设立国家海洋产业投资基金:理论探讨与实施路径

设立"国家海洋产业投资基金"已明确列入全国海洋经济发展"十二五"规划中,但是由于多方面的原因,至今仍停留在制度规划层面,没有得到有效落实。新时期无论从海洋经济发展的战略需求,还是从创新财政支持方式、优化财政资源配置的角度,加快设立国家海洋产业投资基金都有较强的现实性和紧迫性。本文从理论层面和现实条件的角度进一步论证,以此明确我国设立国家海洋产业投资基金的总体思路。

财政资金进入创投产业的模式比较

文章根据典型性、先进性和可行性等若干标准,选择了深圳、上海、天津等地在发展创投产业方面的财政资金运用模式,试图通过比较研究的方法,探寻以政府主导的创投产业发展的规律性。

基于投行产业的大数据技术分析

现阶段计算机技术的飞速发展,为投行产业的快速发展带来了很大的机遇。将大数据技术应用到投行产业中,不仅有利于促进投行产业的全面发展,更有利于促进互联网金融产业数字化水平的提升,推动整个金融行业快速发展。本文通过对大数据在投行产业领域的应用现状分析,探讨了大数据技术对投行产业发展的意义与影响,体现了将大数据技术应用于互联网金融行业的优点。

战略性新兴产业创业投资引导基金能促进企业创新吗?

实施新兴产业创投计划,重点支持战略性新兴产业中处于早中期的创新型企业,对于促进技术与市场融合、国家战略与产业对接、国际竞争实力提升具有重要意义。以新兴产业创投计划投资的新三板企业为样本,运用渐进双重差分模型及中介效应模型检验了战略性新兴产业创业投资引导基金对早中期企业创新的效应及作用机理。研究结果表明:战略性新兴产业创业投资引导基金对早中期企业及非国有企业具有显著的促进作用,对成长期企业及国有企业的促进作用则不显著。战略性新兴产业创业投资引导基金通过融资约束缓解机制、认证及信号传递机制显著促进了企业创新。研究从微观视角系统揭示了市场化运作的创业投资引导基金对企业创新的动态影响效应,进一步厘清了政府引导基金对企业创新的影响机制,加深了对政府引导基金内涵及政策导向性的认识和理解,对于进一步明确政府引导基金角色定位、发挥其创新引领作用具有一定的指导和借鉴意义。

风投那些事儿

对于满腔热血投身创业的大学生们而言:不缺想法、充满激情、精力充沛、更不乏吃苦耐劳的奋斗精神……世界上似乎已没什么可以阻挡他们前进的脚步——除了一样,那就是资金!"缺钱"是最现实不过的事情,这让手握重金的风投成了最受创业者欢迎的"天使"。然而天下没有免费的午餐,阅历万千的VC更以"门槛精"著称。而与此同时,席卷全球的金融风暴,带来的是"未来经济衰退"的悲观预期,在这场危机中,中国并不能独善其身,这无疑令产业界VC们出手更为谨慎。那么,究竟如何才能投其所好,赢得精明的投资人青睐?中国有句古话叫"知己知彼",看看这些金融大鳄们的投资思路,或许可以带给那些"在路上"的创业者们一些启发。

外资创投 捂紧钱袋

国家外汇局“124文件”的出台，使得一直占据中国创投产业主体地位的外资创投，在2005年突然纷纷攥紧了手中的钱袋，对中国市场重新采取观望态度。

新形势下对国有创投机构发展思路的研究与探讨

分析了创投产业发展面临的新环境、新机遇,指出大力发展科技型中小企业为创投行业提供了新的发展思路和空间,提出了发挥创业投资职能作用,积极推进天津市高新技术产业化发展的几点措施。

Agricultural Development of Nanjing Suburban Counties based on Contribution Models of Production Factors

According to data in Nanjing Statistical Yearbook, contribution made by agricultural production factors was analyzed with contribution models of agricultural factors and the results showed that with restriction of labor force and land, Nanjing suburban counties have entered into a stage of ＂high input-high output＂, considering no matter from agricultural total value of output or from agricultural added value. In future, structure configuration of agricultural input factors should be optimized in Nanjing suburban counties by technology input to improve agricultural technology and technical efficiency in order to further achieve sustainable development of agriculture.

Agricultural Input and Output in Jiangsu Province with Case Analysis

[Objective] The aim was to explore interrelationship between agricultural input and output in Jiangsu and the influence degrees of input factors on agricultur-al output. [Method] Quantitative analysis and evaluation were made on agricultural input and output in Jiangsu during 1990-2012 as per factor analysis and regression analysis. [Result] The result of factor analysis showed that since the 1990s, the comprehensive efficiency of agricultural input/output in Jiangsu was growing and in-put/output of agriculture, forestry, animal husbandry and fishery, crop farming, and of food production were extracted, whose scores reflect the changes of input/output ef-ficiencies in terms of agriculture, forestry, animal husbandry, fishery, crop farming and food production in the two decades. The results of regression analysis indicated that the effects of the three indices on agricultural output tended to be volatile and the influence degrees were concluded also by regression parameters. [Conclusion] The research provides theoretical references for agricultural input/output structure in Jiangsu Province.

临江国家高新区:占据工业4.0高点叩开“浙江智造”大门

地处钱塘江南岸、紧邻杭州湾出海口,不久前,杭州临江国家高新区正式跻身高新区"国家队",成为今年全国首批14家升级为国家高新区的省级高新区之一。同时,这也是浙江省的第6个、杭州市的第2个高新区"国家队"队员。"国家队"怎么进?这个高新区将对杭州、对浙江的区域经济产生怎样的影响?以后哪些高科技产品将会是"大江东制造"?

Emergy Efficiency and Structural Adjustment of Hunan Agro-ecosystem

[Objective] To analyze the efficiency of Hunan agro-ecosystem in 1980- 2010. [Method] This paper adopts the emergy methods to evaluate the emergy input and output. [Result] The growth of total emergy input was mainly caused by the auxiliary factors in this phase. The proportion of the nonrenewable purchased emergy input to the total auxiliary emergy input increased from 21.80% in 1980 to 33.04% in 2010. In 1980-2010 the total emergy output of the system increased by 2.43 times, the proportions of the stock farming emergy output and fishery emergy output to the total emergy output increased sharply, while those of the planting emergy output and forestry emergy output showed a considerable decline. [Conclusion] The emergy yield ratio of this system was improved but its sustainability was worrying.

Investment Risks of Agricultural Listed Companies from Visual Angle of Natural Disasters

The essential feature of agriculture is the interweave- ment of natural reproduction and economic reproduction.In recent years,the natural disasters have become more frequent and badly affect the production management and investment benefits.This problem has been an important risk in managing agricultural listed companies and cannot be ignored.It is of great importance to evaluate and prevent the risks of the natural disasters to enhance the competitive ability and increase the profits of those listed companies,thereby keeping the sustainable development of agri- cultural companies.

AModeling Analysis of Local Governments Competing in Offering Subsidies to Attract Investment：the Cause of Industrial Overcapacity]

Although championed by academia and policy-makers, the theory of ＂wave phenomenon＂ is a questionable explanation for overcapacity. First, enterprises do not necessarily share the same expectation for future demand of a promising industry. Second, in its model, overcapacity is explained as a deviation from equilibrium under the incomplete information hypothesis, which is in fact nothing but normal in a market economy. The prime reason for overcapacity resides in the fact that local governments are engaged in a subsidy competition to attract investment. We endeavor to illustrate the following via modeling： the subsidy effect produced by local government＇s offering of cheaper land and matching loans results in less investment from companies. Under this circumstance, enterprises channel a disproportionate amount of funding to building production capacity, which overloads the entire industry. To address the problem, reforms are needed in land property, environmental protection policies, and financial and fiscal systems.

Input-Output Analysis of the Impact of Environmental Regulation on Chinese Industries

In this paper, we attempted to calculate the impact of environmental regulation on the international competitiveness of China＇s industries. Calculations are based on the input-output model that incorporates pollution control costs. We took enterprises ＇pollution control costs as the substitute variable for environmental regulation and price changes to measure the impact on international competitiveness for all sectors. Our studies reported three findings. First, price rises caused by pollution control costs were not more than 4 per cent in the manufacturing and trade sectors in 2007. Second, although the charging rate on pollutant discharge has become increasingly higher since 2003, the resultant price rise is only around O. 5 per cent across all sectors. Third, the impact brought about by increasingly stronger environmental regulation is limited and the resultant price rise does not exceed 2 per cent. Thesefindings indicate that the impact of environmental regulation on China＇s trade sectors is affordable. Therefore, it is needless to worry that environmental regulation will weaken the international competitiveness of Chinese products.

China’s Export Expansion, Export Structure and Energy Consumption

Since the reform and opening up,China's export trade has maintained a rapid growth;meanwhile,China's energy consumption has been increasing sharply. "High export and high energy consumption" has become the feature of China's trade and economic development.In this paper,based on the input-output analysis approach,the authors have conducted an empirical study on the export trade and energy consumption of 21 trade industrial sectors.The results show that,China is a big net exporter of embodied energy.Assuming that the export growth rate of embodied energy maintains to be about 23.6%,the average annual growth rate of the past 32 years,and based on the input-output data of 2005,by 2030 China's net export of embodied energy would be over eight times more than the aggregate energy production,which is obviously infeasible.As a country of very low per capita energy,China must change its export pattern,encourage or restrain the export of different industrial sectors according to their energy consumption intensity,and promote structural change of energy-efficient exported products,so as to achieve the sustainable development.Accordingly,the authors put forward some suggestions.

Research on the Relationship Between Financial Redundancy, Financing Constraints and Investment Efficiency in Manufacturing Listed Companies

Investment helps companies achieve innovation. Efficient investments often do more with less. Manufacturing enterprises should pay more attention to the issue of investment efficiency, seize investment opportunities and achieve efficient investment. Due to the continuous increase of borrowing costs in the financial markets, enterprises are getting more and more difficult to raise funds from the outside, so more and more enterprises are turning their attention to the financially redundant resources within the enterprises. Making good use of financially redundant resources will help enterprises solve the financing difficulties and enable them to have sufficient funds for investment activities and lay the foundation for sustainable development.

Variable Impact of Renminbi Appreciation on Chinese Industries＇ Profitability

This paper uses the input-output tables from 2007 to estimate the exchangerate risk exposure of all 42 sectors of the Chinese economy. It then demonstrates a new quantitative approach for examining the differential impacts of Renminbi appreciation on the export of finished goods and the import of intermediate inputs in each sector, and estimates the changes in profitability of each sector under different degrees of Renminbi appreciation. The results indicate that appreciation of the Renminbi will increase the profitability of 22 sectors, which are generally monopolistic, capital-intensive, and reliant on R＆D, and reduce the profitability of 20 sectors, which are generally competitive, labor-intensive, and less reliant on R＆D. This suggests that the degree and pace of Renminbi appreciation must be coordinated with industrial and employment policies in order to reduce exchange-rate risk exposure through trade restructuring, to improve economic structure, to promote competition and employment, and to maintain steady and sustainable economic growth.

On the Investmem System Innovation of Agriculture Industrialization In Anhui Province

In this paper draw on the innovative concept of investment in the system of agriculture industrialization, examines the status of the industrialization of agriculture in Anhui Province, the industrialization of agriculture investment regime status quo, elaborated on the meaning of investment regimes investment system innovation on innovation and industrialization of agriculture, Anhui should be investment in the industrialization of agriculture system innovation, and promote the development of Anhui Province, rural and agricultural industrialization, specification and guidance, as well as the establishment and improvement investment regime; focuses on the innovative design of the investment regime of the industrialization of agriculture in Anhui Province.

A Theoretical Examination of Untaxed Entities and Taxed Entities in the Market for Commercial Real Estate

This paper is a theoretical examination of untaxed and taxed entities that invest in real estate. The standard advice to real estate investors is to avoid using entities that are subject to taxation （such as C corporations） and employ entities that are not subject to taxation （such as limited liability companies, S corporations, and real estate investment trusts） in order to avoid double taxation of income. This paper shows that, in most situations, untaxed entities place a greater value on a given real estate property than a taxed entity does, which implies that taxed entities are at a distinct disadvantage at competing in the market for property. However, this conclusion is reversed if untaxed entities use a large amount of financial leverage compared to taxed entities and the borrowing rate for both is greater than the risk-free rate.

Energy Abundance and China's Economic Growth: 2000–2014

Based on the interprovincial panel data of 2000–2014, this paper carries out an empirical analysis on the relationship between energy abundance and economic growth to test the theoretical hypothesis of ‘resource curse' and explore its transmission mechanism for China and its three regions. The results show that, at the national level, positive correlation is present between energy abundance and economic growth, proving that the ‘resource curse' phenomenon does not exist in China as a whole. Moreover, material capital input, human capital input and the level of opening to the outside world could promote economic growth, while technology innovation input may hinder economic growth. As seen by region, a positive correlation also exists between the energy abundance and economic growth in the eastern and western regions, and there is no ‘resource curse' phenomenon either. In all three regions, the human capital input could promote economic growth. Material capital input could promote economic growth in the eastern but hinder economic growth in the western region; the level of opening to the outside world could promote economic growth in the eastern region. It is known through further survey and analysis on the transmission mechanism of resource curse that, at the national level, material capital input, human capital input, and the level of opening to the outside world present positive correlation with energy abundance, indicating that energy development becomes an important transmission factor by strengthening material capital input and human capital input and raising the level of opening to the outside world. However, technology innovation input presents negative correlation with energy development. As seen by region, both the material capital input and human capital input present positive correlation with energy development strength in the three regions. Similar as the eastern region, the level of opening to the outside world presents positive correlation with energy industry development in the middle and western regions; however, the energy development presents negative correlation with technology input level in the western region.