets during the post-crisis period.     

The effect of place attachment of geographical indication agricultural products on repurchase intention

[Objective] This study aims to investigate how place attachment and the quality of experience affect consumers' intention to repurchase Geographical Indication (GI) agricultural products. [Methodology] Based on the special functional value and symbolic meaning of GI agricultural products, we constructed a five-dimensional model of place attachment for GI agricultural products consumers. Expanding on the original two-dimensional place attachment model, we introduced three connection concepts: nature, society, and emotion. We also combined this model with the quality of experience model and consumer purchase intention model to form a research model of repurchase intention for GI agricultural products. A questionnaire survey was used to collect data (n = 340), and a partial least squares structural equation model was used to test the empirical evidence. [Research results] (1) Place attachment to Geographical Indication agricultural products significantly affects the quality of experience. (2) Quality of experience significantly affects consumer trust and repurchase intention. (3) Consumer trust significantly affects repurchase intention. (4) There is a mediating effect of experience quality between place attachment and repurchase intention; there is a mediating effect of trust in the relationship between quality of experience and repurchase intention. (5) There is a chain mediating effect of “place attachment→quality of experience→consumer trust→repurchase intention” in the model.     

Media coverage and investment efficiency

We examine the effect of media coverage on firm-level investment efficiency. We find that media coverage reduces under-investment but increases over-investment. The negative effect of media coverage on under-investment is more pronounced in firms affected by greater information asymmetry and poorer corporate governance. The positive effect of media coverage on over-investment is driven by media-induced CEO overconfidence. Additional results show that both investment- and non-investment-related news coverage decrease under-investment, while non-investment-related news coverage is more influential in increasing over-investment. In general, higher news optimism is associated with less under-investment but more over-investment. Moreover, media coverage affects investment efficiency through its information dissemination rather than information creation function. Collectively, our results suggest that firms’ media visibility promotes more over-investment than under-investment.     

A REVIEW OF THE EMPIRICAL LITERATURE ON FARMER COOPERATIVES: PERFORMANCE,OWNERSHIP AND GOVERNANCE,FINANCE, AND MEMBER ATTITUDE

The empirical literature on farmer cooperatives is now fast emerging and developing in the areas of performance, ownership and governance, finance, and member attitude. We discuss 56 peer‐reviewed publications to illustrate the main findings and conclusions while outlining challenges and opportunities for future research. Generally, cooperative membership is found to positively impact price, yield, input adoption, income, and other indicators of member performance, yet there is growing evidence of an uneven distribution of benefits for small and large producers. In terms of structure, evidence of a causal relationship of ownership and governance to performance has been elusive, yet there are now many findings of inherent equity and long‐term debt constraints, often in the context of consolidation to drive scale and scope economies. Further inefficiency is observed to be driven by increased heterogeneity in member attitudes and objectives, in particular in terms of commitment and participation. Thus, overall, empirical work portrays farmer cooperatives as flawed and complex business organizations which nonetheless have a strong positive impact on its members. While applied research may progress in various directions, a general improvement in empirical methodologies is needed to allow robust analysis of mixed objectives in dynamic environments.     

Some Potential Linkages for Input-Output Analysis with Flow-of-Funds

Three major, interrelated accounting statements, at the frontiers of quantitative economic analysis, are three interrelated systems, namely: (1) National income and product accounts (NIPA), (2) The input-output tableaux, (IO), and (3) flow-of- funds accounts (FF). The third-mentioned system is somewhat less available and used in only limited areas of macroeconomic analysis. This paper is mainly concerned with use of FF accounting systems. This system shows where financial resources originate, and where they go in support of real capital formation. In this respect, interest rates and other market-based financial rates are of key importance. While much macroeconomic analysis is based on the rates that fit the yield curve, showing the interest rate structure over various maturities of debt associated with a given degree of risk. In contrast, the FF accounts throw light on the whole spectrum of interest rates, across maturities and debt qualities. For example, in analysis of the real estate market and funding of capital formation there, it is important to have a full understanding of the course of mortgage rates of different maturities and qualities. In short, it is necessary to develop a full appreciation of supply and demand forces in the mortgage market, which often is not obviously related to movements of the operative rate for monetary policy, such as very short-term inter bank rates or call money rates. This paper attempts to provide material from the flow-of-funds accounts that would make it possible to analyze the movement of relevant mortgage rates or whatever other rates are needed to understand the financing of capital formation in real estate.     

Testing weak-form market efficiency: Evidence from the Istanbul Stock Exchange

The random-walk version of the efficient market hypothesis is tested for the Istanbul Stock Exchange (ISE) using its composite, industrial, and financial index weekly closing prices. The results obtained from three of the tests indicate that all three series are a random walk, but a nonparametic test provides some evidence against a random walk.     

东部地区农业结构变动与政策变量之间的相关性研究

本文通过农民收入变量、农民受教育程度、农村人均固定资产投资额、政府用于农村人均文教娱乐用品及服务支出和政府用于农村财政支出等政策变量与东部地区农业结构变动的相关性分析,再根据未来若干年我国及东部地区农业政策变化趋势,从而预测未来我国东部地区农业结构的变化趋势。