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Optimal IPO Mechanism with Retail Investors and Two Asymmetric Institutional Investors

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Journal of Systems Science & Complexity 2017年第2期30卷 411-420页

作者： LU Yunzhao LIU Shulin Department of economics and trade Fuzhou University of Foreign Studies and TradeFuzhou 350202China school of international trade and economics University of International Business and EconomicsBeijing 100029China

The authors construct an IPO selling mechanism with risk neutral retail investors, and two institutional investors that are better-informed and less-informed, respectively. In the mechanism,in addition to the main constraints such as the individual rationality(IR), the incentive compatibility(IC), and the feasibility constraint(FC), the authors consider two more typical constraints: There is a lower bound and no bound for allocation of the shares to two institutional investors. The authors derive the explicit expression of the optimal allocation of the shares to the investors. Under the lower bound constraint,the optimal mechanism will encourage the better-informed bidder to report sufficiently higher signal in order to get shares. If he gets allocation of shares, then the higher signal he reports,the more shares he will get, and the more the issuer's expected maximum revenue will be.

关键词： Institutional investors IPO mechanism design retail investors

Urban natural gas demand and factors analysis in China:Perspectives of price and income elasticities

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Petroleum Science 2022年第1期19卷 429-440页

作者： Jia-Man Li Xiu-Cheng Dong Qin-Zhe Jiang Kang-Yin Dong school of international trade and economics University of International Business and EconomicsBeijing100029China UIBE Belt&Road Energy trade and Development Center University of International Business and EconomicsBeijing100029China

Urban natural gas is becoming the main sector driving China’s natural gas consumption growth in recent *** study explores the impacts of urban natural gas price,wage,socioeconomic determinants,and meteorological conditions on urban natural gas demand in China over ***,this study also analyzes the potential regional heterogeneity and asymmetry in the impacts of gas price and income on China’s urban gas *** results reveal that:(1)The increased gas price can significantly reduce the urban gas demand,and the average income level may effectively promote the gas demand,also,a strong switching effect exists between electricity and natural gas in urban China;(2)these impacts are heterogeneous in regions among China,urban natural gas demand is largely affected by the gas price in regions with high-gas-price and by income in regions with low-gas-price;and(3)the impact of gas price on urban gas consumption is consistent in regions with different urban natural gas consumption,while the impact of income is *** study further provides several policy implications for improving the urban natural gas industry in China.

关键词： Urban natural gas demand Natural gas price Average wage Regional heterogeneity Asymmetry analysis

EXISTENCE OF COMPETITIVE EQUILIBRIUM OF LARGE SECURITY-SPOT MARKET WITH INCOMPLETE ASSET STRUCTURE

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Journal of Systems Science & Complexity 2007年第3期20卷 386-396页

作者： Guosheng ZHANG school of international trade and economics Beijing International Studies University Beijing 100024 China.

With the concept of security-spot market or security market with measurable space of agents, which was first given by Zhang （1998, 2000）, we continue to discuss the existence of equilibrium in such large economies. Under common conditions, we have claimed the existence of equilibrium in incomplete security-spot market with a continuum of traders. Because of the development from complete market to incomplete market, we have not only generalized Aumann＇s results in 1966, but also achieved a breakthrough on researching methods.

关键词： Equilibrium incomplete asset structure large economy security-spot market with measurable space of agents.

Why Are Chinese Exports Not So Special?

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China & World Economy 2009年第1期17卷 47-65页

作者： Shunli Yao Institute for Applied international trade and school of international trade and economics University of International Business and Economics

Applying a commonly used index for export sophistication in a cross-country study, Rodrik finds that the technological content of Chinese exports over the past decade has been so high that it cannot be explained simply by the economic fundamentals of a low-income country abundant with unskilled labor. Question has been raised for the empirical robustness of the index. I am also doubtful with Rodrik＇ s analysis but develop my argument from a different perspective. This paper briefly reviews Rodrik＇s methodology and identifies other factors his empirical results potentially hinge on. Based on this, it elaborates on China＇ s unique processing trade regime, the uneven distribution of its exports across Chinese regions and the limitation of HS codes in terms of identifying differentiated products, in an attempt to show that these factors also contribute to higher estimations of China＇s export sophistication level. Finally, it organizes trade data to reveal the trade patterns that are indeed consistent with the country＇s comparative advantage.

关键词： China technological sophistication index trade

Does Horizontal-Paradigm Aid Weaken the Governance of Recipient Countries?Evidence from China

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China & World Economy 2022年第2期30卷 1-27页

作者： Luhao Liu Xudong Hu Zhongxiu Zhao school of international trade and economics Shandong University of Finance and EconomicsChina school of international trade and economics University of International Business and EconomicsChina school of international trade and economics Shandong University of Finance and EconomicsChina.

China's aid has always been an interesting topic in the field of development economics,and the effectiveness of aid is also a controversial subject in the *** paper explores the relationship between China's aid and the governance of its recipient countries from 2000 to *** found that,compared with the vertical paradigm"of traditional donors,China's f,horizontal paradigm‘‘has unique features,promoting the governance of recipient *** employed a cross-sectional estimation and panel analysis with several regression *** our cross-sectional findings did not yield robust evidence to support a relationship between Chinese aid and its recipients'governance,our panel data regressions found a significant and positive *** results were robust in a dynamic panel,even after correcting for ***,China's aid has a positive influence on governance with the inclusion of time *** relationship was found to vary according to aid types.

关键词： aid effectiveness China's aid horizontal paradigm quality of governance

Development in China's Foreign trade:2003-2012

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China & World Economy 2013年第6期21卷 58-78页

作者： Pingyao Lai Qingru Li school of international trade and economics University of International Business and Economics

China＇s foreign trade has entered a new stage, marked by some profound changes since 2003. After 5 years ＇consecutive high growth, China＇s foreign trade experienced a significant slowdown in growth following the onset of the global financial crisis in 2008. The purpose of this article is to present a review of the development in China＇s foreign trade over the past l O years, and to explore important changes that have taken place during this period of time. A majorfinding of the presentpaper is that the traditional forces driving the high export growth in China, that is, low-cost labor, low-cost resources and low-cost money, have been disappearing. The policy implication is that over the next l O-15 years, the most important conditions for sustaining high export growth will be promoting the development and export of private enterprises in traditional heaw industries and high-technology industries, and relying on technological progress and high produc6vity to propel export expansion.

关键词： export environment export structure flying geese pattern foreign trade

Is the spatial impact of digital financial inclusion on CO_(2) emissions real?A spatial fluctuation spillover perspective

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Geoscience Frontiers 2024年第4期15卷 494-504页

作者： Jianda Wang Kangyin Dong Xiaohang Ren school of international trade and economics University of International Business and EconomicsBeijing 100029China school of Business Central South UniversityChangsha 410083China

Digital financial inclusion(DFI)has the advantage of promoting information sharing,reducing transaction costs,and providing microloan platforms for small and medium-sized *** has also made outstanding contributions to decreasing CO_(2) ***,the volatility correlation between DFI and CO_(2) emissions is still relatively *** research uses the spatial autoregressive process with conditional heteroscedastic errors(SARspARCH)model to evaluate the spatial fluctuation spillover impacts of DFI on CO_(2) emissions in 284 Chinese cities covering the period 2011-2016 following the IPAT *** results indicate that CO_(2) emissions have significant spatial spillover and volatility *** fitted value of SARspARCH estimation results is more realistic than the SAR and spARCH *** alleviates average CO_(2) emissions in Chinese ***,spatial volatility weakens the negative influence of DFI on average carbon *** study provides insights from which governments can strengthen inter-regional communication and synergistic emission-reduction capabilities,and promote the digitization of the financial sector to achieve carbon neutrality goals.

关键词： SARspARCH model Spatial fluctuation spillover effect CO_(2)emissions Digital financial inclusion(DFI) China

Tax incentives and environmental protection:Evidence from China’s taxpayer-level data

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China Finance and Economic Review 2016年第4期5卷 3-32页

作者： Mao Jie Wang Chunhua school of international trade and economics University of International Business and EconomicsChina

Since 2008,China has provided ITC(investment tax credit)and TID(taxable income deduction)for firms who engage in investment or business related to reducing pollution emissions and saving *** paper examines both incidence and effects of these tax *** a unique panel dataset mainly from the NTSD(the National Tax Statistics Dataset of China)over 2007-2011,we find that they are generally not *** are the main beneficiaries,while regional characteristics have no impact on taxpayers’attitude to ITC or *** mechanism behind may be that the incentives hurt interests of firms and local *** effects on taxpayers’activities including capital,employment,and production are not remarkable,while growth of coal consumption significantly speeds *** findings are robust to multiple specifications of using different empirical strategies,samples and ***,the results indicate that the tax incentives do serve the purpose of protecting environment by restraining coal consumption in some specific group of firms who are affiliated to the central *** finding confirms a simple model established in the paper that emphasizes the importance of the government’executive power on tax policies,and relates to the literature finding that local support can remarkably boost the efficiency of tax incentives for environmental protection.

关键词： tax incentives environmental protection China

Vertical Spillover Effects of Multinationals on Chinese Domestic Firms via Supplier-Customer Relationships

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China & World Economy 2013年第6期21卷 37-57页

作者： Faqin Lin Chao Zhang Lin Wang school of international trade and economics Central University of Finance and Economics school of international trade and economics University of International Business and Economics Institute of economics Chinese Academy of Social Sciences

Foreign direct investment （FDI） can benefit domestic firms in the host country. Using firm- level data for China, we find statistically positive vertical spillover effects of multinational enterprises on the performance of domestic firms through backward and forward supplier- customer relationships. The spillover effects are mainly from large multinational enterprises and are greater for state-owned firms and in poor regions. Our results are robust for both parametric regression and nonparametric matching techniques. Our findings have strong policy implications： while regulations relating to building business relationships with domestic firms when seeking foreign direct investment should be established, such policies should be aimed at private firms, big multinationals and less developed regions.

关键词： foreign direct investment multinational enterprises supplier-customer relationships vertical spillover effects