我国国际信贷的现状及发展方向

针对当前许多国家不同程度的金融危机对经济造成的影响，本文分析了我国国际信贷的现状和存在的问题，提出了解决问题的措施以及我国国际信贷的发展方向     

How do consumers’ perceptions differ across dimensions of corporate social responsibility and hotel types?

This study develops three hypotheses regarding corporate social responsibility (CSR) in the context of the hotel industry. First, the study examines a ranking of consumers’ perceived importance of the four CSR dimensions proposed by Carroll’s hierarchy of CSR in 1991, expecting the following orders: philanthropic, ethical, legal, and economic dimensions, from most to least important. Second, the study investigates the relationship between consumers’ perceived importance of and their overall support for CSR. Third, the study introduces the type of hotel (for example, economy, mid-scale, and upscale) as a moderator to provide a better explanation of the relationship between consumers’ perceived importance of the CSR dimensions and support for CSR. Contributions to the CSR literature in general, and also specifically relating to the hotel context, and managerial implications are discussed.     

企业税收遵从行为影响因素研究:公司治理的视角

公司盈余管理是财务管理的一个重要研究方向,而税收又是公司盈余管理的重要手段,因此对企业税收遵从行为的研究就成为公司理财的重要内容。本文从研究Weisbach教授提出的公司税收遵从之谜开始,分析了企业税收遵从行为的影响因素。从投资者反应、公司治理水平、税收政策等几个方面探讨了影响企业税收遵从的作用方式和程度。     

基于公司治理的集团公司内部审计路径探讨

探讨了公司治理环境下内部审计的客观治理角色,并着力分析了集团公司如何对子公司审计这一特殊难题.研究结果表明,基于维系公司受托责任关系的有效履行之共同目标,内部审计与公司治理可以实现高度的契合,从而内部审计可以突破传统的内部控制改进角色,跃升至改进公司治理质量和实现组织目标的特殊治理角色;集团公司开展对子公司的审计,其审计监控机制需要一个合理的组织架构,并可以分别针对直管单位(分公司、办事处等)和控股公司采用"集约式"和"渗透式"的监控路径.     

公司治理框架下的战略控制研究综述

企业战略控制和战略绩效成为管理与治理的核心问题，战略控制从管理层面发展到治理层面。股东为首的利益相关者对企业战略行为关注，对管理层绩效评价、考核与任免，引导管理层为企业价值创造和可持续发展做出努力。本文在剖析战略控制机制的基础上，将战略控制纳入到公司治理的整体框架中，根据董事会或控制性股东对战略管理介入程度分为财务控制和战略控制；综述了国内外相关研究，明确了公司治理框架下战略控制的研究内容，并为未来研究提出了建议。     

利益相关者对企业战略的影响

根据利益相关群体与企业战略的关系可以将利益相关者分为内部利益相关者和外部利益相关者。各类利益相关者、不同利益相关者关系模式对企业战略产生的影响不同。因此,在企业的战略管理中,应当考察所有利益相关群体,以及他们对企业战略影响的差异性。     

RECOVERING PORTFOLIO DEFAULT INTENSITIES IMPLIED BY CDO QUOTES

We propose a stable nonparametric algorithm for the calibration of “top‐down” pricing models for portfolio credit derivatives: given a set of observations of market spreads for collateralized debt obligation (CDO) tranches, we construct a risk‐neutral default intensity process for the portfolio underlying the CDO which matches these observations, by looking for the risk‐neutral loss process “closest” to a prior loss process, verifying the calibration constraints. We formalize the problem in terms of minimization of relative entropy with respect to the prior under calibration constraints and use convex duality methods to solve the problem: the dual problem is shown to be an intensity control problem, characterized in terms of a Hamilton–Jacobi system of differential equations, for which we present an analytical solution. Given a set of observed CDO tranche spreads, our method allows to construct a default intensity process which leads to tranche spreads consistent with the observations. We illustrate our method on ITRAXX index data: our results reveal strong evidence for the dependence of loss transitions rates on the previous number of defaults, and offer quantitative evidence for contagion effects in the (risk‐neutral) loss process.     

制度环境约束下的农村合作医疗制度分析

农村合作医疗制度变迁的路径选择以及制度绩效的发挥,除了取决于制度本身的特点之外,在很大程度上也会受到所处的制度环境的影响.对新农村合作医疗制度的评价,不能脱离其所依赖的制度环境.为保证新型农村合作医疗制度能够得到良好的实行效果,除了要对制度本身进行不断的优化设计外,也要注意进一步改善影响制度运行的制度环境因素.     

独立董事制度在普通法系国家(地区)的移植及其启示

1990年以后,许多普通法系国家(地区)引入了起源于美国的独立董事制度,以期加强公司治理,提高国家竞争力.这表明,在全球化背景下,不同国家的公司治理具有趋同的趋势.然而,从实施效果来看,这些国家(地区)的独立董事制度尚存在种种问题,其有效性与美国有一定差距.这又反映了公司治理制度移植以及全球趋同的困难性.     

Social security generosity,budgetary deficits and reforms in North Cyprus

This paper estimates the fiscal burden of the historical pay-as-you-go (PAYGO) Social Insurance Pension System in North Cyprus and analyzes the appropriateness of the 2008 reforms that introduced the new Social Security Pension System. Estimates are made of the system deficit. To bring the magnitude of the unfunded cost of the pension system down to a sustainable level, major parametric reforms will need to be made to the system. These include increasing the age of retirement, increasing the rate of contributions, changing the method of indexing of pension benefits and decreasing the theoretical replacement rate of the pension benefits.