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Yang H.-Z.,University of Chinese Academy of Sciences | Yang H.-Z.,China Academy of science | Yang H.-Z.,Institute of Economic Research | Li S.-X.,University of Chinese Academy of Sciences | And 3 more authors.
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice | Year: 2015

With the acceleration of global financial integration, the international portfolio flow has become more and more important to the domestic financial market. In this context, this study analyzes the characteristics of portfolio flows into different sectors in Chinese stock market, including their size, trend and correlations of flows. Furthermore, this study empirically analyzes the impact of international portfolio flows on domestic stock market, in terms of market index and sector index. The conclusions are as follows. First, the volume of international portfolio flows has increased significantly since 2006. The financial sector is the most attractive sector, and the health care sector, consumer discretionary sector and information technology sector are also the investment hotspots. Second, the international portfolio flows have the contemporaneous positive effect on domestic stock market, but the effect is temporary, which is correspond with " price pressure hypothesis". ©, 2015, Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice. All right reserved.

Kafouros M.,University of Leeds | Wang C.,University of Nottingham | Wang C.,Yunnan University of Finance and Economics | Piperopoulos P.,University of Leeds | Zhang M.,Institute of Economic Research
Research Policy | Year: 2015

Although prior research has highlighted the importance of academic collaborations in enhancing firms' innovation performance, it has largely focused on developed countries. As a result, how academic collaborations influence innovation in emerging countries, which differ fundamentally from developed countries in their institutional environment, remains unclear. We contribute to this literature by examining how collaborations with universities and research institutes influence the ability of Chinese emerging market enterprises (EMEs) to develop innovations. Our analysis challenges the assumption of institutional homogeneity within a given country, showing that institutions evolve in different ways across sub-national Chinese regions. This uneven institutional evolution affects the enforcement of intellectual property rights (IPRs), the level of international openness, the quality of universities and research institutes across regions and thus the degree to which Chinese EMEs benefit from academic collaborations. Our findings reveal that sub-national institutional variations have a profound impact on the relationship between academic collaborations and firms' innovation performance, illustrate that some established assumptions are not valid in emerging countries, such as China, and offer insights into how EMEs can enhance their innovation performance. © 2014 Elsevier B.V. All rights reserved.

Xuegong S.,Institute of Economic Research | Liyan G.,Institute of Economic Research | Zheng Z.,Institute of Economic Research
Energy Strategy Reviews | Year: 2013

Energy market Integration (EMI) is one of the priorities of regional cooperation identified by leaders from the East Asian Summit (EAS) region. The countries in the region have made great efforts to push for the electricity sector reform so as to boost the participation of private investment. However, a review of these reform experiences suggests that there is significant disparity between the expected and actual outcomes of reform. China has implemented its reform program since the 1990s, and a major reform was introduced in 2002, with the corporatization and unbundling of electricity being achieved. But, a competitive market has not yet been established due to both political and technical difficulties. Motivated by the Power Purchase Agreement (PPA), the participation of private investment in China was expanded in the 1990s. Paradoxically, after the introduction of a major reform in 2002 which created more favorable conditions for the private sector, foreign investors retreated from China. Among other things, the authors identified the fragmented regulatory system, unpredictable pricing mechanism, limited access to transmissions, fuel and financing, and unchecked expansion of the state-owned sector as major barriers that impeded the participation of the private sector. The policy responses and implications of China's experience for the region are also discussed.© 2013 Elsevier Ltd.

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