Entrepreneurial risk aversion,net worth effects and real fluctuations

This paper examines the combined effect of asymmetric information and private entrepreneurial risk aversion on investment decisions. The standard optimal debt contract becomes modified by the introduction of insurance and a risk premium that entrepreneurs demand due to the uncertainty of their investment returns: the private equity premium. In general equilibrium, the private equity premium may become a mechanism that magnifies the effects of shocks. A structural estimation of the model's parameters using Chilean and U.S. data shows that the entrepreneurial risk aversion assumption has more empirical relevance in an economy where smaller privately-held businesses are relatively more prevalent than where the corporate sector predominates, like the U.S.     

论产业引导资金的绩效管理

产业引导资金是政府财政预算安排的一类专项资金。从经济性、效率性和效果性的三维角度对产业引导资金的使用绩效进行评价，对于加强财政管理，落实宏观调控，遏制公权腐败以及提升被扶持对象的管理水平有着重要的、积极的意义。当前产业引导资金在资金投向、制度设计、审核操作、项目实施等方面存在的一些问题不同程度地制约了资金绩效的发挥，亟待改进。     

我国企业年金基金投资风险及控制策略研究——基于均值-VAR模型

本文首先对企业年金基金投资情况做了基本介绍,从宏观层面分析我国企业年金投资所面临的风险,以及目前所处的金融市场环境和国家的政策环境。为有效的配置企业年金基金资产,本文从真实的证券交易市场搜集所选投资工具年度样本数据,通过运用均值—VAR模型得到投资于多种资产的最优投资组合分析。最后结合模拟分析结果做出比较分析,并提出建议。     

Challenges for Competitive Strategy in Public and Private Sector Partnerships in Electronic National Tourist Destination Marketing Systems

Abstract

There are challenges and issues in the business environment for sustainable public and private sector partnerships in electronic national tourism destination marketing systems (DMS). These challenges and issues for partnerships, and their implications for the competitive strategy of the DMS, have been neglected in the research literature to date. The article documents the evolution of the need for, and trend to, public/private sector partnerships in electronic national DMS and explores the challenges and issues for their successful development. It then analyses the implications of such partnerships for the competitive strategy of the electronic national DMS and concludes with suggestions for further research regarding partnership, strategy and electronic national DMSs.     

湖南省公立养老机构发展问题研究

湖南省作为中国第七人口大省,人口老龄化问题尤为突出。然而,目前湖南省内公立养老机构发展现状却不容乐观,其规模设施、从业人员素质等条件皆未达到成熟程度。为改变现状,必须做好公立养老机构的新增、改建工作,努力提高其专业化服务水平,并多方筹措资金,完善监督机制。     

从国际经验看中国反垄断私人执行制度的建立

我国《反垄断法》对私人执行制度只做了原则性规定。我国应重视私人执行制度的发展,使其成为公共执行制定的有力补充。在私人执行具体操作模式上,我国可借鉴多数国家的经验,选择直接执行模式。在私人执行救济方式上,我国可借鉴欧洲国家的经验,选择单倍赔偿制度和禁令制度并举的救济方式。     

关于黑龙江省民办高校专业设置的几点思考——从招生和就业角度

黑龙江省民办高校存在本科专业设置趋同、偏好热门专业,缺乏特色专业等问题,其症结在专业设置权限、专业定位等方面。建议通过优化专业结构、加强专业内涵建设、扩大专业设置自主权来解决问题。     

Financing China’s unprecedented infrastructure boom: the evolution of capital structure from 1978 to 2015

ABSTRACT

The authors examine the sources of the funds that have financed China’s infrastructure development since 1978. They define the five periods in which this development has taken place in terms of predominant financing: fiscal funds, build-operate-transfer (BOT), treasury bonds, the land financing, and local bonds. The system is characterized by a heavy reliance on debt financing and one-off revenues. These approaches have raised widespread concerns about fiscal sustainability in China. The authors explain why a shift towards the more conventional approach of fiscal funds is necessary.     

Implementing new financial regulation: actuaries and UK with-profits funds

One feature of the UK Financial Services Authority's (FSA) approach to regulation is the involvement of private actors in the regulatory process. This paper explores the introduction of ‘Principles and Practices of Financial Management’ (PPFM) for the management of with-profits funds of UK life insurers, and reports the experience of actuaries as private actors having a key role in implementing the FSA's PPFM framework. Actuaries reported experiencing considerable challenges in implementing the PPFM framework and, while accountability had increased, actuaries expressed scepticism about the ability of consumers and policyholders to make use of the increased amount of publicly available information.     

Forms of Explanation; Rethinking the Questions in Social Theory

The aim of this study is to investigate whether the so-called crowding in effects of complementarity or the crowding out effects of substitution occurred between public investment and private investment in Brazil from 1982 to 2013. This will be carried out through a theoretical debate on the investment general dynamics and an econometric analysis of vector error correction (VEC) model for the Brazilian case. The trajectory of the Brazilian economy and the empirical results show the presence of crowding in between public and private investments in the period, in accordance with the Post-Keynesian approaches. The crowding in is justified by the effects on demand via the Keynesian multiplier and via the expansion of the domestic market (particularly provided by infrastructure) and by the effects on the supply of private capital through the reduction of production costs, the increase in productivity, and through structural changes facilitated by public policy. Complementarity with regard to both the investments of the public administration and of federal government-owned/controlled enterprises is confirmed. Furthermore, a significant causal relationship is observed between public investment and the output of industrial manufacturing, which, from the structuralist perspective, is a sector that is considered a driving force of the economy. The special contributions of this paper are its time series for public investment and the variety of models that show crowding in between public and private investment.