Common institutional ownership has become a significant form of shareholding in the capital market. Using panel data on 2395 listed companies in China from 2007 to 2020, we examine the investment efficiency of this ownership practice on microcorporate investment behavior. The estimates indicate that common institutional ownership has a significant positive relationship with corporate investment efficiency by reducing overinvestment. Further institutional heterogeneity analysis reveals that enterprises have independent and long-term investment horizon of common institutional investors, and the positive effect of common institutional ownership on enterprises’ investment efficiency is stronger. The empirical results are validated by a series of robustness tests. This study provides empirical support for the performance of common institutional ownership participating in corporate governance and optimizing investment decisions.

资本市场开放是现代经济体系和成熟金融市场的基本特征,也是资本市场实现高质量发展的重要环节,对于加强上市公司规范治理和宏观经济的稳定具有重要作用.本文利用上市公司2010年至2016年数据,实证检验了资本市场开放对大股东掏空行为的影响.研究发现,资本市场开放有效抑制了大股东掏空,并且对掏空动机较强、掏空约束较弱公司的抑制作用更为显著.研究发现,在股权集中度低、两权分离度大,以及股权制衡度低、市场关注度较低的公司中,资本市场开放对大股东掏空的抑制作用显著;对国有公司和位于市场化程度较低省份的公司,抑制作用更强.本文的研究发现和结论丰富了宏观经济的微观基础和资本市场开放对公司治理影响的研究,同时为完善公司治理和提升公司内外部有效监督带来启示.

本文在新古典经济增长理论的框架内,使用Panel Data分析方法研究了1993～2012年中国地区经济发展不平衡的原因,考察了中国物质资本、人力资本、技术进步和对外开放对经济增长稳定状态的影响,分析了我国中东西部地区、少数民族与汉族地区经济增长的差异.研究表明:包括人力资本和对外开放的扩展索罗模型很好地描述了中国各省市经济增长情况,进出口、物质资本存量、高级人力资本和技术进步对不同地区的经济增长具有共同的拉动作用;基础人力资本即教育年限对经济增长的作用有限,而高级人力资本才是拉动经济增长的重要因素;我国不同地区经济发展所处的阶段性特征,是造成不同地区经济增长动力差异的重要原因.

This paper studies the influence of credit fluctuations on capital structures from the credit supply side perspective. The results, based on an analysis of data from the Listed Companies in China's A share market from 2003-2015, show that there is a positive, significant correlation between credit fluctuations and the capital structure of listed companies. We also found that the difference of credit maturity has different influence on the capital structure of listed companies: the short-term credit growth rate and capital structure of listed companies is negatively correlated, in the long-term is the opposite. Based on this, this paper puts forward the policy recommendations to optimize the capital structure of listed companies.

本文重点考察宏观经济波动对于企业R&D投资所面临的融资约束的影响,构建了GARCH(1,1)模型测度宏观经济波动,并以企业R&D投资—现金流敏感性度量R&D支出所面临的融资约束程度.结果发现,宏观经济波动的加大具有强化上市公司R&D融资约束的效果,并且这种效果的强弱取决于企业自身的融资约束程度,宏观经济不确定性上升加剧了高融资约束样本组即非国有企业和中小企业R&D投入的融资约束;但对低融资约束样本组即国有企业和大企业这方面影响不显著.

在梳理相关研究文献的基础上,依据《中国区域创新能力报告》相关数据,结合各具体评价指标,从排名和指标值两方面,对2008-2013年云南省区域创新能力进行比较分析.结果显示,云南省总体上创新能力不仅比较差,而且呈逐年下滑态势.据此,文章从创新主体、创新要素、创新环境三个方面对云南省区域创新能力逐年下滑的原因进行了深层次解析,并针对云南省实际,结合评价指标体系从政府、产业、企业三个层面为云南今后提升创新能力提出了相应的政策建议.

Affected by the global financial crisis and faced with “new normalization”of China’s economic development,Yunnan Province is moving into a critical period of transformation and upgrading,so it is very im-portant to promote its regional innovation ability and implement innovative-driven strategies.According to each specific evaluation index of The Annual Report ofRegional Innovation Capacity ofChina,the paper first analyzes the status of the regional innovation capacity of Yunnan Province from 2008 to 2013 from two aspects:The first is the ranking and indicators values,and the second is comparing it with the other provinces involved in the Silk Road Economic Belt.The results show that the innovation capability of Yunnan is both lower than the other prov-inces to an overall extent and having a declining tendency.Accordingly,from the innovation subject,innovation elements,innovation environment,the paper has analyzed the underlying reasons of the regional innovation ability decline year by year,and puts forward the corresponding policy from the government,industry and enterprise lev-els in order to improve the innovation capability of Yunnan Province.

现代经济理论和经济实践的发展对马克思劳动价值论提出了许多新挑战,在社会主义市场经济新的历史条件下,要坚持和发展马克思主义的经济理论特别是劳动价值论,面临许多理论和现实问题,因此,要不断发展马克思主义理论,就必须即结合当代经济理论和研究方法的新发展,应用现代经济分析方法对马克思劳动价值理论的一些基本问题进行新的科学的表述.

加工贸易是我国参与国际分工与贸易的主要形式之一.理论模型分析结果表明,我国应更多地参与资本密集型产品的全球化生产,以促进加工贸易的转型升级.因为加工贸易可以通过扩大就业、增加外汇收入、促进新兴产业发展等途径促进产业结构升级.根据我国实际情况,我们认为通过加长加工贸易国内价值链、促进内资加工贸易企业的发展、提升高新技术产品加工贸易等多种渠道可以推动产业升级.

2005年10月21-24日,由中央财经大学承办的"全国高校社会主义经济理论与实践研讨会第19次会议"在北京香山饭店举行,来自全国高校、科研机构、学术出版机构和新闻传媒等单位的120多名代表参加了会议.大会共收到学术论文130多篇,研究内容主要集中于如下几个方面.

前不久,由中央财经大学承办的"全国高校社会主义经济理论与实践研讨会第十九次大会"在北京举行,来自全国高校、科研机构、学术出版机构和新闻媒体的120多人参加了会议。