国有企业民营化改革的环境效应研究

20世纪80年代全球掀起了一股私有化浪潮,我国实行以公有制为主体的市场经济,虽然没有经历大规模的私有化进程,但是国有经济的比重仍然呈现下降趋势。随着一系列国有企业改制和市场化进程的推进,我国国有及国有控股工业总产值占比由1985年64.86%下降至2011年26.18%,国有经济比重明显下降。国内目前关于国有企业民营化改革的成效主要集中在效率问题的探讨上,对国有企业民营化所带来的环境效应的探讨相对较少,而这正是本文研究的核心。     

金融约束政策下的国有企业与经济增长——基于租金分配的所有制偏好分析

金融约束政策作为我国转轨时期的重要金融制度安排,对我国经济起飞起到了非常重要的作用,但是随着我国经济的发展,该政策的弊端开始凸显。本文基于租金分配的所有制偏好特征,建立理论模型分析了金融约束政策下国有企业对经济增长的＂双重拖累＂,并利用省际面板数据,采用系统广义矩估计方法实证分析了国有经济份额和金融发展对经济增长的影响,验证了金融约束政策下国有企业对经济增长的拖累作用。     

中国保险业的增长源泉及动力转换——基于 DEA-Malmquist 方法的分析

为了研究中国保险业的增长质量,本文对保险业的增长进行分解,并测算了增长驱动的贡献。本文采用DEA非参数方法,分两个期间实证考察2008 -2016年保险业的增长源泉及动力,并将保险业的产出增长分解为创新驱动和要素驱动两部分,测算了保险业在两个考察期间的动力转换。研究发现:相比2013年、2016年财产险机构发展的单因素驱动的态势更加明显,创新的重点从效率提升向技术进步转变;人身险机构由单因素驱动向要素、创新双驱动转换,从过度依赖要素驱动的增长模式向创新驱动转移,技术效率和技术进步发挥的作用更加明显,多数人身险机构技术进步的增长贡献上升,而效率提升的增长贡献减小。本文认为我国保险业正处于数量型增长模式向质量提升型增长模式的转变阶段,建议监管部门制定适应性的监管政策,财产险机构应将创新的重点集中在效率的提升,提高经营管理水平,人身险机构应将创新同时集中在效率提升和技术进步两个方面,稳固要素和创新双驱动的增长模式。     

我国所有制结构演变对效率、公平影响研究

十一届三中全会以来,我国所有制结构演变的趋势是公有制经济尤其是国有经济的比重逐年下降,非公有制经济的比重持续上升。这种“公降私升”的变化尤其是非公有制经济的发展对效率、公平有很大影响。既有促进效率、机会公平的一面,又造成收入分配相对不公平的一面。     

基于DEA方法对我国保险效率的实证研究

保险机构效率的高低不仅影响了保险业的资源优化配置问题,还直接影响着整个社会资源的有效配置。对保险行业效率的研究和探讨,对于公司形式和治理、市场监管的有效性评估、保险市场结构的探寻等问题有重要的意义。本文基于DEA方法测量2010年至2014年我国31家保险机构效率,包括技术效率、纯技术效率以及规模效率进行测度,研究表明与外资企业相比,我国保险公司在技术效率方面有一定差距,主要是由于纯技术效率较低造成的。而我国保险机构在规模效率方面并不输给外资企业,但是在技术进步方面仍有很大的进步空间。未来我国保险行业将面临更多的机遇与挑战,只有实现技术进步,才能在日趋成熟的市场中生存。     

基于因子分析法的我国商业银行效率研究

本文采用因子分析法对包括4家国有商业银行和4家新兴股份制商业银行在内的我国8家商业银行的效率进行了分析,结果发现国有商业银行的效率普遍较低,拖累了我国整体银行业的效率水平,在此基础上,本文提出了提高国有商业银行效率的有关建议。     

互联网金融的发展促进我国产业结构调整

我国社会主义市场经济条件下经济结构是二元经济结构,是指以城市工业为主的现代部门,和以农村农业为主的传统部门,两个部门并存,传统部门比重过大,现在部门发展不足,城乡差距十分明显的经济结构。科技进步是产业结构调整的直接动力,技术进步是指在产品生产中人们使用生产效率更高的劳动方法和工艺技术推动社会生产力发展和提高生产效率的过程。技术进步对产业结构的影响。互联网金融发展是一种传统金融领域的科技突破,它带来了新的金融模式和创新。     

基于因子分析法的我国商业银行效率研究

本文采用因子分析法对包括4家国有商业银行和4家新兴股份制商业银行在内的我国8家商业银行的效率进行了分析,结果发现国有商业银行的效率普遍较低,拖累了我国整体银行业的效率水平,在此基础上,本文提出了提高国有商业银行效率的有关建议。     

高新区创新绩效时空分异特征研究——以陕西省为例

本文采用DEA-Malmquist方法,测算了陕西高新区2007~2014年的创新绩效,并对其时空分异特征进行分析。结果表明:陕西高新区总体技术效率偏低,尚未完全释放现有生产要素投入的潜能,应注重提升存量创新资源的利用效率;陕西高新区的技术进步和规模效率的衰退不仅拖累了TFP的增长还抵消了纯技术效率上升对TFP的贡献,导致了TFP的衰退;仅西安和宝鸡高新区的TFP得到改善,西安高新区的提升主要来源于"增长效应",而宝鸡高新区的改善主要得益于"追赶效应"。     

国有资产存量结构调整的目标:产业结构优化--国有经济结构调整的另一种思路

根据市场经济条件下国有经济的功能定位进行国有经济结构调整 ,是当前我国国有资产存量结构调整的基本思路。本文提出了另外一种思路 :认为产业结构优化是国有资产存量结构调整的主要目标 ,并从现代经济增长的本质要求———必要性和资产结构与产业结构的内在联系———可能性两个方面进行了详细论述 ,最后指出这一结论的政策含义     

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.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

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.     

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.     

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.     

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:1 Submissions must be original     

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...