Does local government competition aggravate haze pollution? A new perspective of factor market distortion

Haze pollution has become a new threat to China's sustainable development, but it may be that local government behaviour can play an important role in the prevention and control of pollutants. A dynamic spatial autoregressive (SAR) model is used to study the relationship between local government competition and haze pollution. To further explore the indirect impact of factor market distortion on haze pollution and control potential endogeneity problems, a newly developed intermediary effect model that incorporates the characteristics of the generalized method of moments (GMM) is utilized to explore how factor market distortion indirectly affects haze pollution. The research results show that regional haze pollution in China is characterized by significant spatial correlation, and local government competition has a positive impact on haze pollution; that is, local government competition exacerbates haze pollution. In general, local government competition not only directly leads to an increase in haze pollution but also further intensifies it by distorting the local factor market, and the intermediary role of factor market distortion is approximately 7.04%. The results of the regional inspection found that competition among local governments in the eastern region did not lead to haze pollution, and distortion of the factor market did not exist as an intermediary effect. However, both direct and intermediary effects are significant in the central and western regions. Therefore, an official performance appraisal system that includes ecological constraints should be established to guide the benign transformation of local government competition, and an environmental management mechanism must be developed for joint prevention and control to reduce haze pollution. In addition, the free flow of factors and marketization are equally important.     

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。     

债务违约、社会责任与政府支持

转型期中国，地方国有企业作为地区经济发展的一股中坚力量，当其发生债务违约时，作为实际控制人的地方政府究竟是否愿意提供支持，会优先选择哪些企业提供支持，政府的支持行为是否会影响到信贷资源的配置效率呢?为得到验证，文章选取2007-2016年沪深A股地方国有上市企业作为研究样本，实证分析了地方国企发生债务违约后，地方政府的支持行为及其对信贷资源配置效率的影响。研究结论表明：第一，地方国企发生债务违约后，地方政府会提供更多的"支持"，且支持额度与债务违约额呈显著正相关关系；第二，债务违约前，承担了更多社会责任（环保投资、捐赠以及就业等）的地方国企，在债务违约后可相应地获得更多的地方政府支持；第三，违约企业，尤其是得到更多政府支持的违约企业可获得更多的信贷资源，而其经营业绩却往往更差。由此表明政府干预一定程度上降低了信贷资源配置效率。     

产业共性技术政府支持性研发外包合同影响因素研究

建立产业共性技术研发外包博弈模型，从政府视角研究以共性技术产出最大化为目标的最优政府支持性研发外包合同，并对最优外包合同影响因素进行分析。研究表明：足够多的政府预算是共性技术政府支持性最优研发外包合同存在的前提，最优合同条款随政府预算的增大而增多，企业保留收益增大倒逼政府预算增加；企业最优知识技术投入与共性技术价值系数以及从研发中分享的收益份额正相关，与政府支付的固定研发费用负相关；政府最优知识技术投入与固定研发费用及单位投入成本系数负相关；企业最优投入与政府投入成本系数负相关，与政府投入对研发成功的贡献系数正相关，且企业最优投入随其研发能力的增强而加大。最后，根据研究结论，从政府预算、项目前景及支持性资源分配3个方面提出共性技术研发外包合同实施的政策建议。     

异质机构持股、政府补贴与企业技术创新

机构投资者与政府补贴等优惠政策作为企业经营的重要资本来源和制度保障，势必对企业技术创新产生重要影响。以我国沪深两市战略性新兴上市企业2010-2015年面板数据为研究样本，对异质机构持股、政府补贴与企业技术创新的关系进行实证分析。结果发现：机构持股对企业技术创新没有显著影响，政府补贴可以促进机构持股对企业技术创新尤其是实质性技术创新产生显著正向影响；基金持股对企业技术创新存在显著负向影响，券商持股与QFII持股对企业技术创新分别存在不显著和显著正向影响；政府补贴能够降低基金持股对企业技术创新的负向影响，有效促进基金持股对企业技术创新的正向影响，并通过调节作用促进券商持股和QFII持股对企业技术创新产生更加显著的正向效应；政府补贴对基金持股与企业非实质性技术创新关系的正向调节作用更加显著，对券商持股和QFII持股与企业实质性技术创新关系的正向调节作用更加显著。     

Foreign inflows and economic growth: An emiprical study of the SAARC region

The study examines and highlights the impact of selected foreign inflows (aid, trade, FDI, debt and remittances) on the economic growth of the South Asian Association for Regional Cooperation (SAARC) countries. The existent literature lacks a comprehensive analysis of the SAARC countries as countries like Afghanistan, Bhutan and the Maldives have largely been ignored due to the shorter time periods of available data. The study is empirical in nature and utilizes panel data techniques on macroeconomic data for the period 2008–2015. Foreign aid and foreign direct investment are found to impact economic growth positively. Foreign debt and trade flows are found to adversely affect economic growth. No relationship is established between the flow of remittances and the economic growth of these countries. The obtained results are robust to different proxy variables and the addition of macroeconomic variables. For the first time, the study provides policy implications based on the data of all SAARC countries. The study recommends focusing on increasing the inflows of resources in the form of aid and foreign direct investment (FDI) from the developed world to achieve higher economic growth.     

政策不确定性、财政扩张与区域商业银行风险——基于中国地方官员变更和银行业的证据

文章利用2007-2017年我国93家区域商业银行的面板数据，并结合省级宏观经济数据和地方官员变更数据，实证考察了中国地方官员变更引起的经济政策不确定性对区域商业银行风险的重要影响。研究结果表明：（1）地方官员变更引起的政策不确定性增大了区域商业银行风险；（2）地方官员变更引起的政策不确定性，通过提高银行的资产收益率降低了商业银行风险；而不确定性时期的财政扩张，通过降低银行资产收益率增大了商业银行风险；并且财政扩张的负面影响大于政策不确定性的正面影响；（3）各省的市委书记发生职位更替引起的政策不确定性对区域商业银行风险的影响更大。文章研究为新时代背景下的金融供给侧结构性改革、政府宏观经济政策的制定以及财政体制与金融体制之间的联系提供参考。     

Managing leverage of infrastructure projects: Aggregate and sectoral risk effect

Funding for infrastructure projects recently shows that debt has a portion more than equity, triggering public debates. Therefore, leverage as an instrument to measure the ability and willingness of project sponsors to fund becomes the utmost importance to discuss. Relating to leverage, risk and government participation are two main factors that can explain the choice of funding decisions by the project sponsors. For this reason, this study would analyze the effect of risk and government participation on leverage through the two main sectors of infrastructure projects, namely the transportation sector and the energy sector, and derivating risk to political risk and financial risk. The objects of research were 976 infrastructure projects listed in the Asian Development Bank during 2007−2016. We use censored regression to examine the model by infrastructure sectors, both as individual and through interaction effects. The analysis showed that overall, leverage of infrastructure projects was rather influenced by financial risk than by political risk. However, the leverage of infrastructure projects in the transportation sector was more vulnerable to risk than that in other sectors.     

浙江省民营企业集群式营销探讨

民营企业集群已成为浙江省区域经济快速发展的主流模式之一。与大型企业、跨国公司一起,已成为参与市场竞争的主角。因此,市场营销理论应用领域已从单个企业营销逐步延伸到民营企业集群式营销。民营企业集群式营销是民营企业集群成长的关键,浙江省民营企业集群的快速发展与其营销管理创新是分不开的。为了提高浙江省民营企业集群营销管理水平,本文着重探讨了浙江省民营企业集群营销战略、策略制定及组织实施问题。