Degree of financialization and energy efficiency in Sub-Saharan Africa: do institutions matter?

The United Nations Sustainable Development Goal 7 emphasizes the need for economies around the world to double their efforts in energy efficiency improvements.This is because improvements in energy efficiency can trigger economic growth and considered as one of the‘green’growth strategies due to its carbon free content.To this end,some empirical studies have investigated the nexus between economic growth and energy efficiency,but the effects of the latter on financial indicators have not been sufficiently studied in the literature,at least in developing economies like Africa.This study examines the effect of energy efficiency improvements on commercial bank profitability under different political regimes(i.e.,autocratic and democratic political regimes);something previous literature had neglected.The study uses panel data,consisting of 43 African countries and the simultaneous System Generalized Method of Moments.We found that energy efficiency improvement is more likely to induce higher bank profitability in political institutions with the characteristics of centralization of power compared with those with decentralization of power.Furthermore,for the banking sector,the findings suggest that energy utilization behavior of clients should be included in the loan or credit valuation process.For the government,the agenda of energy efficiency should be aggressively pursued while taking cognizance of creating a political environment that weans itself from a‘grandfathering’behavior.

Discussion on the Influence of Overseas Financial Institutions’ Participation in Shares on the Operation Efficiency of China’s Banking Industry

With the implementation of China’s reform and opening up policy and China’s successful accession to the World Trade Organization,more and more overseas financial institutions are participating in various Chinese banks,and the amount of investment is also expanding.Therefore,it is particularly important to study the impact of overseas financial institutions participating in the Chinese Banks on the operating efficiency of the China’s banking industry.Therefore,based on the previous literature research,this paper constructs six models to explore whether foreign financial institutions participate in shares and the impact of shareholding ratio on the operating efficiency of China’s banking industry.

On Efficiency of the Compulsive Institution in the Environment Governance

Limited by the condition of information, technology and natural elements, the compulsive institutions in the environment governance can not form a “hard constraint” to the individuals. Because of the individual's speculative behaviors, the government's deviation from its environmental governance, and the non-cooperative game between individuals and the legal organization, the implementation of the compulsive institutions is not as good as being expected. Through analyzing the mechanism of the compulsive institutions, this paper puts forward some suggestions to enhance the efficiency of such institutions' implementation.

The Information Efficiency of QFII's Investment in China's Capital Market

This paper takes stock price synchronization and price delay as indicators of information efficiency, and uses mixed cross-sectional data of listed companies into which Qualified Foreign Institutional Investors(QFII) have made investments, to study the impact of QFII's investment behaviors on the information efficiency of China's stock market. The results show that QFII's investments can improve the information efficiency of China's stock market, but its impact is varied. The impact of QFII's investments on market information efficiency is more significant in bear markets than in bull markets, the impact on private enterprises is more significant than on state-owned enterprises, and the impact on Small and Medium Enterprises(SME) market is more significant than in main board market. Further research also finds that QFII has a certain threshold effect on the information efficiency of China's stock market. This research paper provides a problem-solving perspective for China's capital markets to achieve information efficiency through opening up, and at the same time warns against financial risks.

Operating efficiency in Chinese universities:An extended two-stage network DEA approach

Operating efficiency of universities is widely concerned by the education community.As a non-parametric method for efficiently handling multiple inputs and outputs,data envelopment analysis(DEA)is often used for measuring the operating efficiency.However,shared input resources are often ignored in the existing DEA studies.In order to remedy the shortcoming with a focus on teaching and research processes of universities,this paper adopts an extended two-stage network DEA approach to measure the operating efficiency of 52 universities in China using a data set in 2014.The main findings show that:(1)Among the operating efficiency of 52 universities,about one third and two thirds of universities are efficient and inefficient,respectively.It may reflect some problems such as inefficient use of resources or unsatisfactory outcomes for these inefficient universities.By giving first priority to universities’teaching or research process,we provide alternative ways for teaching-oriented or research-oriented universities to benchmark and improve their performance.(2)For the heterogeneity efficiency analysis of different universities,the operating efficiency of“non-985”universities are significantly higher than that of“985”universities,while there is only a small difference on the operating efficiency between comprehensive universities and science&engineering universities.Although the efficiency of the central and western universities is slightly better than that of the eastern universities in terms of the average efficiency,there is no significant efficiency difference among the eastern,central,and western regions statistically.Hence,to improve the operating efficiency of Chinese universities,the Chinese government should improve the financial allocation mechanism and introduce successful budget performance management.For the Chinese universities,they should formulate teaching and scientific research plans according to their own research needs and development goals.

“公共文化服务共同体”:大文化视野下的现代治理新路径——兼论公共文化设施质效测算模型构建

“公共文化服务共同体”建设是公共文化服务治理体系和治理能力现代化进程中的新产物,是具有中国特色的公共文化现代治理新路径。文章探讨在大文化视野下,公共文化设施的新型样态及其评价标准,提出公共文化设施质效测算模型,从公共文化设施的有效服务供给能力、有效资源保障能力、有效吸引能力和公众满意度四个方面进行测算,以期以统一的、简单的、少人工的指标进行实时动态数据分析,全面展现大文化视野下公共文化服务供给现状和实际质效,从而以科学决策促进“公共文化服务共同体”可持续发展,推动公共文化服务高质量发展。

中国奶酪市场引力效应与伙伴国贸易前景——以中欧为例

在世界未有之大变局下,奶酪贸易不确定性加剧,严重威胁中国奶酪供需平衡。本文在构建随机前沿引力模型与显性竞争优势指数的基础上,预测中欧奶酪贸易前景。研究结果表明,中欧奶酪贸易效率分布不均,不同国家贸易前景存在较大差异。随机前沿引力模型结果显示:双方人口规模、人均GDP促进中欧奶酪贸易,但双方之间的距离阻碍中欧奶酪贸易;贸易伙伴国政府支出、商业自由度、投资自由度等促进贸易效率,但贸易伙伴国政府诚信、税收负担、贸易自由度和生产者价格对贸易效率有阻碍作用。为了提高中欧奶酪贸易效率,中国应对不同“贸易前景”性质的国家采取异质性进口策略,构筑通达、互联互通的贸易环境、打造自由的营商制度环境,促进中欧奶酪贸易效率,保障中国奶酪贸易安全。

资本账户开放对企业投资效率的影响研究

依据2001—2017年95个国家的上市企业数据,考量资本账户开放对企业投资效率的作用。结果显示:资本账户开放能提高企业投资效率,缓解投资不足,抑制过度投资;机制检验表明,资本账户开放通过提高市场竞争、缓解融资约束以及提高风险承担水平三个渠道提高企业投资效率。异质性检验显示,流入方向的资本账户开放对企业投资效率的提升更大,资本账户开放主要提高了金融市场发展程度高的国家、外部融资依赖度高的行业以及高杠杆率企业的投资效率。鉴于此,建议有序开放资本账户,加快金融市场建设,积极融入全球资本市场发展。

The optimization research on the coupled of active and passive energy supplying in public institutions in China

The building sector is one of the largest energy user and carbon emitters globally.To increase the utilization rate of renewable energy and reduce carbon dioxide emissions,the optimal technical scheme of active public institutions and coupled utilization of renewable energy is studied.In this study,the energy consumption of three types of public institutions in various regions of China was simulated by using DeST building energy consumption software,combined with energy conversion efficiency and data released by the National Bureau of Statistics,and the total energy demand and total energy supply of public institutions were predicted using the load density method.Based on the coupling mechanism of the MARKAL model,the optimal proportion of renewable energy in the energy supply of public buildings in different regions is determined.Through the study of the number of public institutions in various regions of China,energy consumption characteristics,construction area,and other related data,the reverse energy flow method is creatively proposed,and the active and renewable energy coupling algorithm from the energy demand side of public institutions to the energy supply side is established.The results show that the central region has the highest utilization rate of renewable energy in the public sector,reaching 36.18%.The use of renewable energy in public buildings in hot summer and warm winter zones decreased to 35.08%,and it was 12.82% in cold zones.By 2025,the proportion of renewable energy resources in China is expected to reach 29.2%.The energy coupling model and algorithm constructed in this paper can provide a basis for the coupling macro configuration of renewable energy in public institutions in China.

制度型开放促进出口“提质增效”了吗?

为加快贸易强国建设,稳步扩大规则、规制、管理、标准等制度型开放,作为中国开放的重大战略调整和转型被写入党的二十大报告之中。出口是建设贸易强国的重要组成部分,制度型开放对于出口提质增效而言,不仅会通过激励企业创新和降低制度性交易成本两个直接作用机制而产生显著的促进作用,而且还会通过产业集聚的调节效应这一间接作用机制而产生促进作用。在创新性地提出并测度地区层面的制度型开放指数基础上,文章利用2013—2021年企业微观层面数据进行的实证研究,以及一系列的稳健性检验,证实了上述理论假说的正确性。此外,实证还分析发现,制度型开放对出口提质增效的促进作用,还会因企业是否地处沿海地区以及是否地处“一带一路”沿线地区,而具有显著的异质性影响。研究结论不仅从促进出口提质增效的实践需求层面为新阶段转向制度型开放提供了理论和经验支撑,而且对于如何进一步发挥制度型开放在建设贸易强国中的作用也有重要政策含义。

中国职业足球联赛制度变迁与优化:基于效率与公平的视角

采用文献资料法和数据分析法,借鉴新制度经济学和产业组织相关理论,基于效率与公平的视角,梳理中国职业足球联赛制度变迁历程。结合现行制度下足球联赛绩效现状,对联赛制度变迁的应然环境进行剖析,继而从青木昌彦提出的制度的三种历时联动机制出发探讨联赛制度的优化路径。发现:库兹涅茨曲线可用以解释我国职业体育领域收入分配与绩效之间的关系,为未来职业足球联赛制度改革指明了可能的方向;职业足球俱乐部竞技实力有限,职业足球联赛可竞争性不足,而制度失衡是联赛绩效低下的根本原因。未来应从完善市场体系和促进联赛参与主体协同方面培育中国职业足球联赛良好的制度环境。具体优化路径包括:继续深化体制改革,利用制度联动效应引导联赛市场竞争机制不断完善;创新制度互动模式,以制度联动机制再造和制度派生效应弥补非正式制度自发运行中的缺陷;形成更高层次制度互鉴,借助技术溢出效应孵化出我国特色职业联赛制度。

移民网络、制度距离与中国企业OFDI效率

提高企业对外直接投资(OFDI)效率是中国推进高水平对外开放的重要路径之一。基于2003—2021年中国A股上市公司数据,实证分析了移民网络对中国企业OFDI效率的影响及其机制。研究发现,移民网络显著提升了中国企业OFDI效率,且通过降低交易成本、提高合同执行效率、弥合文化距离促进了企业OFDI效率提升。异质性分析结果表明,移民网络对中国企业OFDI效率的提升作用仅显著存在于非国有企业、绿地投资企业以及向非接壤国家直接投资的企业中,且在向发展中国家直接投资的企业中更显著。进一步研究发现,制度距离在移民网络与中国企业OFDI效率的关系中发挥了调节作用,制度距离缩小,会强化移民网络对企业OFDI效率的提升作用。因此,政府应加强移民网络建设,加大对OFDI企业的政策支持力度,缩小双边制度距离,企业则应充分利用移民网络降低OFDI风险及不确定性,进而促进中国企业提升OFDI效率。

机构投资者调研对企业创新效率的影响及其作用机制

进一步拓宽关于企业创新效率影响因素以及机构调研经济后果的研究视角,以2013—2020年在深交所A股上市公司的数据为样本,从管理层激励的角度,对机构投资者调研与企业创新效率的关系进行实证检验。结果发现,机构投资者调研能够显著提升企业创新效率,表现在机构调研次数和参与调研的机构数量越多,企业创新效率越高。其中,相比于买方或卖方机构单独调研,买卖双方的联合调研对创新效率的提升作用更显著;机构调研能够通过发挥信息效应提高企业会计信息透明度、发挥监督效应提高企业内部控制力、发挥激励效应促进创新积极性,进而提高企业创新效率;相比于保险和其他机构,券商和基金公司调研对企业创新效率的作用更明显,并且机构调研对企业创新效率的促进作用在市场化程度较高的地区更强。据此,在促进机构投资者调研提高企业创新效率方面,得出对机构投资者、上市公司和政府部门等的启示建议。

创新链视角下地方公益农业类科研机构创新效率测度研究

文章基于创新链理论,将公益农业类科研机构划分为科技研发阶段和成果转化阶段,采用DEA-Malquist指数法测算2011—2020年21家福建省属公益农业类科研机构不同阶段科技创新效率。结果表明:10年间,科技研发阶段和成果转化阶段的创新效率均表现为退步状态,科技研发阶段创新效率下降5.10%,成果转化阶段下降3.20%,可见两阶段均有较大提升空间;21家机构不同阶段创新效率差距明显,47.62%的机构科技研发效率处于退步状态,创新指数最大差距达0.756,38.10%的机构成果转化效率处于退步状态,创新指数最大差距达0.919;机构创新发展模式差距大,23.81%为集约型,9.52%为粗放型,28.57%为研发高效-转化低效型,38.10%为研发低效-转化高效型。在此基础上,结合加快推进科技政策创新、科技体制改革等外部因素,引导机构形成学科布局、技术积累与产业经济发展格局相适应科研组织模式等内部因素,分类提出有针对性的对策建议。

董事会失败容忍对环保投资效率的影响研究

双碳目标的提出,再次强调了环境治理的急迫性。想要实现双碳目标,除了加大环保投入之外,更要重视环保投资效率。本文基于失败容忍这一理论视角,以2011~2022年沪深上市公司为样本,使用面板数据分析模型实证检验了董事会失败容忍和环保投资效率之间的关系。研究结果表明:董事会失败容忍对环保投资效率具有正向作用,即提高董事会失败容忍程度能通过激励管理层达到提高环保投资效率的效果;内部控制会显著增强董事会失败容忍对环保投资效率的正向作用,机构投资者关注会削弱董事会失败容忍对环保投资效率的正向作用;异质性分析表明:内部控制的正向调节作用在国有企业和非重污染企业更显著,机构投资者关注的负向调节作用在私营企业和重污染企业更显著。本文的研究结论对提高环保投资效率,推进环境治理具有重大意义。

ESG投资、机构投资者持股与实体投资效率

提高企业实体投资效率是经济高质量发展的重要内涵。近年来,随着可持续发展和绿色发展理念深入人心,ESG投资对企业实体投资效率的影响受到越来越多的关注。以2009—2021年沪深A股2710家上市企业为样本,通过实证检验ESG投资对企业实体投资效率产生的影响以及机构投资者持股发挥的调节作用。研究结果发现:ESG投资对企业实体投资效率的作用呈U型,机构投资者持股对二者关系具有负向调节效应。进一步研究还发现,机构投资者的异质性会影响其发挥的作用,独立型机构投资者具有正向调节作用,而非独立型机构投资者具有负向调节效应;相比于交易型机构投资者,稳定型机构投资者更能够发挥正向调节效应。这一研究结果为企业持续践行ESG投资,提高企业实体投资效率,推动经济高质量发展提供了经验证据;能够丰富机构投资者治理效应的研究,有利于机构投资者加强自身建设、转变发展理念;对政府部门健全ESG建设的相关政策和制度、加强对机构投资者的培育,具有一定的启示作用。

“双一流”建设背景下中国省域高校办学效率的区域差异及动态演进

为考察“双一流”建设启动后的中国省域高校办学效率水平、差距及动态演进,研究采用超效率DEA方法对2016-2021年中国省域高校办学效率进行评价,并采用Dagum基尼系数、Kernel密度估计法测算了省域高校办学效率地区差距来源以及分布态势。研究表明:全国及四大区域平均效率值呈现先降后升的U型变化趋势,最优效率省域数量也呈现先降后升的U型变化趋势。中国省域高校办学效率差距呈现“先下降、后上升、再下降、再上升”的态势,四大区域的区域内差距从大到小依次为东部、西部、中部、东北,区域间差距最大的为东北&东部、东部&西部、东部&中部,区域差异来源主要为超变密度,其次为区域间差距,地区内差距贡献最小。全国范围内高校办学效率空间差距在逐步扩大,东中部、东北地区极化特征明显。

我国养老机构服务效率测度及提升路径研究——基于三阶段DEA和Malmquist指数的实证分析

科学评估养老机构服务效率是优化养老资源配置和完善养老服务体系建设的基础。以我国29个省(区、市)为研究对象,基于2018—2022年《中国民政统计年鉴》和《中国统计年鉴》的数据,运用三阶段DEA模型和Malmquist指数模型,对养老机构服务的静态与动态效率测度进行分析。研究表明,养老机构服务效率逐年提升,但仍有改善空间。综合技术效率均值由0.794下降到0.726,受到外部环境因素的影响;技术进步是制约养老机构服务效率的主要原因。因此,要调整投入生产规模,重视环境因素影响,实施差异化的效率提升策略,以技术进步为发展重心,进而提高养老机构服务效率。