税收优惠会导致企业产能过剩吗？
——基于行业投资趋同和企业过度投资双重作用机制检验
刘慧凤 朱贺 熊宗惠
摘 要：论文通过实证检验税收优惠对企业产能利用率的影响机制，讨论产能过剩的形成过程。结果发现，在税收激励下，过度投资是降低产能利用率的部分中介，行业投资趋同是影响企业产能利用率的外在调节机制；但这种调节和中介机制在国有企业和非国有企业作用不同；税收优惠对企业产能利用率的影响从促进到降低要经历一个动态的情境变化过程，只有行业投资趋同程度较高且企业存在严重过度投资时，税收优惠才会导致产能过剩。因此，通过监控行业趋同程度和企业投资效率，精准地实施税收优惠政策，不仅可以通过税收激励提高企业产能利用率，而且可以避免产能过剩。
关键词：税收优惠 产能利用率 产能过剩 投资趋同 过度投资 机制
May the Tax Preferences Cause Overcapacity of Enterprises? Test Based the Double Mechanism of Investment Convergence and Overinvestment
Huifeng Liu He Zhu Zonghui Xiong
Abstract：The paper aimed to explore developing Mechanism about overcapacity of enterprises through testing how tax preference influenced the capacity utilization of enterprises. The findings showed that investment convergence was the external moderator and over-investment was part of the mediator between the tax preference and utilization of enterprise capacity. The roles of the external moderator and mediator was not alike in different property corporations. The influence of tax incentive on utilization of enterprise capacity experienced a dynamic process from promoting to decreasing. Only when higher convergence of industry investment and serious overinvestment had occurred that tax preference was negative to overcapacity significantly. Therefore, supervising the degree of industry convergence and enterprise investment efficiency and implementing targeted tax policies not only can increase the capacity utilization of enterprises but also avoid overcapacity.
Keywords:Tax Preference Capacity Utilization Overcapacity Investment Convergence Overinvestment Mechanism
JEL Classification: D24 H25
竞争企业间部分所有权对竞争的影响及反垄断政策研究述评与展望
于左 张容嘉
摘 要：本文研究了竞争企业间部分所有权对竞争的影响及反垄断政策的相关文献，每部分又分别从部分交叉所有权和部分共同所有权两个角度进行了分析。对于部分所有权对竞争的影响，已有文献主要从对竞争企业利润关联、竞争企业合谋、价格上涨、消费者福利、市场进入障碍的影响几个角度进行了研究。具体来说，对于部分交叉所有权会损害竞争，大多数研究存在较为一致的观点；对于部分共同所有权，则存在损害竞争和对竞争影响不确定两种不同的观点。关于对部分所有权的反垄断政策，已有文献主要从建议加强执法和不建议执法两个角度进行了研究。具体来说，对于部分交叉所有权的反垄断政策，大多数研究认为应加强对其进行执法；对于部分共同所有权的反垄断政策，存在建议加强执法和不建议执法两种不同的观点。本文在综述的基础上提出了研究展望。
关键词：部分所有权 部分交叉所有权 部分共同所有权 反竞争效应 反垄断政策
The Review And Prospect on the Influence of Partial Ownership among Competitive Enterprises on Competition and Antitrust Policy
Zuo Yu Rongjia Zhang
Abstract: We study the relevant papers of the influence of partial ownership among competitive enterprises and antitrust policy, and each part is analyzed from the perspective of partial cross ownership and partial common ownership. As for the influence of partial ownership on competition, the scholars has studied mainly from the perspectives of the influence of competitive enterprises’ profit correlation, competitive enterprises’ collusion, price increases, consumer welfare, and market entry barriers. Specifically, for partial cross-ownership will damage competition, most scholars have more consistent views; for partial common ownership, there are two different views that damage competition and uncertainly affect competition. Regarding the antitrust policy on partial ownership, the scholars mainly studies from the perspectives of strengthening enforcement and not recommending enforcement. Specifically, for the antitrust policy of partial cross-ownership, most scholars believe that enforcement should be strengthened; for the antitrust policy of partial common ownership, there are two different points of view: strengthening enforcement and not recommending enforcement. We puts forward the research prospect based on the review.
Keywords: Partial Ownership Partial Cross-ownership Partial Common Ownership Anti-competitive Effect Antitrust Policy
JEL Classification: L41 L44
资本跨区流动对区域产业结构优化升级的影响
——基于2003-2016年的275个地级市面板数据的实证研究
许清清 李振宇 江霞
摘 要：本文基于2003—2016年的275个地级市的面板数据，采用空间滞后与空间误差模型，从产业结构高级化、高效化、合理化三个维度分析资本跨区流动对我国产业结构优化升级的作用。实证结果表明，就全国范围来看，资本流动性对我国产业结构优化升级具有显著的直接与间接作用；但就异质性的七大城市群而言，资本流入以及流动性对产业结构优化升级的直接与间接溢出效应的显著性不同。本文的研究结论对我国更好地发挥资本市场对产业结构优化升级的促进作用具有重要意义。
关键词：资本流动 产业结构 异质性 城市群 空间计量
Research on the Optimization and Upgrading of Industrial Structure of Heterogeneous Urban Agglomeration by Capital Cross-regional Flow
Qingqing Xu Zhenyu Li Xia Jiang
Abstract: China is currently in an important period of industrial structure adjustment and capital market opening. How will capital liquidity affect the optimization and upgrading of China's industrial structure is an urgent issue for China's economy. Based on the panel data of 275 prefecture-level cities from 2003 to 2016, this paper adopts the spatial lag model and spatial error model to analyze the effect of cross-regional capital flow on the optimization and upgrading of industrial structure of China's seven heterogeneous city clusters from three dimensions of industrial structure upgrading, high-efficiency and rationalization. The empirical results show that capital mobility has significant direct and indirect effects on the optimization and upgrading of China's industrial structure. However, the direct and indirect spillover effects of capital inflow and liquidity on the industrial structure optimization and upgrading of the seven heterogeneous city clusters are significantly different. The conclusion of this paper is of great significance to how to give full play to the role of capital market in promoting the optimization and upgrading of industrial structure and coordinate the industrial development of different economic zones so as to guarantee the high-quality economic growth.
Keywords: Capital Flow Industrial Structure Heterogeneity Urban Agglomeration Spatial Measurement
JEL Classification: E22 L16 L52
地价扭曲、功能分工与城市群产业效率
赵祥 曹佳斌
摘 要：本文基于我国17个城市群数据的实证分析发现，城市功能分工有助于城市群产业发展效率的提升，而作为一种新的隐性市场分割手段，地价扭曲则不利于城市群产业发展效率的提升。并且，由于各级地方政府地价扭曲行为的影响，功能分工对城市群产业发展效率的正向促进作用也受到了削弱。上述发现表明，政府干预导致我国城市工业、商业和住宅等不同用途的土地价格发生扭曲，影响了基于市场机制的要素流动，抑制了城市之间的功能分工，并进而对城市群产业效率具有不利影响。因此，我国城市群产业效率提升的一个关键在于消除包括地价扭曲在内的各种行政干预对区域市场一体化进程的影响，深化不同城市间的功能分工。
关键词：地价扭曲 功能分工 城市群 全要素生产率
Land Price Distortion, Functional Division and the Industrial Efficiency of Urban Agglomeration
Xiang Zhao Jiabin Cao
Abstract: Based on the empirical analysis of 17 urban agglomerations in China, this paper finds that the division of urban function helps to improve the industrial efficiency of urban agglomerations. As a new hidden market segmentation method, the land price distortion is not conducive to improving industrial efficiency of urban agglomerations. Moreover, due to the distorted land pricing behavior of local governments, the positive effect of urban functional division on the industrial efficiency of urban agglomerations is also somewhat weakened. The above findings indicate that government intervention leads to distortions in land prices for different uses such as industry, commerce and housing in China's cities, affecting the flow of factors based on market mechanisms, inhibiting the functional division between cities, and thus adversely affecting the upgrading process of the industrial structure of urban agglomerations. Therefore, the key to increase industrial efficiency of urban agglomerations in China lies in eliminating the influence of various administrative interventions, including land price distortion on the process of regional market integration and deepening the functional division among different cities.
Keywords: Land Price Distortion Functional Division Urban Agglomerations Total Factors’ Productivity
JEL Classification: P25 R11
产品异质性、生产率与企业出口目的地
邢洁 刘国亮
摘 要：采用中国制造业部分行业企业层面的生产和贸易数据，分析验证了产品异质性、生产率与企业出口目的地之间的关系。将全样本数据根据中国主要出口目的地划分为美国/加拿大、欧盟、日本/韩国以及亚洲其他国家四个分组，进行分组估计和对比分析。研究结果表明，出口目的地为美国/加拿大和日本/韩国，产品异质性和生产率对企业出口额和市场份额的影响都很重要；出口目的地为欧盟各国，产品异质性相对生产率对企业出口额和出口市场份额的影响更大；出口目的地为亚洲其他国家，生产率的相对重要性更为显著。
关键词：出口目的地 产品异质性 生产率 分组估计
Product Heterogeneity, Productivity and Enterprises’ Export Destinations
Jie Xing Guoliang Liu
Abstract：This paper analyses the relationships between product heterogeneity, productivity and enterprises’ export destinations, using firm-level production and trade data in some sectors of China’s manufacturing industry. According to the main export destinations of China, we divide the sample into four groups: the United States/Canada, the European Union, Japan/South Korea and other Asian countries, performing group estimation and comparative analysis. The results show that: in United States/Canada and Japan/South Korea, both product heterogeneity and productivity play important roles in firms’ exports; in the European Union, product heterogeneity plays a much more important role; in other Asian countries, productivity is more important.
Keywords：Product Heterogeneity Productivity Enterprises’ Export Destinations Group estimation
JEL Classification：F14 L11 L15
企业社会责任信息质量与业绩操纵
——基于沪深A股上市公司年报的文本分析
宋岩 李帅 张鲁光
摘 要：以2013-2018年A股上市公司年报为样本，利用文本分析及数据抓取方法，通过构建社会责任关键词表，借助Python程序对年报中企业社会责任关键词的相关词频进行提取和分析，结合行为财务理论和利益相关者理论，研究企业社会责任信息披露质量与盈余管理之间的关系。研究发现：企业对社会责任信息披露越加重视，其应计、真实盈余管理的程度越低，而且公司会减少两种方向一致的盈余管理来调整利润，这表明企业重视社会责任信息披露在一定程度上反映了企业的道德意识，企业会更加重视利益相关方的利益以及自身的长期发展，这也从侧面表明企业的信息披露行为更加透明有效。此研究结果丰富了对企业信息披露的文本分析以及企业社会责任与盈余管理之间的相关研究。
关键词：企业社会责任 盈余管理 文本分析 信息披露
Corporate Social Responsibility Information Quality and Performance Manipulation
-- A Text Analysis Based on the Annual Reports of A-share Listed Companies in Shanghai and Shenzhen
Yan Song Shuai Li Luguang Zhang
Abstract:This paper based on the 2013-2018 A-share listed-companies annual reports as sample, using the method of text analysis, build the social responsibility of keywords list, with the aid of Python program to extract and analyze enterprise in its annual report on the importance of social responsibility, combined with the behavioral finance theory and principal-agent theory, discusses the relationship between the corporate social responsibility and earnings management behavior.The results show that: enterprise to the social responsibility information disclosure more seriously, its accrual, the lower level of real earnings management, and the company will reduce both in the same direction of earnings management to adjust the profit, this shows that the enterprise attaches great importance to the social responsibility information disclosure to a certain extent, reflects the moral consciousness of the enterprise, the enterprise will pay more attention to their own long-term development and the interests of stakeholders, this also shows that the enterprise from the side of a more transparent and effective information disclosure behavior. This research results enrich the text analysis of corporate information disclosure and corporate social responsibility and earnings management.
Key words:Corporate Social Responsibility Earnings Management Textual Analysis Information Disclosure
JEL Classification：H20 M48
中国大企业特征研究：基于2015-2019年中国百强企业数据的分析
杨振一 孙孟子
摘 要：大企业，尤其是百强企业是国家综合国力的重要体现之一，也是国家经济发展趋势的重要表现。为了全面把握我国大企业的发展现状和特征，本文根据中企联合网、财富中文网和相关企业年报的数据，对2015-2019年我国百强企业规模、产业分布、所有制和地区分布进行了分析，在前人基础上将2015-2019年百强企业与往年百强企业、世界百强企业进行对比，从中发现百强企业“大而不强”、国有企业效益提升较慢、区域和产业发展不协调等问题，并提出了针对性建议。
关键词：中国大企业 百强企业 经济效益 世界百强
The Research on the Characteristics of Chinese Large Enterprises: Based on An Analysis of Top 100 Chinese Enterprises from 2015 to 2019
Zhenyi Yang Mengzi Sun
Abstract: Large enterprises, especially top 100 enterprises, are not only one of the important embodiment of the comprehensive national strength, but also the important manifestation of the national economic development trend. In order to fully grasp the development status of Chinese large enterprises, this paper analyzes the scale, industrial distribution, ownership and regional distribution of China's top 100 enterprises in 2015-2019, based on the data of China Enterprise Federation, China Enterprise Directors Association, Fortune China network and relevant enterprise annual report. On the basis of predecessors, the top 100 enterprises in 2015-2019 are compared with the top 100 enterprises in previous years and the top 100 enterprises in the world. This paper finds some problems of top 100 enterprises that (1) the top 100 enterprises of China are “large but not great”, (2) the growth of performance of state-owned enterprises is slow, and (3) the development of different region and industries is not harmonious. Finally, this paper puts forward relevant suggestions for Chinese large enterprises.
Keywords: Chinese Large Enterprises Top 100 Enterprises Economic Efficiency Top100 Enterprises in the World
JEL Classification: M10 N80