團隊

通過分析中國各地監管政策力度的變化和中國企業的地理分佈，我們研究了政府外部監管對國有企業績效的影響。該研究利用結構化的分析方法，使用常用的企業級別生產數據，估算出企業的生產率和中間投入品價格。研究顯示，加强外部監管是提高企業治理的關鍵，可大幅消減中間投入品的采購價格並大幅減少生產管理中的懈怠現象。結果表面，政府監管可以成爲改善國有企業績效的有效政策工具。

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.

本文研究資本品進口和中間品進口對促進企業生產率增長的不同效果，並量化分析關稅結構對發展中國家貿易自由化的重要性。團隊經過審視大量中國製造企業的數據，證明相比中間品進口，資本品進口能更大的提升企業生產率。雖然兩類進口都能即時提高進口企業的生產率，但唯獨資本品進口能產生動態生產力效應。另一方面，我們發現資本品進口和研究開發有顯著的協同效應和誘導效應：資本品進口不僅能和研究開發協同產生更大的生產率效應，而且更能誘導更多的研究開發。但未有證據證明中間品進口也能產生類似效果。團隊還研究了中國因加入世界貿易組織而下調投入品進口關稅對企業生產率的影響。我們發現，由此帶來的生產率效應中，18%可以歸結為關稅結構的改變。

通過分析中國各地監管政策力度的變化和中國企業的地理分佈，我們研究了政府外部監管對國有企業績效的影響。該研究利用結構化的分析方法，使用常用的企業級別生產數據，估算出企業的生產率和中間投入品價格。研究顯示，加强外部監管是提高企業治理的關鍵，可大幅消減中間投入品的采購價格並大幅減少生產管理中的懈怠現象。結果表面，政府監管可以成爲改善國有企業績效的有效政策工具。

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.