财务柔性能力与中国上市公司持续性创新——兼论协调创新效应与自适应效应

基于财务柔性组织理论,本文利用2007-2017年我国A股上市非金融类公司微观数据,从理论和实证检验分析了企业财务柔性能力对持续性创新的影响,结果显示企业财务柔性对持续性创新存在正向促进作用。进一步,本文探讨了财务柔性可能存在的“协调创新效应”和“自适应效应”两种机制。协调创新效应相关检验结果显示企业储备的财务柔性能力能有效协调内外部资源,释放融资约束的负向影响,从而正向促进企业持续性创新。检验结果还显示,企业主动地调节财务柔性储备,能够在不同维度环境的不确定性影响下发挥“自适应效应”,助力企业实现持续创新的目标。总体而言,本文结论改善了企业断点式或阶段式的创新投入方式,切实提升了企业自主研发能力和质量,对`实现我国创新“量质平衡”有重要意义。     

财政分权和环境规制促进了中国绿色技术创新吗？

基于我国2003-2017年省级面板数据测算财政分权水平和财政分权效率,结合两阶段关联网络DEA测算绿色创新效率、绿色技术研发效率、绿色技术成果转化效率。结合理论模型与实证模型,分析了财政分权、环境规制对我国绿色技术创新的影响。结果表明：从整体上看,财政分权水平、财政分权效率和环境规制都是推动我国绿色创新发展的积极因素,财政分权还通过影响环境规制对绿色技术创新产生积极间接影响;但也导致了地方政府不注重绿色研发的短视行为。从不同时段看,财政分权和环境规制对绿色创新影响发生了变化,一是国际金融危机以后,财政分权加大了经济刺激政策对绿色创新发展的挤出效应,但这在新时代以后得到缓解;二是2013年以后地方环境规制水平提升过快,在一定程度上反而不利于绿色创新。从发展处于不同分位的地区看,财政分权对高、低分位地区绿色创新发展支持都稍显不足,但提高财政分权效率则能显著带动高分位地区发展;环境规制只在高分位地区促进了绿色创新发展,但对绿色创新效率较低的地区而言,过高的环境规制并没有实际意义。     

Financial Issues Associated with Having a Child with Autism

Data from the Family Experiences with Autism Survey are used to identify factors associated with financial problems in families that have a child with autism. Likelihood of financial problems was positively associated with use of medical interventions, having unreimbursed medical or therapy expenses, and having relatively lower income. Use of speech and language therapy was negatively associated with likelihood of financial problems. Many survey respondents forfeited future financial security and even experienced bankruptcy to provide needed therapy for a child with autism. Specific ways that financial advisors can help families that have a child with autism are outlined.

The Impact of Personal Finance Education Delivered in High School and College Courses

This study investigates the impact of personal finance education delivered in high school and college. Outcomes of interest were investment knowledge and household savings rates measured years after the financial education was delivered. A web-based survey with questions about participation in financial education, financial experiences, income and inheritances, and demographic characteristics was administered to 1,039 alumni from a large midwestern university. Participation in a college level personal finance course was associated with higher levels of investment knowledge. Experience with financial instruments appeared to explain more of the variance in both investment knowledge and savings rates. No significant relationship between taking a high school course and investment knowledge was found. Financial experiences were found to be positively associated with savings rates.

Does the Euro–Mediterranean Partnership contribute to regional integration?

The paper investigates whether Southern Mediterranean and Middle Eastern markets under the Euro–Mediterranean Partnership (Egypt, Lebanon, Morocco, Malta, and Turkey) have become more financially integrated with the European stock market over time. The findings suggest that the Turkish equity market is moderately integrated with the European market, while the other economies exhibit weak financial integration with Europe, supporting the idea that the partnership appears to have no effect on enhancing inter-market linkages for these economies. Therefore, these markets would be good destinations for international investors seeking attractive investment opportunities to diversify their equity portfolios. Structural changes in the cross-market integration do exist, which may be considered as a guide for international equity portfolio diversification over different subperiods. In addition, there is evidence of an increasing trend in conditional correlations for Egypt and Turkey, to varying degrees, over time, notably during the post global financial crisis of 2007–2008, thus revealing herding behavior during this period. Overall, investors should be wary of the variation of equity market integration over time before engaging in an investment at the level of portfolio management and diversification. Policymakers must be aware of the remoteness of the current achievements of the Euro–Mediterranean Partnership from the targets set in terms of financial development and economic growth.     

The experiences of privately practising midwives in Australia who have been reported to the Australian Health Practitioner Regulation Agency: A qualitative study

BackgroundIn Australia the majority of homebirths are attended by privately practising midwives (PPMs). In recent years PPMs have been increasingly reported to the Australian Health Practitioner Regulation Agency (AHPRA) mostly by other health professionals.Purposeto explore the experiences of PPMs in Australia who have been reported to the AHPRA.MethodsA qualitative interpretive approach, employing in-depth interviews with eight PPMs was undertaken and analysed using thematic analysis. A feminist theoretical framework was used to underpin the research.ResultsThe majority of reports made to AHPRA occurred when midwives supported women who chose care considered outside the recommended Australian College of Midwives (ACM) Consultation and Referral Guidelines. During data analysis an overarching theme emerged, “Caught between women and the system”, which described the participants’ feelings of working as a PPM in Australia. There were six themes and several sub-themes: The suppression of midwifery, A flawed system, Lack of support, Devastation on so many levels, Making changes in the aftermath and Walking a tight rope forever. The findings from this study reveal that midwives who are under investigation suffer from emotional and psychological distress. Understanding the effects of the process of investigation is important to improve the quality of professional and personal support available to PPMs who are reported to AHPRA and to streamline processes.ConclusionIt is becoming increasingly difficult for PPMs to support the wishes and needs of individual women and also meet the requirements of the regulators, as well as the increasingly risk averse health service.     

中国货币当局资产负债表结构与货币政策调控方式转变

货币当局资产负债表是分析央行行为与货币政策执行情况的一个重要报表。我国货币当局资产负债表科目随着经济金融结构的演变经历了多次调整,本文梳理了我国货币当局资产负债表结构及其演变过程,重新编制1999-2018年的年度可比货币当局资产负债表,通过解析各科目余额及其结构的动态变化特征,揭示统计数据背后的经济逻辑与政策实践、以及重要资产负债科目间的勾稽关系。研究发现：外汇占款和对其他存款性公司的债权是我国货币当局投放基础货币的主要渠道。过去20年中,两种渠道此消彼长反映出我国基础货币投放方式和货币政策调控方式的两次重要转变与创新。在外汇占款大幅增长时期,货币当局曾通过频繁提高法定存款准备金率和发行央行票据回笼过剩流动性。随着国际收支顺差收窄和国内经济由高速增长向高质量发展转变,公开市场操作和创新型再贷款工具将成为货币当局主动投放基础货币的重要渠道。     

基于高维波动率网络模型的股票市场风险特征研究

波动率是金融风险管理研究的重要内容之一。本文基于复杂网络理论和数据挖掘技术提出股票市场的高维波动率网络模型。首先运用互信息度量不同股票价格波动之间的相关关系,其次对股票市场不同周期下的波动情况建立度的中心势、平均距离、幂律分布等网络拓扑指标,再次根据这些指标利用Prim算法构建出高维波动率网络模型,最后运用Newman-Girvan算法对股票价格波动率的相关性进行分层研究。高维波动率网络模型突破了传统波动率模型关于变量维数的限制,能够在依赖少量假设的基础上,挖掘出多个金融市场主体间的相互关系,反映金融市场的风险特征及网络拓扑性质。实证结果发现：与常用的Pearson相关系数法相比,在互信息框架下,股价波动的非线性相关关系得到了更好的度量;股票市场的整体波动性与个股波动率相关性变化趋势相反,市场处在高波动时期资产组合分散化效果较好;网络中存在少量度数大的关键节点和中心节点,风险通过这些节点可以迅速传递到整个市场;股票市场的运行具有明显的行业聚集现象;网络分层研究进一步直观的展现了风险在层与层之间的传递规律和与之对应的行业特征。高维波动率网络模型为挖掘股票市场的风险特征与管理金融风险提供了一个新的工具。     

金融周期、金融波动与中国经济增长——基于省际面板门槛模型的研究

本文应用面板门槛模型,研究了2005-2017年间我国31个省（市、自治区）金融波动对经济增长的影响。研究发现,随着金融周期所处阶段的变化,金融波动对经济增长会产生显著的非对称性双重门槛效应,主要体现为如下两点：首先,金融周期处于膨胀期、平稳期和萧条期时金融波动对经济增长会产生负向影响,但从影响系数值的大小来看,处于膨胀期时最大,是后两者的2倍之多,处于平稳期时最小且并不显著;其次,分区域的稳健性检验表明,金融发展水平高的区域双重门槛值出现得早,且两个门槛值间的区间要比金融发展水平低的区域宽28%。这些结论说明,经济增长对于金融波动的容忍弹性会随着金融周期所处的阶段而变化,金融发展水平的提高会放大经济增长对金融波动的容忍区间,但也会加速金融周期处于膨胀期时爆发金融危机的可能性,这使得当前我国存在着进一步发展金融水平和严控金融风险的矛盾,对此本文也提出了相应的政策建议。     

产业协同集聚的资源错配效应研究

利用2003－2016年中国280个地级市的数据,分别测算了产业协同集聚指数、资本错配和劳动力错配指数,采用差分GMM方法考察产业协同集聚对资源错配的影响。结果发现：产业协同集聚的提高,会显著降低资本错配和劳动力错配指数;分地区的回归发现,东部地区产业协同集聚改善了资本错配,对劳动力错配负向作用不显著,中部地区产业协同集聚会改善资本错配,但会恶化劳动力错配,西部地区产业协同集聚则加剧了资本错配,但可以缓解劳动力错配情况。进一步作用机制分析表明,产业协同集聚水平的提高,会显著提高金融业的专业化分工,进而改善资本错配,同时会提高劳动力成本,改善劳动力错配。文章的政策含义是通过产业协同集聚,可以提高金融业的专业化分工和劳动力成本,进而缓解资本和劳动力的错配,提高经济效率,促进经济增长。