完善投资结构的财政税收政策研究

本文通过对完善财政税收政策,促进投资结构调整中所具有的作用进行探究,深入剖析当前我国政府的财政税收政策在促进投资结构的调整、发挥投资结构在经济增长方面所具有的重要作用。     

完善投资结构的财政税收政策研究

本文通过对完善财政税收政策,促进投资结构调整中所具有的作用进行探究,深入剖析当前我国政府的财政税收政策在促进投资结构的调整、发挥投资结构在经济增长方面所具有的重要作用.     

当月新税法速递

税务总局日前就进一步贯彻落实税收政策促进民间投资健康发展发出通知,要求各级税务机关加大税收政策落实力度,促进民间投资健康发展。同时对现行税收政策规定中涉及民间投资的优惠政策也进行了系统梳理。税务总局日前就进一步贯彻落实税收政策促进民间投资健康发展发出通知,要求各级税务机关要充分认识发展民间投资的重要性,坚决贯彻执行中央决策部署,加大税收政策落实力     

完善税收政策 促进产业升级

税收政策作为国家对经济进行宏观调控的一种重要工具,在产业升级中具有十分重要的作用。本文以税收政策在产业升级中的定位为切入点,选取了美国、日本、韩国3个代表性国家,对其利用税收政策促进产业升级的经验进行了介绍,最后总结了其中规律性的内容,以期对我国利用税收政策促进产业升级提供借鉴。     

面临跨国公司竞争的税收政策选择

跨国公司来华投资对我国经济建设起了重要的作用，同时也对我国经济产生了一系列负面效应。国家应在扩大对外开放过程中，采取针对性的税收政策来规范跨国公司的行为，促进本国企业竞争力的提高，以确保民族产业的发展壮大和国民经济的健康运行。     

确定性至上

开放程度越来越高的全球经济环境促进了企业全球性投资行为的繁荣。对于企业而言,当地的税收政策和环境的确定性至关重要。     

税收

国家税务总局：明确33项促进民间投资税收优惠 国家税务总局日前发出通知,对现行税收政策规定进行了系统梳理,汇总形成了《鼓励和引导民间投资健康发展的税收政策》,对现行税收政策规定中涉及民间投资的六大类33项优惠政策进行了明确。     

支持我国文化产业发展的税收政策选择

文化消费是促进国家经济增长的重要支撑,但受自身禀赋和我国经济环境的影响,其发展离不开税收政策的支持。我国目前税收政策体系的不完善与支持力度不足是影响我国文化产业发展和文化消费的主要原因。本文根据文化产业的特点,在分析现有税收政策的基础上提出促进文化产业发展和文化消费的税收对策。     

未来10年西部大开发税收政策取向

本文从促进投资和结构调整,促进资本、劳动和技术发展以及资源综合利用、环境有效保护等角度,探讨了未来10年西部税收政策的取向,以期对西部经济的长远发展有所裨益。     

国外物流业税收政策的比较与借鉴

在经济全球化迅速发展的今天,物流业的重要性日显突出,许多国家采取包括税收政策在内的各种鼓励措施来促进物流业的发展。本文对国外与物流业相关的流转税和所得税政策进行了比较分析,并对我国建立与完善促进物流业发展的税收政策提出了相关建议。     

关于进一步完善结构性减税政策的研究

由美国次贷危机引发的国际金融危机,不仅冲击了许多发达国家,而且波及广大发展中国家,我国同样遭受影响。为应对这场金融危机,我国实施了积极的财政政策和适度宽松的货币政策,取得了良好的效果。本文着重分析我国应对金融危机的结构性减税政策,说明了实施结构性减税政策的原因,介绍了结构性减税政策的内容,总结了结构性减税政策实施的成效与存在的问题,提出了进一步完善结构性减税政策的建议。     

宏观审慎政策协调能否抑制国际性银行危机传染？——基于跨境金融关联视角的实证研究

本文基于跨境金融关联视角对宏观审慎政策能否抑制国际性银行危机传染这一重要的理论与实践问题进行了实证研究。选取亚洲金融危机和全球金融危机时期遭受冲击的10个代表性国家作为样本,构建Logit模型和多元回归模型探讨本国及具有金融关联的国家协调实施宏观审慎政策对本国系统性银行危机传染的影响。研究表明,具有金融关联的国家出现金融危机会显著增加本国系统性银行危机的发生概率,具有金融关联的国家实施宏观审慎政策对本国信贷的影响比对房价的影响更明显,本国及具有金融关联的国家协调实施宏观审慎政策会显著降低本国系统性银行危机的发生概率。在调整银行危机指标及考虑贸易关联和流动性风险的影响后,研究结果依然保持稳健。本文的研究结论揭示了加强宏观审慎政策协调有助于维护全球金融稳定,对于中国政策当局强化宏观审慎管理具有极其重要的政策含义。     

Financial flexibility,corporate investment and performance: evidence from financial crises

This study examines the impact of financial flexibility on the investment and performance of East Asian firms over the period 1994–2009. We employ a sample of 1,068 firms and place particular emphasis on the periods of the Asian crisis (1997–1998) and the recent credit crisis (2007–2009). The results show that firms can attain financial flexibility, primarily through conservative leverage policies and less commonly by holding large cash balances. Financial flexibility appears to be an important determinant of investment and performance, mainly during the Asian 1997–1998 crisis. In particular, firms that are financially flexible prior to this crisis (1) have a greater ability to take investment opportunities, (2) rely much less on the availability of internal funds to invest, and (3) perform better than less flexible firms during the crisis. Our analysis covering the credit crisis period of 2007–2009 suggests that some of the advantages of flexible firms towards investing persist but are significantly less pronounced over that period. We also find that the value of financial flexibility is region/country specific, which may be explained by the fact that different regions/countries often adopt different macroeconomic policies and operate in diverse economic/legal environments.     

金融危机中我国经济政策选择的反思

自2008年全球金融危机以来,面对严峻的形势,世界各主要经济体纷纷采取了应对危机的政策.然而,各国在总需求下降这个一致现象的背后,明显存在着重要的差别.例如,美国的经济危机首先从金融体系开始,而中国的危机是从出口下降开始.所以我国用和世界基本完全保持一致的扩张性财政政策和货币政策来应对危机,使后来的经济发展出现了一系列的问题.论文运用宏观经济学的基本理论,对金融危机中我国采取政策进行分析,从而说明在此后经济发展过程中出现问题的原因.     

Why Did FDI Inflows of Pakistan Decline? From the Perspective of Terrorism,Energy Shortage,Financial Instability,and Political Instability

Foreign direct investment (FDI) inflows are important for economic development in all countries, especially developing ones. In many developing countries, FDI inflows have increased over the past two decades. However, in Pakistan FDI inflows declined over the past decade. This study examines the reasons for declining FDI inflows to Pakistan, considering the main issues, such as terrorism, energy shortages, financial instability, and political instability, with some macroeconomic indicators as control variables. These analyses are based on pre- and post-global financial crisis events, and we check the robustness by controlling for the global financial crisis. Our analyses are conducted using an autoregressive distributed lag model (ARDL) for co-integration among variables. The results show that energy shortages, financial instability, and political instability have adverse effects, and terrorism has insignificant effects on FDI inflows to Pakistan before the financial crisis in the long term. However, the post-financial crisis period indicates that terrorism and energy shortages are the main drivers of decline in FDI inflows to Pakistan. Market size, inflation, and exchange rates affect FDI inflows positively. The global financial crisis has an adverse impact on FDI inflows to Pakistan. This study is helpful for the Pakistani government as it attempts to design useful policies for attracting FDI.     

刺激消费的财税政策选择

在金融危机背景下,中国政府所采取的财税政策虽取得了积极效果,但连续提高出口退税率已初显政策的无弹性,国家财力无法持续支撑大规模财政投资。本文分析认为,财税政策的着力点应放在扩大国内消费需求上,而扩大消费需求必须首先解决国民收入分配失衡的问题。     

The Financial Crisis and the Value‐relevance of Recognised Deferred Tax Assets

The objective of this study is to consider if the value‐relevance of recognised deferred tax assets, which often represent unused tax losses, was affected by the financial crisis. A regression analysis of a sample of Australian and United Kingdom firms reveals that the value‐relevance of recognised deferred tax assets was affected by the financial crisis. However, the impact of the financial crisis differed between the sample countries. The study shows that a plausible explanation for this difference might be found in the tax law of the two countries. Findings of this paper will be of interest to regulators and standard setters, as they highlight how interaction between accounting requirements and tax law affects the relevance of accounting and tax information.     

金融市场发展中的税收立法选择——以税收对金融市场的调控功能为核心

次贷危机的发生引起世界对金融创新风险的广泛关注。为应对这次危机,税收作为财政政策工具,为各国普遍采用。但对适用于金融交易本身的税法规则,各国却未能进行深刻的反思。为促进本国金融市场发展而不断调低对金融交易的税收负担,必须经由比例原则和纳税人权利的审查而获得合理正当化的基础。减轻金融交易的税收负担对促进金融市场健康、稳定、有序发展的作用极为有限,反而在一定程度上削弱了公民权利实现的财政基础。随着金融市场从国民经济的核心演化为投机场所,各国对其课以低税负甚至免税缺乏必要的正当性。因此,对金融市场课税,应当重视的不只是其对金融市场发展的调节功能,而更应当关注税收所固有的财政收入功能,并以此为基础,遵循量能课税原则着手金融交易课税规则的构建。     

Investments,Credit, and Corporate Financial Distress: Evidence from Central and Eastern Europe

Although they are instrumental for economic development, productivity-enhancing corporate investments may increase the financial vulnerability of companies, especially in an economic and financial crisis. We employ an instrumental probit model with the aim of finding evidence for the investment and credit patterns that led companies into financial distress during the global financial crisis 2009–2010. The company-level micro-data for our study on three Central and East European countries—Hungary, Bulgaria, Romania and two Baltic countries, Latvia and Lithuania—originates from two independent surveys, the Business Environment and Enterprise Performance Survey conducted in 2008 and the Financial Crisis Survey conducted in 2009/2010. Both were carried out jointly by the EBRD and the World Bank. Our results emphasize a substantial adverse impact from investment intensity and debt financing on company financial soundness during a crisis. On top of that, we discover a strong non-linear pattern in the sensitivity of company distress to its investment-financing nexus.     

银行税理论与实践研究

2011年随着英国新银行税(The Bank Levy)的开征,银行税已经从公众诉求和政治家的蓝图变为现实,成为后危机时代国际金融税制改革的热点。作为金融税制体系中出现的一个全新税种,银行税的征收目的、征税对象、计税依据和税率设计都有着与过去税种截然不同的理论基础和设计思路。不同的政治经济环境使得中国与欧洲国家在是否开征银行税的问题上有着不同的答案,但顺应国际金融税制改革趋势,做好开征银行税的研究和准备工作势在必行。