我国基础设施经济增长效应的传导机制实证检验

基础设施作用于交易效率进而促进经济增长的微观机制,能有效促进产出。文章采用空间计量经济学方法,对我国基础设施建设与经济增长的关系进行了实证分析,说明政府在基础设施建设中如果偏重于能大幅度提高交易效率的那些基础设施建设（比如公路、通讯等）,则会较大幅度地提高居民的福利水平。但是,当该比重达到一定水平后,交易效率和福利水平的提高就变得十分有限。这一结论是在提示政府：不能总是拿基础设施投入作为刺激经济增长的惟一手段,它不是拉动内需的灵丹妙药。     

山西省区域经济差异形成原因的实证检验

采用定量分析的方法,运用山西省统计年鉴和中国统计年鉴的官方数据,对11市经济增长差异形成的原因进行实证检验,发现对外贸易和政府财政支出会引起经济差异的扩大,外商直接投资会促使经济差异缩小,消费品市场规模、第一产业比重、第二产业比重、第三产业比重对经济差异的影响不显著。基于此,本文提出促进山西省区域经济协调发展的建议包括：第一、坚持政府主导,培育服务体系;第二、调整产业结构,促进产业升级;第三、努力推进工业化,加快城市化进程;第四、推动区域产业合作,实现区域经济错位发展。     

Insider ownership and corporate performance: evidence from Germany

In this paper we address the question whether insider ownership affects corporate performance. Evidence from studies dealing with Anglo-Saxon countries is rather inconclusive, especially because results seem to be significantly affected by endogeneity. Economically, this is due to the fact that in these countries insider ownership seems to be mainly driven by management’s compensation contracts. We argue that Germany is different in this regard, as insider ownership is often related to family control, stock-based compensation is less widespread, and the market for corporate control used to be less developed. Starting from this presumption, our data allows an unbiased observation as to whether insider ownership affects firm performance. Using a pooled data set of 648 firm observations for the years 2003 and 1998, we find evidence for a positive and significant relationship between corporate performance—as measured by stock price performance, market-to-book ratio and return on assets—and insider ownership. This relationship seems to be rather robust, even if we account for potential endogeneity by applying a 2SLS regression approach. Furthermore, the results hold for a sub-sample of firms that did not have a stock-based compensation program in place. Moreover, we find outside block ownership as well as more concentrated insider ownership to have a positive impact on corporate performance. Overall, the results indicate that ownership structure might be an important variable explaining the long term value creation in the corporate sector.

基于企业产权关系的权变公司治理模式研究

随着社会经济的发展,公司制企业在国民经济中的地位不断提升,公司治理也越来越引起人们的注意.但是,对于转轨时期的中国国有企业和民营企业而言.由于不同企业的条件状况不一样,其公司治理不能采取完全相同的模式,而应当实行权变的公司治理策略.对公司治理模式影响最大的莫过于企业的产权关系,因为公司治理在很大程度上是对企业产权关系的反映和保障.企业的产权关系不同,公司治理也有相应的不同类型.正是基于这一考虑,本文立足于对不同类型的企业产权关系分析.探讨公司治理的不同类型以及影响企业对其选择的主要因素,最终形成权变公司治理模式,并采用问卷调查的方法进行了实证检验,力图为现实的企业实践和相关的理论研究提供参考.     

基于SYS-GMM的中国人口结构变化与经济增长关系研究

本文利用中国29个省份20年的面板数据,探讨了人口结构变化对储蓄、投资和经济增长的影响。我们将人口结构指标引入传统的经济增长模型中,并用固定效应模型和SYS-GMM计量方法分别测算其对储蓄、投资和经济增长的效应。考虑到老年抚养比在经济增长方程的内生性,我们还将滞后30年的就业人数比率作为工具变量来识别老年抚养比对经济增长的因果效应。结果显示老年抚养率对储蓄、投资和经济增长存在显著的正相关。人口增长率对储蓄和投资有着负相关,但对经济增长没有影响。工作年龄人口比率对储蓄率存在负相关,对投资和经济增长存在正向影响但估计的回归系数不显著。在加入其它制度和人口变量之后回归结果依然稳定。     

碳信息披露的价值效应：环境监管的调节作用

本文通过构建多层线性模型分析了地区层次的环境监管因素对企业层次的上市公司碳信息披露价值效应的影响。研究发现,在碳信息披露与企业价值的U型关系中,环境监管具有调节作用,良好的环境监管有助于增强企业碳信息披露与企业价值的正向关系。且本文进一步研究发现,相比非国有企业,良好的环境监管对国有企业更能增强企业碳信息披露与企业价值的正向关系。同一环境监管水平下,国有企业比非国有企业更有利于偏向企业碳信息披露与企业价值的正向关系。本研究丰富了环境监管和碳信息披露的经济后果领域的文献,并为企业在不同环境监管水平下,充分提升碳信息披露水平与提高企业价值,以及为政府的相关环境监管建设,促进低碳经济发展提供启示。     

Firm internationalization and performance: Evidence for designing policies

The debate on the relationship between internationalization and performance is still open and is a hot topic for policymakers, but they ignore the impacts for most of the firms supported. The paper is based on a large database of seven years that considers quantitative-qualitative and control variables. To reduce industry and country heterogeneity we focused on the Italian automotive supply chain. We tested 5 modes of internationalization on firms’ profitability so to support the design of policies. Our results are partially in contrast with literature; therefore we identify specific environments where policies, namely for exporting, could be more effective.     

Organizational status growth and structure: An alliance network analysis

Considering the status system emerging from a structure of corporate affiliations, we examine how alliance patterns among firms affect their changing organizational statuses and the structural development of the status system itself. Firm status is conceptually grounded in sociological theories of status and network analysis. The empirical setting we investigate is the network of alliances among firms in the Global Information Sector. The results indicate a negative effect of initial firm status on the growth rate of individual status, which is associated with the different patterns of alliance affiliations among firms with different status levels. Affiliation patterns also affect the extent of variation in the gap between status strata and firm mobility along the status hierarchy. The results highlight the importance of understanding the structural aspects underlying firm status attainment.     

椰糠作为甜瓜栽培基质的初步研究

以锯末为对照,研究了椰糠作为栽培基质对甜瓜生长状况、开花结果习性、果实性状及品质的影响.结果表明,椰糠作为基质时甜瓜生长状况较好,开花坐果较早,纵径、横茎、果肉厚度等果实性状指标和Vc、可溶性糖、硝酸盐含量等品质指标也优于锯末基质.在不同配比的椰糠基质中,椰糠:河沙:有机肥为6:2:1时,各指标具有最大值,单产最高,是椰糠作为基质种植甜瓜时的最佳配比.     

Clinical effects of growth hormone on bone: a review

Growth hormone (GH) stimulates bone turnover. Deficiency of GH due to hypopituitarism is related to low bone mineral density and increased fracture risk. GH substitution increases and thus normalizes bone mineral density in these patients, which is one of a number of arguments for GH substitution in hypopituitarism. In contrast, a possible therapeutic use of GH in idiopathic osteoporosis and glucocorticoid-induced osteoporosis is speculative and not established. Reduction of osteoporosis risk is an argument brought up for a use of GH in healthy elderly persons (anti-aging medicine). However, since only very limited data are available yet, this cannot be based on scientific evidence, and there are important concerns about the safety of use of GH in healthy elderly persons.