企业社会责任与财务绩效相关性研究

近年来社会责任问题受到了社会的普遍关注,本文通过对利益相关者理论演进过程的分析,提出了利益相关者模型。在此基础上,选用内部和外部主要利益相关者的财务数据,分等级评分衡量企业社会责任绩效表现,并选用盈利能力和成长能力指标衡量财务绩效进行实证研究,证明了企业社会责任和财务绩效存在正相关关系。     

会计信息责任的再认识

会计信息能引导社会经济资源的优化配置,进而影响整个国民经济的发展。因此,对会计信息质量有一定的要求。但是目前会计信息的质量状况令人堪忧。因而,有必要对保证会计信息质量的责任体系进行分析,以期对会计信息责任体系有全面的认识。     

上市公司财务报表附注披露存在的问题、原因及改进

本文首先从我国会计环境的实际出发,指出应对上市公司财务报表附注披露进行适度管制,在此基础上结合实例重点分析了我国上市公司财务报表附注披露存在的问题及成因。由于政出多门等原因,我国上市公司财务报表附注披露信息过载与披露不充分问题并存。     

非均衡协同发展战略下的我国城市商业银行发展研究

城市商业银行发展应与我国初等发达时期非均衡协同发展战略相适应。建立和发展多层次发展极是我国初等发达时期非均衡协同发展的战略重点,城市商业银行发展的战略使命应为该战略重点提供金融支撑。符合条件的地方发展极都应有城市商业银行,只有处于特定层次和发展阶段发展极的城市商业银行才可能跨区经营和引进境外战略投资者。     

Financial crisis and persistence: evidence from sticky expectations consumption growth model

We estimate the degree of stickiness in aggregate consumption growth for the U.S. considering the effects of the Great Recession. The behavior of stickiness estimate in the crisis is somewhat as the U-shaped pattern. Our findings imply that during the crisis consumers’ attentiveness to aggregate information has slightly increased, thereby reducing the persistence of aggregate consumption growth. However, the reduction in persistence is transitory. Since 1980, the U.S. faced five recessions and in most of them the degree of stickiness declined, albeit temporarily.     

Capital Mobility, Agglomeration and Corporate Tax Rates: Is the Race to the Bottom for Real?

Based on a data set for 19 OECD countries for the period 1981–2001,we estimate the impact of FDI on corporate tax rates, wherechanges in FDI are a measure for changes in capital mobility.So far the literature has been concerned with the related butrather different question as to the sensitivity of FDI to taxrates. Our article takes an opposite perspective and asks whatthe impact of capital mobility is on corporate tax rates. Indoing so, we explicitly take the role of agglomeration intoaccount. In theory, core countries can afford a higher tax ratecompared to peripheral countries. In our estimation strategy,we instrument capital mobility to deal with reverse causality.The main conclusion is that increased international capitalmobility, measured by FDI flows, implies a lower corporate taxrate. But we also find that agglomeration matters: core countrieshave a higher corporate tax rate than peripheral countries.If there is a race to the bottom, it seems that it is more realfor some countries than others. (JEL code: H25)     

产业集聚效应的系统动力学模型研究

以系统动力学理论为基础，结合产业集聚效应的正反馈特征，对人才流、技术流、资金流和市场流的因果关系进行了探讨。通过产业集聚效应衡量方法的比较，构建系统动力学模型，分析制约产业集聚效应发挥的主要因素，提出加强政府投资力度、发挥市场机制作用和提高企业整体能力的建议。     

基于区域外部性的城市群协调发展

从微观和宏观两个方面出发,并通过关中城市群实例,分析得出市场外部性与政府行为外部性是导致城市群内部利益矛盾的重要原因,进而造成城市群发展不协调。要减弱外部效应对城市群协调发展的影响,解决思路是外部效应的内部化,通过制度的合理制定,达到城市群的协调发展。     

EDGAR on the internet: The welfare effects of wider information distribution in an experimental market for risky assets

Policies such as the SEC’s Fair Disclosure Rule, and technologies such as SEC EDGAR, aim to disseminate corporate disclosures to a wider audience of investors in risky assets. In this study, we adopt an experimental approach to measure whether this wider disclosure is beneficial to these investors. Price-clearing equilibrium models based on utility maximization and non-revealing and fully-revealing prices predict that in a pure exchange economy, an arbitrary trader would prefer that no investors are informed rather than all are informed; non-revealing theory further predicts that an arbitrary trader would prefer a situation in which all traders are informed rather than half the traders are informed. These predictions can be summarized as “None > All > Half”. A laboratory study was conducted to test these predictions. Where previous studies have largely focused on information dissemination and its effects on equilibrium price and insider profits, we focus instead on traders’ expected utility, as measured by their preferences for markets in which none, half, or all traders are informed. Our experimental result contradicts the prediction and indicates “Half > None > All”, i.e. subjects favor a situation where a random half is informed. The implication is that in addition to testing predictions of price equilibrium, experiments should also be used to verify analytical welfare predictions of expected utility under different policy choices. JEL Classification D82, D53, G14, L86 This work was largely completed while this author was at The Hong Kong University of Science and Technology.     

Government as a discriminating monopolist in the financial market: the case of China

We show that the many unusual features of China’s financial markets are consistent with a government choosing regulations to maximize a standard type of social welfare function. Under certain conditions, these regulations are equivalent to imposing explicit taxes on business and interest income, yet should be much easier to enforce. The observed implicit tax rates are broadly in line with those observed in other countries. The theory also forecasts, however, that China will face increasing incentives over time to shift to explicit taxes.