政绩导向转变、两控区政策与企业TFP
王海 尹俊雅 王婕
摘 要:在测算中国工业企业TFP的基础上,基于两控区政策实施背景,本文对政绩考核机制如何影响两控区政策效果进行实证分析。结果表明,政绩导向转变有助于两控区目标城市内企业TFP提升,即有利于实现波特效应。考虑内生性、衡量误差等因素后,此结论依旧成立。进一步分析发现,波特效应能否实现与地区反腐败力度及地方政府执政效率存在正向关系;市委书记更替造成的政策执行不稳定限制了环境规制的创新激励作用。由此认为,做对、做好地方官员的行为激励可能才是推动中国经济绿色发展的一剂良方。
关键词:两控区 企业TFP 政绩考核机制 波特效应
Performance-oriented Change, TCZ Policy and Enterprise Innovation
Hai Wang Junya Yin Jie Wang
Abstract: On the basis of measuring the TFP of Chinese industrial enterprises, based on the implementation background of the two control zones policy, empirical analysis of how the performance evaluation mechanism affects the effect of the two control zones. The results show, transition in performance evaluation mechanism effectively promote the porter effect of environmental regulation, That is, the Porter effect is subject to the implementation of environmental regulation. Considering the endogenous problem, the conclusion that transition performance evaluation mechanism effectively promotes the porter effect of environmental regulation remains robust. Further study found that there is a positive relationship between the influence of performance evaluation mechanism transition and local government efforts to deter corruption or the efficiency of government ruling, and the replacement of party secretary is not conducive to play this role. It is believed that to do the right incentives of local officials, may be a recipe to promote the development of China's green economy.
Keywords: TCZ Enterprise TFP Performance Evaluation Mechanism Porter Hypothesis
JEL Classification: Q51 Q55 R38
投资与研发行为的外生性市场需求扩张理论及其实证
孙 巍 宋 南
摘 要:中国经济增长导致市场需求长期持续显著地扩张。本文认为市场需求扩张超出了产业组织理论假设市场规模不变的企业行为研究范畴,继而引发了企业市场行为决定机制的改变,使企业投资和研发竞争行为呈现出新特征。针对市场需求扩张的诱因不同,本文提出外生性市场需求扩张概念。外生性市场需求扩张是由需求曲线外移导致的,打破了市场行为分析的产业组织理论研究框架。实证研究采用2006年至2016年汽车行业企业上市公司财务报表数据,从企业层面就本文观点进行检验。
关键词:外生性市场需求 产业组织理论 投资行为 研发行为
Theory and Its Empirical Study of the Exogenous Market Demand of Investment and R&D Behaviors
Sun Wei Song Nan
Abstract:China's economic growth has led to a sustained and significant expansion of market demand. This paper argues that the market demand expansion outside the framework of market behavior analysis of industrial organization theory assuming that the market size is fixed, which in turn causes the change of the enterprise market behavior decision mechanism, and makes the enterprise investment and R&D competition present new characteristics. The concept of exogenous market demand expansion is put forward according to different incentives of market demand expansion. Exogenous market demand expansion is caused by the demand curve shifting out, only exogenous market demand expansion will break the market behavior analysis of industrial organization theory research framework. The empirical research uses the financial statement data of listed companies of automobile manufacturing enterprises from 2006 to 2016 to test the viewpoint of this paper from the enterprise level. The empirical results demonstrate the rationality and validity of the framework of enterprise market behavior analysis for the expansion of exogenous market demand.
Key words: Exogenous Market Demand Industrial Organizational Investment Behavior R&D Behavior
JEL Classification: D21 L11 O12
生产性服务贸易发展与中国制造业全球价值链地位提升
——基于15个细分行业的异质性检验
张红霞 王悦
摘 要:本文通过改进的生产性服务贸易与价值链提升理论模型,利用2000-2014年行业面板数据,实证研究了生产性服务贸易对中国制造业全球价值链分工地位提升的影响。研究结果显示:生产性服务贸易、滞后一期全球价值链分工地位、滞后一期人力资本、全球价值链参与程度、要素密集度等,与中国制造业全球价值链分工地位存在显著的正相关关系;关税壁垒和行业规模等,与中国制造业全球价值链分工地位存在显著的负相关关系。但对中国制造业不同行业进行技术密集度区分后,生产性服务贸易的影响呈现出明显的行业异质性,低技术制造业的全球价值链分工地位受生产性服务贸易的影响最强,高技术制造业次之。
关键词:生产性服务贸易 全球价值链 国际分工地位
Development of Producer Services Trade and Promotion of China's Manufacturing Industry's Global Value Chain Status
——The Heterogeneity Test based on 15 subsectors
Hongxia Zhang Yue Wang
Abstract: Through the improved theoretical model of producer service trade and value chain, this paper empirically studies the impact of producer service trade on the promotion of the global value chain of China's manufacturing industry through the industry panel data from 2000 to 2014. The research results show that there is a significant positive correlation between the producer service trade, the lag of the global value chain division of labor, the lag of the first phase of human capital, the participation of the global value chain, and the factor intensity, and the division of labor in the global value chain of China's manufacturing industry. There are significant negative correlations between tariff barriers and industry size, as well as the division of labor in the global value chain of China's manufacturing industry. However, after the technology-intensive division of different industries in China's manufacturing industry, the impact of producer service trade shows obvious industry heterogeneity. The global value chain division of low-tech manufacturing is most affected by producer service trade. Technology manufacturing is second.
Keyword: Producer Service Trade Global Value Chain International Division of Labor
JEL Classification: F14 L6 L8
预算软约束与企业僵尸化:来自中国制造业上市公司的经验证据
孔繁成 易小琦
摘 要: 僵尸企业偿债能力弱,积聚金融风险,已成为中国经济的“灰犀牛”。文章立足于中国特色的制度环境,利用中国制造业上市公司数据,检验了企业预算软约束对僵尸企业形成的影响。研究结果究表明,预算软约束会导致企业僵尸化;且预算软约束对僵尸企业的作用受企业规模的影响,企业规模越大,企业成为僵尸企业的可能性越大。文章从制度角度为僵尸企业成因提供了经验证据,这对我国治理僵尸企业有一定的启发意义和参考价值。
关键词:预算软约束 僵尸企业 CHK 模型
Soft Budget Constraints and Enterprises Zombification: Empirical Evidence From Listed Companies in China’s Manufacturing Industry
Fancheng Kong Xiaoqi Yi
Abstract:Zombie enterprises have become the “grey rhinoceros” of Chinese economy, because of their weak solvency and accumulation of financial risks. Based on the institutional environment with Chinese characteristics and using the data of listed manufacturing companies in China, this paper examines the impact of soft budget constraints on the formation of zombie enterprises. The results show that the soft budget constraints will lead to zombie enterprises, and the role of soft budget constraints on zombie enterprises is affected by the size of the enterprise, the larger the enterprise size, the more likely the enterprise will become a zombie enterprise. This paper provides empirical evidence for the causes of zombie enterprises from the point of view of system, which has certain enlightening significance and reference value for the management of zombie enterprises in China.
Key words:Soft Budget Constraint; Zombie Enterprise; CHK Model
JEL Classification: H20 M48
国家距离与对外直接投资——基于不同动机视角的研究
赵甜 方慧
摘 要:将影响不同动机OFDI的有形和无形因素纳入统一的国家距离框架进行研究,根据供需模型推导发现,国家距离提高了母国企业对外投资的交易成本,是OFDI的抑制性因素。为全面考察国家距离对中国企业不同动机OFDI的影响,首先使用Ward聚类分析法对2008-2017年中国企业的投资动机进行识别,分析其特征和动态演变过程,以克服静态分析的局限性。之后对多维度距离因素进行测算,并使用因子分析法提取出国家距离这一典型要素。多种方法的检验结果证实了理论分析的假设,即国家距离对中国企业OFDI主要表现为阻碍作用,但从不同动机的视角来看,作用方向和影响力度存在显著差别,对战略资产寻求型OFDI表现出抑制作用,对市场寻求型OFDI则表现出促进作用。检验不同维度国家距离的作用,发现适度的制度距离有利于OFDI发展,文化距离的影响力度最为突出。
关键词:国家距离 OFDI 影响因素 投资动机
National Distance and Outward Foreign Direct Investment:
——Research Based on Different Motivations
Tian Zhao Hui Fang
Abstract:To investigate the tangible and intangible factors that influence the OFDI of Chinese enterprises, this study established the model of supply and demand, and found that national distance is the restraining factor of OFDI which increases the transaction costs. To further investigate the different OFDI motivation of Chinese Enterprises, ward clustering analysis is used to identify investment motivation in 2008-2017, and to analyze its characteristics and dynamic evolution process to overcome the limitations of static analysis. Then, multidimensional distances are measured, and factor analysis method is used to integrate them into a unified framework for analysis. The empirical test results of various methods confirm the hypothesis of theoretical analysis. National distance is a hindrance to Chinese OFDI, however, from the perspective of difference motivations, there is significant difference of the direction and the intensity of influence. The national distance has a positive effect on the market seeking OFDI, and has an inhibitory effect on the strategic asset seeking OFDI. There is also significant differences in the influence of different dimensions of national distance on OFDI with different motivations. Institutional distance plays an important role in promoting OFDI, and the influence of cultural distance is the most prominent.
Keywords:National Distance OFDI Influence Factor Investment Motivation
JEL Classification: F21 O11
服务业对中国大城市城镇化效率的影响探析
李许卡 张占斌 高立菲
摘 要:服务业对城镇化发展具有重要影响,但它对城镇化效率的影响还有待探明。为此,本文构建了服务业对城镇化效率的影响理论机理框架,基于SE-SBM-DEA模型对2006-2015年中国116个大城市的综合城镇化效率、经济城镇化效率和社会城镇化效率进行了测定,并运用DIFF-GMM和SYS-GMM方法实证检验了服务业规模、结构和集聚对一线、二线、三线和四线大城市各城镇化效率的影响。研究发现:服务业规模提升更多促进了经济城镇化效率的提升;生产性服务业占比提升普遍促进了各城镇化效率的提升;消费性服务业和公共性服务业占比提升更多促进了社会城镇化效率的提升;服务业集聚普遍促进了各城镇化效率的提升,但也抑制了少部分城市个别城镇化效率的提升;工业规模和集聚对城镇化效率的影响与服务业类似,但抑制了社会城镇化效率的提升;人口规模提升普遍抑制了一线城市各城镇化效率的提升;教育水平提升普遍促进了一线城市各城镇化效率的提升,就业率提升更多促进了社会城镇化效率的提升,这为优化服务业发展和城镇化效率提升提供了证据。
关键词:服务业 城镇化效率 SE-SBM-DEA模型 GMM模型
Analysis on the Influence of Service Industry on Urbanization Efficiency of China's Big Cities
Xuka Li Zhanbin Zhang Lifei Gao
Abstract:The service industry has an important impact on the development of urbanization, but its impact on the efficiency of urbanization remains to be explored. To this end, the paper constructs the service mechanism of the impact on the efficiency of urbanization theory framework, measures the comprehensive urbanization efficiency, economic urbanization efficiency and social urbanization efficiency of 116 big cities in China from 2006 to 2015 by SE-SBM-DEA model, empirically tests the influence of scale, structure and agglomeration of service industry on urbanization efficiency of first-tier, second-tier, third-tier and fourth-tier cities by DIFF-GMM and SYS-GMM methods. The research finds that: the scale of service industry promotes the efficiency of economic urbanization; the increase of the proportion of producer services generally promotes the improvement of urbanization efficiency;the increase of the proportion of consumer service industry and public service industry promotes the improvement of the efficiency of social urbanization;service industry agglomeration generally promotes the improvement of urbanization efficiency, but also inhibits the improvement of individual urbanization efficiency in a few cities;the impact of industrial scale and agglomeration on urbanization efficiency is similar to that of the service industry, but it inhibits the improvement of social urbanization efficiency;the increase of population scale generally inhibits the improvement of urbanization efficiency in first-tier cities;the improvement of education generally promotes the improvement of urbanization efficiency in first-tier cities, and the increase of employment rate promotes the improvement of social urbanization efficiency, which provides evidence for the optimization of service industry development and the improvement of urbanization efficiency.
Key words: Service Industry Urbanization Efficiency SE-SBM-DEA Model GMM Model
JEL Classification:Q51 L80 D24