Suchergebnisse

This study investigates the effects of bank equity connections and intellectual property protection on enterprises' innovation behavior, and the regulating effect of intellectual property protection on the relationship between bank equity connections and innovation. In general, bank equity connections and intellectual property protection not only significantly increase innovation input, but also improve innovation performance. However, the efficiency of bank equity connections is influenced by the heterogeneity of enterprises and the value orientation of the subjects. Bank equity connections have a more significantly positive effect on innovation in private and central enterprises, whereas the principal-agent problem and government intervention may weaken the marginal contribution of bank equity connections to the innovation of local state-owned enterprises. Bank equity connections and intellectual property protection are complementary in promoting enterprise innovation. Not only are the combined effects of bank equity connections and intellectual property protection greater than the individual effects, but when the latter is relatively weak, the former's positive effect on innovation is obviously weakened and may even crowd out innovation.

We investigate monetary policy effects on corporate investment adjustment, using a sample of China's A-share listed firms (2005-2012), under an asymmetic framework and from a monetary policy transmission channel perspective. We find that corporate investment adjustment is faster in expansionary than contractionary monetary policy periods. Monetary policy has a significant effect on adjustment speed through monetary and credit channels. An increase in the growth rate of money supply or credit accelerates adjustment. Both effects are significantly greater during tightening than expansionary periods. The monetary channel has significant asymmetry, whereas the credit channel has none. Leverage moderates the relationship between monetary policy and adjustment, with a greater effect in expansionary periods. This study enriches the corporate investment behavior literature and can help governments develop and optimize macro-control policies.

This paper uses a static, small open-economy computable General Equilibrium (CGE) model of the Swedish economy to study the effects of consistent internalization of external effects from transport and manufacturing. We look at eight policy scenarios: first a fully implemented Social Marginal Cost Pricing (SMCP) in manufacturing, sea and air transport, road transport, and rail transport; and then SMCP in these sectors separately or in various combinations. We evaluate effects on, among others, national and global emission reductions, GDP, government budget, and social welfare. The results show that the fully implemented SMCP in all sectors generates the highest social welfare surplus, largest emission reduction and largest government net revenue. When this option is not feasible, society still could benefit from correcting prices in or more sectors. Correcting prices only for rail transport generates very small social welfare surplus, emission reduction and government revenue; while correcting prices only for road transport generates much larger effects in all aspects. Taking into consideration that sea and air modes are regulated not only by domestic legislation, the findings from this study suggest that the second-best policy scenario could be to correct prices for the rail, road and manufacturing sectors.

Blockchain has been regarded as an emerging global phenomenon in the field of new technologies. However, the existing literature still lacks descriptions of the cooperation characteristics and innovation landscape of blockchain. This study uses the social network analysis method to compare the development of blockchain technology and technological collaboration in China and in the United States based on patent data. Our analyses suggest that the number of blockchain patent applications in China is increasing rapidly due to the Chinese Government developing consistent national strategies for blockchain technology. In all, both countries have notable agglomerations in a few geographical areas or cities. However, the university or enterprise block in the United States has broader and deeper cooperation, unlike the Chinese university or enterprise block, which is more inclined to cooperate within blocks and has more isolated blocks. Lastly, there are various patent attributes-influencing factors behind the importance of node cooperation. The results show that the degree of cooperation of cooperative inventors or important patents is greater in China's cooperation network, while in the United States, the influence of enterprises rather than universities or individuals is greater.

Blockchain has been regarded as an emerging global technological phenomenon. This study uses the patent analysis method to compare the development of blockchain technology in China and the USA. An overview of blockchain policies in China and the USA is presented. Our analyses suggest that policies related to the blockchain stimulate the number of blockchain patent applications and create regional innovation in China. The innovation capability of Chinese enterprises has been more affected by these policies than that of the USA, which is reflected in the fact that Chinese enterprises have become key players in China and actively carry out patent layout in the USA. Although the developmental trend of blockchain technology in China and the USA is almost identical, the USA attaches more importance to safety technology, whereas China pays more attention to the application technology based on the differences in policies.