Theoretically, infrastructure construction helps remove domestic market segregation and thus create a modern market system. Based on the theory of new economy geography, this paper investigates the relationship betwee...Theoretically, infrastructure construction helps remove domestic market segregation and thus create a modern market system. Based on the theory of new economy geography, this paper investigates the relationship between infrastructure construction and market segregation using the Spatial Panel Dubin Model(SPDM) based on China's interprovincial panel data of 1993-2012. As shown by empirical result, the beggar-thyneighbor problem existed persistently within China, infrastructure construction helped remove market segregation and should be enhanced, infrastructure construction had heterogeneous spatial spillover effects across periods, and market segregation behaviors were heterogeneous across regions or localities. China should enhance infrastructure to narrow regional gaps and step up cooperation among investors across regions to reduce the adverse impact of geographical boundary, and create modern service-based local governments, allowing the market to play a decisive role in resource allocation.展开更多
Under the theoretical framework of the New Trade Theory and the New Economic Geography, Home Market Effects (HMEs) is considered to be important sources of comparative advantage and significant reasons for industry ag...Under the theoretical framework of the New Trade Theory and the New Economic Geography, Home Market Effects (HMEs) is considered to be important sources of comparative advantage and significant reasons for industry agglomeration. Through the analysis on the input-output tables in China, the paper confirms the existence of HMEs for the manufacturing industries and their export trades on the national and provincial level in China. Several conclusions have been drawn in this study. Firstly, there exist prominent HMEs for manufacturing industries related with nondurable goods and materials in China. Secondly, 10 of the 15 kinds of manufacturing industries considered in this study display the existence of HMEs. Thirdly, the comparative advantage of factor endowment for the export trade of manufacturing industries is declining, while HMEs for them are increasing. Fourthly, among the 30 provincial regions studied in this paper, 11 regions show the existence of HMEs, most of which are located in the eastern coast region. This paper illustrates the simultaneous existence of the comparative advantage of factor endowment and scale economies of HMEs for China's manufacturing industries. HMEs will not only be the new dynamic for the increase of manufacturing industries and their export trade, but also be the primary power for urban economic growth, industry improvement, and urban space expansion for China.展开更多
This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two...This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two types of strategic interaction settings relevant to disclosure： capacity competition and price competition. Capacity competition drives firms to disclose more information to attain financial market valuation-related benefits, while price competition drives them to disclose less to protect long-term product market advantages. The author finds that the type of product market competition affects the level of voluntary disclosure over and above the finn＇s external financing needs documented in the previous literature. That is, firms engaged in capacity competition disclose relatively more information than those in price competition. Further analysis shows that capacity competition firms disclose more information than no-strategic-interaction benchmark firms but that price competition firms do not disclose less information than the benchmark firms.展开更多
基金supported by the Emergency Program of the National Natural Science Foundation of China(71541022)the Youth Foundation Program of Humanities and Social Science Research of the Ministry of Education(15YJC790134)
文摘Theoretically, infrastructure construction helps remove domestic market segregation and thus create a modern market system. Based on the theory of new economy geography, this paper investigates the relationship between infrastructure construction and market segregation using the Spatial Panel Dubin Model(SPDM) based on China's interprovincial panel data of 1993-2012. As shown by empirical result, the beggar-thyneighbor problem existed persistently within China, infrastructure construction helped remove market segregation and should be enhanced, infrastructure construction had heterogeneous spatial spillover effects across periods, and market segregation behaviors were heterogeneous across regions or localities. China should enhance infrastructure to narrow regional gaps and step up cooperation among investors across regions to reduce the adverse impact of geographical boundary, and create modern service-based local governments, allowing the market to play a decisive role in resource allocation.
基金Under the auspices of Humanities and Social Sciences Research Fund Project of Ministry of Education of China(No. 2009JJD790014, 10YJA790005)
文摘Under the theoretical framework of the New Trade Theory and the New Economic Geography, Home Market Effects (HMEs) is considered to be important sources of comparative advantage and significant reasons for industry agglomeration. Through the analysis on the input-output tables in China, the paper confirms the existence of HMEs for the manufacturing industries and their export trades on the national and provincial level in China. Several conclusions have been drawn in this study. Firstly, there exist prominent HMEs for manufacturing industries related with nondurable goods and materials in China. Secondly, 10 of the 15 kinds of manufacturing industries considered in this study display the existence of HMEs. Thirdly, the comparative advantage of factor endowment for the export trade of manufacturing industries is declining, while HMEs for them are increasing. Fourthly, among the 30 provincial regions studied in this paper, 11 regions show the existence of HMEs, most of which are located in the eastern coast region. This paper illustrates the simultaneous existence of the comparative advantage of factor endowment and scale economies of HMEs for China's manufacturing industries. HMEs will not only be the new dynamic for the increase of manufacturing industries and their export trade, but also be the primary power for urban economic growth, industry improvement, and urban space expansion for China.
文摘This paper investigates empirically the effect of different types of product market competition on levels of voluntary disclosure of proprietary information in financial markets. The author proposes that there are two types of strategic interaction settings relevant to disclosure： capacity competition and price competition. Capacity competition drives firms to disclose more information to attain financial market valuation-related benefits, while price competition drives them to disclose less to protect long-term product market advantages. The author finds that the type of product market competition affects the level of voluntary disclosure over and above the finn＇s external financing needs documented in the previous literature. That is, firms engaged in capacity competition disclose relatively more information than those in price competition. Further analysis shows that capacity competition firms disclose more information than no-strategic-interaction benchmark firms but that price competition firms do not disclose less information than the benchmark firms.
