外商直接投资对城镇居民收入差距的影响——基于2002年中国家庭住户收入调查数据的实证研究

文章采用2002年CHIP中的城镇数据,从微观上控制劳动者的个体特点、职业特征和企业所有制特征对劳动者收入的影响,将FDI引入收入方程,实证研究了FDI对城镇居民收入差距的影响。结果发现,FDI对低技能劳动力收入的促进作用小于对高技能劳动力收入的促进作用,FDI拉大了技能劳动力的收入差距,相关结论通过了稳健性检验,并且发现FDI拉大了国有企业劳动力与非国有企业劳动力的收入差距,FDI拉大了资本收入者和劳动收入者的收入差距。     

我国收入分配差距的成因分析及对策思考

收入分配差距较大是我国经济发展中的客观现实,也是当前社会各界关注的热点问题.对这个问题的认识以及伴随而来的解决问题的政策思路,都将会对我国经济的进一步发展产生深远的影响.本文在观察当前我国收入分配现状的基础上,认真分析了改革开放以来我国收入分配差距逐渐拉大的经济原因及社会原因.认为当前我国收入分配差距较大的本质原因在于市场制度的不完善,解决此问题的关键仍在于我们要坚定不移推行中国的经济体制和政治体制改革,创造公平竞争的环境,建设法制社会.只有这样,我们才能找到解决贫富差距,构建和谐社会的有效途径.     

我国收入分配差距的成因分析及对策思考

收入分配差距较大是我国经济发展中的客观现实，也是当前社会各界关注的热点问题。对这个问题的认识以及伴随而来的解决问题的政策思路，都将会对我国经济的进一步发展产生深远的影响。本文在观察当前我国收入分配现状的基础上，认真分析了改革开放以来我国收入分配差距逐渐拉大的经济原因及社会原因。认为当前我国收入分配差距较大的本质原因在于市场制度的不完善，解决此问题的关键仍在于我们要坚定不移推行中国的经济体制和政治体制改革，创造公平竞争的环境，建设法制社会。只有这样，我们才能找到解决贫富差距．构建和谐社会的有效途径。     

腐败,把收入差距拉大

对收入差距拉大的问题,虽然不同阶层的人士有不同的说法,但是对于腐败而造成收入差距拉大几乎是公认的一个最主要原因。     

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.     

Research on the Relationship of Urban-rural Income Gap and Non- equilibrium Configuration of the Financial Resources

改革开放以来,江西省城乡居民收入水平有了很大幅度提高,但城乡居民收入差距也相应逐步拉大。本文在描述江西省金融资源的城乡分布不均衡基础上,通过运用柯布-道格拉斯方程、E-G两步协整检验和误差修正模型等理论与方法详细研究了江西省城乡金融资源的非均衡配置对城乡居民收入差距扩大的影响。研究结果表明,江西省城乡金融的非均衡发展与城乡人均收入差距之间存在长期均衡关系,金融的非均衡发展拉大了城乡居民收入差距。因此,本文建议应在动态提高城乡居民收入总体水平前提下,采取有效金融措施加快农村金融资源配置的增长速度,逐步缩小城乡居民收入的差距。     

中国公有企业改革过程中财富分配效应的反思

中国公有企业的改革是经济市场化和竞争化的必然要求,但在改革过程中也造成了大量公有资产流入部分私人手中、体制内与体制外收入差距以及公有企业内部财富分配差距,从而推动了收入差距的拉大。产生这种现象的原因是企业的财富分配效应,应该通过改革公有企业的社会保障制度、资本市场制度、税收制度等来促进公有企业在收入初次分配中的效率。     

金融资源不平衡、金融效率与城乡收入差距——基于省级面板数据的实证分析

本文利用1990-2004年中国29个省市的面板数据,运用系统GMM估计方法,实证分析了金融资源不平衡、金融效率与地区收入差距之间的关系。得出结论是：金融资源分配的不平衡和金融效率水平的差异是导致我国城乡收入差距拉大的主要原因。因此,解决我国城乡收入差距,实现整个国家的和谐发展和共同繁荣,应当改变目前金融资源分配不平衡的现状,统筹城乡金融均衡发展。     

金融非均衡发展对城乡收入差距影响的实证研究

本文基于2002年至2008年中国大陆28个省(市)的面板数据,采用广义矩估计(GMM)研究金融非均衡发展对城乡收入差距影响.实证结果表明,城乡金融非均衡发展拉大了城乡居民收入差距.从库茨涅茨效应角度分析认为,金融非均衡发展对城乡收入差距影响将经历两个阶段.第一阶段,发展中国家整体金融资源配置不均等,金融发展伴随收入差距拉大;第二阶段,发展中国家整体金融发展缩小城乡收入差距,根源在于农村金融体系逐步完善,城乡金融发展逐步回归均衡,资源配置进一步优化.当前政府正着手于重构农村金融体系,可以预期,金融非均衡发展对收入分配的影响将有望得到改善.     

我国国民收入分配现状及财政调节措施

现阶段我国国民收入分配存在着诸多问题,其中主要表现为:居民收入比重偏低、居民之间收入差距不断扩大。建议采取积极的财政手段调节收入分配问题,主要措施为:一是保增长、扩收入。二是提高普通劳动者收入。三是强化税收调节。四是调整经济结构。     

城乡居民收入差距分析与预测——基于ARMA模型的实证研究

提高居民收入,缩小城乡差距是城乡和谐发展的前提和基础。本文首先介绍1980——2010年间延边州城镇在岗职工平均工资和农民人均纯收入的变化情况,并使用ARMA模型预测了2011年、2012年延边州城镇在岗职工平均工资和农民人均纯收入之间的差距值,然后分析了产生差距的原因,最后就如何缩小差距提出了对策建议。     

Redistribution as Social Insurance and Capital Market Integration

In this paper we claim that enhanced economic integration can call for an increase in redistribution among workers. When individuals are risk averse and no human capital insurance is available, the share of workers who choose to invest in specific human capital will be inefficiently low. Redistribution among workers plays the role of the missing insurance market by making the investment in the specific skills more attractive. Capital market integration has two different effects. On the one hand it makes labour income taxation more distortionary, therefore reducing the optimal tax rate on labour. On the other hand, it increases the variance of specific labour wage and widens the scope for risk protection of specific human capital through the redistribution implemented by a labour income tax. We show that the insurance effect of redistribution can be stronger than the distortionary effect, so that the optimal tax rate on labour income can increase when capital markets become more integrated.     

收入差距对家庭旅游消费的影响研究——基于中介效应与面板门槛模型的分析

基于2014年、2016年、2018年三期CFPS数据，分析收入差距对家庭旅游消费的影响程度；并以家庭收入作为中介变量与门槛变量，探究收入差距对家庭旅游消费的作用机制。结果表明：收入差距扩大会抑制家庭旅游消费，收入差距以家庭收入为中介影响家庭旅游消费，收入差距与家庭旅游消费之间存在以家庭收入为门槛变量的双重门槛效应。因此，需要进一步优化收入分配结构、完善社会保障体系、改善居民消费结构，以推动家庭旅游消费规模和质量的提升。     

信贷增长如何影响中国的收入和财富不平等

本文基于中国家庭追踪调查(CFPS)数据考察了信贷增长对中国家庭收入和财富不平等的影响。整体而言，信贷增长可以缩小家庭收入不平等，主要作用机制是信贷增长通过提高中低收入群体的劳动收入和单位时薪以缩小劳动收入不平等。同时，文献中所发现的信贷增长可能恶化收入不平等的机制——扩大家庭间非货币金融资产差距，在我国表现并不明显，原因在于中国家庭的非货币金融资产比例较低，这一点对于高收入家庭也不例外，且大部分家庭难以从金融资产交易中获利。信贷增长带来了各个收入组的房屋价值上涨，但高收入家庭房产价值上涨的幅度高于中低收入家庭，因此房价上涨扩大了不同收入家庭所持有的房产价值差异。考虑到家庭调查数据往往对高收入家庭的收入和财产覆盖不完整，上述结论可能低估了信贷增长对极少数高收入家庭收入和资产的影响。本文有助于更好地理解我国信贷增长对收入分配问题的影响，为相关政策制定提供了一定启示。     

Cash holding and control-oriented finance

We critically reassess the notion that high liquid asset holding by firms faced with weak investor protection is evidence of managerial rent extraction. We show that firms facing agency problems may establish tight controls over management through concentrated ownership. Using data on Belgian listed firms between 1991 and 2006, we find a strong positive association between ownership concentration and cash holding. This indicates a precautionary motive on the part of the controlling shareholders who highly value control. We also find that firm market valuation is positively affected by the amount of cash held by firms. On the other hand, managerial ownership has no impact. These results are consistent with the hypothesis that firms' owners are pursuing a rational strategy to mitigate agency costs in the face of weak investor protections.     

Household Income, Termination Risk and Mortgage Pricing

The premium embedded in home mortgage loans to compensate investors for their exposure to prepayment risk is a significant component of the cost of home mortgage lending. Moreover, there is some reason to believe that prepayment risk may be lower for loans to lower-income housing borrowers, especially those that are first-time home owners. If so, investor recognition of this advantage should facilitate greater willingness to acquire portfolios of lower-income housing loans, and encourage more competitive pricing in this segment of the market. This study investigates the possibility of differential mortgage prepayment behavior between lower-income home owners and non-low income home owners. The investigation relies on samples of the American Housing Survey spanning ten years of experience from 1985 to 1995. We find no significant difference between the termination or refinancing behavior of non-low income and low-income households. This result is robust to a number of alternative specifications such as restricting the low-income test group to non-moving households and to first-time owners. The same conclusions are derived from both aggregate prepayment rates and from analysis of individual household prepayment behavior.     

社会保障缩小城镇居民收入差距了吗——以江苏省为例

城镇居民收入差距是当前中国广为关注的社会热点问题。收入差距与收入来源、政府调节手段都密切相关。社会保障收入既是城镇居民收入的来源之一,又是居民收入差距的重要调节手段。鉴于此,本文以江苏省为例,从社会保障对收入差距的实际调节效果、人均社会保障收入占可支配收入比重以及社会保障收入在各收入户间的增速变化等三个方面进行分析,结果发现社会保障反而扩大了城镇居民收入差距。对此,文章进行简要的原因分析,并提出进一步的改进建议。     

我国市场化改革与收入分配

在市场化过程中我国出现收入差距不断扩大的趋势,从而出现了一些将其原因归结为市场化改革的错误认识。本文通过对我国改革开放以来收入分配格局变化的主要特点和导致收入差距扩大原因的实证分析,对一些模糊认识进行了澄清。在个人收入差距扩大的诸多因素中,传统计划体制遗留下来的一些制度和政策,在部门利益和地方利益驱使下新形成的有悖于市场体制规则的制度和政策,政府对市场缺失和市场扭曲采取的不作为态度,对资本节制和劳动保护的不足,成为了最为重要的因素。     

Accounting‐Based Probabilistic Prediction of ROE,the Residual Income Valuation Model and the Assessment of Mispricing in the Swedish Stock Market

Using Swedish stock market data, this study investigates whether an investment strategy based on publicly available accounting information can generate abnormal investment returns. The strategy involves two steps. First, an accounting‐based probabilistic prediction model of changes in the medium‐term book return on owners' equity (ROE) is estimated. Second, market expectations of changes in medium‐term ROE are assessed through observed stock prices and the residual income valuation model. Stock market positions over 36‐month holding periods are taken when the accounting‐based predictions of ROE and the market expectations differ. Over the period 1983–2003, the investment strategy generated values of Jensen's alpha corresponding to an average monthly excess return for a hedge position of up to 0.8% for a sample of manufacturing companies. In the main this hedge return was caused by strong positive returns to the long positions, and additional analyses show that the returns appear to have been affected by a positive market sentiment bias (i.e., positive ROE surprises being associated with stronger price reactions than negative ROE surprises) making out‐of‐sample inferences somewhat dubious. Furthermore, most of the investment returns accrued over holding periods up to around 1995, with no indications of market mispricing over the last third (1995–2003) of the investment period. The empirical results are consistent with market investors having become more sophisticated in their use of publicly available accounting information over time.     

The Consumption–Income Ratio,Entrepreneurial Risk,and the U.S. Stock Market

The owners of small noncorporate businesses face substantial and largely uninsurable entrepreneurial risk. They are also an important group of stock owners. This paper explores the role of entrepreneurial risk in explaining time variation in expected U.S. stock returns in the period 1952–2010. It proposes an entrepreneurial distress factor that is based on a cointegrating relationship between aggregate consumption and income from proprietary and nonproprietary wealth. This factor, referred to here as the cpy residual, signals when entrepreneurial income is low in relation to aggregate consumption and other forms of income in the economy. It is highly correlated with cross‐sectional measures of idiosyncratic entrepreneurial and default risk, and it has considerable forecasting power for the expected equity premium. However, the correlation between cpy and the stock market started to decline at the beginning of the 1980s. The decline in this correlation can be associated with increased stock market participation and with the progress of U.S. state‐level bank deregulation. This pattern is consistent with the view that entrepreneurial risk became more easily diversifiable in the wake of U.S. state‐level bank deregulation.