International Studies of Economics (ISE)

Volume 20, Issue 1

Privatization of SOEs and its innovation performance: A reexamination

Peizhen Wu,  ZhenSun

国有企业私有化及其创新绩效：再审视

Do P2P borrowers improve the quality of informationdisclosure? An analysis with text mining on loan descriptions

Yuan Chen,  JiFeng,  XunLi,  ShijieYu

P2P 借款人如何提升信息披露质量？基于贷款描述的文本挖掘分析

A fuzzy approachto economic freedom performance

Muhammed Benli,  AhmetÇağlar

评估经济自由度表现的模糊方法

First-class universities, economic development, andthe middle-income trap

Jinxiong Chang,  YanSun,  LiuchenZhang

一流大学、经济发展与中等收入陷阱

The role of personality traits in business intentionsamong active women entrepreneurs

Luong V. Q. Duy

人格特质对女性创业者商业意愿的影响

Local officials' hometown preference and enterprises'environmental investment behavior

Na Li

地方官员的家乡偏好与企业环保投资行为

摘要：

Privatization of SOEs and its innovation performance: A reexamination

Abstract: The empirical literature comparing the innovation performance of state-owned enterprises (SOEs) and private firms in China often yields conflicting results. To shed new light on this debate, we construct an extensive dataset by linking the Annual Survey of Industrial Enterprises (ASIE) dataset with patent quality data. Our analysis focuses on the impact of privatization on the innovation performance of former SOEs. Our findings suggest that the privatization of SOEs generally results in a decrease ininnovation performance. This adverse effect is particularly pronounced for firms situated in regions characterized by low levels of market development or those grappling with high financial constraints. This supports the hypothesis that SOEs can serve as a mechanism to address institutional deficiencies in China's context. Our study contributes to a deeper understanding of the relative innovation performance of SOEs and private enterprises and has significant policy implications for ongoing SOE reforms in China and other developing countries.

国有企业私有化及其创新绩效：再审视

摘要：比较中国国有企业（SOE）和民营企业创新绩效的实证文献经常得出相互矛盾的结果。为了给这一争论带来新的启示，我们将工业企业年度调查（ASIE）数据集与专利质量数据联系起来，构建了一个广泛的数据集。我们的分析侧重于私有化对原国有企业创新绩效的影响。我们的研究结果表明，国有企业私有化一般会导致创新绩效下降。这种不利影响对于那些位于市场发展水平较低地区或那些面临较高财务约束的企业尤为明显。这支持了这样一种假设，即国有企业可以作为一种机制来解决中国的制度缺陷。我们的研究有助于加深对国有企业和民营企业相对创新绩效的理解，并对中国和其他发展中国家正在进行的国有企业改革具有重要的政策意义。

Do P2P borrowers improve the quality of information disclosure? An analysis with text mining on loan descriptions

Abstract: Most of peer-to-peer (P2P) online borrowers are small business managers. The learning behavior of borrowers in the P2P market is rarely studied. The aim of this paper is to identify the existence of borrowers' learning behavior in the P2P market using a large sample from renrendai.com, which is one of the largest P2P lending platforms in China. The loan description written by the borrower is an important way to disclose the borrower's information. We analyze changes in loan descriptions in multiple borrowings with text mining techniques and investigate whether a borrower has a learning behavior in writing loan descriptions. Empirical results show that after accumulating enough experience, borrowers can optimize the loan description to make it easier to obtain loans at lower interest rates.

P2P 借款人如何提升信息披露质量？基于贷款描述的文本挖掘分析

摘要：大多数Peer to Peer（P2P）网络借贷平台的用户是小企业管理者，然而关于这些借款人在市场中的学习行为研究却相对匮乏。本研究利用中国最大的P2P借贷平台之一“人人贷”的大规模数据样本，探究借款人是否通过经验积累改善其信息披露质量。借款描述作为借款人披露个人和项目信息的重要途径，直接影响着融资成功率和借款成本。本文通过文本挖掘技术分析了借款人在多次借款过程中贷款描述的演变，重点考察了文本情感倾向、错别字数量、文本长度和标点符号数量等关键特征的变化。实证结果表明，在积累了足够的经验后，借款人可以优化贷款描述，提高贷款成功率。该项研究不仅丰富了学习行为和P2P借贷市场的理论文献，也为小微企业和个人借款者如何更有效地使用P2P平台融资提供了实证依据和实践启示。

A fuzzy approach to economic freedom performance

Abstract: This study aims to determine the most important component of economic freedom and to rank the performance of countries using multiple criteria decision-making tools within the context of fuzzy set theory. To do so, we utilize a combination of fuzzy entropy weighting and fuzzy technique for order of preference by similarity to ideal solution (TOPSIS) methods to assess the economic freedom performance of 122 countries for the period 2000–2020. The findings suggest that the stability and reliability of a country's monetary system is the most crucial attribute for economic freedom performance. This implies that a stable and reliable monetary system is considered a fundamental aspect of economic freedom. Based on the TOPSIS analysis, the top 10 best-performing countries/regions in terms of economic freedom are Hong Kong, Singapore, Switzerland, New Zealand, the United States, the United Kingdom, Australia, Canada, Denmark, and Ireland. On the other hand, Venezuela, Myanmar, Congo Republic, Algeria, Syrian Arab Republic, Congo Democratic Republic, Zimbabwe, Central African Republic, Chad, and Iran are the worst-performing countries.

评估经济自由度表现的模糊方法

摘要：本研究旨在确定经济自由度最重要的组成要素，并在模糊集理论的背景下利用多标准决策工具对各国的经济自由度表现进行排序。为此，我们结合使用了模糊熵权法和理想解相似度排序模糊技术（TOPSIS）方法，对 122 个国家在2000-2020 年期间的经济自由度表现进行评估。研究结果表明，一国货币体系的稳定性和可靠性是经济自由度表现的最关键因素。这意味着稳定可靠的货币体系被视为经济自由的重要基础。根据 TOPSIS 分析，经济自由度表现排名前十的国家/地区依次为：中国香港、新加坡、瑞士、新西兰、美国、英国、澳大利亚、加拿大、丹麦和爱尔兰。对比之下，委内瑞拉、缅甸、刚果共和国、阿尔及利亚、阿拉伯叙利亚共和国、刚果民主共和国、津巴布韦、中非共和国、乍得和伊朗则是表现最差的国家。

First-class universities, economic development, and the middle-income trap

Abstract: First-class universities play an extremely important role in cultivating high-quality talents and technological innovation, serving as a significant indicator of a country's level of higher education development, developmental strength, and potential. However, there is little literature studying the long-term impact of first-class universities on a country's economic development. To better understand this long-term influence, our study examines the effect of first-class universities on per capita income based on cross-national samples, particularly their role in overcoming the “middle-income trap,” and analyzes whether general higher education can bring about equivalent effects. The main research conclusions are: First, both general higher education and first-class universities can significantly improve a country's per capita income, but compared to general higher education, first-class universities have greater marginal effects on national per capita income, and can more effectively enhance domestic average income levels and promote sustainable economic growth over time; Second, first-class universities have the greatest marginal effect on improving per capita income in middle-income countries, and compared to general higher education, first-class universities play a larger role in helping developing countries break through the “middle-income trap”; Third, both general higher education and first-class universities positively affect innovative activities, but first-class universities play a more significant role in promoting technological innovation, which can better facilitate high-quality economic development. Our study not only enhances the understanding of the effects and differences between general higher education and first-class universities on long-term economic development, but also contributes to the understanding of the economic miracle that China has created since its reform and opening up. It also provides clear policy implications.

一流大学、经济发展与中等收入陷阱

概要：一流大学在高素质人才培养和科技创新上发挥着极为重要的作用，是一个国家高等教育发展水平、发展实力以及发展潜力的重要标志，但是鲜见文献研究一流大学对一国经济发展的长期影响。为更好地认识一流大学对一国经济发展的长期影响，本文基于跨国样本考察一流大学对一国人均收入的影响，尤其是对跨越“中等收入陷阱”的作用，并分析一般高等教育能否带来同等的影响。主要研究结论是：第一，无论是普通高等教育还是一流大学，均能对提高一国的人均收入产生显著影响，相对普通高等教育而言，一流大学能够对一国的人均收入产生更大的边际影响，能够更有效地提高本国的人均收入水平，促进经济长期可持续发展；第二，一流大学对提高中等收入国家人均收入的边际影响最大，相对普通高等教育而言，一流大学能够使发展中国家在突破“中等收入陷阱”的进程中发挥更大的作用；第三，普通高等教育和一流大学都能对创新活动产生积极作用，但一流大学对技术创新的促进作用更加显著，能够更好促进经济高质量发展。本文的研究不仅可以增进了解高等教育、一流大学对长期经济发展的影响及其差异，也有助于理解中国自改革开放以来所创造的经济奇迹，同时也具有明确的政策启示。

The role of personality traits in business intentions among active women entrepreneurs

Abstract: Entrepreneurs and entrepreneurship are important for economic growth and development. Yet insufficient attention has been paid to psychological characteristics such as personality characteristics as factors for women entrepreneurship in emerging economies. This study aims to investigate the associations between women entrepreneurs' business intentions and their personality traits. This study utilizes binomial logistic regression for hypothesis testing using the unique data set from a survey of small and medium manufacturing enterprises located in nine cities and provinces from three main geographical regions of Vietnam. The findings show that personality factors can be important for women entrepreneurs' business intentions. Unlike some other studies, the personality trait conscientiousness is found negatively correlated with women's entrepreneurial intentions. External factors such as local institutional quality and business networks have been found to stimulate women entrepreneurial intentions. The finding also raises concerns over the undergraduate training programs that need to be improved to make future students more confident in planning their business intentions if entrepreneurship is their career choice. The findings provide a key contribution to the existing literature of entrepreneurship in the context of an emerging economy where studies on women's entrepreneurship are scarce.

人格特质对女性创业者商业意愿的影响

摘要：企业家和创业精神对于经济增长和发展至关重要。然而，在新兴经济体中，人们对女性创业者的心理特征（如人格特质）的研究仍显不足。本研究旨在探讨女性创业者的创业意向与其人格特质之间的关联。本研究通过越南三大地理区域九个省市中小型制造企业的独特调研数据集，采用二项逻辑回归模型进行假设检验。。研究结果表明，人格因素对女性创业者的商业意愿有重要影响。与其他一些研究不同的是，人格特质“尽责性”（conscientiousness）与女性的创业意愿呈负相关。当地制度质量和商业网络等外部因素会激发女性的创业意愿。研究结果还指出，当前本科教育项目亟需改进，以帮助未来选择创业道路的学生增强商业规划信心。在新兴经济体中，关于女性创业的研究很少，这些发现为现有的创业文献做出了重要补充。

Local officials' hometown preference and enterprises' environmental investment behavior

Abstract:  Based on annual observations of heavily polluting enterprises of A-share listed companies from 2012 to 2019, this paper analyzes the impact of officials' preference for enterprises' investment in environmental protection in the officials' hometowns. It is found that when the Secretary of the municipal Party Committee takes office in his or her hometown, environmental protection investment by enterprises is higher, indicating that the preference of the municipal Party Secretary for their hometown has a positive promoting effect on enterprises' environmental governance behavior. At the same time, officials' hometown preferences promote environmental investment by strengthening environmental supervision. It is further found that the longer the municipal Party Secretary works in his or her hometown, the higher his or her education level, and the older he or she is, the greater the impact of his or her hometown preference on enterprises' environmental protection investment. Compared with female Party Secretaries, male Party Secretaries have more significant influence on corporate behavior. At the same time, corporate characteristics such as enterprise scale and regional characteristics such as economic development have a certain regulatory effect on this promoting effect.

地方官员的家乡偏好与企业环保投资行为

摘要：本文基于2012-2019年A股上市公司重污染企业的年度观测值，分析了官员家乡偏好对企业环保投资的影响。研究发现，市委书记在其家乡地任职时，企业的环保投资更高，说明市委书记家乡偏好对企业环境治理行为具有积极的促进作用。同时，官员家乡偏好促进企业环保投资是通过加强地区环境监管力度来实现的。进一步发现，市委书记在家乡地任职时间越长、学历越高、年龄越大，其家乡偏好对企业环保投资的影响越大。与女性市委书记相比，男性市委书记对企业行为的影响更为显著。同时，企业规模等公司特征和经济发展等地区特征对该促进作用有一定的调节作用。