Exploring the development trend of internet finance in China: Perspective from club convergence

We first employ β-conditional convergence and log t regression tests based on nonlinear time-varying factor model and club clustering algorithm to analyze the convergence characteristics of the development level of Internet finance in 335 prefecture-level cities in China. The result of log t regression test illustrates that there is no convergence as a whole in the development level of China's Internet finance. However, seven convergence clubs and a divergent group have been formed, and the development level and growth rate of Internet finance among these convergence clubs have shown obvious differences. Moreover, we also employ the Ordered Probit to explore the formation mechanism of the convergence clubs. The results reveal that the regions with a higher level of economic development, traditional financial development, economic openness and Internet development are more inclined to converge in a club with a higher Internet finance development level. Alternatively, the regions that are interfered with more by the government or that have a lower degree of marketization, tend to converge in a club with a lower level. Finally, according to the conclusions, we propose corresponding policy recommendations for promoting the regional coordinated development of China's Internet finance.     

Firm listing status and the investment home bias

Are public firm investment rates more sensitive than private firm rates to new investment opportunities? We offer a new explanation for differences in public and private firm investment sensitivities: investment sensitivities differ because the type of investments favored by firms varies with their listing status. Specifically, we consider the geography of investment opportunities and find that private firms have a much stronger investment home-bias than similar public firms which makes their investment decisions more sensitive to local investment opportunities than public firms. Controlling for local investment opportunities explains four-fifths of the differential sensitivity between public and private firms not explained by more traditional measures of investment opportunities.     

The Urban–Rural Gap of Chinese Household Finance

Using data from a large household survey, we investigate the size of China’s urban–rural gap in ownership of bank deposits, risky financial assets, and credit cards. We further examine the factors underlying the gap using decomposition analysis. Compared to their urban counterparts, rural Chinese are much less likely to own a variety of financial products. Both demand-side barriers and supply-side barriers to financial inclusion exist in China. More, we use instrumental variable analysis to address the endogeneity of the local supply of financial service. Above all, our study indicates that a large financial services vacuum in rural areas needs to be filled.     

基于业财融合的铁路运输企业全面预算管理体系研究

随着铁路运输企业不断深化改革和转型升级,作为企业财务管理有效工具之一的全面预算管理也应适应经济发展而不断优化。以业财融合为出发点,结合我国铁路运输企业的经营业务和预算管理的研究现状,对预算管理指标体系进行了总体分析及结构设计,构建了“国铁集团—路局—基层站段”三级次的预算指标模型,并设计了国铁集团到路局层面以及路局到站段层面的闭环式预算编制流程,健全和完善了相应的预算管理流程和责任分工。     

The end of the flat tax experiment in Slovakia: An evaluation using behavioural microsimulation in a dynamic macroeconomic framework

The paper introduces a new way of linking microsimulation models with dynamic general equilibrium frameworks to obtain an evaluation of the impact of detailed tax and benefit measures on the aggregate economy. In the approach presented in this paper, income heterogeneity interacts with the macro-economy via aggregated individual labour supply decisions which influence, and are influenced by, the dynamic evolution of the real wage rate. The method involves a reduced-form representation of the information flow between the macroeconomic and microeconomic blocks. The practical usefulness of the approach is demonstrated by evaluating actual and hypothetical tax reforms that involve abandoning the flat tax system in Slovakia. A hypothetical move to a highly progressive tax structure is shown to generate some employment gains but is associated with a drop in aggregate income and tax revenue.     

Who benefits from partial tax coordination?

In this paper, we investigate whether partial tax coordination is beneficial to countries within and outside a tax union, in which countries are supposed to compete in taxes and infrastructure. Our results demonstrate that a subgroup of countries agreeing on a common tax rate can harm both member and nonmember states. This is in contrast to the classical findings that partial tax harmonisation is Pareto improving. When a minimum tax rate is imposed within a tax union, we demonstrate that it does not necessarily improve the welfare of the member countries. Moreover, both the high‐tax and low‐tax countries can be worse off. This conclusion is at odds with the classical result that a high‐tax country benefits from the imposition of a lower tax bound.     

The Feasibility of the Double‐Dividend Hypothesis in a Democratic Economy

The two dividends in the double‐dividend hypothesis are assumed to be independent. This assumption can be misleading when it comes to formulating policy. I construct a model where the pollution tax rate is voted for by heterogeneous people. In addition to the revenue‐recycling effect, the equilibrium pollution tax rate depends on two opposite forces: the tax‐cutting effect and the profit effect. The two forces show that an instrument that exploits a greater revenue‐recycling effect can cause a more severe environmental deterioration, thereby resulting in the infeasibility of the hypothesis. The introduction of the interdependence between the two dividends can also mean that non‐revenue‐raising instruments are more efficient than revenue‐raising instruments.     

Capital gains lock-in and governance choices

Differences in accrued gains and investors’ tax-sensitivity induce variation in a capital gains lock-in effect across mutual funds even for the same stock at the same time. Exploiting this variation, we show this effect influences funds’ governance decisions: higher capital gains decrease the likelihood a fund exits prior to contentious votes and increase the likelihood a fund votes against management. Consistent with tax motivation, these findings are concentrated among funds with tax-sensitive investors. Further, high aggregate capital gains across funds holding a stock predict a higher likelihood management loses a vote and a lower likelihood a contentious vote is proposed.     

Dynamics of the Market for Corporate Tax‐Avoidance Advice*

This paper addresses the debate over aggressive tax‐planning models and analyzes the role of tax consultants. It focuses on the dynamic interaction between innovation and imitation of aggressive tax‐planning products and governmental tax regulation, and it highlights the importance of the length of regulatory lag in comparison with the time it takes the tax‐consulting industry to imitate newly innovated tax‐avoidance products. It reveals an alignment of interests between highly innovative tax‐consulting firms and the governmental tax legislator/regulator. The conclusions are also relevant for the policy debate on mandatory disclosure rules about aggressive tax‐planning models.     

欧盟视阈下在线平台中个人数据的增值税处理

近年来,在线平台的迅猛发展推动了全球经济数字化加速转型,但同时也引发了包括增值税政策适用在内的诸多挑战.通过研究《欧盟增值税指令》和欧州法院的判例法,以及分析个人数据与在线平台运行之间的关系可以推断出,个人数据是在线平台提供访问服务构成的增值税应税范围内的供应,且与消费者是否向在线平台支付金钱形式的对价无关.在实践中,使用客观价值方法来确定在线服务供应的应税金额存在实际困难,而使用直接联系标准解决易货交易问题,会导致增值税税基在本质上得到扩张.因此,建议当前不要将在线平台访问服务的供应视为一项应税交易.此外,对于商家为获得消费者数据而向平台付款的情形,因其不符合直接联系标准,也不应被视为服务对价.