金融波动、国有企业占比与全要素生产率
邢天才 王文钢 张 梦
Financial Volatility, Ratio of State-Owned Enterprises and Total Factor Productivity
XING Tian-cai, WANG Wen-gang, ZHANG Meng
P2P网络借贷利率与信用评分——国内外实证比较
陈中飞 金 铭 李小龙
P2P Online Lending Interest Rate and Credit Score——An Empirical Comparison between Domestic and Foreign Platforms
CHEN Zhong-fei, JIN Ming, LI Xiao-long
贸易信贷对企业技术创新合作的影响
武力超 姜炎鹏 曾三燕 丛 姗
The Impact of Trade Credit on Enterprise Technology Innovation Cooperation
WU Li-chao, JIANG Yan-peng, ZENG San-yan, CONG Shan
美联储货币政策正常化对中国商业银行系统流动性风险的影响
张晓明 隗群林 贾江帆 孙士猛
The Impacts of the Normalization of the U.S. Federal Reserve’s Monetary Policy on the Systemic Liquidity Risks of China’s Commercial Banks
ZHANG Xiao-ming, WEI Qun-lin, JIA Jiang-fan, SUN Shi-meng
中国家庭金融投资行为与居民主观幸福感——基于CGSS的微观经验证据
胡 珺 高 挺 常启国
The Financial Investment Behaviors of Chinese Families and the Resident’s Subjective Sense of Well-Being——Based on the Evidences of CGSS HU Jun, GAO Ting, CHANG Qi-guo
内部人减持、融资约束与投资效率
王欣兰 范源浩 徐 琪 王 迪
Internal Reduction, Financing Constraints and Investment Efficiency
WANG Xin-lan, FAN Yuan-hao, XU Qi, WANG Di
股价崩盘风险与企业资本成本——基于公司价值和破产风险的中介效应检验
胡松明 邓 衢 江 婕 郑飞虎
Stock Price Crash Risk and Corporate Capital Cost——A Test Based on the Mediation Effects of Corporate Value and Bankruptcy Risk
HU Song-ming, DENG Qu, JIANG Jie, ZHENG Fei-hu
金融波动、国有企业占比与全要素生产率
邢天才 王文钢 张 梦
本文基于1992-2016年省级面板数据对金融波动如何影响全要素生产率进行分析。研究发现，金融波动加剧会通过企业内部投资决策、企业间资源配置以及“干中学”三条机制对全要素生产率产生显著的抑制效应；国有企业资金较为充裕，即使存在小幅度的金融波动对其影响也不是很大；非国有企业资金相对紧缺，资金可获得性无保证，小幅度的金融波动就可能导致其破产。因此为有效提高全要素生产率的增长速度，有必要平抑金融波动，保证企业对于融资难易程度有一个稳定的预期。
Based on the provincial panel data during 1992-2016, the authors of this paper analyze how financial volatility impacts the total factor productivity. It’s found that the intensification of financial volatility will have a significant inhibitory effect on the total factor productivity through internal investment decision, inter-enterprise resource allocation, and “learning by doing”; the state-owned enterprises have relatively abundant funds, so that the small-level financial volatility could have little impact on it; while the non-state-owned enterprises are relatively short of funds and without guatanteed availability of funds, so a small-level financial volatility may lead to its bankruptcy. Therefore, in order to effectively improve the growth rate of China’s total factor productivity, financial volatility should be inhibited to ensure the enterprise’s stable expectation for its financing availability.
P2P网络借贷利率与信用评分——国内外实证比较
陈中飞 金 铭 李小龙
本文通过对比人人贷和Lending Club历史交易数据分析借款利率与信用评分之间的关系，揭示中国P2P平台资金配置和利率定价上存在的问题。研究发现，人人贷平台在设置贷款利率时信用评分的决定程度不及外国平台，但平台信用评分的违约风险识别能力远远超过国外平台。这一现象会增加投资决策成本，不利于行业长远发展。此外，本文还发现借款时长、无风险利率及部分个人信息均会影响国内外平台借款利率定价，不同的是国外平台借款利率设置还受到借款金额影响。
By comparing the historical transaction data of Renren Lending and the Lending Club, the authors of this paper analyze the relationship between lending interest rate and credit score to reveal the problems in fund allocation and interest rate pricing of China’s P2P lending platforms. It’s found that in Renren Lending, the role of the credit score in setting lending interest rate is not as important as that in Lending Club, but its ability in identifying default risks far exceeds Lending Club, which will increase the cost of investment decision and is not conducive to the long-term development of the industry. In addition, it’s found that the lending term, risk-free interest rate and some personal information affect the pricing of lending interest rate in both domestic and foreign platforms, but the lending amount only affects the pricing of the foreign platform.
贸易信贷对企业技术创新合作的影响
武力超 姜炎鹏 曾三燕 丛 姗
本文基于中国企业的样本研究贸易信贷对企业创新合作行为的影响。结果表明：（1）贸易信贷的可获得性能显著提高企业的创新选择和创新决策，提高企业在创新活动中的资金投入；（2）贸易信贷与行业异质性指标—行业资本密集度、行业流动性指标、有形性指标、投资生产品指标和贸易性指标—的交互关系均对企业合作创新选择和决策产生影响；（3）银行信贷和贸易信贷共同促进了合作创新活动，表现出相对的互补性；（4）贸易信贷显著提高了新产品销售占比。
Based on the samples of Chinese enterprises, the authors of this paper analyze the impacts of trade credit on the behaviors of enterprise innovation cooperation. The results of the paper show that: (1) the availability of trade credit significantly improves the enterprises’ innovation on choice, decision-making and capital investment; (2) the relationship between trade credit and industry heterogeneity indicators—industry capital intensity, industry liquidity, tangibility, investment product indicators and trade indicator—has an impact on enterprise choice and decision-making in cooperation innovation; (3) the bank credit and trade credit jointly promote the cooperation innovation in a relatively complementary way; (4) the trade credit has significantly increased the ratio of new product sales.
美联储货币政策正常化对中国商业银行系统流动性风险的影响
张晓明 隗群林 贾江帆 孙士猛
本文研究美联储货币政策正常化对中国商业银行系统流动性风险的影响。研究发现，国有银行流动性管理较好，而部分股份制银行存在较为严重的流动性隐患，系统流动性风险呈现上升趋势；美联储加息和缩表均造成中国的流动性收紧，显著提高商业银行的系统流动性风险。相关监管部门应尽快构建银行系统流动性风险测度指标，及银行业系统流动性风险水平监测体系，防范和化解流动性风险引发的系统性金融危机。
This paper is an analysis of the impacts of the normalization of the Federal Reserve’s monetary policy on the systemic liquidity risks of China’s commercial banks. It’s found that the liquidity management of the state-owned banks is better, while the liquidity risks in some joint-stock banks are more serious and show an upward trend; the U.S. Federal Reserve hikes the interest rates and reduces the balance sheet, which has reduced China’s liquidity and significantly increased the systemic liquidity risks of commercial banks. The relevant regulatory authorities should build the measurement indicators of banking systemic liquidity risks and a monitoring system of banking systemic liquidity risk level as soon as possible to prevent and resolve the systemic financial crisis caused by liquidity risks.
中国家庭金融投资行为与居民主观幸福感——基于CGSS的微观经验证据
胡 珺 高 挺 常启国
本文基于中国综合社会调查的微观数据（CGSS），考察家庭金融投资行为对居民主观幸福感的影响。研究发现：中国家庭金融投资行为显著降低居民主观幸福感，其中股票和基金投资均会显著降低居民主观幸福感，而债券投资对居民幸福感的负向作用并不显著；居民风险偏好水平上升会降低家庭金融投资行为对居民主观幸福感的负向作用；东部地区家庭金融投资行为显著降低居民主观幸福感，而中西部地区家庭金融投资行为并未对居民主观幸福感产生显著影响。
Based on the data of China Comprehensive Social Survey (CGSS), the authors of this paper research the impacts of family financial investment on the resident’s sense of well-being. It’s found that the financial investment of Chinese families significantly reduces the resident’s subjective sense of well-being, especially the stock and fund investment, while the bond investment has no significant negative impact on the well-being; the rise in resident’s risk preference level will reduce the negative impact; impacts are different because of the family’s location, significantly negative in the eastern regions and not significant in the central and western regions.
内部人减持、融资约束与投资效率
王欣兰 范源浩 徐 琪 王 迪
本文从投资效率的角度，研究内部人减持对上市公司投资效率的影响。实证研究发现：（1）对于投资过度的企业来说，内部人减持抑制投资；对于投资不足的企业来说，内部人减持加剧投资不足；（2）融资约束削弱内部人减持对投资过度（不足）的抑制（加剧）作用，即融资约束越高的企业，内部人减持对投资过度的抑制作用越弱，对投资不足的加剧作用越弱。这种影响不论是在大股东减持抑或是董监高减持中均能够体现出来。
From the perspective of investment efficiency, this paper presents an analysis of the impact of the internal reduction of shares on the investment efficiency of listed companies. The empirical analysis shows that: (1) for the excessive-investment enterprises, the internal reduction inhibits investment; for the insufficient-investment enterprises, the internal reduction intensify investment shortage; (2) the financing constraints could weaken the inhibition effect of internal reduction on excessive investment, which means that, higher financing constraints, weaker inhibition effect, more excessive investment; also the financing constraints could weaken the intensification effect on insufficient investment, which means that, higher financing constraints, weaker intensification effect, less insufficient investment. The above results of share reduction could be found in both the majority shareholders and the supervisory board.
股价崩盘风险与企业资本成本——基于公司价值和破产风险的中介效应检验
胡松明 邓 衢 江 婕 郑飞虎
本文以2008-2017年中国A股上市公司为研究样本，考察股价崩盘风险对企业资本成本的影响。研究发现：（1）股价崩盘风险会显著增加企业的权益资本成本和债务资本成本，且股价崩盘风险对权益资本成本的影响更加显著；（2）股价崩盘风险与企业资本成本间的正向关系在非国有企业中更加显著；（3）进一步的中介效应检验发现，股价崩盘风险带来的公司价值降低以及破产概率的上升是引起资本成本增加的原因之一。
Based on the samples of China’s A-share listed companies during 2008-2017, the authors of this paper analyze the impacts of stock price crash on corporate capital cost. It’s found that: (1) the stock price crash risk will increase the costs of both equity capital and debt capital, more significantly for equity capital; (2) the positive relationship between stock price crash risk and corporate capital cost is more significant in non-state-owned enterprises; (3) the mediation effect test shows that the decreasing company value and the increasing bankruptcy probability due to the stock price crash risk are reasons for the increasing capital cost.