Bankruptcy laws and debt renegotiation

This paper analyzes the effect of the toughness of bankruptcy law on the number of liquidations in a simple model of borrowing and lending with asymmetric information, where the creditor cannot credibly commit to liquidate the firm if the default occurs. In our setting we consider a bankruptcy law to be a one-dimensional variable that influences creditor's expectation value of collateral. We find that there is an interval of the bankruptcy law, where the number of liquidations decreases in the toughness of the bankruptcy law. We also find that if the liquidation costs are high, softer bankruptcy law is preferred.     

基于时空路径的城市绿地享用公平性 研究——以成都市新、旧城区为例

从时空间行为视角切入，采用居民活动日志搜集成都市新、旧城区的绿地使用者时空路径数据集，辨识不同时间预算人群的潜在可用绿地分布及人群特征，并通过构建绿地时空享用量模型，从时空制约角度对成都市新、旧城区的绿地享用公平性展开分析。研究结果显示：1)成都市新、旧城区的绿地享用格局在辐射范围、享用强度和人群绿地享用时间预算方面具有时空间分异特征；2)日常出行链中固定性活动占比会对人群绿地享用时间预算产生影响；3)随个体时间预算不断被固定性活动所挤占，长距离通勤加班族、担负接送小孩上学的上班族等时间短缺型群体的绿地享用机会被深度制约，日益成为潜在的绿地享用弱势群体，在时间短缺型群体的潜在活动路径范围内增加绿地供给，有利于提高此类人群享用绿地的机会，从而提高片区的整体绿地享用公平性。     

制约我国中小企业自主创新的法律因素及立法建议

改革开放以来，我国中小企业数量激增，涉及行业不断扩大，同时现行法律法规中对中小企业自主创新的诸多制约因素也日益凸现。剔除这些制约因素，构建一个和谐的法律支撑体系，是我国中小企业可持续、健康快速发展的保证。     

The impact of credit constraints on the performance of Chinese agricultural wholesalers

This article evaluates the impact of credit constraints on the performance of Chinese agricultural wholesalers. We estimate a stochastic frontier function using transaction and credit data of agricultural wholesalers from across China to estimate the efficiency and productivity impacts of credit constraints on sales of affected agricultural wholesalers. Empirical results show that micro- and smaller wholesalers are disproportionally impacted by credit constraints and that eliminating these constraints would increase the sales of affected agricultural wholesalers by approximately 15%. Thus, policies aimed at providing credit access for these wholesalers would significantly boost the performance of smaller agricultural wholesalers while improving the overall performance of the Chinese food supply chain without requiring additional non-credit inputs.     

我国软预算约束的治理:理论与政策

软预算约束对我国经济的危害甚大,探讨我国预算软约束的治理意义重大.本文认为,应当从下述四个方面来治理我国经济中普遍存在的软预算约束问题:(1)推进国有银企的市场化改革,消除政府干预;(2)建立分散化的银行体系,加强对银行体系的有效监控;(3)实行财政分权,加强地区经济之间的竞争;(4)规范政府经济行为,严格财政金融纪律.     

Flypaper Effect and Sluggishness: Evidence from Regional Health Expenditure in Italy

In Italy, public expenditure reduction is achieved through a revision of social security and health care programs. In particular, public health expenditure control has been implemented through a reform that imposes more stringent budget rules to local governments and a considerable reduction in grants-in-aid from the central government. This paper investigates empirically whether the response to this decrease in categorical lump-sum grants from the central to local governments results in an asymmetric response to intergovernmental grants. Hard budget and soft budget constraint hypotheses are estimated by using a sample of cross-sectional and time observations covering the 20 Italian regions over the period 1989–1993. The main finding is the existence of a standard and a super flypaper effect in both models. The introduction of the soft-budget constraint hypothesis results in a stronger effect of grants and a lower response of own resources which shows that local governments prefer to incur some deficit instead of reducing health care expenditure.     

资本充足率监管与商业银行经营目标的路径选择

满足资本充足率监管要求和实现盈利是商业银行需要完成的两个基本经营目标。本文建立了单期模型,从理论角度分析了商业银行是如何通过调整资本金水平、存贷款总量以及风险偏好等不同的路径选择来实现上述双重经营目标。文章对我国商业银行近年来的经营行为进行实证分析表明,依靠股东注资、上市融资和发行次级债的方式已成为有效补充商业银行资本金以达到资本充足率监管要求的中长期主要路径,而调整存贷款总量和贷款组合的风险偏好是调节商业银行资本充足率水平的短期工具。在此基础上,指出国有商业银行完成上述双重基本指标是一项涉及政府、监管机构和商业银行三位一体的系统工程。     

资本约束、风险管理与商业银行成长

基于资本必须覆盖风险命题的要求,银行的风险管理能力决定了银行的资本规模和资本的配置,银行资本管理实质上等价于风险管理,资本约束实质上就是风险约束。资本软约束是制约中国商业银行成长的主要障碍之一,但仅仅致力于资本充足率问题的解决并不能保证我国商业银行的可持续成长,风险约束是制约我国商业银行成长的瓶颈。只有从制度、技术和经营战略等方面入手,不断提高风险管理能力,建立以资本约束为核心的业务增长模式和资源配置方式,尽快实现成长模式由资金约束到资本约束的转变,中国商业银行才能在效益、质量和规模协调发展的基础上实现持续成长。     

基于双重约束的区域耕地整理适宜性评价研究

[目的]科学合理的适宜性评价是确保耕地整理能够有效开展的前提条件,同时对于我国的耕地保护与粮食安全保障也具有极为重要的意义。[方法]该研究首先选取可以反映区域耕地整理适宜性的指标因子,然后参考胡学东提出的约束条件评价模型,引入区域生态安全和社会经济双重约束,对研究区域在双重约束下的耕地整理适宜性进行评价,并通过K-Means聚类法将研究区域的耕地整理适宜性分区进行合理划分。[结果]生态安全约束和社会经济约束对区域耕地整理适宜性水平具有重大影响,高生态安全约束与高社会经济约束会降低耕地整理的适宜性,低生态安全约束与低社会经济约束会提高耕地整理的适宜性。[结论]引入生态安全约束和社会经济约束后,可以在一定程度上反映山地区域在社会经济与生态安全双重约束状态下的耕地整理适宜性情况,耕地整理适宜性评价结果更加符合当地实际情况,约束条件评价模型可以更加合理准确地对处于约束条件下的耕地整理适宜性进行评价,是对耕地整理适宜性评价方法的丰富与完善。     

企业核心竞争力提升的模型选择研究

价值链理论提出,系统是由一系列创造价值的环构成,约束理论帮助选择了价值提升的关键环节,价值工程理论从功能与成本的关系进行了投入产出比的分析。三种理论的结合为企业合理选择,提升其核心竞争力提供了理论依据。