制度环境、公司治理与上市公司年报披露及时性

本文在考察公司治理机制对上市公司信息披露的及时性影响的基础上,重点分析了制度环境是否以及如何影响信息披露及时性,同时,本文还进一步探讨了这一影响机制在不同产权背景下是否存在显著差异。研究结果显示:我国上市公司年报披露及时性主要受到公司治理机制中的第一大股东持股比例、机构投资者持股比例与债务治理的显著影响,而管理层持股比例与独立董事比例的影响并不明显;法治水平、市场化程度对年报披露及时性的影响都不显著,但法治水平、市场化程度分别与年报披露及时性之间存在负相关关系。     

终极控制人、股权制衡与上市公司债务期限结构选择

本文对终极控制人、股权制衡与债务期限结构选择之间的关系做了实证研究,并且研究了不同产权性质下,市场化程度对债务期限结构的影响.结果表明:当其他大股东持股比例增加导致股权制衡度提高时,债务期限结构也会提高;终极控制人为国有产权的上市公司具有相对较高的长期债务水平,但结果不是很显著;其他条件相同的情况下,市场化程度对公司债务期限结构选择的影响,最终控制人为国有产权的公司,比最终控制人为非国有产权的公司,更为明显.     

管理层持股与现金策略:基于市场化水平的调节作用

选取沪深两市2012-2014年非金融类上市公司为样本,结合我国市场化水平检验管理层持股比例对现金持有量和现金-现金流敏感度的影响。实证结果表明:(1)管理层持股比例与现金持有量之间呈U型关系。(2)管理层持股比例的增加在一定范围起到缓解融资约束的作用,降低了现金-现金流敏感度;但超过某一临界值之后,管理层持股增强了融资约束,即增强了现金-现金流敏感度。(3)市场化水平对管理层持股和现金持有量以及现金-现金流敏感之间具有调节作用,体现在:强化了管理层持股比例与现金持有量之间的负相关性,缓解了融资约束效应。     

大股东与资本结构选择——基于我国上市公司法律背景的研究

本文对大股东、法律制度环境与资本结构选择之间的关系做了实证研究,结果表明:第一大股东持股比例和公司资本结构负相关;法律环境好的地区的上市公司债务水平较低;法律环境的改善可以减缓第一大股东与债务水平的负相关关系.     

大股东持股比例对银行贷款契约的影响研究

以2001年-2006年中国上市公司为样本,实证检验第一大股东持股比例与银行借款债务融资契约的关系,发现国有上市公司第一大股东持股比例与银行贷款规模呈现开口向下的二次曲线关系,与长期借款比重呈现负相关关系;民营上市公司第一大股东持股比例与银行贷款规模呈现开口向上的二次曲线关系,与长期借款比重呈现U型关系。     

经理管理防御对现金股利支付影响的实证研究

本文在系统阐述经理管理防御对企业现金股利支付水平影响因素的基础上,以我国上市公司为对象,选取2004~2006年的数据进行实证研究。结果表明,经理人的经营业绩、财务杠杆和公司规模对上市公司的现金股利支付水平影响比较明显;而经理人持股比例、经理人员任期长短和第一大股东持股比例对企业现金股利政策影响不明显,这主要与我国目前企业不同性质的股权结构、经理人员任免等政策有关。但当第一大股东持有的为流通股份时,其持股比例与现金股利支付水平明显呈正相关。以上说明,经理管理防御对企业现金股利政策具有显著影响。     

第一大股东股权、治理机制与企业过度投资——基于中国上市公司Panel Data的研究

以1999-2005年的上市公司为研究样本,考察了我国上市公司第一大股东股权、治理机制与企业过度投资之间的关系.研究发现:(1)第一大股东持股比例与企业过度投资水平呈倒"U"型关系;相对于非国有控股公司,国家作为控股股东的上市公司存在着明显的过度投资倾向.(2)内部治理中的董事会治理与企业过度投资无显著关系.(3)企业外部治理因素,如上市公司所在地区市场化水平越高,政府对企业的干预程度越小,金融业市场化水平越高,执法水平越高,企业过度投资水平越低;同时产品竞争程度的提高有利于抑制过度投资.     

上市公司股权结构对资本结构选择的影响——基于终极产权论的分析

本文运用终极产权论对我国上市公司的控股主体进行分类,以我国深沪两地上市公司为样本,对股权结构对资本结构选择的影响进行了理论与实证分析.研究表明,国家作为终极股东的上市公司的资产负债率要显著低于非国家作为终极控股股东的上市公司国有股比例与资本结构显著负相关,管理者持股比例与资本结构负相关但不显著,第一大股东持股比例与资本结构正相关而前十大股东持股比例却与资本结构显著负相关.     

管理层权力对上市公司分红行为的影响——基于我国A股上市公司的经验证据

以我国沪深A股2003～2010年数据为基础,本文实证检验了管理层权力对上市公司分红行为的影响。研究发现:管理层权力与上市公司现金股利支付率显著负相关;管理层持股弱化了管理层权力对公司现金股利支付的负面影响。相比于管理层持股比例高的上市公司,管理层持股比例低的上市公司管理层权力对公司分红的影响更显著。此外,产权性质不同的公司,管理层权力对公司分红的影响差异显著。     

电力上市公司资本结构对经营绩效的影响

本文通过对我国电力上市公司2014-2016年的资产负债率等数据进行收集,利用eviews统计软件分析资产负债率,流动负债比率,第一大股东持股比率、前十大股东持股比例等对净资产收益率的影响.最终得出资产负债率、流动负债比率、第一大股东持股比例与经营绩效呈负相关关系,而前十大股东持股比例与经营绩效呈显著性正相关关系.在此基础上,为了提高电力上市公司经营效率及效果,提出了明确债务与权益的筹资比例,拓宽融资渠道、股权多元化,优化股权集中度,控制流动负债比例等建议.     

Pleasure and belief in Hume's Decision Process

Abstract

The purpose of this paper is to introduce explicitly pleasure and belief in what aims at being a Humean theory of decision, like the one developed in Diaye and Lapidus (2005a). Although we support the idea that Hume was in some way a hedonist – evidently different from Bentham's or Jevons' way – we lay emphasis less on continuity than on the specific kind of hedonism encountered in Hume's writings (chiefly the Treatise, the second Enquiry, the Dissertation, or some of his Essays). Such hedonism clearly contrasts to its standard modern inheritance, expressed by the relation between preferences and utility.

The reason for such a difference with the usual approach lies in the mental process that Hume puts to the fore in order to explain the way pleasure determines desires and volition. Whereas pleasure is primarily, in Hume's words, an impression of sensation, it takes place in the birth of passions as reflecting an idea of pleasure, whose “force and vivacity” is precisely a “belief”, transferred to the direct passions of desire or volition that come immediately before action. As a result, from a Humean point of view, “belief” deals with decision under risk or uncertainty, as well as with intertemporal decision and indiscrimination problems.

The latter are explored within a formal framework, and it is shown that the relation of pleasure is transformed by belief into a non-empty class of relations of desire, among which at least one is a preorder.     

Globalization,Neoliberalism and the attack on social security

Neoliberal political movements advocate privatization of public pension systems. Globalization imposes pressure on nations to conform to neoliberal policy views with respect to the design and structure of social insurance, including public pension systems. The paper begins with an investigation of the economic, ethical and ideological dimensions of the privatization debates in the U.S.; it argues that privatization advocates may be largely moved by ideology, since the other reasons advanced appear weak or unfounded. The second part discusses the history of Social Security, the purposes for its creation, and some of its economic effects. Differences between public and private pension systems are considered. A brief international comparison of some aspects of public pension system finance and benefit structures is presented. The final section considers the ethical, macroeconomic and distributional implications of privatization, prefunding and payroll tax funding, and argues for a pay as you go system financed with income taxes. In order to promote equity, economic security, community, and social cohesion, public pension systems should be universal in coverage. In order to reduce the inequality, income insecurity, and aged poverty generated by market economies, public pension systems ought to be progressive: benefit/contribution ratios should be inversely proportional to income, and progressive income taxes should finance the system. To promote economic growth, the systems should be financed on a pay-as-you-go basis, and should not be prefunded except for an emergency reserve. The fiscal policy recommendations partially depend upon the theory developed by Abba Lerner in the 1940s, and recently advanced by Wynne Godley and Randy Wray: Lerner's “principle of functional finance.”     

John Stuart Mill's Theory Of Justice

John Stuart Mill has traditionally been portrayed as self-contradictory and failing to construct a unified social theory. Recent scholarship, however, has challenged this view, finding Mill's work to be creatively synthetic in bridging the antinomies inherent in liberal democratic thought. This revisionist interpretation of Mill is advanced by an understanding of his theory of justice and its role in shaping his policy positions on issues such as welfare, education, voting rights, property rights, taxation, government intervention, and the future of capitalism.     

A Rich Vein for “Reality Mining”北大核心CSSCISSCI

Arik Hesseldahl In the aftermath of the September 11 attacks, U.S. officials quickly turned their attention to other potential targets, including California's Golden Gate Bridge. What would happen if terrorists took down the bridge between San Francisco and Marin County? How much of the region would be affected and for how long?     

中国养活自己能力的长期预测:技术和政策分析

中国拥有世界五分之一强的人口 ,收入又在迅速增长。因此 ,国际上很自然地会考虑或推测她在今后的几十年是否有能力养活自己。中国的人口预计将从 2 0 0 0年的 1 2 8亿增长到 2 0 2 0年的 1 4 6亿 ,和 2 0 3 0年的 1 4 9亿。与此同时 ,人均收入的增长将导致对家畜和鱼类产品更大的需求 ,因而对饲料的需求也将有很大的增长     

Interest on reserves and inflation

The payment of interest on reserves has been a common practice in inflationary economies. This policy may seem paradoxical since it involves returning part of the seigniorage, generated by the inflation process, with the intention to finance the fiscal deficit. This paper argues that the motivation for this policy can be captured by the discretionary regime, where the policymaker pays interest on reserves because he is concerned with the erosion of real liquidity by inflation, which is in part beyond his control. However, this policy is an unlikely outcome in the commitment regime, where the policymaker is in full control of inflation.     

John Stuart Mill's Theories of Wealth and Income Distribution

Although he was much influenced by David Ricardo when he wrote the classical part of his Principles , John Stuart Mill was not a Ricardian when he penned his theories of wealth and distribution. They are based on a triple foundation. First, a belief that economics is a moral discipline. Second a theory of custom-driven human behavior. Third, an empirically formed conviction that the institutions of state, education and business cooperate to structure the distribution of income. On the basis of these presuppositions, Mill formulated 1) an institutional theory of the formation of human and non-human wealth and 2) an even more institutional theory of distribution demonstrating how the aforementioned institutions malignantly skew the distribution of income to the advantage of the propertied classes and to the extreme disadvantage of the working class. As a social economist, Mill recommended institutional reforms designed to eradicate the poverty of the working class.     

Neurally reconstructing expected utility

While the concept of “expected utility” informs many theories of decision making, little is known about whether and how the human brain might compute this quantity. This article reviews a series of functional magnetic resonance imaging (FMRI) experiments designed to localize brain regions that respond in anticipation of increasing amounts of monetary incentives. These studies collectively suggest that anticipation of increasing monetary gains activates a subcortical region of the ventral striatum in a magnitude-proportional manner. This ventral striatal activation is not evident during anticipation of losses. Actual gain outcomes instead activate a region of the mesial prefrontal cortex. During anticipation of gain, ventral striatal activation is accompanied by feelings characterized by increasing arousal and positive valence. These findings affirm the role of emotion in the anticipation of incentives, and may provide an initial step towards a neural reconstruction of expected utility.     

Duplication, Growth and ‘Total Return Economics’

Maintenance consumption is an expense recovered in product prices, yet also a source of taste satisfaction which must be exhausted, rather than reinvested, from the capital affording it. This riddle is solved in the duplication rules: the cost of maintenance consumption is recovered in pay and prices, but an equal flow is exhausted from the human capital of the worker earning the pay. The rules impact tradition in several ways. If output is defined in principle as value added, then it cannot also be described as consumption plus net investment without double-counting the maintenance consumption recovered in prices. Also rate of return in the stationary state is not zero, but is the rate sufficient to offset the exhaustion of individual human capital. The rules lead to new insights into economic return, and support an argument that all growth at the scale of closure is due to productivity gain rather than to thrift.