财政扶持汽车产业自主创新研究——基于开征研发税的构想

汽车产业自主创新要取得长足进展,诸多要素中的关键在于有效融资和资源有效配置。但自主创新成果的公共物品属性使R&D融资市场失灵、项目申报的私人物品属性使财政R&D配置政府失灵、导致汽车产业R&D投入不足和R&D配置失效。从国家理性行为体假说出发,提出了开征研发税的构想,通过国家税收行为积累资金,创新R&D投入体制,加大财政扶持力度,促进汽车产业自主创新发展。     

基于TOPSIS法的临空经济发展阶段评价模型构建——以国内区域航空枢纽城市为例

为深入了解对临空经济发展阶段产生影响的各因素重要程度及其内部联系，提升各城市临空经济发展阶段，需要构建科学客观准确的临空经济发展阶段评价模型。基于波特钻石理论模型与“港、产、城”理论、临空经济内涵，选取5个一级指标、12个二级指标、35个三级指标构成临空经济发展阶段评价指标体系，采用客观的熵值法与主观的层次分析法相结合的组合赋权法计算临空经济发展阶段影响因素的组合权重，采用组合权重与标准化数据构成的改进型TOPSIS法构建临空经济发展阶段评价模型。以中国8个区域航空枢纽城市沈阳、郑州、西安、乌鲁木齐、昆明、成都、重庆和武汉为例，进行实证研究。结果表明，成都、重庆临空经济发展阶段处于发展后期，郑州、西安和武汉的临空经济发展阶段处于发展前期，沈阳、乌鲁木齐和昆明的临空经济发展阶段处于起步期。     

Risk reporting and stock return in the UK: Does market competition Matter?

This study examines the extent to which market competition influences risk reporting practice. It also explores how market competition affects the usefulness of risk reporting. The automated textual analysis measures the level of risk reporting [how much to report] and its tone [how it is reported] of UK FTSE 350 firms. The abnormal stock return is used as a proxy for the usefulness of risk reporting. In contrast to the proprietary cost hypothesis, our results indicate that the level of risk reporting is a positive function of market competition. Besides, UK firms are likely to disseminate more (less) negative (positive) news about their risks when market competition increases. However, after examining the informativeness of this reporting, we provide evidence that the level of reported risk information does not significantly enhance the abnormal stock returns of UK firms. Nevertheless, the tone of the reported risks carries incremental information indicative of a firm’s abnormal stock return, especially when market competition decreases. The findings suggest that firms are likely to alleviate their proprietary costs by framing their reporting of risk information in a way that deters potential competitors from entering their market and that market competition diminishes the perceived informativeness of such reporting. The results provide implications for investors as they should not acknowledge the disclosure of higher risk information when asking for more corporate transparency, as it lacks informativeness. Besides, policymakers may impose extra compulsory requirements on the UK firms to avoid reporting overly optimistic risk news to protect investors and avoid the adverse effects of this reporting.     

年龄、临近死亡时间和老年人医疗费用——关于“红鲱鱼”假说的验证

年龄的增长是否必然带来医疗费用的增长?以往的实证研究仍存在争议。使用CLHLS数据,区分不同人群,采用两部模型研究年龄和临近死亡时间与老年人医疗费用的关系。研究发现:虽然在低龄群体中医疗费用随年龄增长而提高,但高龄群体随着年龄的增长医疗费用显著下降;在死亡样本中医疗费用随年龄的增长而下降,而存活样本中并未发现年龄的显著影响。然而,临近死亡时间越短则医疗费用越高,这一规律在各群体中保持稳健。临近死亡时间并未显著影响失能老年人的医疗费用,却显著提高了一年内死亡样本的照料费用。研究表明,寿命的延长并未导致医疗费用的增长,而是推迟了医疗费用高峰期的到来。为此有必要发展和完善临终关怀服务和长期照护保障制度,以降低老年人生命末期的医疗费用并提高生命质量。