Employment Creation and Investment Attraction by Means of the Internet Portal of Puebla （Mexico） Government

Some transactional governmental services are now offered to citizens world-wide by means of the internet. Principally, these transactions consist of applications for birth certificates, tax payments, payments of fines, however, very rarely, or never can someone incorporate a business by means of e-government services. Rare also, are cases in which the consequences of business incorporation can be evaluated through the internet--for example employment creation or the attraction of investments. With respect to business incorporation the internet portal of the government of the state of Puebla is of no help, since it must be done in person in every case.

The Relationship between Government Subsidies and Research & Development Investment of Chinese Agricultural Listed Companies

Based on the background of China's emerging and transitional market,government subsidies to enterprises are regarded as a " helping hand" of promoting economic structural adjustment. In this paper,using China's A-share agricultural listed companies from 2010 to 2015 as research samples,we discuss the influence of government subsidies on research and development( hereinafter referred to as R & D) investment,and the difference in the relationships between the two from the perspective of different nature of property rights. The results show that,on the whole,the increase in government subsidies does not promote the intensity of R & D investment of agricultural listed companies. And after distinguishing the nature of property rights,the results show that state-owned enterprises can get more government subsidies than private enterprises,and the increase in government subsidies boosts the increase in R & D investment in private enterprises,but there is a negative correlation between government subsidies and R & D investment of state-owned enterprises. This conclusion can broaden the research perspective of the influence factors of corporate R & D investment,and it is of practical significance to further clarify the role of government subsidies in R & D investment decisions of enterprises with different nature of property rights.

Local Government Behavior behind China's Excessive Investment under Decentralization——Theoretical and Empirical Analysis Based on Manufacturing Sector

This paper investigates the effect of local government intervention on capital deepening of manufacturing sector by using interprovincial panel data sets of 28 Chinese provinces,municipalities and autonomous regions between 1994 and 2011.Theoretical research indicates that as a transitional economy,China's local government intervention in corporate investment behaviors will cause excessive investment,thus bringing about a long-term and sustained tendency of capital deepening in manufacturing sector.Empirical test further discovers that in a certain range,the phenomenon of capital deepening in manufacturing sector is not an inevitable result endogenous to economic development and technology progress,and that investment behaviors of manufacturing sector are largely subject to the external institutional environment.Fiscal decentralization has indeed promoted capital deepening of manufacturing sector.Financial credit expansion and interventions in SOEs are major instruments for local governments to intervene in the capital deepening of manufacturing sector and such an influence is particularly significant for China's central,western and northeast regions.Therefore,clarifying government functions and improving local government performance review mechanism are of great significance to the healthy development of China's manufacturing sector.

Government Inspectors' Penalties and Charging Fee of Investment Banks--Empirical research based on data of Chinese public companies

This paper uses data of Chinese public companies from 2004-2015 to test the relationship between government inspectors'penalties and charging fee of investment bank.The test results show that after getting the penalties from government inspectors the charging fee of investment bank would decrease significantly.This negative impact of penalties on charging fee is more significant to the investment bank that has high reputation.This indicates that the penalties of government inspectors damage the reputation of investment banks.This research could help understand the effects of the government inspection on the reputation of investment banks.

The effects of local government investment on economic growth and employment: evidence from transitional China

Based on the panel data of 28 provinces in the year of 1987-2001, this paper examines the effects of the local government investment on economic growth and employment. The empirical result shows that the local government investment plays a significant positive role in economic growth and employment. However, while the proportion of local government investment to GDP had a remarkable rise after 1998, the elasticity of local government investment on economic growth declined, which shows that there is a big room for raising the efficiency of local government investment. Moreover. the empirieal examination shows that although local government investment had positive effect on employment, the elasticity had a decrease after 1994 when the tax-sharing system reform was put into practice. This shows that the positive role of local government investment on employment is also limited This paper argues that the role of local governments as investors must be weakened, and local governments of different levels should lessen direct economic intervention and concentrate on public regulation.

The Chinese Government Increases S&T Investment

The Chinese government has made great efforts to increase investment in science, technology and education, Vice Premier Li Lanqing told the country’s top legislators on August 24. A total of 146 billion yuan (about US$17.6 billion) was raised nationwide for science and technology in 1999, representing an increase of 12.5% over the previous year, among which funds for research and development

Risk and Regulation of Chinese Online Investment Products

The emergence of Yu＇E Bao and the like provides Chinese investors with a new and flexible investment option. Such new investment instrument forces up the cost of capital of local banks and also takes away the market share from them. Yu＇E Bao has allocated most investments in inter-bank money market due to the liquidity concerns. This study investigates Yu＇E Bao＇s portfolio allocation and potential risk, and also provides policy implications for regulators. The research findings suggest that regulators should issue more provisions to further regulate the operation of online investment products and keep the liquidity risk under control, i.e. require money market funds to hold more capital in reserve on a gradual basis. By examining the case of Yu＇E Bao, a new online investment product in China, this study sheds light on the recent financial development and reform of China.

Investments in the Russian Agriculture Under the Economic, Political Volatility

The article states that the purpose of the agricultural industry of Russia is the creation of a market for innovation and investment to improve productivity and competitiveness in the context of growing economic, political, and natural climatic instability and volatility, both in Russia and abroad （membership in the WTO, industry globalization, etc.）. Foreign economic and political sanctions have a growing negative impact. It is very important for the agriculture industry to be supported by the Russian state budget and to have administrative support, the institutional structure of the state, quantitative and qualitative indicators of national support： federal, regional, and municipal. Positive development of the regional and city aspect is also important.

政府资助与企业研发投入:影响机制和效应分析

本文通过将政府资助政策纳入企业研发决策过程,拓展了传统的R&D投资模型,利用中国创新企业调查数据,基于多时点DID方法,分析了政府资助影响企业研发投入的作用机制和效应。研究结果显示,政府资助能够激励企业增加研发部门的投资比例,对企业研发投入存在“激励效应”,在非高新技术行业的影响效应更为明显;政府资助提升企业研发投入的作用机制在于通过引导企业开展创新活动,企业研发过程存在“干中学”效应,企业的知识存量水平增加,从而对企业研发投入产生动态影响。本文研究为更好发挥政府资助政策对企业创新的激励作用,以及设计有针对性的创新扶持政策,提供了一定借鉴和启示。

Analysis on the Effect of Government Investment on Private Investment in Western China——Take Province A as an Example

Since China began reforming and opening up its economy,and especially since the launch of development projects in western China,province A has attracted an increasing amount of investment,which is the main driving force for provincial economic growth.Hence,this study uses a state space model to examine how government investment has affected economic growth in province A in western China,and explains whether there is a crowding-in effect or a crowding-out effect of local government investment on private investment.The findings indicate that both government and private investments have a positive,stimulating influence on economic growth in province A,with the latter being more impactful than the former.Productive and non-productive investments have different effects on province A’s economic growth.From the perspective of the trajectory of government investment elasticity,the elasticity of government and private investments in province A presents a very large spatio-temporal change.That is,from 1994 to 2009,government investment in province A had a crowding-in effect on private investment,but from 2010 to 2017,a crowding-out effect was observed.

Efficiency evaluation of government investment for air pollution control in city clusters:A case from the Beijing-Tianjin-Hebei areas in China

Air pollution poses a significant threat to human health,particularly in urban areas with high levels of industrial activities.In China,the government plays a crucial role in managing air quality through the Air Pollution Prevention and Control Action Plan.The government provides direct financial support and guides the investment direction of social funds to improve air quality.While government investment has led to improvements in air quality across China,concerns remain regarding the efficiency of such large-scale investments.To address this concern,we conducted a study using a three-stage data envelopment analysis(DEA)-Malmquist model to assess the efficiency of government investment in improving air quality in China.Our analysis revealed regional disparities and annual dynamic changes.Specifically,we focused on the Beijing-Tianjin-Hebei areas as a case study,as the investment primarily targeted industrial activities in urban areas with the goal of improving living conditions for urban residents.The results demonstrate significant differences in investment efficiency between regions.Beijing exhibits relatively high investment efficiency,while cities in Hebei Province require improvement.We identified scale inefficiency,which refers to the ratio of air pollutant reduction to financial investment,as the main factor contributing to regional disparities.However,we found that increasing the total investment scale can help mitigate this effect.Furthermore,our study observed positive but fluctuating annual changes in investment efficiency within this city cluster from 2014 to 2018.Investment-combined technical efficiency,which represents the investment strategy,is the main obstacle to improving yearly investment efficiency.Therefore,in addition to promoting investment strategies at the individual city level,it is crucial to enhance coordination and cooperation among cities to improve the investment efficiency of the entire city cluster.Evaluating the efficiency of government investment and understanding its influencing factors can guide future investment measures and directions.This knowledge can also support policymaking for other projects involving substantial investments.

Analysis of the Pull Effect of Local Government Special-Purpose Bond Investment on Economic Growth Under the Input-Output Framework

In this paper,we discuss the development process of local government special bonds,and the role channels of local government special debt investment in driving China’s economic growth.Based on the specific decomposition of Xinjiang local government special bond investment,this paper uses the non-competitive input-output model for the first time to analyze the net pulling effect of Xinjiang local government special bond investment on Xinjiang’s GDP and employment in 2020.Two measure calibers are set in this paper based on whether the financing costs are considered or not;in addition,we set up four scenarios based on two conditions:Whether to consider retained fun and whether to consider using special-purpose bond investment to leverage social capital.The results show that:1)when financing costs are not considered,the RMB77.4 billion local government special-purpose bonds can push the GDP of Xinjiang to grow by RMB42.27 billion,RMB35.12 billion,RMB77.548billion and RMB69.34 billion respectively under the four scenarios;2)when financing costs are not considered,the number of jobs driven by the RMB77.4 billion local government special-purpose bonds was respectively 372,300,324,500,718,500 and 601,300 in the four scenarios;3)when financing costs are considered,the RMB77.4 billion local government special-purpose bonds can push the GDP of Xinjiang to grow by RMB71.876 billion and RMB64.268 billion under scenario 3)and scenario 4).

An Enquiry Into the Responsiveness of Corporate Profitability to Corporate Governance Mechanism＂ Evidences From Malaysian Government-Linked Companies （GLCs）

Realizing the importance of corporate governance, many governments have embarked upon various initiatives. In Malaysia, the recently introduced Green Book program aims to strengthen the corporate governance among the government-linked companies （GLCs）, in view of their significant contributions to the national socio-economic development. The Green Book initiative, launched in 2005, contains, among other things, a provision to create a high-performing board. Performance of GLCs, therefore, is likely to scale better heights with the modification of the constitution of the boards. The present paper aims to examine the association between the selected corporate governance attributes and performance of GLCs in 2010, approximately five years since the implementation of the transformation program. The regression analysis reveals that none of the selected corporate governance indicators has significantly impacted the performance of GLCs. The findings serve as a wake-up call to the authorities to appraise the effectiveness of the transformation program in enhancing the performance of GLCs.

Anti-corruption, government subsidies, and investment efficiency

The problem of corruption in socio-economic development has long been a focus of academics and practitioners. To address this concern in China, the 18th National Congress of the Communist Party of China instituted a new anti-corruption policy. In this paper, we examine the impact of this recently enacted anti-corruption policy on the investment efficiency of subsidized enter- prises from the perspective of government subsidies. We conclude that govern- ment subsidies have a significant positive impact on the overinvestment behavior of enterprises and that the anti-corruption work done by the govern- ment has effectively restrained the excessive investment behavior of government-subsidized enterprises. Further, we find that the anti-corruption policy is more effective in restricting overinvestment in subsidized stateowned enterprises than in non-state-owned enterprises. We examine the impact of the anti-corruption policy on excessive investment caused by government subsidies and enrich the body of research related to investment efficiency.We also provide empirical support for further research on the anti-corruption policy at the macro-market and micro-enterprise levels. The findings highlight the need to establish new cooperation between governmentand enterprises, to rationalize the distribution of administrative resources, and to promote the sustained and healthy development of the national economy.

Government integrity and corporate investment efficiency

We explore the relation between government integrity and firms' investment efficiency in the context of China's deepening reforms and its strengthening the social credit system. We find that government integrity is positively associated with the investment efficiency of listed companies in China. Government integrity is negatively related to corporate underinvestment, but insignificantly related to corporate overinvestment. Higher government integrity reduces underinvestment in non-state-owned firms, but this relation is not significant in state-owned firms. Furthermore, we find that the negative relation between government integrity and underinvestment is only significant for firms in industries that receive supportive government policies. This study enriches research on corporate investment by adopting the perspective of government integrity, and supplements the literature on government integrity and its economic consequences. Our study also provides micro-level empirical evidence that strengthening government integrity will promote the economic transformation of China.

Government Investment and High-Quality Economic Development——Measurement and Analysis Based on Input-Output Method

Analysis of how government investment promotes economic development and employment is important for improving government’s decision-making and promoting high-quality economic development in western China.In this paper,the authors take Xinjiang as an example to conduct such an analysis.Firstly,based on the competitive input-output table of Xinjiang,the non-competitive input-output tables of 2007,2012 and 2015 are compiled in this paper.Secondly,the contribution of Xinjiang government investment,especially the major government investment projects,to the valueadded of Xinjiang,other provinces and cities in China and abroad are calculated.Thirdly,this paper uses the non-competitive input-output table to compile the sectoral employment vector,and uses the input-occupancy-output technique to measure how government investment promotes employment.The results show that Xinjiang government investment contributes the most to the value-added of Xinjiang and other provinces and cities,but less to foreign countries;the government investment create the most job opportunities in projects including transportation projects and livelihood projects etc.

Government Control,Uncertainty,and Investment Decisions in China's Listed Companies

This paper empirically investigates the relation between uncertainty and investment among China's listed companies, and analyzes the influence of government control on the investment-uncertainty relation. We find that there is a negative relation between total firm uncertainty and investment in China's listed companies. However, this holds only for privately controlled firms. Among privately controlled listed firms, investment is negatively related to firm-specific uncertainty, whereas among government-controlled ones, investment is positively related to market uncertainty. We also find that the risktaking preference of government-controlled listed companies is greater among those firms with fewer investment opportunities. Finally, among financially distressed firms, the negative relation between investment and uncertainty becomes nonsignificant because of risk shifting, which is more serious among government-controlled listed companies. We conclude that government control leads to state interference and weak corporate governance, which, in turn, distorts investment decision making among listed companies.

Research on the Determinants of Government Investment Effect

Government investment plays an important role in promoting and guiding the economic and social development in China.Xinjiang is the core province of the Belt and Road and its economic growth is mainly driven by investment.This paper decomposes the determinants of government investment effect into economic structure change,technological change and investment structure change,using the non-competitive input-output table of Xinjiang province in 2007,2012 and 2015 and structural decomposition analyses.The results show that,the government investment effect in Xinjiang shows a slight decline trend.During the period,the change of economic structure and investment structure have the negative impact on government investment effect,while the change of technology has the positive impact on government investment effect.In addition,these impacts have strong sectoral heterogeneity.

Monetary policy,government control and capital investment:Evidence from China

This study examines how the relationships between local governments and local enterprises moderate the effect of targeted monetary policies through different action-propagating mechanisms. First, we investigate the impact of monetary policies on enterprise investment in areas with different institutional environments. Second, we investigate the impact of monetary policies on stateowned enterprises(SOEs) with different property rights structures. Third, we examine how political connections can influence the action-propagating mechanism of monetary policies. We conclude that in China monetary policies have different effects on SOEs and on private enterprises with or without political connections. Specifically, local government interventions can significantly weaken and distort the effects of monetary policies, such that the intended reduction in investment is noticeably alleviated for SOEs and private enterprises with close links to local governments.

China’s Government Investment Funds:Evolution,Risks and Reform Measures

In the context of guarding against financial risks and deleveraging,government investment funds supplement the traditional government debt financing by market-based equity financing,which is regarded as the profound change of the government’s financial management idea and mode.In reality,the practice of China’s government investment funds is still in the stage of“learning by doing”.The diversification of the target,the lack of supervisory experience,the imperfect information disclosure and evaluation mechanism,and the shortage of professional talents pose a challenge to the government’s future risk control and the regulation of government behavior.This paper summarizes the path and trend of the development of government investment funds and the possible risks,and on the basis of international experience,puts forward the measures and suggestions for further standardizing the management of government investment funds and deepening the reform of government investment and financing system.