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以国际经验借鉴和中国企业数据验证为视角,使用世界73个经济体1995-2008年数据和中国制造业企业2005-2007年数据,探讨了缓解融资约束的金融市场发展对创新投入的影响机理和路径选择问题,通过动态面板和门限面板实证分析发现：本国金融市场存在融资约束时,外资流入可以缓解经济体或本国企业创新投入的不足;金融市场发展对经济体或企业创新投入产生非线性影响,不同金融市场路径选择具有不同影响途径,在本国融资约束情况下,股权市场对外开放会对创新投入产生显著影响,而当金融市场融资约束较小时,信贷融资开始对创新投入产生显著影响,因此,创新投入倾向权益融资;信贷融资对经济体或企业实物资产要求较高,而国内权益融资则影响较小。 相似文献
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将金融发展程度纳入到融资成本函数和研发投资决策模型中,讨论了金融发展对于缓解融资约束从而激励研发投资的理论机制,进而以中国2006-2010年大中型工业企业的省际面板数据为样本,基于动态面板模型和"欧拉方程"就金融发展对企业研发投资的影响及作用机制进行了实证检验,结果表明:(1)企业研发强度与内部现金流显著正相关,说明工业企业研发活动的融资约束的确存在;(2)金融深化程度的提高能够有效降低RD投资对内部资金的依赖,强化银行贷款和实收资本的作用;(3)资本市场发展对企业融资约束的缓解没有起到明显的效果,反映了我国资本市场的融资功能不完善,尚未真正成为企业研发投资融资渠道的现实。 相似文献
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创新投入、金融发展以及对外投资三者存在连贯动态的影响关系.经济体金融发展及对外投资流入(FDI)会促进经济体的创新投入,集中体现在权益融资较为显著;随着经济体创新投入的积累以及金融市场的发展,这种核心技术的增加(控制权)以及母国金融优势的增强(所有权)相结合进而会促进其对外投资的流出(OFDI),为中国企业走出去提供宏观战略指导.在实证部分,运用动态面板检验了金融发展、对外投资及包含创新投入动态滞后期对创新投入促进产生的影响;又运用门限面板验证了当创新投入积累处于较低水平时会吸引对外投资的跨国流入,而其处于较高水平时又会促进本国对外投资的跨国流出. 相似文献
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《科学学研究》2017,(8)
借鉴Aghion不同资本市场条件下企业长短期投资结构呈现不同周期性特征的基本思想,构建了资本市场不完善下政府补贴缓解融资约束、对RD投资周期性影响的理论模型,其求解结果发现在资本市场不完善条件下,政府补贴缓解融资约束对企业RD投资顺周期有一定的平滑作用。基于上述理论模型利用2007-2014年我国制造业1580个上市企业的面板数据进行回归得到:(1)我国制造业企业普遍存在融资约束,且非国有企业的融资约束显著高于国有企业;(2)由于资本市场不完善、企业受外部融资约束,国有企业、非国有企业及全部样本都显示研发投资呈顺周期特征,且非国有企业的融资约束比国有企业严重,研发投资顺周期性也比国有企业更明显;(3)政府补贴可以在一定程度上减少企业研发投资的融资约束和顺周期特征,且非国有企业比国有企业显著。 相似文献
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国际研发投资同时通过影响东道国R&D资源的配置效率、研发投资水平和研发人员素质及研发全要素生产率三个渠道作用于东道国的技术创新能力。基于2000-2012年跨国研发数据,利用路径收敛设计,对上述影响机制在高收入和低收入国家之间进行了比较实证分析,检验了国际研发投资对低收入国家技术创新效率的影响。研究发现,国际研发投资降低了低收入国家自主研发投资水平,同时提升了单位研发资本的产出能力,但总体上还是不利于低收入国家研发全要素生产率的提升。低收入国家长期实施居民低收入和出口导向型的高增长战略,不利于国内市场升级、人力资本积累及企业家精神培育,使其短期内难以顺利获取国际研发投资对其技术创新的正向外溢效应。未来应建立以自主创新为基础的国际研发合作模式,以赢得国际研发投资的技术创新效率促进作用。 相似文献
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通过对融资约束、不同金融机构功能优势以及基础研究、应用研究、试验开发三类研发活动特点的分析,阐释了金融发展对三类研发活动的影响机理,同时结合面板模型回归结果得到：银行中介对基础研究、应用研究、试验开发三类研发活动投资强度的促进作用依次增强,股票市场对三类研发活动投资强度的促进作用依次减弱。这反映了二者的风险偏好及对研发投资活动的风险承能力不同,较之于股票市场,稳定经营的银行更偏向离市场近、且风险小的研发投资。基于目前中国研发投资内部结构比例不合理的现状,实现科技与金融的合理有机结合、提高基础研究在研发投资中的比重,关键是完善国内金融市场、优化金融结构,提高研发资金的配置效率。 相似文献
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将资产证券化作为企业的一种新型融资工具,从融资成本、破产成本、代理成本、信息成本、权益资本收益率、可持续增长比率等角度系统地论述了资产证券化对企业资本结构优化的影响效果,并通过建立模型进行了直观的说明。最后在此基础上论述了企业资产证券化对解决我国经济转轨时期企业融资困境的意义。 相似文献
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Marjorie Armstrong-Stassen Margaret Landstrom Ramona Lumpkin 《The Information Society》1998,14(2):153-164
This study examined how students who had no prior experience with videoconferencing would react to the use of videoconferencing as an instructional medium. Students enrolled in seven different courses completed a questionnaire at the beginning of the semester and again at the end of the semester. Students at the origination and remote sites did not differ in their reactions toward videoconferencing but there was a significant difference for gender. Women reacted less favorably to videoconferencing. Compared to the beginning of the semester, students reported significantly less positive attitudes toward taking a course through videoconferencing at the end of the semester. There were no significant differences in students' attitudes toward videoconferencing across courses at the beginning of the semester but there were significant differences across the courses at the end of the semester. The results suggest the need for better preparation for both students and instructors. 相似文献
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A joint study by Prof. ZHANG Zhibin from the CAS Institute of Zoology his co-workers from Norway US Swiss have indicated that historical outbreaks of migratory locusts in China were associated with cold spells suggesting that China's projected climate warming could decrease the pest's numbers. The study was published in Proceedings of the National Academy of Sciences on September .…… 《中国科学院院刊(英文版)》2008,22(1):6-7
Ajoint study by Prof. ZHANG Zhibin from the CAS Institute of Zoology and his co-workers from Norway, US and Swiss have indicated that historical outbreaks of migratory locusts in China were associated with cold spells, suggesting that China＇s projected climate warming could decrease the pest＇s numbers. The study was published in Proceedings of theNational Academy of Sciences on 17 September, 2007. 相似文献
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Caroline Haythornthwaite 《The Information Society》2001,17(3):211-226
A computer-mediated group is a complex entity whose members exchange many types of information via multiple means of communication in pursuit of goals specific to their environment. Over time, they coordinate technical features of media with locally enacted use to achieve a viable working arrangement. To explore this complex interaction, a case study is presented of the social networks of interactions and media use among members of a class of computer-supported distance learners. Results show how group structures associated with project teams dominated who communicated with whom, about what, and via which media over the term, and how media came to occupy their own communication niches: Webboard for diffuse class-wide communication; Internet Relay Chat more to named others but still for general communication across the class; and e-mail primarily for intrateam communication. Face-to-face interaction, occurring only during a short on-campus session, appears to have had a catalytic effect on social and emotional exchanges. Results suggest the need to structure exchanges to balance class-wide sharing of ideas with subgroup interactions that facilitate project completion, and to provide media that support these two modes of interaction. 相似文献
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《中国科学院院刊(英文版)》2008,22(1):2-3
CAS should stick to the principle of rendering service to, and giving impetus for, the development of China＇s science enterprise by making S＆T innovations, said CAS President LU Yongxiang. The CAS president made the remarks in a recent talk to communicate the gist of the winter session of the Party＇s Leading-member Group at CAS, which was held from 7 to 11 January in Beijing. 相似文献
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《中国科学院院刊(英文版)》2008,22(1)
With great care, Dr. ZHOU Zhonghe takes out a package wrapped by cotton tissue from a drawer and says: "This is the gem of our collections: the fossil of a bird that lived 125 million years ago!" Then, pointing at a tiny mound, he explains: "Look, this is the claw and that is the head. It was in the egg shell and ready to hatch ... The species fell into a family of waterside inhabitants." 相似文献
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Electronic data interchange (EDI) provides means for interorganizational communication, creates network externalities, requires an advanced information technology (IT) infrastructure, and relies on standards. In the diffusion of such innovations, institutional involvement is imperative. Such institutions contain governmental agencies, national and global standardization organizations, local government, and nonprofit private organizations like industry associations. The last type of organizations we call intermediating institutions. They intermediate or coordinate ("inscribe") the activities of a group of would-be adopters. Unfortunately, little is known of how these organizations shape the EDI diffusion trajectory. In this article we examine one specific type of intermediating organizations?industry associations?and how they advanced the EDI diffusion process in the grocery sectors of Hong Kong, Denmark and Finland. We identify six institutional measures, placed into a matrix formed by the mode of involvement (influence vs. regulation) and the type of diffusion force (supply push vs. demand pull), that can be mobilized to further the EDI diffusion. Industry associations were found to be active users of all these measures to varying degrees. Their role was critical especially in knowledge building, knowledge deployment, and standard setting. Furthermore, institutional involvement varied due to policy and cultural contingencies and power dependencies. 相似文献
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Puay Tang 《The Information Society》1998,14(1):19-31
The increasing prospects of digital piracy has prompted the perceived need by electronic publishers to adopt technical systems of protection, and governments to reform their copyright laws. This article is a preliminary study of the management of intellectual property by electronic publishers, defined as those involved in the production of online databases, and CD-ROMs. It focuses on three main issues: (1) how electronic publishers view the increasing threat of piracy; (2) the methods of protection employed to protect intellectual property in digital format; and (3) the importance of technological protection of intellectual property in electronic publications. The analysis is based on a sample of 23 UK electronic publishers. The interviews revealed an interesting assortment of protection methods and did not show that technological protection was a preferred way. Instead, the means of protection, in addition to copyright law, comprised niche markets, pricing, trust, bad publicity, and nontechnical and technical means. 相似文献
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Milton Mueller 《The Information Society》2001,17(3):151-163
Long-standing conflict between domain name registrants and trademark holders prompted the Internet Corporation for Assigned Names and Numbers (ICANN) to create a global, mandatory arbitration procedure known as the Uniform Dispute Resolution Policy (UDRP). The UDRP has been used in 2166 cases involving 3938 domain names as of 1 November 2000. The policy gives the initiator of a complaint, generally a trademark holder, the right to choose which ICANN-accredited dispute resolution service provider (RSP) will handle the case. During the preparation of the UDRP,some feared that complainant selection would lead to "forum shopping" that might bias the results. This article performs a statistical assessment of the forum-shopping thesis and finds support for it. There are statistically significant differences in the various RSPs' propensity to take away names from defendants; there are also major differences in the number of cases brought to each RSP. RSPs who take away names have the larger share of cases. The study examines other variables that might explain differences in market share, such as price, the plaintiff's nationality, or the time taken to decide a case. It finds that nationality and time also are correlated with market share. The study concludes that shopping for a favorable outcome is an important factor in the UDRP. 相似文献
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Prof. Raymond C.K. Chen a neuropsychologist with the CAS Institute of Psychology has made novel progress in his studies of schizophrenia. His work has been reported by a recent issue of Behavioural Neurology.…… 《中国科学院院刊(英文版)》2008,22(1):15-15
Prof. Raymond C.K. Chen, a neuropsychologist with the CAS Institute of Psychology, has made novel progress in his studies of schizophrenia. His work has been reported by a recent issue of Behavioural Neurology. 相似文献
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《中国科学院院刊(英文版)》2014,(3)
<正>In Xishuangbanna,one of China’s most biodiverse regions,landscape has changed dramatically during the past three decades due to the conversion of tropical rainforest to rubber plantations.In steep areas,terraces are often constructed before planting rubber trees,which causes two important changes in the soil:the destabilization of soil in the bench terraces and the increased vulnerability of unvegetated riser faces to erosion.Few studies have documented the nature and intensity of erosion on bench terraces.Prof.LIU Wenjie and his colleagues from the Xishuangbanna Tropical Botanical Garden(XTBG)conducted a study in Menglun County(21°5′39″N,101°15′55″E),Xishuangbanna to evaluate the influence 相似文献