中国招商引资制度下的国际资本直接投资

税收一直是影响国际资本直接投资的重要因素,从新政治经济学的角度观察,运用财政协调模型分析利益不一致性下的税收政策导致国际资本流向不同的国家和地区,中国政府的招商引资制度就是一个典型例证,但税收优惠制度的实施对一国经济的影响也是利弊共存的,会促进地区经济发展的进一步不平衡。     

经济危机对中国的影响及中国的应对

采用多元线性回归、岭回归、Lasso回归、人工神经网络和随机森林对中国科技创新的动力进行了对比分析。研究发现,在中国科技创新过程中,固定物力资本、人力资本、流动物力资本和制度因素都发挥了非常重要的作用。未来一段时期,中国应加强物力积累,强化人力储备,加大科技投入,锐意推动改革,增强中国的科技创新能力,推动中国经济平稳较快增长。

     

Parental monetary investments in children: A focus on China

In 1979, China began the one child per couple policy throughout the country. In spite of the controversial issues of voluntary participation, the one-child policy has substantially reduced Chinese population growth. How might the policy affect parents' investiment in their children? This article attempts to study paretns' monetary investment in their children in four provinces of China using two-stage least squares procedure based on a survey of 4,000 Chinese children collected in 1990. This study shows that (a) the more children there are in a family, the less the parents invest in each of them; (b) parents seem to treat boys and girls differently; (c) although parents in rural areas invest less in absolute yuan terms, they invest a larger share of their income in their children than do their urban counterparts; (d) the presence of grandparent(s) seems to increase parents' monetary investment in their children; and (e) sibling structure is an important determinant in parents' investment decisions. Last, but not least, it is necessary to use different measures of parents' monetary investment to reveal a more complete and less biased picture of parental investment in children.     

Ukraine Economy and Finance in the Reform Process and the European Partnership: A Focus on Aerospace Industry

In spite of economic stabilization and the growth rate uprise since 2003, Ukraine has received less than EUR 5 billion in foreign direct investment over the last five years (from 2000 to 2004). This is less than other less FDI-attractive countries got, notwithstanding the fact that Ukraine has a steel industry of international significance, great agriculture potential, and an automotive industry which accounts for almost 6% of the value added generated by the industrial sector. The new government of Ukraine has declared the foreign investment flows into Ukraine among its top priorities. Unfair competition as a result of past bad government policies was the reason for the low FDI inflow. The former Ukrainian government promoted private interests of a limited group of businessmen. Unfair privatization sales with a limited access of other investors, as well as violent ownership takeovers, took place. The new government has committed to stop this practice. The role of independent courts will grow in dealing with conflicts, including the revision of unfair privatization sales. The determination to be integrated with the EU represents an ultimate goal. Such a step is expected to facilitate Ukraine's movement towards European standards in all spheres. I also present a brief inside evaluation on the aerospace industry, for both the civil and military sectors, starting from a sketch of the defense industry in 2000. The situation of civil and military aviation in Russia and Ukraine has many points in common and it could not be different after such a prolonged common history in the same military-industrial complex. Ukrainian industrial capacity is more or less completely secluded from international partners and markets. EU and NATO should not miss the opportunity to take into account the human capital and the technology achievement already accumulated by Ukrainian industries, research centres, academies, laboratories. The Ukraine aviation industry has suffered a serious decline over the last 15 years. Only recently new programs and major developments in the sector, which is undergoing a major restructuring, have reopened the perspectives of new projects in both civil and military aviation, as well as in space projects. The components sectors will be affected positively if the developments will be confirmed by concrete international partnerships and investments, first of all with the EU and the United States. Mergers and restructuring of the existent production plants are a real need. As experience shows in Europe and in the global market, no national way or revival of past alliances could help Ukraine to maintain a role in the aerospace sector.     

环境规制能够促进企业环保投资吗?——兼论市场竞争的影响

以2008-2013年中国重污染行业上市公司为样本,实证检验环境规制对企业环保投资的影响,并进一步分析市场竞争可能发挥的调节作用。研究结果表明:（1）企业环保投资与环境规制呈倒“U形”关系,随着环境规制强度增加,企业环保投资先上升后下降。说明环境规制对企业环保投资影响存在“度”的限制。（2）目前大部分样本企业面临的环境规制强度较低,尚处于倒“U形”曲线的上升阶段,意味着进一步提升环境规制强度有利于增加企业环保投资。（3）市场竞争与环境规制具有互补性,表现为市场竞争程度越高,环境规制对企业环保投资的作用越大。市场竞争作为一种外部机制,有助于强化环境规制的执行效果。     

Robustness of Optimal Investment Decisions in Mixed Insurance/Investment Cyber Risk Management

An integrated risk management strategy, combining insurance and security investments, where the latter contribute to reduce the insurance premium, is investigated to assess whether it can lead to reduced overall security expenses. The optimal investment for this mixed strategy is derived under three insurance policies, covering, respectively, all the losses (total coverage), just those below the limit of maximum liability (partial coverage), and those above a threshold but below the maximum liability (partial coverage with deductibles). Under certain conditions (e.g., low potential loss, or either very low or very high vulnerability), the mixed strategy reverts however to insurance alone, because investments do not provide an additional benefit. When the mixed strategy is the best choice, the dominant component in the overall security expenses is the insurance premium in most cases. Optimal investment decisions require an accurate estimate of the vulnerability, whereas larger estimation errors may be tolerated for the investment-effectiveness coefficient.     

资金剩余条件下个人储蓄—投资转化机制的建立

通过货币需求理论对相对剩余资金的分析 ,以及对储蓄存款持有成本、预防货币需求增加和风险投资意识增强的探讨 ,发现居民存在预防货币需求缺口和投机货币需求缺口 ,这对建立个人储蓄—投资机制有其必然性。但我国目前个人投资现状不容乐观 :投资渠道不畅通 ,投资品种太少 ,缺乏对冲机制及套期保值产品 ,金融服务业价格高居不下 ,相关法律不健全等等 ,对此 ,提出建立个人储蓄—投资转化机制 ,大力发展个人信托业 ,多渠道拓展个人金融资产 ,使储蓄能更快、更顺利和更有序地转移到生产率最高的投资领域 ,从而促进经济增长。     

创意产业与后危机时期的中国经济增长

全球金融危机爆发,中国经济发展长期以来累积的＂有效需求不足＂、过度依赖出口等问题一时间全部暴露,使＂三驾马车＂同时陷入了尴尬境地。中国的经济学家们也在寻求摆脱传统意义的新观念、新路径、新产业,在如何＂增强三驾马车的协调性＂,如何＂策动经济增长的创新动力＂等问题上引起了广泛的探讨。创意产业的＂反周期＂特性,为它在金融危机或萧条时期的发展与繁荣带来了机遇。它可以成为经济走出危机的先导产业,通过增强＂三驾马车＂驱动力的协调,有效促进经济的复苏和创新。中国的创意产业正在借助于后危机时期的特殊契机,在全国范围内＂燎原＂,步入全面发展的快速通道,成为促进中国经济持续增长的又一股创新动力。     

The performance evaluation of regional R&D investments in China: An application of DEA based on the first official China economic census data

R&D (Research and Development) activities represent the basic core of corporate science and technology activities, and play a crucial role in enhancing the ability of companies to achieve rapid and sustainable growth. In recent years, the total R&D investments in China have increased significantly and the proportion of the industrial investments in R&D activities relative to national R&D investments has increased rapidly. In order to investigate the effectiveness of these R&D investments, we utilize Data Envelopment Analysis (DEA) models to evaluate the relative efficiencies of 30 regional R&D investments using the First Official China Economic Census Data in 2004. Our investigation and study indicate the following: (1) Only six provinces are global technical efficient and the performance of regional R&D investments in China needs to improve dramatically. (2) Increasing returns to scale have not yet occurred in any province. Constant returns to scale have prevailed in most provinces in the Western region, and decreasing returns to scale have prevailed in most provinces in the Eastern and Central regions. (3) There are no direct relationships between global technical efficiency and the amount of R&D investment. The Western region has the highest average radial efficiency score, followed by the Eastern region, and then by the Central region. (4) The Eastern region has advantages in local technical efficiency, the Western region has advantages in scale efficiency, while the Central region has neither technical efficiency advantages nor scale efficiency advantages. Suggestions are proposed to improve efficiencies of regional R&D investments.     

Ukraine war-induced sanctions against Russia: Consequences on transition economies

We analyze the spillovers of Western economic sanctions against Russia into twenty-seven transition economies of the former Soviet Union, and Central and Eastern Europe. These spillovers are measured in terms of their impact on bilateral trade and direct investments for the period of 2014–2018. We construct a new dataset to quantify each episode of Western/US sanctions against Russia. The gravity models of bilateral trade and direct investment are used and the data analysis is conducted using Poisson pseudo-maximum likelihood econometric technique. We estimate that the Western and U.S. sanctions against Russia spilled over into third-party small countries. These sanctions resulted in the significant decline of exports from transition economies, Russian imports to transition economies, and Russian direct investments to transition economies. Interestingly, the direct investments to Russia from transition economies sharply increased during the same period. The quantitative estimates of the spillovers suggest the following cumulative changes. Due to an imposed sanction type (e.g., against an individual, entity or sector) each episode of Western/U.S. sanction resulted in the decline of aforementioned indicators in the range of 10.9–30.5-million-dollar/5.6–16.9-million-dollar of exports from transition economies, 6.3–17.7-million-dollar/3.3–9.8-million-dollar of Russian imports to transition economies, and 3.4–9.4-million-dollar/1.7–5.2-million-dollar of Russian direct investments to transition economies. The direct investments to Russia from transition economies increased by 10.9–30.6-million-dollar/5.7–17-million-dollar, respectively.