团队

通过分析中国各地监管政策力度的变化和中国企业的地理分布，我们研究了政府外部监管对国有企业绩效的影响。该研究利用结构化的分析方法，使用常用的企业级别生产数据，估算出企业的生产率和中间投入品价格。研究显示，加强外部监管是提高企业治理的关键，可大幅消减中间投入品的采购价格并大幅减少生产管理中的懈怠现象。结果表面，政府监管可以成为改善国有企业绩效的有效政策工具。

Dr Hongsong Zhang of HKU Business School and Dr Shengyu Li of University of New South Wales discussed in this VoxChina piece their investigation of the impact of external monitoring from the government on state-owned enterprise performance, using the variation in monitoring strength arising from a nationwide policy change and firms’ geographic location in China. We utilize a structural approach to estimate input prices and productivity separately at the firm level using commonly available production data. We show that enhanced external monitoring, as a key component of corporate governance, can substantially reduce managerial expropriation in procurement and shirking in production management. The results suggest that government monitoring can be an effective policy instrument to improve state-owned enterprise performance.

本文研究资本品进口和中间品进口对促进企业生产率增长的不同效果，并量化分析关税结构对发展中国家贸易自由化的重要性。团队经过审视大量中国制造企业的数据，证明相比中间品进口，资本品进口能更大的提升企业生产率。虽然两类进口都能即时提高进口企业的生产率，但唯独资本品进口能产生动态生产力效应。另一方面，我们发现资本品进口和研究开发有显著的协同效应和诱导效应：资本品进口不仅能和研究开发协同产生更大的生产率效应，而且更能诱导更多的研究开发。但未有证据证明中间品进口也能产生类似效果。团队还研究了中国因加入世界贸易组织而下调投入品进口关税对企业生产率的影响。我们发现，由此带来的生产率效应中，18%可以归结为关税结构的改变。

通过分析中国各地监管政策力度的变化和中国企业的地理分布，我们研究了政府外部监管对国有企业绩效的影响。该研究利用结构化的分析方法，使用常用的企业级别生产数据，估算出企业的生产率和中间投入品价格。研究显示，加强外部监管是提高企业治理的关键，可大幅消减中间投入品的采购价格并大幅减少生产管理中的懈怠现象。结果表面，政府监管可以成为改善国有企业绩效的有效政策工具。

We investigate the roles played by unexpected demand shocks, besides productivity, on firms' capital investment and exit decisions. We propose a practical approach to recover unexpected firm‐level demand shocks using inventory data. The recognition of demand shocks and inventory also improves the productivity estimation. The empirical results indicate that although productivity and demand shocks are both significant factors determining firm behavior, the former is more dominant for investment decision and the latter is more salient for firm exit. These findings confirm that unexpected demand shocks, besides persistent productivity, are important factors when analyzing capital investment and firm exit decisions.