金融发展与城乡居民收入差距关系研究——基于湖北省1978-2007年数据

本文利用时间序列数据,采用格兰杰因果检验和协整回归对金融发展与湖北省城乡居民收入差距的关系进行实证检验.研究表明:1978-2007年间,金融规模的扩张和经济增长缩小了城乡居民收入差距;现代部门的扩张则拉大了湖北城乡居民收入不平等.本研究及其政策含义对我国的金融改革与发展具有重要的启示意义.     

城乡金融非均衡发展对居民收入差距影响研究——基于中国1991-2015年的数据分析

基于中国1991-2015年数据,利用时间序列分析方法,考量城乡金融非均衡发展对居民收入差距的影响.结果表明:城乡金融规模、金融结构、金融效率差异以及城乡财政支持差异、非农产业结构水平与城乡居民收入差距存在长期稳定关系;城乡金融规模差异是直接引起城乡居民收入水平差异的格兰杰原因;城乡之间在金融规模、金融结构、金融效率方面存在差异,对城乡居民收入差距都有拉大的作用;短期内城乡金融结构差异作用明显,长期内金融效率差异作用较大,而金融规模差异、财政支持差异在长期和短期内都起作用,非农产业结构水平在长期内对城乡居民收入差距有很强的负作用.     

普惠制金融对城乡居民收入差距的影响

本文利用金融包容指数和泰尔指数分别测算普惠金融发展水平和城乡居民收入差距,运用VAR模型、协整和格兰杰检验对中国1985~2012年普惠制金融与城乡居民收入差距的关系进行分析。研究结果表明,普惠制金融发展与中国城乡居民收入差距之间存在长期的均衡关系,普惠制金融发展水平的提高能缩小城乡居民收入差距,但作用效果不明显;前者是后者的格兰杰原因,普惠制金融发展会影响居民收入差距,而城乡居民收入差距不会对普惠制金融的发展产生影响。鉴于此,必须加大金融改革力度,明晰金融机构市场定位,健全与完善普惠制金融功能。     

金融发展与中部地区城乡收入差距研究

本文利用面板数据,采用FGLS估计方法,对金融发展与中部六省城乡居民收入差距的关系进行实证检验。研究表明:1990~2009年间,金融发展规模、经济增长扩大了中部地区城乡居民收入差距;金融发展效率、人力资本提升则缩小了中部地区城乡居民收入不平等。基于研究结论,本文提出中部地区金融改革与发展的若干重要政策建议。     

广西金融发展与城乡居民收入差距关系的实证研究

本文基于1980-2010年时间序列数据,对广西金融发展与城乡居民收入差距之间的关系进行了实证研究,结果表明：广西城乡居民收入差距与金融发展规模、金融发展效率存在正相关的长期均衡关系,广西金融发展规模的扩大和金融效率的提高均不同程度拉大了城乡居民收入差距。假定金融发展与收入分配差距遵循库兹涅茨曲线,本文认为广西还处于库兹涅茨金融发展的低级阶段,为此提出促进金融发展,尤其是农村金融发展,缩小城乡居民收入差距的政策建议。     

农村金融发展与农户收入关系的实证研究

本文利用1994-2008年的相关数据,借助协整分析、Granger因果检验对农村金融规模、农村金融效率与农户收入增长、收入分配关系进行了实证研究.结果表明:农村金融规模的扩张并没有导致农户收入的增长,农村金融规模扩张不是农户收入增长的格兰杰原因;农村金融效率的提高是农户收入增长的格兰杰原因.农村金融规模扩张和金融效率提高导致农村基尼系数下降,农村金融规模扩张和金融效率提高是缩小农户收入差距的格兰杰原因.     

陕西省金融发展与城乡居民收入差距的协整分析

我国金融发展与城乡居民收入差距的扩大相伴而行,因而研究金融发展在何种程度上影响了收入差距就成为一个重要的课题。本文结合时间序列数据对陕西改革开放以来金融规模、金融效率和城乡居民人均收入水平分别进行了研究,通过协整分析发现了三者之间存在的长期稳定关系,建立了误差修正模型。结果表明金融规模和金融效率都导致了城乡居民收入差距的扩大,当短期波动偏离长期平衡时,将以-0.38的调整力度将非均衡状态拉回到均衡状态。     

中国金融发展与城镇居民收入差距关系的实证研究

根据改革开放以来我国城镇居民收入差距的变化趋势,从金融中介发展的角度分析了金融和城镇居民收入分配间的关系.结果表明:金融发展和城镇居民收入的增长间有强正相关性,城镇居民收入增长是金融发展的格兰杰意义上的原因;经济货币化程度和金融中介的发展扩大了城镇居民收入的基尼系数,也拉大了城镇最高收入阶层和最低收入阶层的差距,金融中介的发展在一定程度上拉大了城镇居民收入的地区差距.     

金融发展对居民收入分配的影响研究——基于广东的实证分析

当前,我国面临着收入分配差距较大的问题,必须深化收入分配制度改革,才能使发展成果公平惠及全体人民.在此背景下,本文建立了时间序列模型、区域面板模型和二次回归模型,分别从宏观、中观和微观视角对金融发展影响收入分配的机制进行研究.研究发现:金融发展对居民收入分配有显著影响;金融发展对城乡居民收入差距的影响存在区域差异性,即越是欠发达地区,金融规模的提高越会缩小城乡收入差距,在经济相对发达的地区,金融效率的提高对收入差距的缩减效应更明显;金融发展与城乡居民收入差距存在茨涅茨倒“U”型关系.     

陕西省金融发展与城乡居民收入差距的协整分析

我国金融发展与城乡居民收入差距扩大相伴而行,因而研究金融发展在何种程度上影响了收入差距就成为一个重要课题。本文结合1978-2012年的时间序列数据对陕西省金融规模、金融效率和城乡人均纯收入水平分别进行了研究,并通过协整分析发现了三者之间存在的长期稳定关系,建立了误差修正模型。     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

Disclosure of government financial information and the cost of local government’s debt financing——Empirical evidence from provincial investment bonds for urban construction

China’s slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China’s provinc...     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

【正】The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing ...     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...