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。     

我国创业投资的回报率及其影响因素

基于1999年到2003年间我国56个本土创业投资退出项目的数据,本文对我国创业投资退出项目的投资回报率及其影响因素进行了实证研究。结果表明:(1)国有创业投资机构退出项目的平均投资回报率显著低于非国有创业投资机构;(2)创业投资机构的资本规模与回报率呈显著负相关关系;(3)上海、深圳两地创业投资机构退出项目的回报率显著高于其他地区;(4)本土创业投资机构的从业时间、投资规模、投资周期、退出方式均与回报率没有显著相关关系。本文在此基础上提出了相关的政策建议。     

The Nonparametric Approach to Applied Welfare Analysis

Changes in total surplus are traditional measures of economic welfare. We propose necessary and sufficient conditions for rationalizing individual and aggregate consumer demand data with individual quasilinear and homothetic utility functions. Under these conditions, consumer surplus is a valid measure of consumer welfare. For nonmarketed goods, we propose necessary and sufficient conditions on input market data for efficient production, i.e. production at minimum cost. Under these conditions we derive a cost function for the nonmarketed good, where producer surplus is the area above the marginal cost curve. We are greatful to helpful remarks and comments of the referees and the editor. The work is partially supported by the Spanish Ministry of Science and Technology, through Grant BEC2002-2130, the Generalitat de Catlaunya, through Grant 2005SGR-00454 and the Barcelona Economics Program (CREA).     

Wealth inequality and collective action

We study the effect of inequality in the distribution of endowments of private inputs (e.g., land, wealth) that are complementary in production with collective inputs (e.g., contribution to public goods such as irrigation and extraction from common-property resources) on efficiency in a class of collective action problems. We focus on characterizing the joint surplus maximizing level of inequality, making due distinction between contributors and non-contributors, in a framework that allows us to consider a wide variety of collective action problems ranging from pure public goods to impure public goods to commons. We show that while efficiency increases with greater equality within the groups of contributors and non-contributors, so long the externalities (positive or negative) are significant, there is an optimal degree of inequality between these groups.     

外商投资对中国就业影响的实证分析

外商投资存在直接就业效应和间接就业效应，可以用外商投资流量和存量分别加以度量，运用中国1984～2005年的数据进行计量分析的结论表明：1993年以前外商投资的直接就业效应非常显著，负的间接就业效应也很显著；1993年以后年外商投资的直接就业效应减小。负的间接就业效应也减弱。     

技术性贸易壁垒内涵辨正

进入21世纪以来，技术性贸易壁垒替代反倾销成为我国面临的第一大非关税壁垒。但是对于技术性贸易壁垒，世界贸易组织框架下的相关协议，即《技术性贸易壁垒协议》和《实施卫生和植物卫生措施协议》，并没有做出明确的定义。因此，在分析世贸组织相关协议和判例的基础上，提炼出技术性贸易壁垒的内核，以对技术性贸易壁垒的含义加以澄清并重新认识，对于我国具有重大而深远的意义。     

基于行为决策理论的投资决策研究：发展及实践意义

以“理性人”假设为基础的传统财务决策理论将决策者独立于投资决策过程之外，认为决策者完全能够依据理性决策模型做出最优的决策，但现实并非如此。本文对行为决策理论中关于投资决策的研究文献进行了梳理，揭示了决策者的行为特征会影响到投资决策及投资回报率的设定，展望了行为决策理论在我国的发展前景及实践意义。     

Local governance and public goods provision in rural China

In developing countries, identifying the most effective community-level governance mode is a key issue in rural development; therefore, empirical evaluation of these different modes is desperately needed. Since the 1980s, tens of thousands of villages in rural China have held local government elections, providing a good opportunity to investigate the effect of democratization on the level of public goods provision. Using a recent village survey conducted over a significant period of time, this article compares two different governance modes. It finds that elections affect little on the size of revenue but significantly shift the distribution of taxation from individuals to enterprises if possible. However, privatization has made taxation or levies on rural enterprises more difficult. It also shows that elections and power sharing are conducive to improve the allocation of public expenditures.     

技术引进、研发外溢和二次创新

本文利用专利竞赛模型 ( patent race) ,探讨技术引进及其二次创新活动中技术引进费用与自身应用性研发投入的关系以及二次创新速度和市场均衡时参与该竞赛的厂商数目的决定。同时也分析了研发外溢效应对模型的冲击。文章的主要结论是 :技术引进与自身应用性研发投入是互补抑或替代关系需视两者相对大小而定。双方的关系呈现阶段性变化。此外 ,随外溢效应的增强 ,整个参与竞赛的厂商数目和厂商应用性研发投入水平均趋于下降 ,但是整个社会引进技术的二次创新速度却趋于加快     

Panel unit root tests under cross-sectional dependence

In this paper alternative approaches for testing the unit root hypothesis in panel data are considered. First, a robust version of the Dickey-Fuller t -statistic under contemporaneous correlated errors is suggested. Second, the GLS t -statistic is considered, which is based on the t -statistic of the transformed model. The asymptotic power of both tests is compared against a sequence of local alternatives. To adjust for short-run serial correlation of the errors, we propose a pre-whitening procedure that yields a test statistic with a standard normal limiting distribution as N and T tends to infinity. The test procedure is further generalized to accommodate individual specific intercepts or linear time trends. From our Monte Carlo simulations it turns out that the robust OLS t -statistic performs well with respect to size and power, whereas the GLS t -statistic may suffer from severe size distortions in small and moderate sample sizes. The tests are applied to test for a unit root in real exchange rates.