科技资源配置何以促进高技术产业TFP增长——基于29个省域案例的fsQCA分析

高技术产业作为国际经济和科技竞争的重要阵地,对加快科技强国和制造强国建设具有重要战略作用。结合DEA-Malmquist模型和模糊集定性比较分析(fsQCA)方法,以中国内地29个省份高技术产业为样本,探讨科技资源配置规模、配置方式和配置环境对高技术产业TFP增长的组态效应。结果表明,高技术产业TFP增长与科技资源要素投入存在复杂并发因果关系,单个科技资源要素不构成高技术产业高TFP的必要条件;存在两类提升高技术产业TFP的组态路径,即以计划配置、产品开发为核心条件的政府主导型条件组态和以市场配置、R&D人员投入为核心条件的市场主导型条件组态,市场主导型条件组态又包括“市场+研发改造型”“市场+开放合作型”“市场+产学研型”3种类型;中国高技术产业在效率增长和TFP路径等方面呈现出显著的区域差异,但市场资源配置和R&D人员投入在提升高技术产业TFP路径中发挥普遍作用。

基于DSGE模型的科技信贷激励政策研究

通过构建基于全要素生产率厂商异质性的NK-DSGE(新凯恩斯—动态随机一般均衡)模型,模拟科技信贷激励政策的传导机制与政策效果,研究发现政策效果从大到小依次是常规货币政策、政府部门贴息、中央银行再贷款利率、中央银行定向降准、中央银行再贷款抵押率,与我国科技信贷激励政策的实践效果相吻合。进一步研究发现,政府贴息、再贷款利率的外生冲击波动幅度对政策效果影响弹性更大。建议地方政府应和银行加强联动,完善科技信贷风险补偿机制、贷款担保体系;另外,中国人民人行应加强常规货币政策实施精准性,并探索更加灵活的结构型货币政策机制。

绿色信贷政策、ESG表现与高污染企业资本结构调整

绿色信贷政策作为结构性去杠杆的重要举措,对于高污染企业资本结构升级大有裨益。与此同时,ESG概念的提出明确了企业发展需着重考量环境(E)、社会(S)和公司治理(G)三方面的表现,即企业ESG表现也将作用于高污染企业资本结构调整。因此,论文以2011—2020年中国A股上市的高污染企业为研究样本,基于ESG表现视角,探究绿色信贷政策对高污染企业资本结构调整的作用效果。研究表明:1)绿色信贷政策显著促进高污染企业资本结构调整,区分企业负债水平后发现,相比于低负债企业,绿色信贷政策显著加快高负债污染企业的资本结构调整速度;2)绿色信贷政策会提升高污染企业的ESG表现,企业ESG表现会削弱绿色信贷政策对高污染企业资本结构调整的促进效果;3)在深入探讨企业融资约束和商业信用程度的异质性是否会影响绿色信贷政策的实施效果时,发现相较于面临弱融资约束和拥有高商业信用的企业,绿色信贷政策显著促进面临强融资约束和低商业信用的高污染企业调整资本结构。因此,探讨绿色信贷政策与高污染企业资本结构调整的关系对优化信贷资源配置、推动高污染企业绿色转型意义重大。

TFP5/TP5 peptide provides neuroprotection in the MPTP model of Parkinson's disease

Cyclin-dependent kinase 5（Cdk5） is a member of the serine-threonine kinase family of cyclin-dependent kinases. Cdk5 is critical to normal mammalian nervous system development and plays important regulatory roles in multiple cellular functions. Recent evidence indicates that Cdk5 is inappropriately activated in several neurodegenerative conditions, including Parkinson＇s disease（PD）. PD is a chronic neurodegenerative disorder characterized by the loss of dopamine neurons in the substantia nigra, decreased striatal dopamine levels, and consequent extrapyramidal motor dysfunction. During neurotoxicity, p35 is cleaved to form p25. Binding of p25 with Cdk5 leads deregulation of Cdk5 resulting in number of neurodegenerative pathologies. To date, strategies to specifically inhibit Cdk5 hyperactivity have not been successful without affecting normal Cdk5 activity. Here we show that inhibition of p25/Cdk5 hyperactivation through TFP5/TP5, truncated 24-aa peptide derived from the Cdk5 activator p35 rescues nigrostriatal dopaminergic neurodegeneration induced by 1-methyl-4-phenyl-1,2,3,6-tetrahydropyridine（MPTP/MPP＋） in a mouse model of PD. TP5 peptide treatment also blocked dopamine depletion in the striatum and improved gait dysfunction after MPTP administration. The neuroprotective effect of TFP5/TP5 peptide is also associated with marked reduction in neuroinflammation and apoptosis. Here we show inhibition of Cdk5/p25-hyperactivation by TFP5/TP5 peptide, which identifies Cdk5/p25 as a potential therapeutic target to reduce neurodegeneration in PD.

The impact of environmental regulation on total factor productivity of firms:An analysis based on technical distance

Most studies on environmental policy and total factor productivity(TFP)growth under the heterogeneity framework tend to ignore the distance to the technical frontier,while research that investigates TFP growth based on technical distances does not tend to consider environmental policy.To fill this research gap,this study investigates the impact of environmental regulation on the total factor productivity of heterogeneous firms,based on technical distance.In addition to theoretical analysis,we apply a two-direction fixed effects model to test the impact using firm-level data selected from the CSMAR database and environmental regulation data of 287 Chinese cities between 2007 and 2015.We report two major findings from our analysis.First,environmental regulation increasingly enhances(or hinders)TFP growth,as firms get closer to(or further away from)the country-industry technology frontier,ceteris paribus.Second,grouped regression further highlights that environmental regulation affects TFP growth for heterogeneous firms.For proximal-type firms,environmental regulation promotes the growth of TFP through innovation and imitation mechanisms,while only the imitation mechanism works for middle-type firms.Neither mechanism,however,applies to distal-type firms,for whom environmental regulation hinders TFP growth.These conclusions provide a theoretical and practical basis for environmental policy,suggesting that the focus should be directed toward improving exit mechanisms for distal-type firms,creating a favorable market environment to accelerate the convergence of middle-type firms to the frontier,and encouraging proximal-type firms to innovate to catch up with or surpass the global frontier.

Simulation About the Growth of Chinese Firm's Safety Management Capability

Aiming at the deficiency of exterminating measures of Chinese firm safety management, a simulation model of Chinese firm＇s safety management capability based on the organizational learning theory, in which the simulation method of system dynamics is utilized. The level variable and rate variable are designed based on the practical situation and change situation of corresponding variables of firm＇s safety management ca- pability. Simulation firms are built with accident case groups of the oil industry, chemical industry, machine industry, coal mining industry, and weapon industry. Through analyzing the simulation result, the growth law of Chinese firm＇s safety management capability is obtained as follows： the accumulating and the coupling of safety knowledge should be emphasized at the same time; the balance of learning behavior of individual, group and organization should be considered together; different types of Chinese firm should take different safety policies according to their practical situations.

Environmental regulation and firms'performance:a quasi-natural experiment from China

This paper investigates whether environmental regulation affects firm's performance including productivity,wage and employment using firm-level data in 1996-2007.The identification uses Two Control Zones(TCZ)policy implemented by the Chinese government in 1998,in which tougher environmental regulations were imposed in TCZ cities but not others.By difference-indifferences estimation,we find that tougher environmental regulation leads to larger increase on both total factor productivity and wage,and firms tend to employ fewer workers under pressure of environmental protection.Heterogeneous tests show that the impacts are better for nonpollution intensive firms,non-exporters and SOEs.Finally,we find that R&D input and exiting firms among industry are the driving forces for enhancing TFP and increasing wage and unemployment.

Simulation modeling on the growth of firm's safety management capability

Aiming to the deficiency of safety management measure,established simulation model about firm's safety management capability(FSMC) based on organizational learning theory.The system dynamics(SD) method was used,in which level and rate system,vari- able equation and system structure flow diagram was concluded.Simulation model was verified from two aspects: first,model's sensitivity to variable was tested from the gross of safety investment and the proportion of safety investment;second,variables dependency was checked up from the correlative variable of FSMC and organizational learning.The feasibility of simulation model is verified though these processes.

US High-tech Firms Participating In China's 'Tri-gold Program'

The ’tri-gold program’ aiming at improving information exchange for China’s national economy has been put into practice. The ’Gold bridge’ project forms the infrastructure for the information exchange of the national economy. It makes great contributions to the control and decision-making of the country’s macro-economy, to the promotion of social productivity, and to relieving the bottleneck pressure on the parts of energy, communications and environment. The ’Gold Customs’ project aims at realizing paperless foreign trade. The ’Gold card’ project involves modern payment means, such as

Does a deviation between the rights and obligations of the board and controlling shareholders affect firm value？

This study examines the association between firm value and ownership structure, when board and controlling stockholders＇ voting rights deviate from obligations. The measurement of the corporate governance variables is different from prior research. The author further investigates whether monitoring mechanisms can alleviate the agency problem due to percentage of outside directors. The empirical results show that the higher board voting rights-obligations is deviated, which means the weaker relation with the firm value. The author also finds the monitoring from outside directors can reduce the agency problems from board＇s deviation and thus can improve firm value. But the results of the controlling stockholders＇ deviation are mixed or insignificant. This research has implications for Taiwan＇s regulators who are striving to improve the information, transparency, and corporate governance of board and controlling shareholders＇ voting rights-obligations deviation.

Relationship Between Firm’s Social Capital and Innovation Performance:A Meta-Analysis

Despite a surge of studies examining the impact of firm’s social capital on the innovation performance,empirical research shows controversial results.To resolve this problem,this paper conducted a meta-analysis to restudy the relationship between firm’s social capital and innovation performance based on the empirical research results of 63 independent samples.This paper also identified some moderators affecting this relationship.The results indicated that the firm’s social capital-innovation performance link was positive and significant(r=0.363),and the age of the firm and the cultural context affected the impact of social capital on innovation performance to a large extent.Based on these findings,this paper developed recommendations for future research.

The Impact of Electronic Supply Chain Management Usage on Firm’s Performance

This study investigates the status of e-SCM and performance among Jordanian manufacturing sector. The objective of this study is to analyze the impact of trust and communication on the e-SCM usage. Moreover, the study investigates the effect of the trust and communication on the firm’s performance while the e-SCM usage is used as a mediating factor on firm’s performance. The proposed research model was validated by distributing 250 survey questionnaires to the manufacturing sector in Jordan. Structural equation modelling (SEM) technique was used to analyze the results. One of the main limitations of this study was that the results could not be universal since the study was limited to Jordan. We discussed the implications of our results for research and practice.

STANDING FIRM IN CHINA'S AUTO INDUSTRY——An Interview with Huang Xiaoping,General Manager of the Yuejin Auto Group Company

One day in April,our reporters visitedthis national super-large enterprise.Mr Huang Xiaoping,the generalmanager,briefed us on the company’s brilliantpast and bright future. The Yuejin Auto Group Company isfamed all over the world for producing YuejinBrand automobiles.In 1958,the firstgeneration of Yuejin Brand automobiles cameout,and China has since had its first

China Textile Giant Acquires U.S. Garment Firm for $120 mln

Youngor Group Co., Ltd., China’s leading textile manufacturer, has acquired XinMa Apparel International Limited for 120 million U.S. dollars, the

New Headway in China's Offshore Oil Cooperation with Foreign Firms

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The Communist Party of China Has Always Been the Firm Core of Leadership for China's Human Rights Development and Progress

Under the leadership of the Communist Party of China,the human rights cause in China has developed and progressed through the period of democratic revolution,the early founding of the People’s Republic of China,the new period of reform and openingup,and the new era of socialism with Chinese characteristics.all previous national Congresses of the Communist Party of China have made illustrations and arrangements on human rights issues,and the successive Party leaders have made important expositions on human rights issues.The Party and the state have enacted a series of policies,laws,and regulations to protect human rights in various periods.China has made historic and great achievements in human rights practice and created a human rights development path suited to China’s national conditions.China’s human rights development over the past century has fully proved that the CPC has always been,and it remains,the firm core of leadership for China’s human rights development and progress.

Keep Firmly to the Road of Human Rights Development Suitable to China's National Situation——An Address at the Opening Ceremony of the 7th Beijing Forum on Human Rights, Sept. 17, 2014

In November 2012, immediately after the close of the 18th National Congress of the Communist Party of China （CPC）, CPC Central Committee General Secretary Xi Jinping proposed to ＂realize the Chinese dream of the great revival of the Chinese nation.＂ He emphasized that the fulfillment of the Chinese dream regarding the great revival of the Chinese nation is simply the realization of the country＇s prosperity, the nation＇s revival and the people＇s happiness. All in all, the Chinese dream is the people＇s dream.

我国工业企业进退出与TFP变动的动态分解

我国工业企业具有较高的进入率与退出率,而且全要素生产率的变动也比较大。利用1999—2007年我国工业企业的微观数据对企业的进入退出行为进行分析,并应用Melitz和Polanec提出的全要素生产率变动的动态分解新方法,可对我国工业企业全要素生产率的变动进行分解。结果表明,总体上我国工业企业的全要素生产率是递增的,这主要是由存续企业全要素生产率的递增和市场份额的变动贡献的。退出企业的全要素生产率均值比存续企业的低,除个别年份外,新进企业的全要素生产率均值低于存续企业的全要素生产率均值。