Game theory approach to optimal capital cost allocation in pollution control

This paper tries to integrate game theory, a very useful tool to resolve conflict phenomena, with optimal capital cost allocation issue in total emission control. First the necessity of allocating optimal capital costs fairly and reasonably among polluters in total emission control was analyzed. Then the possibility of applying game theory to the issue of the optimal capital cost allocation was expounded. Next the cooperative N person game model of the optimal capital cost allocation and its solution ways including method based on Shapley value, least core method, weak least core methods, proportional least core method, CGA method, MCRS method and so on were delineated. Finally through application of these methods it was concluded that to apply game theory in the optimal capital cost allocation issue is helpful to implement the total emission control planning schemes successfully, to control pollution effectively, and to ensure sustainable development.

The Dynamic Model of Allocation Control in Venture Capital

The allocation of control and stock in venture capital is the key point of the venture capital project.This paper develops a dynamic model of control and stock and profoundly analyses how to allocate the control between the entrepreneur and the venture capitalist.The model reveals the relationship of control and stock's structure,the time and the degree of imparting the control to the entrepreneur or the venture capitalist,the condition of retracting the control and compensation accordingly.

Capital and Labor Allocation Structure and China's Economic Growth

Using sector-specific growth accounting method, this paper investigates the growth effect of inter-industry allocation of capital and labor in China. This paper has found that existing investment data are classified according to investment entities rather than user entities and directly using such data for the measurement of capital inventory of various sectors will seriously overestimate the capital inventory of tertiary industry and lead to distorted conclusions of "structural burden" of capital allocation and its serious violation of the principle of efficiency. By excluding real estate sector, this paper has found that after the 1990 s, inter-industry capital allocation had been generally consistent with the principle of efficiency and the effect of capital allocation structure is not significant. Our estimates also found that the growth effect arising from the inter-industry allocation of labor since reform and opening up averages 0.63 percentage points, which is significantly positively correlated with residual economic growth rate and residual TFP and demonstrates a decade-long "reform cycle." According to the comparative study on the effect of labor allocation structure of 37 other countries and regions, by 2017, the effect of China's labor allocation structure will continue to remain in a relatively high stage; between 2017 and 2023, structural effect will significantly diminish and deceleration pressure will rise swiftly; after 2030, the effect of labor allocation structure will linger in a low level stage, when economy is likely to enter into a stage of low growth rate. These findings will help us better assess future economic growth tendencies.

A Literature Review of the Influence of Commercial Credit on the Efficiency of Enterprise Capital Allocation

The real economy is the main body of high-quality development,and the efficiency of capital allocation is an important manifestation of the development of the real economy.Therefore,it is very important to study the efficiency of capital allocation.As a representative of horizontal finance,commercial credit has a significant impact on the improvement of capital allocation efficiency.In view of this,this article combs the literature on commercial credit and capital allocation efficiency from the following aspects:firstly,by studying the literature,combing the literature on the macro-level,micro-level and economic effects of commercial credit;secondly,the measurement method of capital allocation efficiency And the influencing factors are systematically sorted out,and finally sorted out and evaluated the existing literature on the influence of commercial credit on the efficiency of capital allocation.

Capital allocation for cash-subadditive risk measures:From BSDEs toBSVIEs

In the context of risk measures,the capital allocation problem is widely studied in the literature where different approaches have been developed,also in connection with cooperative game theory and systemic risk.Although static capital allocation rules have been extensively studied in the recent years,only few works deal with dynamic capital allocations and its relation with BSDEs.Moreover,all those works only examine the case of an underneath risk measure satisfying cash-additivity and,moreover,a large part of them focuses on the specific case of the gradient allocation where Gateaux differentiability is assumed.The main goal of this paper is,instead,to study general dynamic capital allocations associated to cash-subadditive risk measures,generalizing the approaches already existing in the literature and motivated by the presence of(ambiguity on)interest rates.Starting from an axiomatic approach,we then focus on the case where the underlying risk measures are induced by BSDEs whose drivers depend also on the yvariable.In this setting,we surprisingly find that the corresponding capital allocation rules solve special kinds of Backward Stochastic Volterra Integral Equations(BSVIEs).

The Return on Capital in China and Its Determinants~

This paper first estimates the overall return on capital in China between 1978 and 2013. It then identifies the determinants of return on capital by analyzing provincial panel data and breaks down the causes of swerves in capital return after the eruption of the global financial crisis in 2008. It finds that： （1） there is significant inertia in the return on capital,＂ （2） government intervention has significantly negative impact on capital return; （3） a significantly negative correlation is observed between investment rate and return on capital,＂ and （4） the increases in the shares of secondary and tertiary industries in the economy have significantly positive impact on return on capital. This paper concludes that the growth in investment rate and the expansion of government size are both important contributors to the recent decline in China＇s return on capital since the financial crisis.

Research on Labor Reallocation Efficiency of State-owned Industries

This article,which is based on panel data of Chinese state-owned industrial enterprises over the period 2006-2011,analyzes Labor reallocation Efficiency of State-Owned Enterprises with Syrquin＇s analysis of the total Reallocation effect of Resources. The results show that：①Labor allocation efficiency keeps a high level all the time;②The contribution that labor Reallocation efficiency makes to the growth of labor productivity has been at a low rate. Therefore, our government had better deepen the reform of state-owned enterprises and the evolvement of marketization

数字化转型能提升国有企业资本配置效率吗?

进入数字经济时代,数字化转型已成为国有企业高质量发展的必经之路。在此背景下,探究数字化转型与资本配置效率之间的内在逻辑关系,对增强国有企业活力和提升国有企业资本效率具有重要理论和实践意义。以2009-2021年沪深A股上市的非金融国有企业为样本,从外部成本以及内部治理两个层面实证检验数字化转型对国有企业资本配置效率的影响效果及作用机制。结论说明:1)数字化转型能够显著改善国有企业资本要素错配,提升国企资本配置效率。2)机制分析表明,数字化转型能通过缓解信息不对称、降低代理成本以及改善融资约束,优化国有企业资本要素配置。3)从市场、政府以及国有企业自身层面来看,首先数字化转型在一定程度上能替代外部不完备的资本市场。在资本市场发育程度较低环境中,数字化转型更能改善国有企业资本要素错配。其次较高的财政补贴隐含过多的政策性负担,弱化数字化转型对国有企业资本效率提升效果。最后在较高水平内部控制环境中,数字化赋能显著提升国企资本配置效率。研究有助于深化数字化转型赋能国有企业资本配置效率的效果和机制,为探究我国国有企业高质量发展提供学理依据及决策参考。

数字金融发展与“两业”融合——经济高质量发展背景下的机制识别与效应检验

先进制造业和现代服务业融合是高质量发展实体经济的内在要求。数字金融作为传统金融业和数字信息技术融合的重要创新产品,对制造业与服务业融合有着重要影响。研究利用286个地级及以上城市2011—2019年的面板数据,并通过面板门槛模型等回归方式,考察了数字金融发展对“两业”深度融合的影响和传导机理。研究发现:(1)数字金融发展对提升“两业”融合水平具有显著影响,技术创新和资本配置效率是数字金融影响“两业”融合的主要机制;(2)数字金融对“两业”融合的影响具有明显的非线性特征,在数字金融发展的不同阶段具有不同的作用效果;(3)异质性检验发现数字金融发展对“两业”融合的促进作用在经济发展水平较高、工业化程度适中和国家政策试点的城市更为显著;(4)数字金融提升“两业”融合水平会巩固产业基础,提高产业核心竞争力,最终促进经济高质量发展。

增值税减税能否提高制造业企业全要素生产率?--基于增值税税率下调事件的经验研究

深化税制改革是激发市场主体活力、加快制造业转型、实现经济高质量发展的重要路径。基于2016—2020年中国沪深A股上市公司数据,研究了2018年和2019年增值税税率下调对制造业企业全要素生产率的影响。研究发现,增值税减税提高了制造业企业的全要素生产率。异质性分析结果显示,对于市场竞争地位高、国有产权、处于成熟期以及高市场化地区的企业而言,增值税减税对全要素生产率的提升效应显著。渠道分析表明,研发投入、人力资本投入以及资本配置效率是增值税减税影响企业全要素生产率的主要渠道。因此,政府部门应继续深化增值税改革,缩小制造业与其他行业的税率差异,切实减轻制造业企业税收负担,同时应加大对民营、初创等弱势企业的财政扶持力度,全面提高各类企业的全要素生产率。

减税激励、企业投资与资本配置效率——来自小微企业的证据

小微企业是我国社会主义市场经济的重要参与主体,在促进经济发展、改善民生、增加就业等方面具有不可替代的作用。本文基于2010—2018年全国税收调查数据,采用双重差分方法,检验了企业所得税减半征收政策对小微企业投资行为的影响。研究表明,所得税减半征收通过增强小微企业的“投资动机”和“投资能力”促进企业固定资产投资的增加,并且所得税减半征收政策对非制造业、未享受政府补助企业和融资约束较强的小微企业投资的促进作用更为明显。进一步分析表明,所得税减半征收政策提升了小微企业的资本配置效率,增强了小微企业吸纳就业的能力,但并未增强小微企业的研发创新能力。总体而言,本文肯定了所得税减半征收政策对小微企业的积极影响,为完善小微企业税收优惠政策、推动经济社会高质量发展提供了有益参考。

人力资本异质性与农民工风险性金融资产配置

教育和健康作为人力资本的重要组成部分,对农民工的风险性金融资产配置发挥着重要作用。基于中国家庭金融调查数据,通过Probit和Tobit模型来考察教育人力资本和健康人力资本对农民工风险性金融资产配置行为的影响,并对其内在传导机制进行中介效应分析。研究发现:教育人力资本和健康人力资本的提升会促进农民工参与风险性金融市场,并增加对风险性金融资产的投资。异质性分析表明,教育人力资本和健康人力资本的提升效应存在区域差异性,经济条件较差、教育水平较低地区的农民工参与风险性金融市场的潜力较大;就性别而言,教育人力资本在男性农民工的风险性金融资产配置中影响更大,而健康人力资本对女性农民工风险性金融资产配置的影响更为明显。机制检验表明,教育人力资本通过提高农民工的风险偏好和金融素养的方式增加其对风险性资产的配置比例;健康人力资本越高,农民工的风险偏好越强,越倾向于投资风险性金融资产,其财产性收入也因此提高。据此,应加速提升农村地区教育和健康人力资本水平,并优化金融环境,针对农民工的实际需求提供金融服务;农民工自身也要主动学习金融知识,提高金融素养水平,拓展了解金融信息的渠道,提升抗风险能力,不断优化风险性金融资产配置。

劳动力流动赋能城乡融合:理论机制与实证检验——基于安徽省6县1002个农户的问卷调查

城乡融合在构建新型城乡关系中发挥着基础性作用,劳动力流动则为城乡融合目标的实现提供了新的可能。安徽省作为传统的农业大省及全国农村劳动力转移大省,城乡融合问题是制约其经济发展的重要因素。因此,基于微观调研数据,探究安徽省劳动力流动对城乡融合发展的影响,并通过机制分析检验资源配置和人力资本在劳动力流动赋能城乡融合过程中的间接作用。研究发现:劳动力流动显著促进了城乡融合发展,这一结论在经过一系列严谨检验后依然成立;劳动力流动可以通过优化资源配置、聚集人力资本等路径有效推动城乡融合;劳动力流动对城乡融合发展的促进效应存在明显的区域异质性,尤其在对政策相对不完善地区的城乡融合促进上,其效应更为显著。基于此,为进一步全面深化改革、促进城乡融合发展、推进中国式现代化建设,提出应统筹资源配置、促进城乡产业融合,激发人才活力、增强城乡一体意识,完善市场规则、健全按要素分配制度,深化土地改革、推进新型城镇化建设,增强政策导向、规范劳动力有序流动等建议。

数据要素参与对企业资本配置效率的影响研究

数据要素在产业间的深度融合将深刻改变要素市场的运行机制与逻辑。文章实证考察数据要素参与对企业资本配置效率的影响及其作用机制。研究发现:数据要素参与对制造企业资本配置效率呈现出显著的“U”型非线性影响,即当数据要素参与上升到适度阶段,其对企业资本配置效率的影响才转变为促进效应。进一步,仅从生产要素属性看,无论是国内数据要素参与还是国外数据要素参与,两者对企业资本配置效率的影响并无二致。机制检验表明,信息效应和资源效应是导致数据要素参与对企业资本配置效率产生“U”型影响的机制。其中,信息效应会同时影响“U”型关系的顶点和曲率,随着信息不对称程度增加,“U”型关系变强,并且顶点右移;而资源效应则影响“U”型关系的曲率,当企业融资约束程度较强时,“U”型关系变强。异质性分析发现,随着企业所有制类型、企业生命周期、行业要素密集度和地区市场化程度的不同,数据要素参与对资本配置效率“U”型关系拐点呈现出显著差异,民营企业、初创期企业、技术密集型行业、高市场化程度区域企业进入数据要素参与“适度区间”的阈值相对更低。

新就业形态下城市劳动力技能人力资本控制权意识与工作时间配置决策——基于工作时间异质性的分析

新就业形态下,劳动力工作时间配置自主性和灵活性增强。从劳动者技能积累和工作收入维度来考量,可将工作时间性质分为突破型、补充型、低维持型和耗竭型。运用心理账户和人力资本产权理论,深入探讨技能对城市劳动力工作时间配置决策机制。研究表明,劳动力技能人力资本具有人格化财产特性,使其在技能人力资本产权交易过程中产生强烈控制权意识,导致劳动力决策时会因技能的不同利益目标而分别形成情感型和经济型心理账户。情感账户下,技能人力资本控制权意识越强,劳动力越倾向于选择突破型工作时间和补充型工作时间;经济账户下,技能人力资本控制权意识越强,劳动力越倾向于选择低维持型工作时间和突破型工作时间。因此,应高度重视劳动力的工作流动问题,提升劳动者多维技能投资意识,健全和完善“普惠式”职业技能培训长效机制,以促进劳动者充分就业。

实体视角下的资本市场:本源、沿革及发展趋势

资本市场是一种重要的经济组织形式,是金融市场的重要组成部分,它提供了一个平台,可集聚资金、配置资源,并进行投融资活动。通过在资本市场上发行股票或债券等方式,实体可以获得所需的资金,同时投资者可以购买证券来参与经济活动,并分享风险与收益。实体获取资源的手段是资本市场的创新和发展,只有深刻理解资本市场的本源和底层逻辑,才能更好地解决其发展过程中遇到的问题,并从实体逻辑中找到答案。因此,文章对资本市场本源、沿革及发展趋势进行研究,对资本市场的创新和发展具有重要的现实意义。

“双向混改”情境下非控股股东治理机制与资本配置效率

本文在区分“双向”混合所有制改革两类混改情境的基础上,基于正式制度与非正式制度视角,从股权治理、高层治理、网络治理三个维度构建非控股股东治理参与度模型,考察了非控股股东参与治理与企业资本配置效率的内在关系。研究表明:在“双向”混改情境下,非控股股东参与治理能提高企业的资本配置效率;非控股股东参与治理提高国有企业的资本配置效率主要体现在制衡效应而非资源效应,非控股股东参与治理提高民营企业的资本配置效率主要体现在资源效应而非制衡效应;非控股股东参与治理能够通过缓解国有企业预算软约束和抑制国有企业过度投资来提高国有企业资本配置效率。本文有利于从“双向”混合所有制改革的视角引导非控股股东更好发挥治理作用。

数字经济与农业农村现代化——基于地级市层面的研究

数字经济不断向“三农”领域渗透,深刻影响着农业农村现代化进程。本文基于中国246个地级市的面板数据,构建农业农村现代化评价指标体系,从要素配置视角分析数字经济对农业农村现代化的影响及作用机制。研究发现:数字经济对农业农村现代化具有显著的促进作用,从农业农村现代化三个维度来看,数字经济能够显著推动农业现代化和农村现代化,但对农民现代化的影响不显著;机制检验表明,数字经济能够通过农业技术创新、农村资本投入和劳动力流动等要素的优化配置,提升农业农村现代化水平;在非粮食主产区和农业农村现代化水平较高地区,数字经济推动农业农村现代化的效果更明显。为此,需加快数字经济与农业农村深度融合,优化农业农村地区要素配置,实施差异化数字经济战略。

产业协同集聚与企业创新:影响机制与异质性研究

在加强先进制造业战略背景下,产业融合与集群发展被视为提升制造业质量的关键途径。本文利用2012—2022年我国25个省份的省级宏观与企业微观数据,构建面板数据模型,探讨产业协同集聚与企业创新的互动关系,并从企业、行业和区域层面多维度分析产业协同集聚对企业创新的影响。实证结果表明:第一,产业协同集聚对企业创新有正向作用,该效应在非国有企业、中小企业、信息技术与制造业协同集聚下及东部地区更为显著。第二,人力资本和创新要素配置是产业协同集聚促进企业创新的关键途径。上述研究结果启示:政府要加强顶层设计,促进产业协同集聚及产业融合;根据地区情况和企业特点制定差异化政策,提供针对性帮扶;加强人才培养,利用产业协同集聚优势,强化区域人才交流,强化集聚区内创新主体合作并推进人才与其余创新资源整合,推动协同创新生态建设,促进产业高质量发展。

互联网发展能否提升农业劳动力配置效率?

在要素市场化配置改革快速推进的背景下,互联网发展对农业劳动力配置效率发挥着重要影响。基于中国2011—2020年省级层面数据,实证检验互联网发展对农业劳动力配置效率的影响及机制。研究发现:互联网发展能够显著提升农业劳动力配置效率;异质性分析发现,在沿海和内陆地区,互联网发展都能够提高农业劳动力配置效率,且在内陆地区的影响幅度更大;在户籍制度改革之后,互联网发展对农业劳动力配置效率产生显著的推动作用;在农业劳动力配置效率越低的地区,互联网发展对农业劳动力配置效率的影响幅度越大;机制分析结果表明,互联网发展会通过降低农业资本价格扭曲渠道提高农业劳动力配置效率。