Pub Date : 2023-06-01DOI: 10.26599/peo.2023.9310207
Xiao Jiang, Jiayi Han
The impressive development of China's economy over the past few decades has enabled non-financial firms to adopt financial investment in exchange for enhanced financing behavior and short-term profit(shareholder value) maximization,while the persistence of fixed investment leading to dramatic capital accumulation has spurred the nation's rapid economic growth.The existing literature has extensive discussions on the crowd-out effect of financial activities on non-financial firms' fixed investment but overlooks to what extent and under what forces financial activities potentially benefit real investment.This paper investigates whether profits from financial activities have an inverted U-shape relationship with firms' fixed investment.In particular,we aim to identify if the benefit of financial profit on fixed investment is through the financial constraint channel and/or ownership structure channel for Chinese-listed firms from 2003 to 2018.We present robust evidence to support the inverted U-shape relationship between financial profit and fixed investment for the whole sample of firms as well as the split samples of firms(SOEs and non-SOEs).Moreover,among all channels including cash flow,debt financing,managerial shareholding,ownership concentration,and state ownership,this research documents that financial profit mainly benefits firms by reducing debt burden.Firms with concentrated ownership and strong state shareholding are also more likely to crowd-out real investment or potentially alleviate overinvestment.Nevertheless,non-SOEs are more prone to benefit from financial profits by reducing the debt overhang problem than SOEs,whereas ownership concentration for nonSOEs increments the crowd-out effect.
{"title":"To What Extent Does Corporate Investment Benefit from the Firm's Financial Activities?","authors":"Xiao Jiang, Jiayi Han","doi":"10.26599/peo.2023.9310207","DOIUrl":"https://doi.org/10.26599/peo.2023.9310207","url":null,"abstract":"The impressive development of China's economy over the past few decades has enabled non-financial firms to adopt financial investment in exchange for enhanced financing behavior and short-term profit(shareholder value) maximization,while the persistence of fixed investment leading to dramatic capital accumulation has spurred the nation's rapid economic growth.The existing literature has extensive discussions on the crowd-out effect of financial activities on non-financial firms' fixed investment but overlooks to what extent and under what forces financial activities potentially benefit real investment.This paper investigates whether profits from financial activities have an inverted U-shape relationship with firms' fixed investment.In particular,we aim to identify if the benefit of financial profit on fixed investment is through the financial constraint channel and/or ownership structure channel for Chinese-listed firms from 2003 to 2018.We present robust evidence to support the inverted U-shape relationship between financial profit and fixed investment for the whole sample of firms as well as the split samples of firms(SOEs and non-SOEs).Moreover,among all channels including cash flow,debt financing,managerial shareholding,ownership concentration,and state ownership,this research documents that financial profit mainly benefits firms by reducing debt burden.Firms with concentrated ownership and strong state shareholding are also more likely to crowd-out real investment or potentially alleviate overinvestment.Nevertheless,non-SOEs are more prone to benefit from financial profits by reducing the debt overhang problem than SOEs,whereas ownership concentration for nonSOEs increments the crowd-out effect.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"43 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89926964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Development Logic of Unbalanced Duality of Digital-Economy Globalization","authors":"树理 宋","doi":"10.26599/peo.2023.9310202","DOIUrl":"https://doi.org/10.26599/peo.2023.9310202","url":null,"abstract":"\u0000 数字经济全球化的不平衡发展具有二重性。基于历史唯物主义的分析,这种二重性表现为数字经济的自然属性和社会属性的二重不平衡性。数字经济自然属性的不平衡性关键是各国生产领域的数字技术创新不平衡,及其决定的数字贸易及其发展潜力的不平衡,也就是社会生产力根本变革的不平衡。更重要的是数字经济社会属性的不平衡性,其本质上是数字资本主义全球经济体系结构的不平衡,根本上是由资本形态的时间演化和资本分布的空间结构的不平衡决定的,同样遵循了二重发展逻辑。推论发现,这是资本积累由外向扩散化的量变积累逐渐转向内向集聚化的质变积累的必然结果,也必将进一步扩大数字资本主义全球经济体系的两极分化。\u0000","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82187805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Development of the Discipline of the History of Foreign Economic Thought in China: Based on the Investigation of the Chinese Society for the Foreign Economic Theories","authors":"黎力 李, 震宇 罗, 家擎 高","doi":"10.26599/peo.2023.9310203","DOIUrl":"https://doi.org/10.26599/peo.2023.9310203","url":null,"abstract":"\u0000 本文通过回顾和考察中华外国经济学说研究会1979—2019年的创建与演变、学术活动以及成果出版情况,并对该学会年会的会议论文展开文献计量和可视化分析,探究了外国经济思想史学科在我国近四十年来的发展情况。研究发现,该学会在推动我国外国经济思想史学科发展方面贡献巨大,但在不同阶段却发挥了不尽相同的功能和角色,其地位和承担的历史使命也经历了相应的变迁。在学会创建初期,学会通过举办“国外经济学讲座”和编译《现代国外经济学论文选》,大大推动了西方经济学在中国的引入和传播,促进了外国经济思想史学科的教学和研究。20世纪90年代末以来,学会年会的定期举办和会议论文集的连续出版,助推了外国经济思想史学术共同体的形成和稳定。随着西方经济学在我国成为一门独立的学科而不断发展壮大,学会引进和传播西方经济学的历史使命宣告完成,外国经济思想史学科在与西方经济学的“脱钩”中逐渐被边缘化。在此背景之下,外国经济思想史研究日益与中国现实问题研究相结合,并与马克思主义政治经济学“重新挂钩”。与国外经济思想史研究相比,由于该学会与国际经济思想史学界学术交流有限,我国外国经济思想史研究国际化程度比较滞后。\u0000","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73322115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Surprises in Life and a Retrospect of the Career in Economics: An Interview with Renowned American Economist Samuel Bowles","authors":"岭 高, 宝瀛 胡, 昱茵 唐","doi":"10.26599/peo.2023.9310205","DOIUrl":"https://doi.org/10.26599/peo.2023.9310205","url":null,"abstract":"\u0000 鲍尔斯在政治经济学乃至整个经济学思想史中,具有举足轻重的学术地位。本文通过对鲍尔斯的深度访谈,回顾了鲍尔斯的充满传奇色彩的人生经历和学术生涯。我们发现,第一,在学术生涯早期,鲍尔斯的经济学研究与左翼政治活动密切相关,这是他对马克思主义经济学感兴趣的一个重要原因。第二,鲍尔斯对新古典经济学的认识有一个变化过程。最初是因为对传统的新古典经济学和资本主义现实之间脱节的不满,鲍尔斯转向马克思主义经济学研究,但他并未真正放弃新古典经济学。通过与阿罗和森等非典型新古典经济学家,特别是班纳吉、迪弗洛和皮凯蒂等新生代学者的交流,鲍尔斯认为主流经济学已经发生了向好的变化。第三,鲍尔斯对马克思主义经济学有一种复杂的感情。人生经历和特定阶段的兴趣驱使鲍尔斯做了将近30年的马克思主义经济学研究,而后转向了行为经济学研究。除了兴趣,这个转向一方面是因为鲍尔斯对他曾经参与过的激进政治经济学同盟坚持偏狭的原教旨马克思主义范式有所不满,另一方面是因为鲍尔斯看到了包括已经革新的主流经济学在内的非马克思主义经济学的知识价值。即使鲍尔斯转向了行为经济学,他还在探索历史唯物主义相关命题的量化研究。因此,所谓的转向,不过是鲍尔斯在践行他倡导的经济学多元主义。纵观鲍尔斯的职业生涯,他所关注的问题始终是财富不平等和交换关系中的权力与偏好的内生性,这两个核心论题贯穿了鲍尔斯的整个研究历程。 \u0000","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83161884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Transformational Development of Socialist Foreign Trade with Chinese Characteristics and its Strategic Significance: A Review of Professor Shuli Song's “The Transformational Development of Socialist Foreign Trade with Chinese Characteristics: Based on the Empirical Study of Zhejiang's Private Ec","authors":"勇良 卓","doi":"10.26599/peo.2023.9310206","DOIUrl":"https://doi.org/10.26599/peo.2023.9310206","url":null,"abstract":"\u0000 中国经济在改革开放以来的增长奇迹主要源于中国外贸的持续转型发展。对中国外贸发展经验的研究发现,中国外贸出口企业所有制转型是21世纪以来外贸转型的最重要事件,尤其是民营企业以其灵活的体制机制,为中国经济稳健增长作出了积极贡献。而出口商品工业化是外贸转型的基本面,是出口快速增长的基本因素。出口市场结构也有了较大变化,从转口贸易和日本为主的狭窄出口市场,到美欧日成为重要出口目标市场,再到出口目标市场的趋于多元化。更重要的是,制度转型是关键,尤其是外贸体制改革,有效启动了中国外贸的迅猛发展。总体来看,基于外贸视角,中国改革开放进程可区分为三个阶段,分别是:改革开放至“入世”前的“序幕”,内生化改革初步形成市场主体及自主交易的体制机制;“入世”至今的“上半场”,借力境外市场形成了发展导向的改革;当下至未来相当长一段时期的“下半场”,出口遭遇天花板,形成了问题倒逼的改革,弱化乃至消除其“内生阻尼”是贯彻落实二十大精神的重要举措。\u0000","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"25 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82578814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Research on the Grass-roots Practice and Policy Model of Project System","authors":"小云 李, 彦军 马, 永胜 朱","doi":"10.26599/peo.2023.9310204","DOIUrl":"https://doi.org/10.26599/peo.2023.9310204","url":null,"abstract":"\u0000 项目制作为一种基层治理模式,是分税制度改革以来最重要的财政转移支付手段之一,也是各级政府部门常见公共治理手段,对于满足基层公共服务需求和增进国家公共利益有着重要的现实意义,在巩固拓展脱贫攻坚成果同乡村振兴有效衔接中发挥了重要作用。但在项目实施的全周期中,各级政府在资源配置和政策目标间互动博弈,会产生项目谋划能力不足、绩效考核机制限制县级项目分配、地方债务扩张、监管机制不完善、运维管护能力弱、运营机制还不完善等困境。为深入研究基层项目制的运行逻辑、实践困境与治理路径,本文以深度访谈、参与式观察和案例追踪的方式,研究项目承载的政策意图和其表现出的政策模式,归纳出“竞争-分配”式双向配置的分析框架。研究表明,中国地方政府在项目制下存在三种政策模式,即市场扩展与长远眼光,选择性、目的化——创造竞争优势,管制与支持这三种政策模式。本文最后从制度建设、资金使用、产业发展、营商环境、预算审议、协同配合和项目分配等方面对项目申请及分配提出政策建议。\u0000","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"140 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89389895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Political Economy of Antitrust Policy in the United States","authors":"建军 周","doi":"10.26599/peo.2023.9310103","DOIUrl":"https://doi.org/10.26599/peo.2023.9310103","url":null,"abstract":"\u0000 过去一百多年里,因应保护小生产者、消费者福利、国际竞争力、世界战争等国内国际因素,受哈佛学派、芝加哥学派等占主导地位的政治经济意识形态影响,美国的反垄断政策目标在不同的时期各有侧重。无论是主动的还是被动的,围绕并购重组的反垄断政策一直扮演着“胡萝卜加大棒”的角色,深刻地影响着美国的市场结构、企业行为与产业发展。从实际政策效果来看,无论是“胡萝卜”还是“大棒”政策,都未能切实阻止美国企业并购重组的总体趋势。尤其是,自20世纪70、80年代以来,无论是美国政府的反垄断指数的提高,还是生产、研发、营销和采购环节合作的许可,或是在特定领域的反垄断豁免,都使美国企业旨在实现规模经济与技术创新的并购重组在更大程度上成为可能,也引领和塑造了美国半导体、飞机制造业和微软公司被控垄断案的方向。在全球产业集中和竞争依然激烈的大背景下,后发国家如何在做好有效监管的同时通过并购重组培育本土大企业,美国这样的发达国家关于反垄断政策的经验和教训值得研究参考。\u0000","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"250 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83684947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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