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地方財政分權對中國省市競爭力的影響 / The effect of fiscal decentralization on China’s provincial competitiveness林士傑 Unknown Date (has links)
中國大陸自改革開放之後,其經濟成長之快速,使得全球眾多的學者投入中國大陸議題的研究。隨著世界的開發,有限的資源不斷被使用,造成資源愈來愈少,也由於資源的稀少性,因此市場經濟方為競爭的經濟。參與競爭必須首先具備競爭力,作為國民經濟重要組成單元的區域經濟,如何應對日趨激烈的競爭,如何培育構建、提升保持具有區域特色的競爭力,就成為迫在眉睫的問題
本研究之研究目的主要有以下幾點:第一,希望能藉由相關理論文獻,解釋財政地方分權對中國省、市之間競爭力是否會有所影響或是關聯,將以此為本研究之理論基礎,並且進行實證的檢驗;第二,將以1994年中國財政改革以後之財政相關資料,利用中國31個省、市的追蹤資料,資料蒐集期間涵蓋2000年至2008年,以各年各省、市的綜合競爭力作為衡量該省、市的競爭力指標,以期能夠了解各地區競爭力的影響情形; 第三,本研究建立一個二階段固定效果模型,來檢視中國31個省市財政分權對其綜合競爭力的影響,並將各省市的情形做歸納;第四,從實證模型中發現,財政地方分權與區域綜合競爭力間的關聯性為一非線性關係且具有U型曲線關係;最後,利用實證結果來提供具體的政策建議。
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世界各國對中國投資之決定因素—北京、上海與廣東之比較 / Determinants of Foreign Direct Investment in China: The Comparative Study between Beijing, Shanghai and Guangdong鄭惠珍, Cheng, Hui-Chen Unknown Date (has links)
自1978年中國開始經濟的改革開放政策以來,吸引外資便成為其推動經濟成長的重要手段之一。1992年鄧小平南巡,再一次宣示建立「社會主義的市場經濟體制」後,由於開放的經濟政策更為明朗,使越來越多的國家到中國直接投資。自此,中國成為全世界最受歡迎的外資投資國之一。甚至在2002年超越美國,成為全世界最大的外資接受國。如此多的國家對中國展開大規模的投資,其投資的規模與投資地區的選擇卻有相當大的差異。因此,本文的研究目的,將以1993至2003年世界各國對中國投資的追蹤資料(panel data),搭配固定效果模型(fixed-effect model)與隨機效果模型(random-effect model)的估計,並以目前中國沿海發展具代表性的北京、上海與廣東三個省(市)之比較,探究影響世界各國對中國直接投資的決定因素。
實證結果發現影響外商直接投資北京、上海與廣東的決定因素中,顯著影響的變數為相對工資率、對中國貿易依存度、相對匯率以及相對借貸成本。而其餘的變數,如相對國內生產毛額、相對每人國內生產毛額和相對國家風險等皆不顯著,反映了其皆非外商直接投資中國時所考量的決定因素。 / Since 1978, China has adopted the so-called “open door policy”, attracting foreign direct investment (FDI) has become one of the most important methods to facilitate its economic growth. However, foreign countries didn’t invest large amount toward China until Deng Xiaoping’s southern trip in 1992. The purpose of this study is thus to investigate the determinants of FDI from different foreign countries to different regions in China after foreign countries started to invest tremendous amount toward China.
This study adopts fixed-effect model and random-effect model to investigate the determinants of FDI in China with panel data of Beijing, Shanghai and Guangdong during the period of 1993-2003. The result shows relative wage rate, trade dependence to China, relative exchange rate and relative borrowing cost are the most important factors in attracting FDI in Beijing, Shanghai and Guangdong during 1993-2003.
Finally, in order to reduce the mistakes occurred in positive models and enable the study more rigorous, then uses more methods to test the models and the result.
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影響調整至最適資本結構之調整因子分析 / Cross-country Determinants of Partial Adjustment Speed toward Target Capital Structure楊淑婷, Yang, Shu-Ting Unknown Date (has links)
近幾年針對資本結構的研究發現,在比較先進國家的企業確實有逐步調整回自己的最適資本結構的動作。本論文進一步將研究擴大到開發中國家,發現研究中的32個國家,不論是已開發或是發開中國家的企業,確實都有維持最適資本結構的動作。當資本結構偏離時,企業會逐步地調整回其最適值,然而每個國家調整回最適資本結構的調整速度則存在著差異性。本論文進一步利用國家間法律、會計、制度以及規範面的差異下去分析,發現國家發展程度以及會計制度是影響調整回最適資本結構的速度快慢的重要因子。此外,本論文亦探討融資順位理論及擇時理論的影響,發現加入融資順位理論因子後,調整速度會有相當程度的減緩,而減緩的幅度,則與國家發展程度、法律保護、公司稅率以及會計制度有顯著的關連性。 / Recent empirical literature provides evidences that firms in most developed countries do partially adjust toward their target capital structure. In this paper, we show that no only firms in developed countries, but also those in emerging countries gradually move back to their long-run equilibrium when they are away from it. But the adjustment speeds vary from country to country. We study the determinants of adjustment speeds around the world by focusing on differences in laws and regulations across countries. Our evidences show that firms in countries with common-law tradition, stronger shareholder right, or more completed accounting standards tend to move back to their optimal leverage quicker. Furthermore, we add two variables related to other two main capital structures (pecking order and market timing) in our analysis to capture their effects. Both theories add some information in explaining capital structure, but the impacts differ when applying different leverage measures. When we define leverage ratio as long-term debts dividend by net assets, we observe that pecking order factor lowers the adjustment speed a lot. And the magnitude of decrease on adjustment speed is significantly correlated with market condition, law enforcement, corporate tax rate and accounting standard. More developed countries and countries with stronger law enforcement, higher corporate tax rate, or more completed accounting standards tend to have less reduction on adjustment speed when including pecking order factor, because they have less information asymmetries.
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都市發展特性對能源消耗之影響 / The Influence of Urban Development Characteristics on Energy Consumption張致嘉, Chang, Chih Chia Unknown Date (has links)
近年來,全球氣候變遷與環境惡化顯示目前人類活動與永續發展的衝突,如何減少能源消耗以降低溫室氣體排放成為當務之急。在都市規劃方面,以緊密都市理念探討都市發展與交通能源消耗最受到關注,然而都市發展與產業活動、家戶行為密切相關,因此若僅從交通方面分析能源消耗,恐忽略其他影響能源消耗的重要因素。故本研究著重於探討都市發展特性與能源消耗的關聯性,將產業活動與家戶行為納入模型分析,可更全面性了解都市與能源消耗的關聯性。此外,基於「全球思考、地方行動」的考量,如何落實節能減碳的目標,必須就各縣市的都市發展特性著手,透過追蹤資料模型,進一步了解各縣市的固定效果對能源消耗之影響以及能源消耗之時間趨勢。
透過對都市耗能部門進行分類,並以台灣改制後19個縣市為實證範圍,可以確認都市發展特性的幾個面向:土地使用密度、土地混合使用、交通屬性、產業屬性、家戶屬性、環境屬性與交通運輸、產業發展、家戶活動的耗能關係。實證結果發現,緊密都市有助於節能目標達成;道路增加可及性,但亦助長汽車使用,增加交通耗能;為提升大眾運輸使用率,需加強轉乘便利性以及改變私人交通運輸偏好;產業耗能與出口貿易關聯性高,不利能源減量;家戶居住行為與生活型態對能源消耗有正向影響;公園綠地能調節都市氣溫,減少耗能。
綜上所述,欲形塑一個節能減碳的都市必須透過多元途徑,在土地使用方面須維持適當的發展密度與混合程度;交通方面須加強大眾運輸便利性以提高民眾使用意願並抑制汽車使用;產業方面須透過政府獎勵節能措施及促進產業轉型以提升能源效率;家戶方面應透過教育及政策宣導以培養節能生活習慣,方能達成節能減碳的目標。 / In recent years, global climate change and environmental deterioration show a conflict between human activities and sustainable development. How to reduce energy consumption in order to mitigate greenhouse gas emission has become a top priority. According to the concept of compact city, urban planning is seen as the effective way to reduce transportation energy consumption. However, urban development is associated with industry development and household activities, so it would be improper to focus only on transportation sector.
Thus the main motivation for this study is trying to illustrate urban development characteristics by combing transportation sector, industry sector and household sector, in order to understand the influence the urban development characteristics on energy consumption more comprehensively. In addition, on the concept of “global thinking, local action”, how to successfully implement energy saving policies should first understand the urban development characteristics of all counties.
The purpose of this study is to empirically explore the influences of urban development characteristics on energy consumption by using panel data models, which uses the reorganization of nineteen counties areas in Taiwan as samples.In order to find out the fixed effect of all counties on energy consumption and trend of energy consumption.
The empirical results show that the concepts of compact city still contributes the energy-saving goal;construction of roads increase accessibility, but also encourage car use, which increase energy consumption;to encourage the use of public transportation need to improve the convenience of transfer and change the preference of people;energy consumption in industry is highly associated to international trade, so it would be difficult for energy reduction;the trend of energy consumption has increased due to household lifestyle change;the green resources provides by park, which can adjust the temperature of city and reduce energy consumption.
In sum, achieving the energy-saving city need diversified approaches, it can’t just keep increasing the density or land mixed-use. Traffic should be strengthened by improving transfer system. In order to increase the willingness to use public transport system and decrease car dependency;industry must trying to improve energy efficiency;households should cultivate the habit of saving energy by education in order to be a true energy-saving city.
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中國大陸城市化對住宅價格的影響 ——基於2003-2011年中國不同規模城市追蹤資料的實證檢驗 / Impacts of urbanization on residential housing prices in Chinese cities莊凱融, Rong, Zhuang Kai Unknown Date (has links)
城市化意味着城市的經濟結構、社會結構和空間結構變遷。隨着中國大陸城市化的推進,城市人口遷移、建成區面積增長,城市發展質量逐步提高,而同期內城市商品住宅價格亦呈現普遍而明顯的上漲趨勢。
過去雖有許多國內外文獻對全國城市商品住宅價格的影響因素進行了探討,但少有文獻從城市化的層面着眼進行研究;在部分集中討論城市化效應的文獻中,亦存在以省域代替城市作爲研究對象,以及採用橫截面數據進行實證研究,未能體現不同城市化和社會經濟發展階段之變動趨勢的缺憾。
有鑑於此,本文使用中國大陸2003年至2011年不同規模城市的相關追蹤資料,以“人口城市化”“土地城市化”和城市發展質量優化作爲城市化的主要體現,用從業人口、建設用地面積、房地產開發投資額等一系列指標作爲自變數構建追蹤資料固定效應模型,分析城市化對不同規模城市商品住宅價格的影響,探究中國大陸社會經濟重要發展來源的城市化能否繼續維持城市商品住宅市場的穩定。實證結果顯示,城市化發展對城市商品住宅價格上漲的貢獻明顯,而人口城市化的作用較之土地城市化更爲顯著;大城市和中小城市在城市化發展過程中商品住宅價格影響因素亦有所不同,城市發展中由政府主導的城市土地開發利用與基礎設施建設應集約化發展,土地城市化必須與人口城市化以及城市發展質量提升相互協調。 / Urbanization means changes of cities ‘economic structure, social structure and spatial structure. With the development of Chinese urbanization, the urban population and construction land area is growing, the urban development quality is improving gradually, in the same period city residential housing prices also presents common and obvious rising trend.
In the past, although there were many domestic and external literature focusing on the influence factors of the national urban residential housing prices, but there were few literature based the study on the impact of urbanization; many of literatures in which the urbanization effect discussed, also taken provincial data as the research object instead of city , using cross-sectional data for empirical research, so failed to reflect changes in different stages of urbanization and social and economic development trend.
In light of this, this article refer to mainland China from 2003 to 2011, 213 level panel data, related to "land urbanization" and "population urbanization" quality optimization as the main embodiment of urbanization, taking urban working population, construction land area, real estate investment and a series of indicators as independent variables to construct panel fixed effects model, in order to analyze the effect of urbanization on the urban residential property prices. We expect to explore whether if mainland China's urbanization, which is a source of important social and economic development of the nation, will continue to maintain the stability of the urban residential market. Empirical results indicates that the influence of urbanization on city residential housing price is evident, besides population urbanization plays a more important role than land urbanization. In the process of urbanization, the influential factors of residential housing price varying in metropolis and small cities, therefore development of urban land dominated by local government ought to realize intensification, and land urbanization should be coordinated with population urbanization and city development quality.
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中國大陸財政地方分權對地方財政赤字的影響 / The effect of fiscal decentralization on China’s reigion finance deficit顏文彬 Unknown Date (has links)
中國大陸自改革開放之後,其經濟成長之快速,成功歸究於自由的市場經濟。然而2008金融海嘯爆發後,使得各國開始檢視過度的分權和市場自由化的適度性。中央政府和地方政府,如何在權利和稅收的分配上,達成一最適的規模?如何有效運用財政地方分權?將是一門複雜且重要的議題。
本研究之研究目的主要有以下幾點:第一,希望能藉由相關理論文獻,解釋財政地方分權對中國省、市之間地方財政赤字是否會有所影響或是關聯,將以此為本研究之理論基礎,並且進行實證的檢驗;第二,將以1994年以後中國財政改革以後之財政相關資料,利用中國31個省、市的追蹤資料,資料蒐集期間涵蓋1995年至2010年,以各年各省、市的財政赤字作為衡量該省、市的財政情形,以期能夠了解各地區財政的影響情形; 第三,本研究建立一個二因子固定效果模型,來檢視中國31個省市財政分權對其地方財政赤字的影響,並將各省市的情形做歸納;第四,從實證模型中發現,財政地方分權與地方財政赤字間的關聯性為一非線性關係且具有U型曲線關係;最後,利用實證結果來提供具體的政策建議。 / Fiscal decentralization is considered as one of the successful institutional reforms to promote the development of China.In order to attract the resource, the regions have to improve or maintain their finance. Therefore, what issues will improve the provincial local government deficit becoming an immense problem. How to use fiscal decentralization tool?It will be an important issue.
The research purpose of this literature is to use the empirical model with the panel data which includes 31 provinces, cities and regions in China during the period of 1995 to 2010 as well as to search the following question. First , analyse the provincial local government deficit and find out the determinative factors of regional deficit. Second, in order to realize the precise relationship between the fiscal decentralization and the provincial local government deficit, this study establishes 2 ways fixed effect model. Finally, to reducing the mistakes occurred in positive models and enabling the study more rigorous, this study uses more methods to test the models and the result. Finally, to reducing the mistakes occurred in positive models and enabling the study more rigorous, this study uses more methods to test the models and the result.
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Determining Appropriate Sample Sizes and Their Effects on Key Parameters in Longitudinal Three-Level ModelsJanuary 2016 (has links)
abstract: Through a two study simulation design with different design conditions (sample size at level 1 (L1) was set to 3, level 2 (L2) sample size ranged from 10 to 75, level 3 (L3) sample size ranged from 30 to 150, intraclass correlation (ICC) ranging from 0.10 to 0.50, model complexity ranging from one predictor to three predictors), this study intends to provide general guidelines about adequate sample sizes at three levels under varying ICC conditions for a viable three level HLM analysis (e.g., reasonably unbiased and accurate parameter estimates). In this study, the data generating parameters for the were obtained using a large-scale longitudinal data set from North Carolina, provided by the National Center on Assessment and Accountability for Special Education (NCAASE). I discuss ranges of sample sizes that are inadequate or adequate for convergence, absolute bias, relative bias, root mean squared error (RMSE), and coverage of individual parameter estimates. The current study, with the help of a detailed two-part simulation design for various sample sizes, model complexity and ICCs, provides various options of adequate sample sizes under different conditions. This study emphasizes that adequate sample sizes at either L1, L2, and L3 can be adjusted according to different interests in parameter estimates, different ranges of acceptable absolute bias, relative bias, root mean squared error, and coverage. Under different model complexity and varying ICC conditions, this study aims to help researchers identify L1, L2, and L3 sample size or both as the source of variation in absolute bias, relative bias, RMSE, or coverage proportions for a certain parameter estimate. This assists researchers in making better decisions for selecting adequate sample sizes in a three-level HLM analysis. A limitation of the study was the use of only a single distribution for the dependent and explanatory variables, different types of distributions and their effects might result in different sample size recommendations. / Dissertation/Thesis / Doctoral Dissertation Educational Psychology 2016
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O problema da assimetria de informação no mercado de cursos superiores: o papel do provão. / The asymmetric information problem of the undergraduate school courses: the Brazilian national exam experience.Adriano Pitoli 14 April 2004 (has links)
Este trabalho apresenta três extensões ao modelo de reputação proposto por Shapiro (1983). A primeira torna o modelo original mais adequado para avaliar o problema de informação assimétrica de bens de busca e bens credenciais, a segunda permite identificar o ganho de eficiência gerado pela inclusão de um sistema de informação adicional e, a terceira mostra que a provisão de um volume maior de informação pode gerar efeitos adversos quando o produto em questão possui vários atributos. Em seguida, os desenvolvimentos teóricos são utilizados para avaliar os efeitos da introdução do Exame Nacional de Cursos sobre o mercado de cursos superiores do Brasil. Algumas das predições do modelo são testadas empiricamente, fornecendo indicações de que este Exame possui um papel relevante para mitigar o problema de informação identificado neste mercado. / This essay presents three extensions to the model first proposed by Shapiro (1983) regarding reputation. The first extension adjusts Shapiros original model in order to make it more suitable in dealing with the problem of asymmetric information of search goods and credence goods. The second one allows the identification of the efficiency gains obtained after the inclusion of an additional information system, while the third extension demonstrates that additional information could generate adverse effects when the good under consideration has several attributes. These theoretical extensions are then applied to evaluate the effects of the Brazilian experience regarding the introduction of the Courses National Exam - Exame Nacional de Cursos on Brazils market of undergraduate school courses. Some of the theoretical predictions of the model are empirically tested, offering indications that such exam plays a relevant role while diminishing the informational problem that characterizes this market.
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O impacto do "Minha Casa Minha Vida" nas eleições presidenciais no BrasilSilva, Thandara Maria Kathleen da 12 June 2018 (has links)
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Previous issue date: 2018-06-12 / O objetivo deste trabalho é analisar o retorno eleitoral do Programa Minha Casa Minha Vida (MCMV) obtido pela candidata do governo Dilma Rousseff nos pleitos presidenciais. A votação eleitoral no Brasil é influenciada por uma série de características não observadas, tais como clientelismo, coronelismo, preferências individuais, voto de cabresto etc. Se tais características não forem levadas em conta na análise, o retorno eleitoral de programas sociais como MCMV e Bolsa-Família pode não ser adequadamente captado. Para contornar isso, foram estimadas regressões usando dados em painel com controle de efeitos fixos em nível microrregional. Os resultados revelam que há evidência de retorno eleitoral nulo do MCMV. Ao contrário, constatou-se ainda a existência de retorno eleitoral do Bolsa-Família em todas as regressões. / The aim of this study is to analyze the electoral return of the Minha Casa Minha Vida Program (MCMV) obtained by the incumbent candidate Dilma Rousseff in the presidential elections. Brazilian polls are affected by various non-observed characteristics, such as patronage, "coronelismo", individual preferences, "voto de cabresto" etc. If these characteristics are not taken into account in the analysis, the electoral return of social programs like MCMV and Bolsa-Familia (BF) cannot be properly captured. To solve this problem, a fixed effect model was estimated at the micro-regional level. The findings reveal that there is evidence of electoral return null of MCMV. Still, the electoral return of BF program was verified in all estimated regressions.
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CFO Turnover, Firm’s Debt-Equity Choice and Information EnvironmentTalukdar, Muhammad Bakhtear U 29 June 2016 (has links)
The CEO and CFO are the two key executives of a firm. They work cohesively to ensure the growth of the firm. After the adoption of the Sarbanes Oxley Act (SOX) in 2002, the importance of CFOs has increased due to their personal legal obligation in certifying the accuracy of financial statements. Only a few papers such as Mian (2001), Fee and Hadlock (2004), and Geiger and North (2006) focus on CFOs in the pre-SOX era. However, a vacuum exists in research focusing exclusively on CFOs in the post-SOX era. The purpose of this dissertation is to delve into a comprehensive investigation of the CFOs. More specifically, I answer three questions: a) does the CEO change lead to the CFO change? b) does the CFO appointment type affect the firm’s debt-equity choice? and c) does the CFO appointment affect the firm’s information environment?
I use Shumway’s (2001) dynamic hazard model in answering question ‘a’. For question ‘b’, I use instrumental variable (IV) regression under various estimation techniques to control for endogeneity. For part ‘c’, I use the cross sectional difference-in-difference (DND) methodology by pairing treatment firms with control firms chosen by the propensity scores matching (PSM).
I find there is about a 70% probability of CFO replacement after the CEO replacement. Both of their replacements are affected by prior year’s poor performance. In addition, as a custodian of the firm’s financial reporting, the CFO is replaced proactively due to a probability of restatement of earnings. I find firms with internal CFO hires issue more equity in the year of appointment than firms with external hires. The promoted CFO significantly improves the firm’s overall governance which helps the firm obtain external financing from equity issue. However, I find that CFO turnover does not significantly affect the firm’s information environment. To ensure that my finding is not due to mixing up of samples of good and distressed firms together, I separated distressed firms and re-ran my models and my finding still holds.
This dissertation fills the gap in the literature with regards to CFOs and their post SOX relationship with the firm.
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