制度建设、政策调整与资本市场的发展

制度建设与政策调整的关系 当前，对于资本市场制度建设与政策调整的关系问题有不同的看法。有些人不赞成运用政策调整手段。我认为，以法律、法规为中心的制度建设和在法律框架下的政策调整，都是国家进行经济管理和宏观调控的必要手段，建设资本市场也必须注重协调制度建设与政策调整的关系。资本市场的发展必须依靠基础性的制度建设，比如，建立现代企业制度要依据《公司法》，建立证券市场的基本制度要依据《证券法》等。     

中国保监会提出2000年工作任务

国有保险公司将根据建立现代企业制度的要求和国务院有关规定，完善国有资产的管理监督体系，建立外部派驻监事会制度；要落实统一法人制度，把险种开发、资金运用、计算机管理等职能集中到总公司，增强总公司的集中调控能力；要探索适应现代企业制度的选人用人机制，建立与现代企业制度相适应的分配制度，实行公司管理人员按照职责和贡献取得报酬；加快省级分公司与省会城市分公司合并的步伐，对设在同一城市的地、市和县级公司进行合并，撤并和调整部分县级支公司及其所属营业网点。     

当前企业改制中应注意的几个问题

2003年是国企改革的关键之年，与以往的不同表现在企业改制的主要任务上，即国有资本要有序退出，职工劳动关系要调整置换，法人治理结构要进一步优化，现代企业制度要基本确立。要实现上述目标，笔者认为应认真研究和解决四个方面的问题：     

明确经济改革的价值取向

我们进行的经济改革既是制度调整，也是利益调整。靠什么把二者统一起来呢？靠价值定位。但是中国经济改革的价值取向存在模糊不清的问题，单纯的制度调整失去了依托与方向。由此导致中国的经济改革倒向了利益调整。就经济改革本身而言，制度调整与利益调整都可以作为目标，但是从社会主义现代化的总体进程来看，经济改革的制度调整、利益调整都只是手段而已，     

论财政税务制度变革对企业财政管理中的影响

为了不断满足经济发现的需求,国家正在对社会经济体制进行必要的变革,经济体制与财政税务制度息息相关,因此,财政税务制度势必也要进行调整,以满足经济体制变革的需要。同样,财政税务制度的服务对象即企业也要跟随财政制度的变革对财政管理做出适当的调整,才能满足财政税务制度和社会经济发展的需求。企业财政管理在调整过程中,要根据企业的财政管理过程中存在的实际问题,通过不断的分析,汇总出不确定因素,对针对性的提出改善措施,从而达到财政管理调整的目的,确保企业财政管理目标的落实。本文通过对社会经济体制和财政税务制度改革对企业财政管理产生的各种影响进行了必要的阐述,以供各位分析研究,从而总结出企业财政管理调整过程中需要注意的事项,从而提升企业财政管理的效力,促进社会经济的可持续发展。     

商业银行经营低效益及其改进

我国国有商业银行经营低效益有主，客观方面的原因，提高我国商业银行经济效益，政策上要深化改革，建立现代企业制度，调整税收政策，改革应收利息，应付利息的核算方法。     

建立具有中国特色的主办行制度

建立具有中国特色的主办行制度中国人民银行计划资金司张红地在市场经济条件下，怎样调整和重建银企关系，是我国银行和企业共同面临的一个重大问题。戴相龙行长在今年的金融工作会议上提出要建立主办行制度的思路，为解决这一问题指出了一条新途径。从国外经验看，日本和...     

论财政税务制度变革对企业财政管理中的影响

为了不断满足经济发现的需求,国家正在对社会经济体制进行必要的变革,经济体制与财政税务制度息息相关,因此,财政税务制度势必也要进行调整,以满足经济体制变革的需要.同样,财政税务制度的服务对象即企业也要跟随财政制度的变革对财政管理做出适当的调整,才能满足财政税务制度和社会经济发展的需求.企业财政管理在调整过程中,要根据企业的财政管理过程中存在的实际问题,通过不断的分析,汇总出不确定因素,对针对性的提出改善措施,从而达到财政管理调整的目的,确保企业财政管理目标的落实.本文通过对社会经济体制和财政税务制度改革对企业财政管理产生的各种影响进行了必要的阐述,以供各位分析研究,从而总结出企业财政管理调整过程中需要注意的事项,从而提升企业财政管理的效力,促进社会经济的可持续发展.     

调整经济结构中信贷政策工具的选择

调整经济结构中信贷政策工具的选择汤小青在双重经济体制共同作用下，选择信贷政策工具调整经济结构应遵循几个原则：（１）总体上应重点运用间接调控的政策工具，促进市场经济体制的建立和市场运作机制的形成；（２）要加强信贷制度、法规建设，强化其导向和规范功能，增...     

基本养老保险个人账户记账利率等参数的锚定与动态调整

“十四五”时期是中国基本养老保险制度走向更加成熟定型的改革攻关期。为有效应对当前的老龄化冲击，增强基本养老保险的稳定性、可持续性，中国需要在已有基础上，进一步研究建立科学合理的参数设定办法和调整机制。本文聚焦基本养老保险个人账户参数改革，基于流动性和偿付能力视角，探索研究个人账户记账利率、待遇调整指数等制度参数的锚定方法和调整机制，得出相应的锚定公式和动态调整公式。模拟论证显示，本文给出的参数锚定公式和动态调整公式，能够有效改善制度的流动性和偿付能力状况，降低制度对财政补贴的依赖，不断增强制度可持续性。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.