把纪律挺在前面聚焦监督执纪问责全面推进党风廉政建设和反腐败工作

本文总结了新形势下长春中心支行2015年党风廉政建设和反腐败工作取得的成绩和积累的经验：认真履行了党风廉政建设主体责任与监督责任;强化反腐败教育与廉政文化建设;落实中央八项规定推动作风建设;强化岗位（廉政）风险防控发挥风险监督管理系统作用;积极推进“三转”工作,加强纪检监察干部队伍建设。同时,本文又着重展望了2016年党风廉政建设和反腐败工作,全面把握了新一年纪检工作的主要任务和具体措施,即坚持全面从严治党、依规治党,忠诚履行党章赋予的职责,聚焦监督执纪问责,深化标本兼治,强化党内监督,把纪律和规矩挺在前面,持之以恒落实中央八项规定精神,积极实践监督执纪“四种形态”,继续保持惩治腐败高压态势,创新工作机制,建设忠诚干净担当的纪检监察队伍,不断取得党风廉政建设和反腐败工作新进展。     

Government integrity and corporate investment efficiency

We explore the relation between government integrity and firms’ investment efficiency in the context of China’s deepening reforms and its strengthening the social credit system. We find that government integrity is positively associated with the investment efficiency of listed companies in China. Government integrity is negatively related to corporate underinvestment, but insignificantly related to corporate overinvestment. Higher government integrity reduces underinvestment in non-state-owned firms, but this relation is not significant in state-owned firms. Furthermore, we find that the negative relation between government integrity and underinvestment is only significant for firms in industries that receive supportive government policies. This study enriches research on corporate investment by adopting the perspective of government integrity, and supplements the literature on government integrity and its economic consequences. Our study also provides micro-level empirical evidence that strengthening government integrity will promote the economic transformation of China.     

政府投资代建制的模式和进一步规范的建议

代建制的实行将使现行的政府投资体制中“投资、建设、管理、使用”四位一体的管理模式各环节彼此分离,互相制约。政府选择具有相应资质的项目管理公司,并作为项目建设期的法人,负责项目建设的全程组织和管理,通过合同来约束代建单位。代建制在一定程度上减少了政府投资的浪费,有利于提高投资效益。如何在实践中进一步实施好代建制,是值得研究的课题。     

西部地区投资效率、投资结构及其机制研究

当前,西部地区已进入投资高峰期,但主流观点认为与高投资相伴随的往往是低效率,如何确保大规模投资更好地拉升区域经济?这就需要提高投资效率。本文通过测算西部各省经济运行效率并与东部省份进行比较,分析西部地区投资动态效率及其形成机制。结果显示西部地区经济运行动态无效,并且西部各省资本配置效率逐渐趋同于较低水平,这些表明了西部地区整体和各省的投资产出效率都极低。分析其原因,主要是投资的行业结构及资金来源结构存在不合理性,因此西部地区若想有效促进经济社会持续发展,就必须将投资机制进行结构性调整。     

Are zombie firms more incentivized to financialize?

This paper investigates whether zombie firms demonstrate a tendency to invest in the financial sector, a practice we term financialization strategy. Unlike those in the United States, Japan, and Europe, we find that zombie firms in China are not necessarily small and that they rely heavily on government subsidies in addition to bank loans for survival. In addition, we document that zombie firms in China experience limited investment opportunities in their core businesses. This combination of readily available funding and limited investment opportunities jointly motivate the financialization of firms with zombie status. We further find that financialization is preferred by non-state-owned firms and by those located in regions with less developed markets. Finally, we suggest that a contagion effect can occur in terms of financialization in provinces that have a high percentage of zombie firms. This research sheds light on the effects of a triangular relationship among firms, government agencies, and financial institutions on both the operations of individual firms and overall market efficiency.     

政府投资项目内部控制机制缺陷及其构建

政府投资是指政府为了实现其职能,满足社会公共需要,实现经济和社会发展战略,投入资金用以转化为实物资产的行为和过程。近年来,随着我国政府投资力度的加大,一些问题相继出现,表明我国政府投资项目内部控制薄弱,本文致力于分析我国政府投资项目内部控制存在的缺陷,并提出完善措施。     

Trading-off Corporate Control and Personal Diversification through Capital Structure and Merger Activity

Abstract:  In this study we use direct estimates of the portfolio diversification of the largest shareholder in a firm to study the impact of shareholder diversification on the firm. For firms where the controlling shareholder is an individual, our tests indicate that the owner-managers use debt, dual class shares and corporate control transactions (merger activity) to strategically trade off corporate control and the drawback of poor portfolio diversification. However, for firms where the controlling shareholder is an institution, our results indicate that control but not diversification is important.     

农技推广投资不足分析及对策建议

农技推广投资中政府投资和民营资本投入都是不足的。论文从总量、人均数量和基层农技推广机构获得的财政支持三个方面分析了政府投资不足的现状,民营资本投入不足主要表现为民营投资主体经营规模偏小和融资困难。在此基础上,提出了相应的政策建议。