Differentiated regulation: the case of charities

The increasing number and influence of charities in the economy, evidence of mismanagement and the need for information for policymaking are all reasons for establishing charity regulators. Public interest and public choice theories explain charity regulation which aims to increase public trust and confidence in charities (and thus increase voluntarism and philanthropy) and to limit tax benefits to specific organisations and donors. Nevertheless, regulation is resource intensive, and growing pressure on government budgets requires efficiencies to be found. This study proposes regulation differentiated according to charities' main resource providers, to reduce costs and focus regulatory effort, and provides a feasible segmentation.     

Non‐profit vulnerability: An exploratory study

This mixed‐method study explores the symptoms and potential causes of non‐profit vulnerability within the Australian context. Following two focus groups with CEOs and Chairs of non‐profit organizations, an online survey was developed, pilot tested and distributed to non‐profit CEOs. Our findings suggest three symptoms that might be particularly useful in identifying non‐profit vulnerability: a substantial increase in unit costs/delivery hours; a substantial increase in the proportion of administration to program expenses; and a reduced ability to pursue the organization's mission. The results also suggest various potential causes of non‐profit vulnerability; in particular, Board inadequacies; External environmental threats; Project management issues; and Funding constraints.     

碳排放权交易、损益偏离与绿色经济效率关系研究

"双碳"目标展现了中国作为负责任的大国,对建设人类命运共同体的担当,碳排放权交易是实现这一目标的重要途径,但其对地区经济与环境的双重影响依然有待检验。结合1997—2017年中国省级数据,采用包含非期望产出的SBM-DEA模型测度地区绿色经济效率,以碳排放权交易试点为准自然实验,运用合成控制法评估试点政策对地区绿色经济效率的影响,并采用空间计量模型从损益偏离视角展开机制检验。研究发现:碳排放权交易试点政策能够显著提升地区经济效率,运用双重差分模型和PSM-DID进行稳健性检验后,基本结论依然可靠。缓解"收益在外,污染在内"的损益偏离现象,是碳排放权交易试点机制提升绿色经济效率的有效途径。随后提出通过进一步完善碳排放权交易市场机制,进而推动我国绿色发展的相关政策启示。     

基于“交易圈”的异常利润汇出分析方法

异常利润汇出的方式主要有通过构造利润分配决议、虚构利润等方式实现超额利润汇出和利用跨部门监管薄弱环节违规汇出。对异常利润汇出排查的传统方式主要基于服务贸易外汇监管系统的定期预警指标,成本高企且效率低下。人民银行济南分行在分析异常的利润汇出行为特点及资金流动路径的基础上,提出了将指向性强的筛查指标和"交易圈"分析法相结合的创新性核查方法,有效提升了核查线索的精准度及发现异常违规行为效率。     

我国粮食安全模式探析

基于我国土地和水资源状况和我国农业投入成本和效益分析,我国未来粮食的自我保证能力有限。同时分析世界粮食的供求、我国外汇能力和我国粮食进口对世界粮食市场的影响,目前国内粮食生产的成本已经很高,粮食进口尚有一定的上升空间。因此结合我国的特殊国情,我国的粮食保障应选择适度进口的“双保险”粮食安全模式。     

上市公司利润包装的现象,方式与识别理论研究

利润包装,又称利润操纵,是近几年来会计理论界和证券实业界出现频率较多的一个新名词,它一般指上市公司为了实现某种动机对本公司实现的利润情况,进行人为调节的一种违法行为。在对上市公司利润包装的现象、方法分析基础上,识别利润包装的方法。     

技术分析的经济收益与市场有效性

技术分析是现代金融市场中一种重要的投资分析工具。本文基于沪深两地的证券市场,对双重移动均线交错、交易区间突破、亚历山大过滤规则、相对强度指数等常用的技术交易规则进行了全面的实证检验,采用了参数优化和样本外测试的方法来解决数据过度挖掘的问题,考虑了交易成本和风险因素,发现技术分析确实能够产生显著的经济收益,这说明我国证券市场尚未达到弱式有效。     

浅析影响磷化铝熏蒸杀虫效果的原因及解决的对策

储粮害虫对粮油食品生产全过程中所造成数量上的损失很大，据统计，全世界仅粮食在储藏期间，因虫害造成的损失高达5％，此外，还使其食品品质劣变。本文论述了粮食储藏过程中磷化铝熏蒸难杀死害虫分析其原因，并提出相应对策，为切实减少或避免储粮害虫造成的损失，提高储粮害虫防治水平，确保国家粮食安全有所裨益。     

粮食主产区水稻适度规模经营意愿影响因素研究——基于江西省7县428个水稻种植户的调查

[目的]农业适度规模经营是提高我国农业经营主体收入的最佳途径,是粮食主产区现代农业发展、维护国家粮食安全的现实选择。明晰粮食主产区农户水稻适度规模经营意愿水平,并深入考察其影响因素,对进一步提高水稻适度规模经营意愿、扩大土地经营规模具有重要的现实意义。[方法]基于江西省7县428个水稻种植户的实地调查数据,运用Logistic回归模型,借鉴柯布—道格拉斯生产函数,对粮食主产区水稻适度规模经营意愿影响因素进行了实证分析。[结果](1)各县水稻适度规模经营意愿及其影响因素特征存在着一定差异,且它们之间具有较为密切的关系;(2)劳动力、土地、资金和其他因素对粮食主产区水稻适度规模经营意愿均具有显著影响,其中土地因素对水稻适度规模经营意愿影响最为显著,劳动力和资金因素具有较大影响,其他因素影响较小;(3)在引入模型的13个影响因素中,土地规模、土地流转和户主文化程度对水稻适度规模经营意愿影响最为显著,劳动力人数、融资难易程度和非农收入比例次之,户主年龄、人均收入和区域经济水平也有影响,而家庭生命周期、粮食补贴、农业技术培训和购买农业保险则没有对规模经营意愿产生显著影响。[结论]根据以上研究结果,从加快土地流转、提升农户素质、破解融资瓶颈和分区分类推进适度规模经营4个方面提出了相关对策,认为要加快土地流转,扩大土地经营规模,创造适度规模经营前提条件;加强教育培训力度,提高农户职业素养,培养适度规模经营职业队伍;扩大融资渠道,改善粮食补贴模式,克服适度规模经营资金瓶颈;充分考虑地区差异,区分不同的地域类型,分区分类推进适度规模经营。     

Pairs trading strategies in a cointegration framework: back-tested on CFD and optimized by profit factor

Statistical arbitrage is based on pairs trading of mean-reverting returns. We used cointegration approach and ECM-DCC-GARCH to construct 98 pairs of 152 stocks of 3 currencies. Stocks trading is done by Contract for Difference (CFD), a financial derivative product which facilitates short selling and provides a leverage up to 25 times. To measure the performance of a leveraged strategy, we introduced the profit factor which is the annualized return rate per unit risk. And the historical risk is measured by maximum drawdown. We compared three main strategies: percentage, standard deviation of cointegration long-term residuals and Bollinger Bands (dynamic standard deviation), with and without double confirmation of short-term standard deviation modelled by ECM-DCC-GARCH. Each of the three main strategies is optimized by two optimizers: absolute profit and profit factor. The optimization period goes from 2012–01-01 to 2014–12-31, and validation period is from 2015–01-01 to 2016–06-01. Our results showed that the USD Bollinger Bands strategy without double confirmation and optimized by profit factor, outperformed other strategies and provided the highest annualized return rate per unit risk; 32% of our sample pairs ended up in loss, and 94% of which are explained by a cointegration break during the testing period.