Investor preferences for positive social externalities and state-owned enterprises’ facilitated access to capital

State-ownership of commercial companies exists around the world, and it is important to understand its effect on financing and investment decisions. Empirically, firms that are partially state-owned (SOE) usually profit from easier access to capital. We propose a novel explanation for this: investors’ social preferences can affect capital allocation if SOEs are perceived as socially beneficial. In support of this we found that people attribute social benefits more to SOEs than to private firms, and their propensity to invest depends on this attitude. Further, in an incentivized modified stochastic public goods game, participants invested in risky options with positive externalities even when the aggregate of private return and externality was lower than the return of an investment option with only private returns. For the case of the EU, we discuss alternative explanations such as state guarantees and political lending in the light of regulations of state aid. We conclude that even if these regulations prohibit direct or indirect state aid for SOEs, state-ownership can affect capital allocation through investors’ social preferences.     

中国经济增长的资本策略选择

本文通过对资本及资本对经济增长的作用的分析, 提出中国现阶段经济增长的资本策略选择应从宏观经济和区域经济两个层面考虑, 根据中国经济增长的具体情况来做资本策略的选择。     

风险投资与中小企业技术创新

我国中小企业发展面临许多困难 ,其中一个主要障碍是中小企业在技术创新活动中资金短缺 ,且技术创新的风险大。中小企业利用传统融资方式来寻求资金十分困难 ,而风险投资能较好地解决这个融资难题 ,促进技术创新。本文主要针对如何应用风险投资促进中小企业发展进行初步探讨 ,并提出相应的对策与建议     

ON THE COST OF NEW ISSUES OF COMMON STOCK: AN AMENDMENT TO THE CONSTANT GROWTH MODEL

Expansion decisions by corporate managements are importantly influenced by their perceptions of the firm's cost of capital and especially the cost of common equity. Their decision making is then influenced by the common perception that new issues of common stock are more costly than retained earnings because of the flotation costs inherent in new issues. Thus a rate of expansion that requires new issues is downgraded in decision making. In this paper the authors show that in actuality new issues of common equity may be less costly than retained earnings. Thus different decision-making implications are clearly involved.     

外商直接投资、技术外溢与我国经济增长

我国自改革开放以来,外商直接投资(FDI)发展迅速。2002年我国首次超过美国成为全球引进外资最多的国家,2004年吸引外资又创新高,首次突破600亿美元大关,仍居世界第一。外商直接投资作为国际技术外溢的主要渠道之一,是实现我国技术进步的重要途径。为此,我们应继续坚持对外开放政策,采取各项措施充分发挥我国FDI的技术外溢效应,以促进我国国民经济稳定、持续地发展。