以2004~2011年沪深A股上市公司为样本,研究权益资本成本的行业差异以及行业特征对权益资本成本的影响。研究发现:行业门类层面和制造业次类层面的权益资本成本差异显著,这种差异在时序上较为稳定。行业竞争程度越低,权益资本成本越小,体现了产品市场竞争的特质性风险效应,行业收益波动和行业成长性分别对权益资本成本产生显著的正向影响和负向影响。企业会计准则的改革强化了行业因素对权益资本成本的影响。

Using a total of 2 5 5 2 firm-year balanced panel data of China''s A-share listed compa-nies during the period of 2004 to 2011,this paper investigates the cost of equity capital''s industri-al differences and industrial features.The results show that there are significant differences in the costs of equity capital in different industries and in manufacturing sub-categories,and such differ-ences are relatively stable over time;the degree of industrial competition and the fluctuation of in-dustrial profits have significantly positive effect on the costs of equity capital,which reflects the effect of the idiosyncratic risk of product market competition;the fluctuation of the return of an industry and the industrial growth have significantly negative and positive effects respectively on the cost of equity capital;and the reform of accounting standards strengthens the industrial factor ''effect on the cost of equity capital.

在依据出口能力不同对中国工业行业进行分类的基础上,利用灰色关联分析,定量比较了出口能力不同工业行业对环境污染的影响差异;通过构造环境影响系数,分析了依出口能力差异划分的工业结构变动对环境污染的影响趋势。研究表明,中国出口能力强的工业行业对环境污染影响较大,目前的工业行业出口能力结构变动趋势对环境污染有减轻迹象,适度降低工业行业结构中出口能力强行业的比重,有助于减轻中国环境污染压力。

The paper classifies industrial sectors based on the export capacity and describes the export capacity structure of industrial sectors in China.Through the gray relational analysis, the paper analyses quantitatively the different effect of industrial sectors with different export capacity on pollution , and the pressure of the changes of industrial sectors''export capacity structure on pollution emissions.The study shows that the industrial sectors with strong export capacity have the biggest impact on pollution e-missions;excessive expansion of such industries will do harm to Chinese environment .

微企从事行业的差异性决定了其融资需求的差异性,政府部门及金融机构据此设计差异化金融政策(产品)才能更好地满足微企融资需求。文章以重庆市1039家微企为例,研究微企行业与融资需求的关系,发现微企融资存在显著的行业差异性,政策启示是微企融资政策(产品)不应"一刀切",应出台行业差异化的金融政策(产品)。

Micro enterprises’ industry differences determining its financing needs are different, which should be considered by government and financial institutions to design financial policy (products) matching micro enterprise ’ financing demand. In this paper, taking Chongqing’ 1 039 micro enterprises as an example, we study on the relationship between micro enterprises’ indus-tries and financing needs, finding there are significant difference for financing needs of different industries. So it should not be rigid uniform for designing micro enterprise’ financing policy.

文章运用面板数据模型，选取我国2002-2009年沪深两市金属冶炼业和通信设备、计算机及其他电子设备制造业上市公司的财务数据作为样本作对比分析。文章从商业信用需求角度研究影响商业信用的因素，并分析这些因素对不同行业影响程度的差异。结果发现商业信用需求同本企业给予下游企业的商业信用供给程度显著正相关，同时金属冶炼行业和通信设备制造业对商业信用的需求程度确实有明显差异，后者的需求程度更大。商业信用供给水平、公司规模、从金融机构融资的能力以及企业的偿债能力对这两类行业具有显著影响。行业繁荣程度、公司运营情况、成长性等变量在两个行业间的影响差异较大。基于文章的结论，建议今后的研究可以进一步针对行业特性分别研究。

With the development of the socialist market economy in China, as one of the main channels for financing, trade credit has becoming more and more important. However, whether trade credit played the same role in different sectors is still in the air. The aim of this paper is to study differences of the level of using trade credit in industries. By applying panel data model, this paper uses samples of China''s listed firms of Shanghai and Shenzhen about metallurgy industry and communications equipment, computers and other electronic equipment manufacturing industries from 2002 to 2009 to do a comparative analysis. This paper pays attention to the demand for trade credit and studies its influencing factors. It is found that the demand for trade credit is strongly positively correlated with the level of the supply of trade credit. The level of trade demand of communications equipment, computers and other electronic equipment manufacturing industries is higher than the other one.

研究中国生产性服务企业赢利能力的差异性及其来源的产业效应和企业效应，探讨在具有不同行业行政进入壁垒的行业和市场化差异较大的各地区间产业效应和企业效应是否产生较大波动，以2008年中国生产性服务企业统计数据库的大样本数据为研究对象，运用利润率决定模型进行估计，基于回归的夏普里值分解框架对利润率差异来源的产业效应和企业效应的贡献度进行分解。研究结果表明，中国生产性服务企业赢利能力差异存在不可忽视的强产业效应特征，其主要由行业市场规模的扩张和市场结构引起；在企业效应中，企业所有制、非生产性支出和融资渠道的贡献度排在前三位；在行政进入壁垒较高的行业中，赢利能力差异的产业效应较大；而在市场化程度较高的地区中，赢利能力差异的企业效应较大。

The paper studies the profitability difference of Chinese producer service enterprises and the industry effect and enter -prise effect of sources , as well as their volatility in industries with different administrative barriers and regions with different mar -ketization.We employ the large sample database of producer service enterprises in 2008, and then use models of profit margin determination to estimate and employs Shapley value decomposition framework to estimate the contribution of industry effect and enterprise effect for the enterprises with profitability difference sources based on regression .The paper finds that producer service enterprise profitability presents strong industry effect characteristics , which cannot be ignored and mainly caused by industry mar-ket expansion and market structure .However, for the profit margin differences mainly caused by enterprise effect , the enterprise ownership, unproductive expenditure and financing channels are the three most influenti