The effect of community organisations’ participation and existence on self-rated health in China: evidence from China Health and Retirement Longitudinal Study

Using the China Health and Retirement Longitudinal Study cross-sectional survey in 2011 with an 80.51% response rate, an endogenous logit model is adopted to account for the relationship between social capital and self-rated health and the heterogeneity from gender, age and marital status on individual self-rated health status. Consequently, social capital at both individual and community levels is found to be positively correlated with better subjective self-rated health status. Furthermore, the social capital’s marginal effect of the male, high-income groups, the married are larger than that of the female, rural residents, low-income groups and the divorced. In addition, interclass correlation value from the partition of the fixed and random effect of social capital is significantly, ranging from 3.0 to 5.49%, indicating a significant proportion of the total variance in self-rated health that can be explained by community-level differences.     

信贷市场对农地流转市场发育的影响

我国农地流转市场逐步呈现出适度规模化、有偿化和契约化的趋势,导致农户参与农地流转市场的资本门槛提高。基于3省706户农户调查数据,在控制信贷获得与农地流转决策可能存在的内生性的基础上,从微观层面实证检验农村正规和非正规信贷市场对农户农地流转决策的可能影响。结果表明,正规信贷和非正规信贷对农户转入农地行为和转入规模产生显著正向影响,但是由于农村正规信贷市场不完善以及现行法律禁止农地抵押,非正规信贷对农户农地转入规模的影响更大。未来加快推进农地抵押制度改革和完善农村正规信贷市场有利于促进农地流转和发展适度规模经营,实现农村信贷和农村土地两个要素市场的良性互动和均衡。     

数字经济与实体经济的交互影响及空间溢出

推进数字经济与实体经济深度融合、协同发展是建设数字中国、实现数字强国的重要着力点。既往研究囿于模型构建的局限,忽略数字经济与实体经济的空间交互关系以及潜在的内生性问题,这可能会使参数估计结果出现严重偏误。文章基于中国100个大中城市的面板数据,构建了空间联立方程模型,考察了数字经济与实体经济的内生交互影响以及空间溢出效应。研究发现:区域内数字经济与实体经济间存在显著的正面交互作用,即数字经济与实体经济可双向促进;而在区域间数字经济与实体经济均存在显著的负面空间溢出效应,即本地数字经济抑制了邻近地区的实体经济增长,并且邻近地区实体经济规模的扩大也会给本地数字经济发展造成不利影响。面板分位数和面板门槛模型分别识别了数字经济影响实体经济的条件性特征与阶段性特征。最后,基于实证结论给出了相应政策建议。     

Identification in Nonparametric Simultaneous Equations Models

This paper provides conditions for identification of functionals in nonparametric simultaneous equations models with nonadditive unobservable random terms. The conditions are derived from a characterization of observational equivalence between models. We show that, in the models considered, observational equivalence can be characterized by a restriction on the rank of a matrix. The use of the new results is exemplified by deriving previously known results about identification in parametric and nonparametric models as well as new results. A stylized method for analyzing identification, which is useful in some situations, is also presented.     

Instrumental Variable Models for Discrete Outcomes

Single equation instrumental variable models for discrete outcomes are shown to be set identifying, not point identifying, for the structural functions that deliver the values of the discrete outcome. Bounds on identified sets are derived for a general nonparametric model and sharp set identification is demonstrated in the binary outcome case. Point identification is typically not achieved by imposing parametric restrictions. The extent of an identified set varies with the strength and support of instruments, and typically shrinks as the support of a discrete outcome grows. The paper extends the analysis of structural quantile functions with endogenous arguments to cases in which there are discrete outcomes.     

Efficient Estimation of Models with Conditional Moment Restrictions Containing Unknown Functions

We propose an estimation method for models of conditional moment restrictions, which contain finite dimensional unknown parameters (θ) and infinite dimensional unknown functions (h). Our proposal is to approximate h with a sieve and to estimate θ and the sieve parameters jointly by applying the method of minimum distance. We show that: (i) the sieve estimator of h is consistent with a rate faster than n^‐1/4 under certain metric; (ii) the estimator of θ is √n consistent and asymptotically normally distributed; (iii) the estimator for the asymptotic covariance of the θ estimator is consistent and easy to compute; and (iv) the optimally weighted minimum distance estimator of θ attains the semiparametric efficiency bound. We illustrate our results with two examples: a partially linear regression with an endogenous nonparametric part, and a partially additive IV regression with a link function.     

Semi‐parametric Estimation in a Single‐index Model with Endogenous Variables

We consider a semiparametric single‐index model and suppose that endogeneity is present in the explanatory variables. The presence of an instrument is assumed, that is, non‐correlated with the error term. We propose an estimator of the parametric component of the model, which is the solution of an ill‐posed inverse problem. The estimator is shown to be asymptotically normal under certain regularity conditions. A simulation study is conducted to illustrate the finite sample performance of the proposed estimator.     

董事会规模、内生性与公司绩效研究

纵观有关董事会治理机制的经验研究文献,可以发现绝大多数学者都面临着变量的联合内生性问题.重点关注在内生条件下,董事会规模和公司绩效的关系.使用中国上市公司2004年度数据研究发现,董事会规模是一个影响公司治理的重要因素,但是,与现有的研究文献不同,没有发现董事会规模与公司绩效显著相关.这个结果表明,平均而言,中国公司选择了最优的董事会规模.董事会规模在截面上的变化只是反映了公司运营环境的不同,而非公司对这些治理机制的不合理运用.     

城镇企业养老保险对工资的影响机制——基于制造业企业的实证研究

文章采用2002-2007年中国大中型工业企业调查的数据,研究推进养老保险改革对员工工资的影响,即缴存养老保险比例的变化是否对员工的工资存在挤出或替代效应.在通过工具变量克服养老保险的内生性之后,发现员工的名义工资具有刚性,养老保险不能替代名义工资.剔除各地通货膨胀的因素之后,养老保险也不会挤出实际工资.这与西方国家的发现有所不同….文章进一步解释了在中国存在这种关系的主要原因.文章的发现对现行养老保险制度下中国企业的人力资本战略选择和调整有着深刻的意义.