“Exit barrier” means the obstacle keeping enterprises from competing even though their profits may be negative. This paper presents quantitative research on the exit barrier’s effect on the Chinese construction ind...“Exit barrier” means the obstacle keeping enterprises from competing even though their profits may be negative. This paper presents quantitative research on the exit barrier’s effect on the Chinese construction industry using questionnaire investigation. The exit barrier was classified into six categories, and then the categories were ranked and analyzed according to the respondents from the state-owned enterprises (SOEs) and non state-owned enterprises (NSOEs), respectively. The main obstacles related to the exit barrier in SOEs and NSOEs were revealed. Finally, suggestions were provided to diminish the exit barrier effect on the construction industry.展开更多
In recent years,the relationship between bond spreads and macro economy has been studied extensively by economists in western countries.However,few attentions were paid on this topic in China.This essay regards Chines...In recent years,the relationship between bond spreads and macro economy has been studied extensively by economists in western countries.However,few attentions were paid on this topic in China.This essay regards Chinese bond market as a complex system and constructs bond indices for China with the bottom-up approach.The authors use the data of 3,205 non-financial corporate bonds from February 2010 to October 2017 and construct a new spread noted as the PE SOE spread.The authors find that the PESOE spread has a negative impact on economic activities and has the best predictive ability at short-run forecasting horizons,owing to the institutional superiority of the stateowned enterprises in China.The Treasury bond yields are found to have the best predictive ability at long-run horizons.Both spread shock and Treasury yield shock could lead to deflation and declines in economic activities,and the Treasury yield shock has a more severe and persistent impact on the economy due to the financial accelerator mechanism.PESOE spread is proved to be a better indicator for Chinese corporate bond market and can be widely used not only in future Chinese economic studies,but also for Chinese government’s macroeconomic monitoring and warning.展开更多
文摘“Exit barrier” means the obstacle keeping enterprises from competing even though their profits may be negative. This paper presents quantitative research on the exit barrier’s effect on the Chinese construction industry using questionnaire investigation. The exit barrier was classified into six categories, and then the categories were ranked and analyzed according to the respondents from the state-owned enterprises (SOEs) and non state-owned enterprises (NSOEs), respectively. The main obstacles related to the exit barrier in SOEs and NSOEs were revealed. Finally, suggestions were provided to diminish the exit barrier effect on the construction industry.
基金supported by Chinese Academy of Sciences under Grant No.Y82901DEA2
文摘In recent years,the relationship between bond spreads and macro economy has been studied extensively by economists in western countries.However,few attentions were paid on this topic in China.This essay regards Chinese bond market as a complex system and constructs bond indices for China with the bottom-up approach.The authors use the data of 3,205 non-financial corporate bonds from February 2010 to October 2017 and construct a new spread noted as the PE SOE spread.The authors find that the PESOE spread has a negative impact on economic activities and has the best predictive ability at short-run forecasting horizons,owing to the institutional superiority of the stateowned enterprises in China.The Treasury bond yields are found to have the best predictive ability at long-run horizons.Both spread shock and Treasury yield shock could lead to deflation and declines in economic activities,and the Treasury yield shock has a more severe and persistent impact on the economy due to the financial accelerator mechanism.PESOE spread is proved to be a better indicator for Chinese corporate bond market and can be widely used not only in future Chinese economic studies,but also for Chinese government’s macroeconomic monitoring and warning.
