上市公司治理与中小投资者利益保护

保护中小投资者利益是当前证券市场中亟待解决的关键问题之一。本文从理论和现状两个方面分析了上市公司治理与中小投资者利益保护的关系，并在此基础上，从股权结构、董事会治理、信息披露和法制建设四个方面提出了完善公司治理结构和保护中小投资者利益的若干对策。     

论我国现行缺陷产品召回制度

我国有关缺陷产品召回制度的法律规范或者原则性较强缺乏可操作性、或者位阶较低不具有广泛性、或者针对特定产品适用面较窄。所以,我们应借鉴发达国家的先进经验制定有关缺陷产品召回制度的基本法律和针对特定行业的特别法律,同时建立明确的缺陷产品召回管理体系,以形成保护消费者、维护市场安全与稳定的健全的法律制度和运行机制。     

省级以下土地垂直管理及实施难度研究

阐述土地管理机构垂直管理是满足现阶段市场经济要求的有效管理体制，符合当前行政管理体制改革中垂直管理渐强的趋势。实行机构垂直领导体制是统一当前国土资源管理的基本要求，是当前市场经济阶段处理中央与地方关系，加强中央宏观调控能力和防范经济风险的必然选择。新形势下的垂直管理在实施之初转变领导意识，正确处理国土资源管理部门与地方政府的关系，重视自身的权力监督与约束制度建设。     

我国土地征用制度探讨

国家为了公共利益的需要,可以依法对土地实行征用,但是这种征用必须符合公共利益、给予公平补偿、满足正当程序的要求。完善我国土地征用制度应该在这三个方面着手。     

Locally Greater Vulnerability to Background Risk

Willingness to take on risk is influenced by the presence of fair and unfair background risks for decision makers who are risk vulnerable as defined by Gollier and Pratt [1996], for these decision makers are more risk averse when they possess such an uninsurable background risk. We present an alternative derivation of the index of local vulnerability based on Diamond and Stiglitz [1974] compensated increases in risk, such that risk aversion increases with the introduction of any small fair background risk if and only if the index of local vulnerability is positive. We establish that the increase in risk aversion is greater for those who are more vulnerable as measured by the index of local vulnerability.     

A Semiparametric Method for Valuing Residential Locations: Application to Automated Valuation

This paper is motivated by automated valuation systems, which would benefit from an ability to estimate spatial variation in location value. It develops theory for the local regression model (LRM), a semiparametric approach to estimating a location value surface. There are two parts to the LRM: (1) an ordinary least square (OLS) model to hold constant for interior square footage, land area, bathrooms, and other structural characteristics; and (2) a non-parametric smoother (local polynomial regression, LPR) which calculates location value as a function of latitude and longitude. Several methods are used to consistently estimate both parts of the model. The LRM was fit to geocoded hedonic sales data for six towns in the suburbs of Boston, MA. The estimates yield substantial, significant and plausible spatial patterns in location values. Using the LRM as an exploratory tool, local peaks and valleys in location value identified by the model are close to points identified by the tax assessor, and they are shown to add to the explanatory power of an OLS model. Out-of-sample MSE shows that the LRM with a first-degree polynomial (local linear smoothing) is somewhat better than polynomials of degree zero or degree two. Future applications might use degree zero (the well-known NW estimator) because this is available in popular commercial software. The optimized LRM reduces MSE from the OLS model by between 5 percent and 11 percent while adding information on statistically significant variations in location value.     

中国财政分权问题研究:一个文献综述

伴随着中国改革开放后经济的持续快速增长,越来越多的国内外学者围绕中国的财政分权问题展开研究。财政分权问题涉及到诸多因素,对其研究必须采用多层次的视角。既有的研究成果多囿于财政分权的某个局部层面,尚未见一个能够解释、分析中国财政分权问题的完整理论框架出现。     

Insider Ownership and Firm Value: Evidence from Real Estate Investment Trusts

Real estate investment trust (REIT) provides a unique laboratory to study the relation between insider ownership and firm value. One, a REIT has to satisfy special regulations which weaken alternative mechanisms to control agency problems. Empirically, I find a significant and robust nonlinear relation between Tobin's Q and REIT insider ownership that is consistent with the trade-off between the incentive alignment and the entrenchment effect of insider ownership. Two, many REITs are Umbrella Partnership REITs (UPREITs) which have dual ownership structure. They have both common shares and Operating Partnership Units (OP units). Property owners can contribute their properties to the UPREIT in exchange for OP units. Their capital gains taxes remain deferred as long as they hold onto their OP units and the UPREIT does not sell the properties they contributed. OP units owners are locked in with the firm and have incentive to monitor firm management, but their interests diverge from the common shareholders because their tax bases are much lower. Consistent with the trade-off between positive monitoring effect of OP units and tax-induced agency costs, I find that UPREIT's firm value increases with the fraction of OP units, but the effect is significantly weaker for the UPREITs where insiders hold OP units.     

基于FDI的产业集群发展模式与动力机制--以浙江嘉善木业集群为例

集群战略日益广泛地被运用于招商引资 ,旨在增强地区对外资的吸引力与粘合力 ,从而促进地方持续发展。浙江嘉善木业集群的经验表明 ,外资能否持续推动地方集群的发展 ,除了受地方制度成本及集群外部效应的影响之外 ,还更取决于外资企业与民营企业之间的融合方式与程度。在学习能力和企业家精神较强的地区 ,民营企业在外资企业的示范带动和竞争压力下 ,能够通过持续的知识积累和自主创新 ,增强并突出自身优势。届时 ,外资企业不但能够获得纯经济外部性 ,还能够获得知识与信息的外部性 ,并受此驱动与地方资本有效融合。     

全球价值链理论与我国产业发展研究

随着生产和贸易全球化的不断深入,世界价值创造体系在全球出现了前所未有的垂直分离和再构。面对这一国际分工大转换的背景,本文旨在通过引入全球价值链理论对我国如何面对全球产业转移和竞争有一个由宏观到微观多层次多角度系统的认识。本文回顾了全球价值链理论20多年的形成历程,理清理论传承和主要研究思路;对全球价值链理论中的动力机制、治理结构、产业升级等诸多方面进行了概括性探究和由此引发的诸多发展启示;最后,给出了研究和应用全球价值链理论的一些总结和建议。