智慧居家养老服务协同供给的优化路径研究——以广西钦州市智慧居家养老项目的实践经验为例

智慧居家养老服务的协同供给可以形成社会联动效应，降低公共服务成本。运用公共服务协同供给分析框架，通过交叉分类方法从协同主体的利益与目标两个变量的耦合性出发分析广西钦州市智慧居家养老项目中养老服务主体间不同种类的协同关系，可以从加强政府领导、形成合作联盟、建立市场标准、创新扶持政策4个方面完善政府、企业、社会组织之间不同类型的协同供给，实现社会资源的高效利用以及向智慧居家养老服务的发展和转变。     

Optimal investment with fixed financing costs

Models with a premium on external finance produce counterfactual predictions about liquidity management. We address this shortcoming by introducing a fixed cost of increasing external finance into an otherwise standard investment/financing problem. This additional financial friction is well-motivated by case studies and our analysis shows that it generates more realistic predictions about liquidity management: firms hold external finance and idle cash simultaneously, and may invest an additional dollar of cash flow in liquidity rather than repaying external funds or investing in productive capital. In addition to better fitting the stylized facts about the time-series and cross-sectional pattern of liquidity holding, these results may help shed light on the fragility of estimates of investment–cash flow sensitivities.     

Public finance and the optimal speed of transition*

We develop a general equilibrium model that jointly considers the influence of capital accumulation constraints and of labour market frictions on the process of transition. We endogenize the economic and budgetary costs of different government policies and show that, early in transition, governments ought to subsidize state firms. Provided that intertemporal commitment is feasible, this policy limits the initial output fall, which relaxes capital accumulation constraints, accelerates transition, and increases welfare. Moreover, by resorting to indirect – instead of direct – taxes, governments can bring the path of transition closer to the first best. Yet, political pressures may induce a policy of suboptimal subsidization.     

融资约束与公司投资关系研究综述

公司的融资约束和投资-现金流量敏感性之间的关系成为财务管理的焦点问题。本文通过对国内外融资约束与投资关系众多文献的分析,研究了融资约束的影响因素,探讨了不同情况下融资与投资的关系,并分析了现存的投资-现金流敏感性模型的应用现状。最后,对我国进行投资-现金流敏感性问题的研究提出了建议。     

农业供应链金融视角的农户信贷约束缓解效应研究——来自湖南农户的经验证据

采用多元多值非条件Logistic回归方法,依据湖南省50个县(市、区)1059个农户样本数据,考察农业供应链金融对农户信贷约束的缓解效应。结果显示：农户参与农业供应链金融能够缓解供给型与需求型农户信贷约束,缓解效应随着农户收入增长、金融发展和农户社会资本提升而减弱,机制检验证实了信息对称、信用等级、交易成本、抵押替代在缓解农户信贷约束过程中起到部分中介效应。鉴于此,需要在创新模式、优化环境以及加强引导上着力发展农业供应链金融。     

非正规金融研究文献述评

通过对非正规金融的概念、类型、规模、形成原因、市场利率等方面的梳理,指出非正规金融的产生适应经济发展的内在要求,具有客观必然性。非正规金融的高利率在一定程度上是放贷风险的补偿,同时也是对正规金融官僚体制低效率的制度适应。     

外资进入对本土企业风险承担的影响：资本逐利还是风险规避

外资自由化作为我国资本市场开放的重要内容,在促进境内外资本要素互联互通的同时,也深刻影响着微观企业行为。以我国2007—2017年A股上市公司作为研究样本,实证检验外资进入对我国本土企业风险承担的影响。研究发现：外资进入能够显著提升企业的风险承担水平。进一步地,外资进入对企业风险承担的促进效应在融资约束严重、股权集中度更高和市场化进程缓慢地区的企业中更加显著。此外,在不同资本市场开放水平,外资进入对企业风险承担的作用存在明显差异。     

Collusive Long-Run Investments Under Transmission Price-Caps

In the short run, constraints in the electricity transmission system may give market power to generators. This paper examines whether the constraints themselves are a long-run equilibrium outcome in a competitive environment. We show that independent transmission companies and generators can tacitly collude to raise prices to consumers and divide the resulting profits. We also show that price cap regulation does not prevent this behavior and may in fact contribute to it. The mechanism for collusion is that generators locate their plants so that a capacity-constrained transmission line lies between them and their consumer market. We show that this constraint-based collusion can be sustained in a static game without any punishment strategies.     

Expected revenue of all-pay auctions and first-price sealed-bid auctions with budget constraints

We show that all-pay auctions dominate first-price sealed-bid auctions when bidders face budget constraints. This ranking is explained by the fact that budget constraints bind less frequently in the all-pay auctions, which leads to more aggressive bidding in that format.     

我国制造业环境管制的实证研究

从制造业的角度出发,分析了政府对环境管制(ER)的两种形式:正式管制(FER)和非正式管制(I-ER),建立了环境管制均衡方程,并且采用面板数据的分析方法对理论假设进行了验证。研究表明,假设的影响制造业环境管制的主要因素:政府保护意愿、劳动密集程度、产业规模、经济外向度、产业国有化程度、科技吸收转化支出和劳动力素质的高低均产生了显著的影响。