经济政策不确定性是否降低了全球技术溢出强度:基于货物贸易与服务贸易的对比分析

本文采用20个国家及地区细分类型的货物贸易和服务贸易双边数据,对比研究不同贸易类型技术溢出对进口国全要素生产率的影响,并进一步分析出口国经济政策不确定性是否会降低技术溢出的作用强度。结果显示:一方面,货物及服务进口贸易引致的技术溢出显著促进了母国相对全要素生产率的提升,服务进口贸易技术溢出作用强度为0.0432,比货物进口贸易高77.8%,且两者作用强度经检验存在显著差异,这意味着服务贸易已成为全球技术溢出更为重要的载体;另一方面,加入经济政策不确定性指数后发现,各类贸易溢出仍能显著促进进口国相对全要素生产率的提升,但是经济政策不确定性显著降低了技术溢出作用的强度,服务进口的贸易技术溢出作用强度所受影响比货物进口高95.5%。本文的研究结果表明,适当对进口贸易结构进行纠偏,挑选经济政策不确定性较低的出口伙伴国是强化我国进口技术溢出吸收的关键。     

经济政策不确定性的溢出效应及形成机理研究

借鉴Diebold和Yilmaz（2012）广义预测误差方差分解思想，利用14个主要经济体2003年1月至2017年5月经济政策不确定性指数数据，测算了其溢出效应,并对形成机理进行了初步探讨。测算结果表明：发达国家的经济政策不确定性溢出效应整体水平要高于发展中国家，该溢出效应对突发大事较为敏感，而对于可预期世界大事则较为迟钝。在控制了个体和时间效应后，进行面板固定效应的FGLS估计，实证结果发现，经济政策不确定性及其波动对溢出效应的偏效应均为正，且波动值的估计系数远高于水平值，经济政策不确定性主要体现为波动溢出效应。由分位数回归估计结果可知，随着分位数的增加，对外贸易、经济政策不确定性水平值、波动值及交互项估计系数的绝对值逐渐变大，对经济政策不确定性溢出效应起主要作用的因素随之变化。为了更好抵抗来自其他国家经济政策不确定性的污染，各国应找到推动经济增长的内生动力，减少国际依赖。     

理性选择理论的困境:纠结的理性与不确定性

理性选择理论的建构以理性经济人假设为基础,注重演绎方法的运用,因其逻辑与现实的不尽一致而遭到广泛批评。当代不确定性理论的发展也对理性选择理论提出了挑战,丹尼尔.卡尼曼即通过分析不确定性条件下人们的决策心理而提出期望理论,销蚀了理性经济人假设,从而使理性选择理论纠结于理性和不确定性之间,陷入了要理性还是要充分应对不确定性的两难境地。     

Macroeconomic Uncertainty Through the Lens of Professional Forecasters

ABSTRACT

We analyze the evolution of macroeconomic uncertainty in the United States, based on the forecast errors of consensus survey forecasts of various economic indicators. Comprehensive information contained in the survey forecasts enables us to capture a real-time measure of uncertainty surrounding subjective forecasts in a simple framework. We jointly model and estimate macroeconomic (common) and indicator-specific uncertainties of four indicators, using a factor stochastic volatility model. Our macroeconomic uncertainty estimates have three major spikes has three major spikes aligned with the 1973–1975, 1980, and 2007–2009 recessions, while other recessions were characterized by increases in indicator-specific uncertainties. We also show that the selection of data vintages affects the estimates and relative size of jumps in estimated uncertainty series. Finally, our macroeconomic uncertainty has a persistent negative impact on real economic activity, rather than producing “wait-and-see” dynamics.     

统计模型的“不确定性”问题:与倾向值方法

量化社会学研究往往基于特定的统计模型展开。近十几年来日益流行的倾向值方法也不例外，其在实施过程中需要同时拟合估计倾向值得分的“倾向值模型”与估计因果关系的“结果模型”。然而，无论是其模型形式还是系数估计，统计模型本身都具有不可忽视的“不确定性”问题。本研究在倾向值分析方法的框架下，系统梳理和阐释了模型形式不确定性与模型系数不确定性的内涵及其处理方法。通过分析“蒙特卡洛模拟”数据与经验调查数据，本文展示了在使用倾向值方法进行因果估计的过程中，研究者如何通过“贝叶斯平均法”进行多个备选倾向值模型的选择，以及如何通过联合估计解决倾向值模型与估计模型中的系数不确定性问题。本文的研究也表明，在考虑倾向值估计过程的不确定性之后，结果模型中对于因果关系的估计呈现更小的置信区间和更高的统计效率。     

Integration team members' approaches to uncertainty management in M&A

Mergers and acquisitions (M&A) are associated with various uncertainties. Often, large companies designate integration team members to organize post-acquisition integration. However, little is known about what integration team members do in the post-acquisition integration process. This study examines how integration team members deal with uncertainties in post-acquisition integration, specifically how they manage tensions that require different and conflicting approaches. The research is based on an in-depth qualitative case study that examines the post-acquisition integration phase in real-time in the context of two Nordic firms. The study offers three main findings. First, among various uncertainty reduction, coping and balancing approaches observed in this study, the balancing approach emerged as a new method to face uncertainty. The second finding illustrates that the choice among various uncertainty management methods and their approaches is a dynamic process, in which integration team members from both buying and acquired firms are actively involved. Lastly, the study identifies that integration team members use collaboration as the way to address tensions in uncertainty management.     

汶川地震对房地产市场的冲击与政策研究

 本文采用“汶川”地震后震区主要城市的问卷调查数据,检验汶川地震对房地产市场带来的冲击。结果表明,对地震前后购房区域相对固定的人群而言,在自我保险成本可预期的情况下,家庭长短期收入是决定风险规避行为的主要因素,个人风险偏好并不起主要作用,然而当自我保护成本不可完全预期时,不同人群的风险偏好差异便显示出来。性别及家庭特征将影响个体对地震风险厌恶程度,而地震带来的心理上的影响冲击并不决定消费者的理性选择。震后,收入越高的群体更注重房屋质量,高质量房屋的需求会有一定增长。女性、有小孩的家庭以及受损严重市县的消费者将更注重房屋的抗震强度。本文的结果也验证了自我保险与自我保护理论的不同影响因素。     

Internalization and internationalization under competing real options

The theories of internalization and internationalization provide general factors of international market entry but are not precise about its timing. The theory of real options may complement these approaches as it centers the impact of uncertainty on the timing and dimensioning of investment. A panel study of 5379 German entries to 22 countries suggests that, under the moderating influence of competition, the economic uncertainty in a host country has a U-shaped influence on the moment of entry. The results further reveal that uncertainty has a negative effect on the amount of capital at entry. Uncertainty shows no impact on the share in capital at entry, which challenges the view of international joint ventures as real options.     

信息不确定、信息不对称与债券信用利差

在将债券市场中的信息不对称区分为一级市场上发债企业与投资者之间的信息不确定与二级市场上投资者之间的信息不对称基础上,本文以中国企业债券为样本,实证检验信息不确定、信息不对称与债券信用利差的关系。检验结果表明,在控制债券以及企业层面相关控制变量情况下,投资者在信息不确定与信息不对称两种情况下能获得显著的风险溢价。在控制了信用等级与事件日时长的情况下,该结果是稳健的。最后,信息不确定与信息不对称能够帮助信用风险结构模型解释债券信用利差。本文的研究结论表明,为了更好保护投资者,监管部门在加强企业债券信息披露监管的同时,也应该强化对投资者信息披露的监管。     

Toward a Contextually Anchored Service Innovation Typology

In an increasingly service-centered economy, service innovation is crucial to maintaining a firm's competitive advantage. While service innovation has attracted much attention and has resulted in the development of several service innovation typologies, these attempts remain rooted in the goods-versus-services perspective. In addition, limited attention has been devoted to theoretically anchoring these typologies in the key determinants of service innovation. Our study aims to close these gaps by developing a service innovation typology that is embedded in the service-dominant logic (SDL) and anchored by contextually relevant dimensions—environmental uncertainty, strategic orientation, and market orientation. This article presents an eight-cell service innovation typology and discusses its managerial and research implications. It is our belief that framing the typology along three contextually important dimensions and embedding in the SDL provides a richer and more appropriately specified articulation that is theoretically robust and will be useful to managers responsible for service innovation.