浙江台州民营企业境外投资产业战略分析及策略选择

经济全球化和区域经济一体化进程的加快使得国际经济结构加速调整,商品、劳务、资本和技术等各类生产要素实现跨国流动,这也使得境外投资逐步显现出其重要性.浙江省台州市民营企业境外投资呈现投资增幅较大,实现快速增长;分布逐步拓宽,领域趋向多元;产业重点较为集中,呈现区域集聚发展等特点.其目前仍以贸易促进型投资为主,较高层次投资形式相对较少;规模优势不明显,核心竞争力有待提高;高技术产业发展滞后,新兴领域拓展较为薄弱.对于相对优势产业宜采用“绿地投资”方式为主;产业链逆向延伸至发达国家,形成与发达国家对产业增值链的共享关系;技术和知识寻求型产业应更多考虑“建立研发机构”或“跨国并购”的方式等可作为台州民营企业境外投资的策略选择.     

Connections with banking institutions and diverse asset portfolios in young adulthood: Children as potential future investors

A central hypothesis of Child Development Accounts (CDA) suggests that savings accounts in childhood lay a foundation for connecting to mainstream banking institutions and diversifying asset portfolios in young adulthood and beyond. While children may have limited savings to invest initially, they are financial actors who may increasingly invest money into different types of savings products over time. This paper uses propensity score weighted, longitudinal data from the Panel Study of Income Dynamics and its supplements to examine the types of financial and nonfinancial assets owned by young adults and whether or not they are more likely to own these assets when they have savings accounts as children. The most commonly owned assets in young adulthood included savings accounts (89%), vehicles (54%) and credit cards (51%). Smaller percentages owned stocks (9%), bonds (6%), and homes (8%). On average, young adults owned two to three different assets. Having savings accounts in childhood was associated with being two times more likely to own savings accounts, two times more likely to own credit cards, and four times more likely to own stocks in young adulthood, compared to not having savings accounts in childhood. Young adults' ownership of more total financial assets was also associated with having savings accounts in childhood. Findings provide some supporting evidence of demand for children's savings accounts. Policy endeavors that remove barriers to account ownership may be advantageous for children and mainstream banks.     

How To Prepare the EU Integration: Banking System, Monetary Policy, and Exchange Rate in Macedonia

The significant progress in the reform of the financial sector, including the amendments to the banking law and the reinforcement of the deposit insurance scheme, has been reflected in increased confidence in the Macedonia banking sector. Monetary policy and exchange rates represent a crucial aspect for the countries of Southeast Europe which would like to position themselves on the threshold of negotiations on their accession to the European Union. In the case of Macedonia, which has already formally applied for EU membership, a very cautious approach has to be taken in order to facilitate the stability of the economic system as a whole. Such a policy will make an important contribution to the stabilization of the whole West Balkan area and in particular to the quadrangle of Albania, Kosovo, Montenegro, and Serbia. The preparation of a favourable ground for EU membership negotiations leads first and foremost through a strict monetary and exchange rate policy, which the National Bank is pursuing firmly. Macedonia is now facing optimal conditions for creating the prerequisites for a faster negotiation with less rigorous internal repercussions of the pre-adhesion period. One should not forget the indirect impact of the shadow economy in the general context of efficiency of the instruments of economic and monetary policy. Finally, there is the question to be answered on the interrelation existing between transmission mechanisms linking productivity to the real exchange rate in Macedonia. At first glance, the stylized facts – low labor productivity growth and a trend of real depreciation – could even suggest that a Balassa–Samuelson effect is in play. But the depreciation of the real exchange rate could reflect mainly the behaviour of prices in the tradable sector and a prolonged transition associated with slow technological growth and the low quality of the country's tradable-goods basket.     

特许经营的所有权理论

从所有权的角度看,特许经营在本质上是经销店经营者购买经销店的所有权,包括剩余控制权和剩余收益权,其目的是激励经销店经营者在经销店专用资产上进行无形投资。这一所有权视角有助于我们更深刻地理解关于特许经营的各种假说,如监督成本假说、成本控制假说、搜寻成本假说、适应性优势假说、管理激励假说、人力资本约束假说和无形资产分布假说等。     

Privatization and Foreign investments: The Case of Serbia and Montenegro

The paper analyzes the privatization process with the participation of foreign investments in countries in transition. Privatization is a necessity in transition countries as a prerequisite of the move to a market economy. Foreign investments are of great importance for the economies of the transition countries, not only to inject necessary capital but also to provide access to new technologies, new markets, and organizational and marketing expertise. For the successful initiation and implementation of these processes, some basic requirements are to be met; namely, to assure more adequate protection of property rights and upgrade legislation related to privatization and foreign investments.     

Replacement Decisions for Potentially Hazardous Substances

As public awareness of environmental hazards increases, a growing concern for corporations is the potential negative environmental impact of their products and the chemicals these products contain. In this study, we analyze the optimal decisions of a firm when a substance within its product is identified as potentially hazardous. Although the substance is not currently regulated, regulation may occur in the future. Therefore, the firm must devise a strategy for the development and implementation of a replacement substance. In an environment where replacement costs can be millions of dollars, regulation is uncertain, and both consumer and non‐governmental organization pressures exist, a carefully developed plan that balances costs and risks is critical for a firm. Our results demonstrate that as long as a threat of regulation exists, a firm should always dedicate resources toward developing a replacement substance. However, it is not always optimal for a firm to implement a developed replacement. Regarding competitive dynamics, we find that competition between firms can offset a low chance of a shift in consumer perception about a substance and compel firms to replace; however, competition can lead to inefficient outcomes in which firms incur avoidable costs to implement ahead of potential regulation.     

柯尔克孜族聚居区经济合作与发展前景

我国柯尔克孜族主要聚居在克孜勒苏柯尔克孜自治州,该地自古就是丝绸之路的重要通道,其辐射地区范围广泛,但是由于居住地及辐射区自然环境恶劣,经济欠发达,一段时间以来在经济领域的合作成效不大。但是克州政府坚持不懈,目标明确,在招商引资、创名牌产品等方面已经初见成效。     

Post-migration investments in education and job search: a family perspective

This paper examines post-migration investments in schooling and job search of immigrant families using new longitudinal data for Australia. Higher education levels at the time of arrival are associated with a greater probability of enrolling in school after migration. In households where the visa category would suggest that post-migration investments might be important, we find higher rates of school enrolment and job search. Traditional gender roles appear to dictate which partner makes the investments in formal schooling. However, labour market advantage, captured by principal applicant status, appears to dictate which partner makes greater investments in job search.

期望落差与企业创新的动态关系——冗余资源与竞争威胁的调节效应分析

期望落差导致决策者倾向于冒险创新还是规避风险, 这仍旧是没有解决的重要问题.创新是决策者的冒险动机与冒险能力共同作用的结果, 并且这种作用还将受到企业内部冗余资源以及外部竞争威胁的制约.基于中国民营上市公司数据, 主要得到以下几方面的结论:期望落差所引致的冒险动机与可感知冒险能力的动态变化, 最终导致了企业决策者随着企业期望落差的递增而提升创新投入, 但拐点之后其冒险创新的动力则逐渐减弱;组织冗余在期望落差与企业创新之间起到显著的正向调节作用, 即充足的冗余资源提高了落差状态下的企业创新投入;竞争威胁则在期望落差与企业创新之间起到显著的负向调节作用, 即企业面临的竞争威胁程度越高则越有可能降低它在期望落差状态下的创新投入;最后, 冗余资源与竞争威胁还显著地影响到企业创新投入的曲率及斜率的动态变化.