FDI facilitated by agglomeration economies: evidence from manufacturing and services joint ventures in China

The open door policy of China’s economic reform since the 1980s has attracted heavy foreign direct investment (FDI) flows into China and especially to Guangdong (particularly the Pearl River Delta region, PRD) and induced significant economic growth during the past two decades. While there exist various classical theories of FDI in attempting to identify the determinants of FDI inflow and to explain the behavior of FDI flows, limited attention has been given from the perspective of agglomeration effects generated by a core-periphery (CP) relation.This paper intends to study the impacts of agglomerations on FDI inflows in the context of Krugman’s CP relation (1991) by investigating (1) the formation of a CP relation via gravity model analysis; (2) whether different types of industry FDI flows will respond differently in the CP-system, given agglomeration effects; and (3) whether FDI origin and firm scale matter in affecting FDI flows.A database consisting of a population frame of 37,742 firm-level manufacturing and services joint ventures investing in Guangdong in 1998 was used. Empirical results show that the agglomerations of the CP relation have affected FDI flow patterns. While both manufacturing and services FDI and sources of investment responded differently to the impacts, smaller firms were found more responsive to the CP-agglomeration settings regardless of FDI by industry type and by source. The significance and implications of the CP-system to further facilitate FDI in the region are discussed.     

The fleeting nature of permanent reinvestment: Accounting for the undistributed earnings of foreign subsidiaries

Over the last decade, an increasing percentage of the profits reported by U.S. corporations were earned by their foreign subsidiaries and retained outside the United States resulting in the deferral of income taxes. The American Jobs Creation Act of 2004 provided a temporary federal tax incentive to remit such earnings, which resulted in the repatriation of $140 billion by the 30 firms comprising the Dow Jones Industrial Average. An analysis of the financial reporting disclosures made by these firms reveals that a tax expense was not fully recognized on a substantial portion of the earnings until repatriation because of an exception for foreign reinvestments deemed to be essentially permanent in duration. The implications of the currently acceptable accounting for undistributed foreign earnings are discussed as well as recommendations to improve the relevancy and reliability of the disclosures required for this exception to comprehensive recognition of deferred taxes.     

制约东北振兴的金融因素分析与建议

区域经济增长离不开区域金融发展的必要支持。东北地区金融发展水平的相对落后，不仅制约了金融推动经济发展功能的发挥，而且在一定程度上也阻碍经济的进一步发展。本文主要探讨了制约东北地区经济发展的金融支持因素，在此基础上有针对性地提出一些对策建议。论文指出，要促进东北地区的经济发展，就必须加强区域金融合作，要形成金融产业群，协调发展各类金融机构，合理配置区域金融资源，加强金融创新等。     

金融机构市场退出的法律问题研究

金融机构市场退出法律制度是金融生态的有机组成部分，其健全与否会严重影响金融生态的和谐发展。然而，我国当前却缺乏规范、有效的市场退出法律制度，特别是金融机构接管、撤销、破产三大法律规范存在严重缺憾，亟待加以完善。     

金融信用之法律制度支撑——一个法经济学视角的解读

金融活动的存在与正常运转有赖于良好的信用制度与法治环境,金融信用是金融业赖以生存的基础。良好的金融信用依靠多种因素的支持,法律制度的健全是关键。本文主要从法经济学的视角提出构建完善的金融信用法律制度体系,以此防范金融信用风险,保障国民经济的增长与发展,进而促进社会的安全与稳定。     

Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

金融发展和经济增长：文献述评

20世纪90年代以来，有关金融发展和经济增长问题的研究成为经济学领域一个热点，相关文献汗牛充栋。本文就金融发展和经济增长的理论研究和实证研究进行系统地分析和综述。     

世界城市理论研究的发展脉络与新进展

文章通过梳理中外世界城市理论的研究文献指出,世界城市理论发展主要经历四个发展阶段,并演化为基础:新国际劳动分工—主体:控制中心—形式:生产者服务业—内容:流动的研究框架。20世纪90年代以来,世界城市理论研究领域进一步扩展,研究方法不断更新,但其在解析世界城市历史演进、形成与发展内在逻辑等方面仍显乏力。     

金融公司行政托管法律制度的完善——从公司控制权的角度分析

行政托管是我国较有特色的一项处置高风险金融公司的制度,但目前该项制度存在法律依据不足、法律关系不明、法律责任不到位等弊端,从公司控制权的角度看托管人的权责应当匹配,建议将行政托管规定为一种行政处罚措施,分重组式托管与清算式托管进行不同规定,尤其要注意完善托管人义务与责任的相关法律规定,以保障金融市场的稳定与金融消费者的合法权益。     

我国发展循环经济的制约因素及对策分析

走可持续发展之路是人类对未来发展的共识,发展循环经济则是实现资源节约、减少环境污染和实现可持续发展的科学途径。从宏观上来说,我国发展循环经济还存在一些问题,如我国经济对外依存度过高,缺乏技术支撑,未形成促进循环经济发展需要的政策体系等。为此,应该改变外贸依赖型的经济发展模式,大力发展绿色技术,建立健全促进循环经济发展的法律法规体系,采取具有激励作用的财政政策。