Financing Innovation Development in the Context of Foreign Experience and Domestic Practice

The importance of innovation development is determined by the strategic role that true innovations play in the development of the state and the formation of a healthy, competitive economy. The organization of massive industrial production—which applies advanced technological achievements and science-intensive knowledge to form an infrastructure for innovation—should be a key component of the government’s strategic policy to develop the national economy. In Russia, the infrastructure for innovation is less developed than other industrialized countries. This article considers the consequences of this underdevelopment, and proposes several ways of financing basic and applied research on the basis of foreign precedent and domestic practice.     

Extending social security coverage to the rural sector in China

In late 2009 China launched an innovative, voluntary programme that by 2011 had extended pension coverage to 326.4 million people in the rural sector, including contributors and beneficiaries. It requires one contribution per year and provides a flat‐rate benefit and a contributions‐related benefit through a contributory individual account, with a government guarantee that the benefit will continue for life. The programme encourages participation of persons who do not pay income taxes, and thus have no tax incentive to participate, by providing substantial government subsidies. As a further incentive, old‐age benefits are provided to older parents when all their adult children participate in the contributory programme.     

金融发展、融资约束与战略性新兴产业发展

战略性新兴产业发展需要大量的资金投入,过高的外部融资成本已经成为阻碍战略性新兴产业发展的重要因素.促进战略性新兴产业发展,已经成为一个亟待解决的问题.文章利用2011-2014年七大战略性新兴产业422家上市公司15个季度的面板数据,分别考察了中国银行业与股票市场发展对战略性新兴产业发展的影响.实证结果显示,七大战略性新兴产业的融资约束具有异质性,节能环保产业、高端装备制造业和生物医药产业融资约束较小,新材料、新一代信息技术、新能源汽车和新能源产业具有更大的融资约束.进一步研究发现,金融发展缓解了战略性新兴产业的融资约束,其中股票市场发展较银行发展更能缓解战略性新兴产业的融资约束.     

旅游景区不文明行为约束机制研究

随着我国进入“大众化旅游时代”,凸显出来的问题也越来越多。旅游景区游客的不文明行为最为常见,而且愈演愈烈, 引起政府的高度重视。分析了旅游景区游客不文明行为屡见不鲜的症结所在,从而提出针对游客不文明行为的约束机制,即 在政府的主导下景区实行游客购票实名制、建立高效的积分制度及完善的游客诚信档案,并积极进行监督与执行。     

技术创新融资风险评价模型与实证研究

针对型技术创新融资过程中融资风险难以量化及融资风险评价主体的模糊性问题,建立企业举债背景下的权益资本报酬率服从正态分布 N E,σ2()的融资风险量化与评价模型,将该模型应用于高新技术企业上市公司技术创新融资项目进行实证分析,结果显示,对融资风险量化的准确性高,且融资风险评价模型实用性强,为企业技术创新融资过程中的风险管理决策提供合理依据。     

Bayesian variable selection approach to a Bernstein polynomial regression model with stochastic constraints

This paper provides a Bayesian estimation procedure for monotone regression models incorporating the monotone trend constraint subject to uncertainty. For monotone regression modeling with stochastic restrictions, we propose a Bayesian Bernstein polynomial regression model using two-stage hierarchical prior distributions based on a family of rectangle-screened multivariate Gaussian distributions extended from the work of Gurtis and Ghosh [7 S.M. Curtis and S.K. Ghosh, A variable selection approach to monotonic regression with Bernstein polynomials, J. Appl. Stat. 38 (2011), pp. 961–976. doi: 10.1080/02664761003692423[Taylor &; Francis Online], [Web of Science ®] , [Google Scholar]]. This approach reflects the uncertainty about the prior constraint, and thus proposes a regression model subject to monotone restriction with uncertainty. Based on the proposed model, we derive the posterior distributions for unknown parameters and present numerical schemes to generate posterior samples. We show the empirical performance of the proposed model based on synthetic data and real data applications and compare the performance to the Bernstein polynomial regression model of Curtis and Ghosh [7 S.M. Curtis and S.K. Ghosh, A variable selection approach to monotonic regression with Bernstein polynomials, J. Appl. Stat. 38 (2011), pp. 961–976. doi: 10.1080/02664761003692423[Taylor &; Francis Online], [Web of Science ®] , [Google Scholar]] for the shape restriction with certainty. We illustrate the effectiveness of our proposed method that incorporates the uncertainty of the monotone trend and automatically adapts the regression function to the monotonicity, through empirical analysis with synthetic data and real data applications.     

中国农村民间借贷市场融资约束环境下利率定价模型分析——以广东农村实地调查数据为例

通过对广东农户民间借贷行为实地调查的问卷进行数据分析,了解农村民间借贷中的资金供求关系,发现存在的融资约束问题,进而对融资约束环境下民间借贷资金利率定价过程进行实证分析;着重考察农村民间借贷利率受公共信息和私人信息影响的程度,从借款人和贷款人的角度分别建立定价模型进行经验分析。结果显示,定价模型在F检验1%水平上显著,其他模型具有R2的统计显著性;反映借款用途的变量在10%水平上显著,其他变量均在5%水平上显著。这说明该市场利率能够反映公共信息的影响,借款人和贷款人的利率定价也反映了各自私人信息中相关风险和财务能力因素的影响,得到的经验结论主要是:第一,农村民间借贷市场是自主交易的金融市场;第二,其利率定价过程基本市场化。     

自然灾害冲击对农村家庭非农就业选择的影响

利用国家重点研发计划重点专项2018年调研数据,构建了自然灾害冲击对农村家庭非农就业选择影响的理论框架,采用Probit模型验证了自然灾害冲击对农户家庭成员非农就业选择的影响。研究发现:自然灾害冲击对农户家庭成员非农就业选择有显著正向影响,这一正向影响会随着自然灾害强度的增加而不断提升;人力资本和社会资本的嵌入,会弱化自然灾害对农户家庭成员非农就业选择的影响,信贷约束却会强化这一影响。这意味着现阶段面对自然灾害冲击,农户家庭成员应积极尝试非农就业,不仅能够促进资本存量重构,还可以缓解家庭生计压力,增加农户家庭收入,避免农户家庭因灾致贫。     

近代荣家企业融资方式初探

我国民营企业的发展在当前面临着许多难题,其中融资便是最难的问题之一。众所周知,近代民营企业发展缓慢的重要原因之一也是资本短缺,因此,对荣家企业融资方式作初步的探讨,一定会对我们今天的民营企业的融资问题有所借鉴和启示。     

试析美国国会制约美国政府对外军售的机制

基于民意机构的特殊身份,美国国会是美国对外军售的真正控制者。美国法律规定了国会制约行政部门对外军售的机制。美国国会制约行政部门对外军售机制包括"要求申报"、"联合反对"、"牵制总统"和"其他立法手段"四个环节。作为军售的真正控制者,美国国会实际上并不是对外军售的反对者,相反却常常是美国对外军售的推动者。