基于有限理性假说，构建高新技术企业科技保险购买意愿影响因素分析框架，运用Probit模型对广州市274家高新技术企业调查问卷数据进行回归分析。实证结果表明，管理者受教育程度、风险态度，企业类型、注册资金、信用，企业风险认知、对科技保险政策的了解程度、对保险保障水平的认知，以及行业竞争程度、政府支持本行业的满意度、是否参加行业协会等因素对企业科技保险购买意愿具有显著影响。此外，对当前高新技术企业科技保险参保率低的原因作出解释，为相关部门制定政策提供依据。政府应从增强企业风险识别和评估能力、提高保险保障水平、丰富保险产品品种和发挥保险融资功能等方面入手，进一步推动科技保险发展。

VaR(Value at Risk)是金融企业进行全面风险管理的有效工具,是保险公司“偿二代(C-ROSS)”量化资本要求采用的方法。本文利用VaR工具,在委托代理框架下,研究了科技保险风险补偿合同问题,阐述了科技保险风险补偿的理论依据。在对称信息与非对称信息情形下,获得了风险补偿合同的闭式解。本文结果显示,合同中固定补偿将起主导作用,最优边际补偿系数可正可负,且随保险公司置信水平增加而递减。

VaR is an effective tool for financial enterprises to carry out comprehensive risk management, and the insurance company method of C-ROSS quantifying capital. Under the principal-agent framework, this paper studies a risk compensation contract of science and technology insurance using the VaR tool, expounds the theoretical basis of science and technology insurance risk compensation, and obtains the explicit solutions of the risk compensation contract under the cases of symmetry and asymmetry information respectively. The results indicate that fixed compensation in the contract plays a leading role, and the optimal marginal incentive coefficients could be positive or negative, decreasing with the confidence level of insurance company.

提升全要素生产率是高质量发展阶段资源型企业转型的重要途径。本文基于2010—2019年中国资源型上市企业财务数据,采用LP法测算其各年份全要素生产率水平及变化趋势,构建了固定效应模型和动态面板模型,从要素投入结构视角检验资本深化对资源型企业全要素生产率的影响及其传导机制。研究发现：①资源型企业全要素生产率逐年增长,但增长率偏低且整体呈下降态势,表明资源型企业发展缓慢,面对新发展、新阶段的竞争力不足;②资源型企业资本深化水平不断提升,深化速度明显加快,对企业全要素生产率增长具有显著的抑制效应,异质性分析表明这种抑制效应在上游开采业、能源企业、快速资本深化时期、经济发展水平较低地区和国有资源型企业中更为突出;③影响机制检验表明,产能过剩效应是资本深化抑制资源型企业全要素生产率的主要传导机制,同时由于创新投入对资源型企业全要素生产率增长的贡献较低,创新惰性效应虽存在但传导作用有限;④进一步研究发现,资本深化对组织资本较高和融资约束较低的资源型企业全要素生产率的抑制作用更小。本文研究结论对资源型企业要素配置决策和转型发展具有重要政策启示。

In the era of high-quality development, improving total factor productivity is an important way to transform resource-based enterprises. Based on the financial data of China's resource-based listed enterprises from 2010 to 2019, this study used Levinsohn-Petrin (LP) method to measure the level and trend of total factor productivity in each year, and constructed fixed effect and dynamic panel models to test the impact of capital deepening on total factor productivity of these resource-based enterprises and its mechanism from the perspective of factor input structure. The results show that: The total factor productivity of resource-based enterprises increased year by year, but the growth rate was low and the overall growth rate was declining, indicating that the development of resource-based enterprises was slow and there was a lack of competitiveness in the new development stage. The capital deepening level of resource-based enterprises was constantly improving, and the deepening speed was obviously accelerating, which had a significant inhibitory effect on the growth of total factor productivity of enterprises. The heterogeneity analysis shows that this inhibitory effect was more prominent in the upstream mining industry, energy industry, rapid capital deepening period, lower economic development areas, and state-owned resource-based enterprises. The impact mechanism test shows that the overcapacity effect was the main transmission mechanism of capital deepening inhibiting the total factor productivity of resource-based enterprises. Due to the low contribution of innovation investment to the total factor productivity growth of resource-based enterprises, the innovation inertia effect existed, but the transmission effect was limited. Resource-based enterprises with higher organizational capital and lower financing constraints had less inhibitory effect on total factor productivity. The conclusions of this study have important policy implications for the factor allocation decision and transformation development of resource-based enterprises.

 企业生产经营中通过提高数据要素利用水平提升投资效率的机制，有赖于利用数据要素激活冗余资源所发挥的中介作用以及企业自身吸收能力的调节作用。笔者基于资源基础理论、代理理论以及吸收能力理论，构建了一个有调节的企业数据要素利用水平影响投资效率机制的研究模型，以国泰安数据库（CSMAR）2011—2021年沪深A股上市公司相关有效数据，运用多元线性回归分析方法，实证检验了企业数据要素利用水平与其投资效率之间的关联及其变化状况。检验结果证实：企业数据要素利用水平与其投资效率正相关；企业利用数据要素激活冗余资源对企业利用数据要素提高其投资效率具有中介作用；企业自身吸收能力正向调节企业利用数据要素激活冗余资源之间的关系。本研究尝试性地将资源基础理论、代理理论和吸收能力理论拓展到实证检验企业数据要素利用水平与其投资效率之间的内在关系上，所揭示的关于企业数据要素利用水平影响投资效率机制之研究结论，将丰富有关数据要素、投资效率、冗余资源、企业吸收能力等方面的相关文献，有助于为企业利用数据要素提升投资效率提供理论依据。