房产税能否抑制实体经济"脱实向虚"——来自上海和重庆的经验分析

本文利用我国35个大中城市2006-2018年的平衡面板数据,基于上海和重庆在2011年实施的房产税试点政策,运用合成控制法检验房产税政策能否抑制实体经济"脱实向虚"发展的趋势.研究结果显示,房产税政策能够有效地遏制地区房地产业新增产值占GDP的比重的上升,促使实体企业回归主业,增加实体投资,实现促进实体经济朝着"脱虚返实"方向发展的作用.鉴于此,本文提出应加快推进房产税政策在全国范围内的实施,并在政府补贴、银行贷款等方面采取一系列配套措施鼓励实体企业进行更多的实体投资.     

深山“皮夹沟” 崛起一座城

立春,傍晚。群峰叠嶂之中,万州龙驹镇的大街上仍显热闹,店铺闪烁的霓虹灯,商家揽客的热情,居民区升腾起的炊烟,构成了一幅特别的边城夜景图。龙驹镇是脱贫攻坚战中,重庆确立的18个深度贫困乡镇之一。一个长期以穷出名的偏远小镇,如今繁华初显,场镇人口达2.6万余人。它的蝶变,令人称奇。新年伊始,我们走进龙驹镇,从它浓浓的烟火味中,感受它的改变。     

社会认同理论对大学生社会主义核心价值观教育的启示

加强大学生群体社会主义核心价值观认同教育是高校思想政治教育的重要工作。但在当前社会主义核心价值观认同教育中存在着功利主义消解社会主义核心价值观认同、泛娱乐主义解构社会主义核心价值观认同以及佛系观盛行稀释社会主义核心价值观认同等问题。借鉴心理学视域下的社会认同理论,可以采取淡化物质比较、充实精神生活,优化主流话语、占领舆论高地,弱化当前比较、聚焦未来发展等策略来强化大学生对社会主义核心价值观的认同度。     

Does an Audit Judgment Rule Increase or Decrease Auditors' Use of Innovative Audit Procedures?

The current audit environment encourages auditors to conduct defensive auditing procedures in lieu of using new, innovative, and potentially more effective audit procedures, due to concerns these procedures may be second-guessed in litigation or by audit inspectors such as the PCAOB. As a result, auditors may prefer traditional “generally accepted” procedures over innovative procedures that are potentially more effective. We test recent proposals that an Audit Judgment Rule (AJR) encourages the use of innovative, and potentially more effective, audit procedures analogous to the similar Business Judgment Rule that affords legal protections to corporate directors. Under an AJR, litigators or audit inspectors could not second-guess auditor judgments, even if they perceive that alternate judgments would have ordinarily been reached, provided the auditor's judgment was made in good faith and in a rigorous manner. However, the AJR's requirements that auditors must defend the rigor of their innovative judgments could potentially backfire and lead auditors to select more traditional procedures. Under the framework of goal activation theory, we conduct an experiment with audit managers and seniors and find that an AJR makes auditors less likely to select innovative audit procedures, particularly when audit risk is high. They do so despite believing the innovative procedures to be more effective than the traditional procedures. Findings from a supplementary experiment with experienced auditors further suggest that national office affirmation of the reasonableness of the procedures does not help overcome this effect. Overall, our findings suggest that an AJR may have the unintended consequence of further increasing auditors' focus on more traditional, and potentially less effective, audit procedures.     

公司增发与市值管理——基于中国A股上市公司的实证研究

采用2005—2014年中国A股有增发股份记录的上市公司的市场数据,检验了被广泛讨论的"市值管理"现象。结果表明:所有权性质、增发目的、增发对象、经营状况以及市值存在差异的上市公司,在其增发股份前后及期间的超额收益率和股价信息含量存在很大差异,这些差异与不同公司进行增发的诉求一致。这说明,中国A股市场广泛存在服务于公司控制人的市值管理行为。由于这些市值管理行为可能包括控制股价和侵害其他投资人,因此监管层应制定更为严格的法规来规范市值管理行为。     

新兴市场“国际板”的规制分析及其启示--以智利、南非和印度为例

随着全球金融市场的开放与竞争的加剧,新兴市场也开始竞相吸引境外公司上市。从上市条件、信息披露、监管重点等角度回顾总结智利、南非和印度三个新兴市场开设"国际板"的制度变迁,三个市场对境外公司上市规则有不同的侧重点。成功开设"国际板"的智利和南非市场以及发展滞缓的印度市场为中国股票市场设立"国际板"提供启示:"国际板"的开设对宏观经济、市场本身的影响是积极的,负面影响是可控的;"国际板"成功与否,对上市公司的上市条件、信息披露与监管规则等制度设计至关重要;境外公司的选择以来自经济发展关联度高、地理相近的新兴市场公司和具有消费者市场绑定的成熟市场公司为主;"国际板"设立初期应以存托凭证方式为宜;"国际板"的成功开设要与金融环境改革开放协同推进。     

Workplace incivility and work engagement: The mediating role of job insecurity and the moderating role of self-perceived employability

Drawing upon the job demand–resource model and the theory of existence, relatedness, and growth needs, we established and checked a model that connects workplace incivility to employee work engagement (i.e., vigor, dedication, and absorption) through job insecurity. Furthermore, we propose and test self-perceived employability as the boundary condition of this connection. The conclusions of two substudies with time-delay design provided evidence to support theoretical models. Specifically, the conclusions of both studies show that workplace incivility has negative impacts on work engagement (i.e., vigor, dedication, and absorption) through job insecurity. The results of Study 2 show that self-perceived employability not only weakens the negative influences of job insecurity on work engagement (i.e., vigor, dedication, and absorption) but also moderates the mediating roles of job insecurity in the relationships between workplace incivility and work engagement (i.e., vigor, dedication, and absorption). The theoretical and practical implications and limitations are discussed based on the conclusions of the two substudies.     

Corporate Governance and the Investment Efficiency of Diversified Corporate Asset Buyers

Many corporate assets are bought and sold each year in the U.S. and most scholars believe these transactions improve economic efficiency. But given the reality that the interests of corporate managers may diverge from those of their shareholders and reflect empire‐building or other managerial entrenchment strategies—and that such agency problems tend to be worse in highly diversified, multi‐divisional companies—the authors tested the proposition that diversified corporate asset buyers with more effective governance structures can be expected to allocate capital more efficiently, as reflected in higher rates of return on operating capital and more favorable market reactions to the announcements of their purchases. Using a sample of diversified U.S. companies that announced large asset purchases between 1988 and 2006, the authors report finding that the investment allocation process following such asset purchases was more consistent with value creation in the case of diversified buyers with more effective governance structures, which were identified by their greater board independence, higher‐quality audit committees, and higher levels of stock ownership by institutional ownership, directors, and CEOs.     

银行理财产品收益率市场化演进机制研究——基于修正Hotelling模型的理论分析与实证检验

本文利用修正的Hotelling模型对我国银行理财产品收益率的市场化演进机制进行了理论分析,并使用2005至2019年的银行理财产品历史数据进行了实证检验,得到了一系列结论。第一,收益率落后的“输家”银行下期将以更大的相对幅度提高其收益率,呈现出“输家”追赶“赢家”的锦标赛竞争机制。第二,上述竞争机制受到“输家”银行排名、不同银行之间收益率差距和监管政策的影响。“输家”银行排名越靠后、不同银行之间的收益率差距越大,那么,下期“输家”银行提高其理财产品收益率的相对幅度就越大,不同银行之间的竞争行为就越强烈;与之相对的,监管政策越严,则不同银行之间的竞争强度越弱。本文的研究结论对进一步深入理解我国存款市场化利率的形成机制、加强对商业银行的监管和引导有一定的借鉴和启示意义。     

电离层闪烁对跟踪测量的影响分析及规避策略

针对某南方卫星测控站测控信号频繁被干扰的情况展开研究。首先介绍国内外对电离层闪烁原理及监视预警方面的研究成果,然后分析电离层闪烁的时空效应原理,通过计算对比电离层强闪烁监测预报数据和卫星测控站的实时观测数据,发现电离层闪烁与卫星测控站跟踪测量信号的幅度、相位抖动以及接收机失锁之间的相关性,最后提出相应的规避策略,期望为后续测控设备的电离层闪烁防护预警研究提供一定的借鉴和参考。