Wage determination and returns to education in different ownerships of China: Evidence from quantile regressions

In this paper, quantile regressions is used to estimate wage equations of different ownerships. Quantile regressions give us distributions rather than a single estimate of the returns both to education and experience in each ownership sector. For state-owned enterprises (SOE), the returns to education tended to be larger at the bottom of the conditional distribution of wages in 1991 and 1993, and there was no such trend in 1997. For the private sector, however, the returns to education tended to be larger at the top positions in 1993 and 1997. It is also found that the growth rates of the wages at the bottom of the conditional distribution of wages are higher than those at the top in SOEs. No such patterns for the private sector is found. It is suggested the wage mechanism in the private sector is more market-oriented. __________ Translated from Shijie Jingji Wenhui 世界经济文汇 (World Economic Papers), 2006, (4): 1–26     

不同所有制企业之间的薪酬差别——国内外实证研究述评

所有制性质不同的部门,尤其是国有和私营部门之间的薪酬差别问题在国内外劳动经济学领域都备受关注.探究这一问题对分析非市场因素在企业薪酬决定过程中的作用,以及判断转型经济国家中劳动力市场的发育状况有着重要的价值.文章从以下几个方面对该领域的研究进行了回顾和总结,包括国外两部门薪酬差别的主要分解方法、国外关于公有部门与私营部门问薪酬差别的实证研究,以及关于中国国有和非国有企业薪酬差别的实证研究.     

Investment committees and corporate cash holdings

We investigate the association between the voluntary formation of a board investment committee (IC) and corporate cash holdings for a large sample of Gulf Cooperation Council (GCC) firms over the 2005–2013 period. We provide evidence that the existence of a specialized IC increases corporate cash holdings. We also find that several IC characteristics, i.e., member experience, independence, number of meetings, and committee size, are associated with an increase in firms’ cash holdings. Furthermore, the local and foreign institutional ownership of GCC firms moderates the IC-cash holdings relationship. These results remain robust to alternative specifications of cash holdings and endogeneity tests. We contribute to the literature on firms’ incentives to hold cash and to the literature on governance in emerging market contexts.     

不同所有制企业之间的薪酬差别——国内外实证研究述评

所有制性质不同的部门,尤其是国有和私营部门之间的薪酬差别问题在国内外劳动经济学领域都备受关注。探究这一问题对分析非市场因素在企业薪酬决定过程中的作用,以及判断转型经济国家中劳动力市场的发育状况有着重要的价值。文章从以下几个方面对该领域的研究进行了回顾和．总结,包括国外两部门薪酬差别的主要分解方法、国外关于公有部门与私营部门间薪酬差别的实证研究,以及关于中国国有和非国有企业薪酬差别的实证研究。     

终极所有权与企业边界——理论和来自汽车行业的证据

本文研究企业终极所有权的性质及其结构对企业纵向边界的影响。作为国有产权事实上的终极所有者——政府比自然人所有者更偏好企业规模的增长。纵向一体化是企业不需要具备效率优势也能扩大规模的战略,故国有终极所有权比重越高,企业越倾向于纵向一体化。本文建立了数理模型验证了国有企业倾向于自制更多种类的零部件和自制更大比例某种零部件。本文用乘用车企业汽车发动机的"自制抑或外购"的数据,乘用车企业终极所有权结构的资料,验证了汽车企业发动机的自制决策与企业的国有终极产权比重正相关。同时,本文也验证了国有终极所有权比例对企业零部件的自制比率有显著的正向影响。