Do Personal Taxes Destroy Tax Shields? A Critique to Miller’s (1977) Proposal

We discuss the relevance of personal taxes on tax shields. Interest and taxes are the basis for defining an optimal capital structure. When personal taxes are greater than or equal to TS, an optimal capital structure does not exist.

We suggest that the approach proposed by Miller (1977) might understate the effect of personal taxes in the net TS and/or its associated net value. We consider the irrelevance of personal taxes on interest received by debtholders on the value of TS earned by the firm on interest paid. We conclude that Miller’s approach might be wrong and has some inconsistencies.     

Lobbying,political competition and the welfare effect of campaign contribution tax

This paper develops a probabilistic voting model in which a single lobby group commits campaign contributions to parties, contingent on the policy position the party adopts. Parties may have different propensities for diverting campaign funds towards rents. We show that a party that skims more from contributions mobilises fewer uninformed voters but places more value on receiving greater contributions. Further, the contributions and vote share of the party increases with the distance between the lobby's preferred policy and the median voter's ideal policy. Finally, we show that the equilibrium policy is between the median voter's ideal point and the lobby's preferred policy. Such an equilibrium policy does not maximise the aggregate social welfare due to the distortionary nature of lobbying. However, when an appropriate contribution tax is introduced to limit this distortion, social welfare will be maximised.     

马克思主义的外债理论研究

马克思认为:外债是随着生产力的发展而产生、发展的,它具有生息资本的性质,一方面它促进了生产力的发展,另一方面对生产力的发展又有破坏作用.马克思主义的外债理论对今天发展中国家借用外债发展本国经济仍具有重要的指导意义.     

审计师收取客户债务风险溢价了吗?

已有研究发现,公司债务风险越高,审计师收取的审计费用越高;然而,审计费用提高的原因可能是审计投入的增加,也可能是审计师收取客户公司的债务风险溢价。由于缺少审计投入的数据,已有研究无法回答审计师是否收取客户公司债务风险溢价的问题。本文以我国A股上市公司为研究样本,运用我国独到的审计工时数据,就此展开相关问题研究。研究发现,在控制了审计投入之后,客户债务风险与审计费用显著正相关,表明审计师收取了客户公司的债务风险溢价。进一步研究表明,审计师对财务状况较差和治理较差的公司以及非国有企业收取更高的债务风险溢价,规模较小的会计师事务所收取的债务风险溢价高于规模较大的会计师事务所。     

信用货币制度下对货币创造和货币本质的再认识

主流经济学认为货币主要作为一种交易媒介而存在,并且是外生可控的,因此货币当局可以通过控制货币数量来影响经济运行以实现其政策目的。但在信用货币制度下,货币的本质是一种债权-债务关系,商业银行是货币的唯一创造主体,中央银行需要适时提供基础货币来满足跨行之间的交易结算。通过分析信用货币制度下商业银行创造货币的理论逻辑,并讨论与之相关的一些实际问题,最后提出研究的结论及思考。     

信用债违约特征与市场展望

从总量的角度来看,信用债违约主体数量呈现上升的趋势,违约主体的行业、地区分布相对较为分散,各主体的违约特征呈现多元化的趋势,受经济增速下行压力加大、民企再融资收紧、股票质押爆仓等因素的影响较为明显。结合微观企业违约的最新特点,在信用风险分析的过程中需要重点关注企业是否发生了投资激进、短债长投、公司治理风险、财务舞弊等问题。建议正本清源,加强对财务造假的惩治力度,强化企业信息披露,推进社会信用体系建设,发挥民营企业信用缓释工具作用。     

Public Preferences for Government Spending Priorities: Survey Evidence from Germany

Employing data from a representative survey conducted in Germany, this paper examines public preferences for the size and composition of government expenditure. We focus on public attitudes towards taxes, public debt incurrence and public spending in six different policy areas. Our findings suggest, first, that individual preferences for the use of additional tax money can be categorised as either capital‐oriented expenditure or public debt reduction. Second, we find that fiscal preferences differ along various dimensions. Specifically, personal economic well‐being, economic literacy, confidence in politicians, political ideology and time preference are significantly related to individual attitudes towards public spending, taxes and debt. The magnitude of the effects is particularly large for time preference, economic knowledge and party preference. Third, public preferences for public spending priorities are only marginally affected when considering a public budget constraint.     

预算法修改后地方政府债务风险控制机制研究

我国预算法修改后,允许省级政府发行地方债券,因此地方政府的债务管理走上规范化、制度化和法制化轨道。同时,地方政府债务风险管理也面临新的挑战。本文论述了预算法修改涉及地方政府债务管理的内容,分析了预算法修改后地方政府债务风险控制面临的挑战,在此基础之上,提出建立全口径债务预算管理与分级控制机制、逐步建立地方政府财政破产制度、以中期预算管理为核心严格控制隐性债务增长,以及完善党政官员任期与责任追究制度等政策建议,以进一步加强我国地方政府债务风险控制,促进我国地方经济社会稳定可持续发展。     

高校专项资金管理模式研究

随着国家不断加大对教育的预算投入,高校专项资金数额逐年增加。此项资金的有效使用有利于提高高校的教学质量和科研能力,最终有利于推动我国经济和科技的发展。但目前,高校对专项资金的管理仍相对薄弱,存在着预算执行慢、管理不严、难以确保专款专用等问题,直接影响了资金的使用效益。我们从探讨加强专项资金管理的意义出发,对专项资金的性质和专项资金管理中存在的问题进行论述,并总结出适合实际的高校专项资金管理模式,提出了提高专项资金使用效率的工作建议。