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China Economic Journal Volume 9. No. 2. 2016 目录/摘要
发布日期：2016-05-23 09:34 来源：北京大学国家发展研究院
Table of Content 期刊目录
1. Biases in patent examination and firms’ responses: Evidence from the pharmaceutical industry
Fei Yu, Yanrui Wu & Jin Chen
Pages 101-115
2. The Asian Infrastructure Investment Bank: Multilateralism on the Silk Road
Mike Callaghan & Paul Hubbard
Pages 116-139
3. Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect
Hao Liu, Shihan Shen, Tianyi Wang & Zhuo Huang
Pages 140-153
4. Do regional house prices converge or diverge in China?
Guangyu Mao
Pages 154-166
5. The innovation and performance impacts of venture capital investment on China’s small- and medium-sized enterprises
Xiuping Hua, Yali Wang & Miao Wang
Pages 167-185
6. Income inequality in China: causes and policy responses
Yixiao Zhou & Ligang Song
Pages 186-208
7. The exceptional performance of Chinese outward direct investment firms
Wei Tian, Miaojie Yu & Fan Zhang
Pages 209-219
Article Abstract 文章摘要
1. Biases in patent examination and firms’ responses: Evidence from the pharmaceutical industry
Fei Yu, Yanrui Wu & Jin Chen
Pages 101-115
Abstract: Empirical analysis of matched patent application data in the world’s major patent offices has shown considerable variation in patent granting probability and examination duration across different countries. This phenomenon is attributed to institutional misclassifications or patent examiners’ mistakes by some authors. Others argued that cross-country heterogeneity could also be caused by deliberate manipulation of patent examination procedures with the goal to foster native inventors through suppressing foreign patent applicants. To explore whether manipulation exists, this study presents a case study of pharmaceutical patents granted by the US patent office and approved by the US FDA. Especially it focuses on the filing behavior of pharmaceutical companies in Korea, Japan and China. The regression results show that the granting ratio of the previous applications of a foreign company is correlated with the company’s probability of lodging a new patent application, which provides a supplementary evidence of the existence of the manipulated patent examination procedures.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.11605352. The Asian Infrastructure Investment Bank: Multilateralism on the Silk Road
Mike Callaghan & Paul Hubbard
Pages 116-139
Abstract: Initial English-language media coverage of the Asian Infrastructure Investment Bank (AIIB) was framed in terms of strategic rivalry between China and the United States and China’s frustration with slow reform to existing multilateral development banks (MDBs). But the United States, not China, turned the AIIB into a battle for global influence, which the United States lost when key allies joined the bank.
China had a positive agenda for establishing the AIIB, particularly as part of its flagship ‘one belt, one road’ regional initiative. By establishing a multilateral lender for Asian infrastructure, China can de-politicize what can be fraught bilateral financing deals as well as boost its image in the region. This requires the AIIB being a truly multilateral institution.
The AIIB will have to meet the standards of other MDBs, particularly for safeguards, procurement and transparency. The bank will be under international scrutiny and AIIB shareholders should build the bank cautiously, initially focusing on co-financing with other MDBs. The AIIB need not mirror existing lenders, but can learn from their experience and improve on their efficiency. The AIIB will be a learning experience for China and could boost its credentials for future multilateral leadership.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1162970
3. Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect
Hao Liu, Shihan Shen, Tianyi Wang & Zhuo Huang
Pages 140-153
Abstract: The empirical results of the risk-return relationship are mixed for both mature and merging markets. In this paper, we develop a new volatility model to revisit the risk-return relation of the aggregate stock market index by extending the Realized GARCH model of Hansen et al. (2012) with the Wang and Yang (2013) framework, in which the overall risk-return relation is decomposed into a risk premium and a volatility feedback effect. An empirical analysis of three major Chinese stock indices reveals positive risk premium and negative volatility feedback effect, and those findings are stable across different markets and sub-samples. However, their relative magnitudes differ between markets and varies through time.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1163813
4. Do regional house prices converge or diverge in China?
Guangyu Mao
Pages 154-166
Abstract: This paper aims to test whether the regional house prices are convergent or divergent in China using a monthly panel data set of China’s 70 large and medium-sized cities from July 2005 to December 2010. This issue is closely related to understanding the efficiency of the country-level housing policies made by China’s central government. The test results suggest that the regional house prices in China are generally divergent, and thereby the country-level policies may be inefficient since they do not explicitly take the strong heterogeneity of China’s regional housing markets into consideration. As a consequence, it may be better for China’s central government to further decentralize and devolve its governance toward the housing market to the local governments.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1164493
5. The innovation and performance impacts of venture capital investment on China’s small- and medium-sized enterprises
Xiuping Hua, Yali Wang & Miao Wang
Pages 167-185
Abstract: This study examines the impacts of venture capital (VC) on performance and innovation of China’s small- and medium-sized enterprises (SME). Using unbalanced panel data of 2699 VC-backed and non-VC backed firms in China’s pilot over-the-counter equities market, namely the National Equity Exchange and Quotation (NEEQ) market, during 2005–2014, we find that venture capital financing not only spurs innovation in the Chinese market, but also exhibits significantly positive impact on financial performance. Empirical evidence reveals that syndication of venture capital investment as well as the reputation of venture capitalists helps to create value for VC-backed firms. However, no evidence is found that foreign VC-backed firms perform better than domestic VC-backed ones. The results are robust to a variety of specifications. Our findings imply that the VC financing is an effective channel to promote the development of SMEs at China’s multi-layer capital market and syndicated VC investments and venture capitalists with high reputation shall be encouraged to play a bigger role in nurturing innovation and entrepreneurship in the future.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1165541
6. Income inequality in China: causes and policy responses
Yixiao Zhou & Ligang Song
Pages 186-208
Abstract: The phenomenal economic growth in China has been accompanied by a rapid increase in income inequality. This paper reviews the historical trends and patterns of income inequality in China, discusses the potential causes underlying rising income inequality, and applies the functional distribution of income approach in understanding China’s income inequality. This analytical approach highlights how rising return to capital relative to wage incomes can be an important source for increasing income inequality in China. The paper provides the evidence which shows that the rapid economic growth in China has been relying on a model that pays high returns to various kinds of capital including financial capital and real estate, while the ownership of capital is very unequal. This finding prompts us to rethink about the causes of China’s income inequality and to formulate appropriate policies based on the new way of understanding this pressing issue of income distribution in China.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1168203
7. The exceptional performance of Chinese outward direct investment firms
Wei Tian, Miaojie Yu & Fan Zhang
Pages 209-219
Abstract: This paper finds that Chinese manufacturing firms that engage in outward foreign direct investment (ODI) have better economic performance than non-ODI manufacturing firms. Overall, ODI firms are more productive and have higher profitability than non-ODI firms. The sector analysis shows that the exceptional performance is significant for labor-intensive industries. Finally, the ODI activity can raise the productivity of other firms in an industry. The larger the ODI within an industry, the higher the productivity of all firms in that industry. The paper suggests that domestic firms set up their firm’s global strategy and reallocate the firm’s resources according to the changing investment environment, taking advantages of profit opportunities outside of domestic markets and invest abroad to get new markets and new technology.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1172783
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China Economic Journal Volume 9. No. 2. 2016 目录/摘要
发布日期：2016-05-23 09:34 来源：北京大学国家发展研究院
Table of Content 期刊目录
1. Biases in patent examination and firms’ responses: Evidence from the pharmaceutical industry
Fei Yu, Yanrui Wu & Jin Chen
Pages 101-115
2. The Asian Infrastructure Investment Bank: Multilateralism on the Silk Road
Mike Callaghan & Paul Hubbard
Pages 116-139
3. Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect
Hao Liu, Shihan Shen, Tianyi Wang & Zhuo Huang
Pages 140-153
4. Do regional house prices converge or diverge in China?
Guangyu Mao
Pages 154-166
5. The innovation and performance impacts of venture capital investment on China’s small- and medium-sized enterprises
Xiuping Hua, Yali Wang & Miao Wang
Pages 167-185
6. Income inequality in China: causes and policy responses
Yixiao Zhou & Ligang Song
Pages 186-208
7. The exceptional performance of Chinese outward direct investment firms
Wei Tian, Miaojie Yu & Fan Zhang
Pages 209-219
Article Abstract 文章摘要
1. Biases in patent examination and firms’ responses: Evidence from the pharmaceutical industry
Fei Yu, Yanrui Wu & Jin Chen
Pages 101-115
Abstract: Empirical analysis of matched patent application data in the world’s major patent offices has shown considerable variation in patent granting probability and examination duration across different countries. This phenomenon is attributed to institutional misclassifications or patent examiners’ mistakes by some authors. Others argued that cross-country heterogeneity could also be caused by deliberate manipulation of patent examination procedures with the goal to foster native inventors through suppressing foreign patent applicants. To explore whether manipulation exists, this study presents a case study of pharmaceutical patents granted by the US patent office and approved by the US FDA. Especially it focuses on the filing behavior of pharmaceutical companies in Korea, Japan and China. The regression results show that the granting ratio of the previous applications of a foreign company is correlated with the company’s probability of lodging a new patent application, which provides a supplementary evidence of the existence of the manipulated patent examination procedures.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.11605352. The Asian Infrastructure Investment Bank: Multilateralism on the Silk Road
Mike Callaghan & Paul Hubbard
Pages 116-139
Abstract: Initial English-language media coverage of the Asian Infrastructure Investment Bank (AIIB) was framed in terms of strategic rivalry between China and the United States and China’s frustration with slow reform to existing multilateral development banks (MDBs). But the United States, not China, turned the AIIB into a battle for global influence, which the United States lost when key allies joined the bank.
China had a positive agenda for establishing the AIIB, particularly as part of its flagship ‘one belt, one road’ regional initiative. By establishing a multilateral lender for Asian infrastructure, China can de-politicize what can be fraught bilateral financing deals as well as boost its image in the region. This requires the AIIB being a truly multilateral institution.
The AIIB will have to meet the standards of other MDBs, particularly for safeguards, procurement and transparency. The bank will be under international scrutiny and AIIB shareholders should build the bank cautiously, initially focusing on co-financing with other MDBs. The AIIB need not mirror existing lenders, but can learn from their experience and improve on their efficiency. The AIIB will be a learning experience for China and could boost its credentials for future multilateral leadership.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1162970
3. Revisiting the risk-return relation in the Chinese stock market: Decomposition of risk premium and volatility feedback effect
Hao Liu, Shihan Shen, Tianyi Wang & Zhuo Huang
Pages 140-153
Abstract: The empirical results of the risk-return relationship are mixed for both mature and merging markets. In this paper, we develop a new volatility model to revisit the risk-return relation of the aggregate stock market index by extending the Realized GARCH model of Hansen et al. (2012) with the Wang and Yang (2013) framework, in which the overall risk-return relation is decomposed into a risk premium and a volatility feedback effect. An empirical analysis of three major Chinese stock indices reveals positive risk premium and negative volatility feedback effect, and those findings are stable across different markets and sub-samples. However, their relative magnitudes differ between markets and varies through time.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1163813
4. Do regional house prices converge or diverge in China?
Guangyu Mao
Pages 154-166
Abstract: This paper aims to test whether the regional house prices are convergent or divergent in China using a monthly panel data set of China’s 70 large and medium-sized cities from July 2005 to December 2010. This issue is closely related to understanding the efficiency of the country-level housing policies made by China’s central government. The test results suggest that the regional house prices in China are generally divergent, and thereby the country-level policies may be inefficient since they do not explicitly take the strong heterogeneity of China’s regional housing markets into consideration. As a consequence, it may be better for China’s central government to further decentralize and devolve its governance toward the housing market to the local governments.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1164493
5. The innovation and performance impacts of venture capital investment on China’s small- and medium-sized enterprises
Xiuping Hua, Yali Wang & Miao Wang
Pages 167-185
Abstract: This study examines the impacts of venture capital (VC) on performance and innovation of China’s small- and medium-sized enterprises (SME). Using unbalanced panel data of 2699 VC-backed and non-VC backed firms in China’s pilot over-the-counter equities market, namely the National Equity Exchange and Quotation (NEEQ) market, during 2005–2014, we find that venture capital financing not only spurs innovation in the Chinese market, but also exhibits significantly positive impact on financial performance. Empirical evidence reveals that syndication of venture capital investment as well as the reputation of venture capitalists helps to create value for VC-backed firms. However, no evidence is found that foreign VC-backed firms perform better than domestic VC-backed ones. The results are robust to a variety of specifications. Our findings imply that the VC financing is an effective channel to promote the development of SMEs at China’s multi-layer capital market and syndicated VC investments and venture capitalists with high reputation shall be encouraged to play a bigger role in nurturing innovation and entrepreneurship in the future.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1165541
6. Income inequality in China: causes and policy responses
Yixiao Zhou & Ligang Song
Pages 186-208
Abstract: The phenomenal economic growth in China has been accompanied by a rapid increase in income inequality. This paper reviews the historical trends and patterns of income inequality in China, discusses the potential causes underlying rising income inequality, and applies the functional distribution of income approach in understanding China’s income inequality. This analytical approach highlights how rising return to capital relative to wage incomes can be an important source for increasing income inequality in China. The paper provides the evidence which shows that the rapid economic growth in China has been relying on a model that pays high returns to various kinds of capital including financial capital and real estate, while the ownership of capital is very unequal. This finding prompts us to rethink about the causes of China’s income inequality and to formulate appropriate policies based on the new way of understanding this pressing issue of income distribution in China.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1168203
7. The exceptional performance of Chinese outward direct investment firms
Wei Tian, Miaojie Yu & Fan Zhang
Pages 209-219
Abstract: This paper finds that Chinese manufacturing firms that engage in outward foreign direct investment (ODI) have better economic performance than non-ODI manufacturing firms. Overall, ODI firms are more productive and have higher profitability than non-ODI firms. The sector analysis shows that the exceptional performance is significant for labor-intensive industries. Finally, the ODI activity can raise the productivity of other firms in an industry. The larger the ODI within an industry, the higher the productivity of all firms in that industry. The paper suggests that domestic firms set up their firm’s global strategy and reallocate the firm’s resources according to the changing investment environment, taking advantages of profit opportunities outside of domestic markets and invest abroad to get new markets and new technology.
Link to the original text:
http://www.tandfonline.com/doi/full/10.1080/17538963.2016.1172783
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