财政监督要确保资金用在刀刃上——访全国人大代表、贵州省财政厅厅长李岷

记者:改革开放三十年以来,贵州省的财政收支实现了平稳较快增长。您认为财政监督在管好用好财政资金上应发挥怎样的作用?李岷厅长(以下简称李厅长):目前,贵州省的经济发展处于起步阶段。近年来,中央加大了转移支付力度,全省财政收支呈平稳上升趋势。如何管好     

依法理财要与“实”俱进——访全国人大代表、贵州省财政厅厅长李岷

《新理财》:2011年贵州省财政收支结构较之去年将会有哪些变化?李岷:一次性收入肯定是一减一增,一减主要所得税提标,因为我们贵州的贫困人口数量多,所以提标肯定会意味着财政收入的减少。但另一方面,我又看到了一增,因为今年贵州省基础建设加大了力度,工业化发展进一步加快,那么营业税这块今年将有所增加。总的来看基本能够和去年持平,达到20%左右的增长。《新理财》:民生工程无疑是今年"两会"的一大焦点,今年对于贵州省     

湖南财政缺口县居全国第三——访全国人大代表、湖南省省长助理、财政厅厅长李友志

3月8日,在湖南代表团第四次全体会议的讨论间隙,湖南省省长助理、财政厅厅长李友志针对"两会"热点和湖南省财政在2011年的工作重点接受了本刊记者采访。《新理财》:作为湖南省财政厅厅长,今年"两会"您最关注什么?李友志:从财政的专业角度出发,有三块内容我非常关注:第一个是今年县、乡财力保障机制的建立;第二个是农村粮食安全问题;第三个是战略性新兴产业的发展。《新理财》:基层财力不足是目前一个普遍的问题,我看到湖南省去     

为民务实同心汇聚——访浙江省财政厅厅长、省地方税务局局长钱巨炎

为纳税人提供优质高效的服务是税务部门的法定义务,也是税收工作的核心内容之一。随着“始于纳税人需求,基于纳税人满意,终于纳税人遵从”纳税服务新格局的构建．如何让纳税人满意缴税、明白缴税,公平缴税、便捷缴税成为各级税务机关的重要课题。2012年,国家税务总局委托第三方进行纳税人满意度调查,浙江省地税系统获全国地税系统第一名。取得如此骄人的成绩,浙江省地税局纳税服务工作一定有许多值得借鉴的经验,本刊就此专访了省财政厅厅长、省地税局局长钱巨炎。     

财政政策加力提效 助力经济运行整体好转——专访全国人大代表、江西省人大常委会副主任、江西省财政厅厅长朱斌

<正>3月5日,在第十四届全国人民代表大会第一次会议上,财政部受国务院委托将2022年中央和地方预算执行情况与2023年中央和地方预算草案（即《关于2022年中央和地方预算执行情况与2023年中央和地方预算草案的报告》,简称《预算报告》）提请十四届全国人大一次会议审查。《预算报告》指出,要“健全现代预算制度,优化税制结构,完善财政转移支付体系,     

只为责任——访全国人大代表、盛京银行董事长张玉坤

今年两会期间,是本刊第三次与盛京银行董事长张玉坤面对面地讨论她的议案和当下的热点问题。一如既往优雅的微笑,清瘦的身姿,不知情的人们很难将她与一位雷厉风行、敢做敢当的金融机构负责人联系起来。也很难想象,     

关注民生,贡献代表力量 ——访全国人大代表,山东省委组织部副部长,山东省人社厅党组书记、厅长梅建华

人民选我当代表我当代表为人民 ▌本刊记者:2018年,您当选第十三届全国人大代表,这几年主要提出过哪些建议?办理和反馈情况如何? ▌梅建华:5年来,我深入学习贯彻习近平总书记一系列的重要讲话精神,聚焦经济社会发展的重大需求,紧盯企业群众的"急难愁盼"问题,立足自身在人社系统工作的优势,深入基层开展调查研究,先后提出相关...     

持续发力,推动社保事业高质量发展 ——访全国人大代表、江苏省人社厅厅长戴元湖

"数字民生"便民利民 ▌本刊记者:今年的政府工作报告提到,"加强数字政府建设,推动政务数据共享,进一步压减各类证明事项,扩大'跨省通办'范围,加快解决群众关切事项的异地办理问题""坚持尽力而为、量力而行,不断提升公共服务水平,着力解决人民群众普遍关心关注的民生问题".这都与人社工作息息相关,您怎么看人社领域的数字民生?     

不以规矩 不能成方圆——学习《员工行为规范培训手册》心得体会

“手册”规定了员工的行为规范。通过学习不但明确了作为工行员工应该做什么不应该做什么,做锚之后会产生什么后果。同时,提高了思想觉悟,增长了知识,拓宽了格局,感慨良多。     

Much Ado about Nothing? Do Domestic Firms Really Benefit from Foreign Direct Investment?

Governments the world over offer significant inducements toattract investment, motivated by the expectation of spilloverbenefits to augment the primary benefits of a boost to nationalincome from new investment. There are several possible sourcesof induced spillovers from foreign direct investment. This articleevaluates the empirical evidence on productivity, wage, andexport spillovers in developing, developed, and transition economies.Although theory can identify a range of possible spillover channels,robust empirical support for positive spillovers is at bestmixed. The article explores the reasons and concludes with areview of policy aspects.      

"托管"之外--从南方证券看中国券商之虞

2004年伊始,破产传言已久的南方证券被中国证监会和深圳市政府联合实施行政接管。南方证券和君安证券、大连证券、鞍山证券、新华证券等一道成了中国“问题券商”的典型。虽然这些“问题券商”形成原因各有不同,但反映出的问题却是我国证券公司在发展初期所共有的。这也进一步折射出当前我国证券行业所暗含的各种不稳定性因素和系统性风险。如何认识这些问题,并在实践中逐步消化解决,是保证我国证券行业持续健康发展的基础。     

票据融资超常增长机理分析

2009年1月份信贷高增长的一个突出特点即是票据融资的高增长,6239亿新增票据融资如何而来,其背后又有着怎样的隐忧?     

庚子赔款的最终流向

在北洋政府倒台后,庚子赔款善后事宜成了中国财金史上的一段空白,人们知道得多一点的是美国人对庚子赔款的用项,他们是用在了让中国人感到些许欣慰的地方.关于这件事,我们中国人应当对那段历史还多知道一些:有两个人物--美国传教士明恩溥(1845年～1942年,Arthur H·Smith)和西奥多·罗斯福总统在促成那件好事方面起了重要作用.     

Do Japanese Analysts Overreact or Underreact to Earnings Announcements?

Several recent studies have used U.S. analysts' forecasts to test for underreaction or overreaction to information in earnings announcements. These tests have provided mixed results. Evidence in Mendenhall (1991) is that analysts underreact. By contrast. results in De Bondt and Thaler (1990) show overreaction by U.S. financial analysts to earnings announcements. The current study contributes to this topic by examining over/underreaction by Japanese financial analysts. Test results show that Japanese analysts do not overreact to earnings announcements, market to book ratios and sales growth. Instead. there is strong evidence that Japanese analysts underreact to earnings announcements and that their underreaction is more pronounced for firms with mostly permanent earnings. Our results also show that Japanese analysts display larger forecast biases for earnings reported under U.S. GAAP as opposed to Japanese GAAP. Finally, we find that US. analysts discount information in earnings announcements to a larger degree (relying to a greater extent on information in past prices instead) when compared to their Japanese counterparts. Further, in contrast to their Japanese counterparts, these analysts display no optimistic bias. The results above suggest that the impact of each country's unique culture and capital norms will have to be taken into account by policy makers in evaluating the feasibility of harmonization of accounting standards.     

Do Mandatory Hedge Disclosures Discourage or Encourage Excessive Speculation?

In order to shed some light on the desirability of hedge disclosures, I investigate the consequences of hedge disclosures on a firm's risk management strategy. Several major results emerge from this analysis. First, greater transparency about a firm's derivative activities is not necessarily a panacea for imprudent risk management strategies. I show that such transparency actually induces the firm to take excessive speculative positions in the derivative market. Second, I show that the firm may choose a prudent risk management strategy in the absence of hedge disclosures. However, the selection of a prudent risk management comes at a cost. The firm's production policy is distorted in the absence of hedge disclosures.
These findings suggest that regulators must carefully investigate the trade-offs between production distortions and risk management distortions in evaluating the desirability of mandatory hedge disclosures for all firms.     

欧洲货币一体化不可逆转

欧洲货币一体化进程不可逆转.没有真正意义上的反例能够对这一政策含义提出质疑。因此.可以相信.不管以什么方式,《欧盟宪法条约》最终必将获得通过,欧洲货币一体化不可逆转     

Do Changes in Dividends Signal the Future or the Past?

Many dividend theories imply that changes in dividends have information content about the future earnings of the firm. We investigate this implication and find only limited support for it. Firms that increase dividends in year 0 have experienced significant earnings increases in years ?1 and 0, but show no subsequent unexpected earnings growth. Also, the size of the dividend increase does not predict future earnings. Firms that cut dividends in year 0 have experienced a reduction in earnings in year 0 and in year ?1, but these firms go on to show significant increases in earnings in year 1. However, consistent with Lintner's model on dividend policy, firms that increase dividends are less likely than nonchanging firms to experience a drop in future earnings. Thus, their increase in concurrent earnings can be said to be somewhat “permanent.” In spite of the lack of future earnings growth, firms that increase dividends have significant (though modest) positive excess returns for the following three years.