建立法人股东为主导的股权治理模式

股权结构是公司治理结构的基础,其设置状况是否合理对公司治理结构的效率有着决定性的影响.文章针对当前上市公司股权治理的弊端,设计出一种股权持有者多元化、股权集中程度分散化的股权结构,并提出我国上市公司应建立以法人股东为主导的治理模式.     

Debt and corporate governance in emerging economiesEvidence from India1

We analyze the role of debt in corporate governance with respect to a large emerging economy, India, where debt has been an important source of external finance. Using cross‐sectional data on listed manufacturing firms we estimate, simultaneously, the relation between Tobin's Q and leverage for three years, 1996, 2000 and 2003. Our analysis indicates that while in the early years of institutional change, debt did not have any disciplinary effect on either standalone or group affiliated firms, the disciplinary effect appeared in the later years as institutions became more market oriented. We also find limited evidence of debt being used as an expropriation mechanism in group firms that are more vulnerable to such expropriation. In general, our results highlight the role of ownership structures and institutions in debt governance.     

市场结构和技术创新研究的新进展

什么样的市场结构有利于技术创新一直众说纷纭，从垄断和竞争两个方面，探究市场结构对技术创新的作用取决于技术创新的类型、行业技术进步的速度和技术外溢的程度。     

我国城市化进程的判断及应注意的问题

本文首先分析我国城市化水平,然后在此基础上,从几个方面对我国城市化水平进行基本判断,最后提出我国城市化进程应注意的几个问题。     

Testing for profitability and contestability in banking: evidence from Austria

The paper investigates the determinants of banking profitability and banking market conditions in Austria. We conduct a panel econometric analysis which allows for testing the hypotheses which have become the most prominent in the literature on bank profitability: the structure–conduct–performance hypothesis, the efficient‐structure hypothesis and the relative market‐power hypothesis. Further, we test whether Austrian banking markets are, on average, contestable. A newly compiled dataset covering more than 700 Austrian banks ranging over the period from 1995 to 2002 is used to carry out these econometric analyses. The empirical findings support the view that the Austrian banks do exert, on average, some local market power. However, the gains in terms of excess profits are rather minor as a result of low deterrence powers of the incumbent banks.     

浅谈我国上市公司最佳资本结构的设计

从近几年上市公司的资本结构来看,我国上市公司在融资行为上存在较显著的股权融资偏好现象,股权融资成为上市公司资产增长的最主要来源,股权过度集中,忽视债务融资,债务结构中以流动负债为主。通过分析上市公司资本结构存在的问题,从资本结构的组成、债权结构和权益结构方面入手,设计我国上市公司最佳资本结构。     

中美财政支出结构的比较、借鉴和启示

目前我国的财政与美国等国家的公共财政相比，离建立具有中国特色的公共财政模式的基本要求还有一定的差距。现阶段，要建立与市场机制相适应的公共财政，就必须科学界定公共财政支出范围，削减行政事业经费规模，强化公共和公益事业支出，实现支出结构的优化调整。     

农村扶贫开发工作中的政府行为

如何改进政府行为，最大限度地提高扶贫效率，是当前和今后我国扶贫开发工作的核心问题之一。文章对我国农村扶贫开发工作中政府行为存在的问题和不足进行分析，是进一步改进我国农村扶贫开发工作的必然要求。     

Lease Financing and Corporate Governance

Lease financing is a well‐recognized mechanism for reducing the agency costs of debt. This study examines whether firms that attempt to control the agency costs of equity through strong governance structures, including Chief Executive Officer compensation alignment and board structure, are more likely to use an agency cost reducing debt structure, such as leasing. For a sample of large firms, we find that firms who use more incentive compensation and have more outside directors also tend to use more lease financing, suggesting these agency cost reducing measures are complements.     

东亚金融结构与法律制度演进及其对区域金融合作的含义

区域成员在法律制度和执法效率上的差异,将体现为金融结构的差异,这会导致共同货币政策在区域成员间的传导效果出现较大差异,影响货币联盟的稳定性。东亚各经济体的金融法律制度呈现较大的差异,相应地金融结构也有较大的差异。通过机制化的区域金融合作,采取最低协调一致标准,促进东亚各经济体法律制度和金融结构的渐进趋同,是未来东亚货币金融合作的基础。