The welfare loss of negative value-added

This brief paper applies the ‘triangles’ method of measurement of the cost of protection to an industry with negative value-added in international prices. The production loss cannot be estimated in this case by the normal procedure, which utilizes the effective protective rate: the latter is negative, when defined in the conventional way, and is thus useless for the purpose on hand.The production loss is separated into two components: the negative value-added itself — the foreign-exchange loss; and payments to domestic productive factors — the domestic resource loss. Despite the fact that the effective protective rate as such does not appear in the formula for the estimation of the production loss, this loss is presented as, among other things, a rising function of the output duties and of input coefficients and as a declining function of input duties — all the ingredients which make the effective rate of protection.     

PHARMA公司的增值税筹划

本文以本人工作过的单位PHARMA公司为例,讲述增值税筹划的具体应用.指出PHAAKMA公司现状的合理和不足之处,并推广到适用一般的存在征退税率差的出口企业增值税筹划的结论,以及为了减少增值税负内部转移价格的定价原则.     

The future of value-added taxation in the European Community

The completion of the Single Market by 1993, with the removal of internal borders which this involves, means that the European Community's present VAT system has to be reformed. Although the basic choice as to the future VAT system has been made recently, the long-term destiny of VAT is still open. Professor Spahn examines the various alternatives.     

浅谈政府投资项目的投资控制

针对政府投资项目在投资控制方面存在的一些问题,站在项目工程管理专业的角度,从政府投资项目决策、可行性研究、项目初步设计、投资概算、招投标和施工阶段及监管、审计等方面,论述了政府投资项目投资控制的必要性,提出了投资控制的要点和控制方法,并向投资项目的决策层和承建者提出了一些建设性意见.     

浅谈政府投资项目的投资控制

针对政府投资项目在投资控制方面存在的一些问题,站在项目工程管理专业的角度,从政府投资项目决策、可行性研究、项目初步设计、投资概算、招投标和施工阶段及监管、审计等方面,论述了政府投资项目投资控制的必要性,提出了投资控制的要点和控制方法,并向投资项目的决策层和承建者提出了一些建设性意见.     

浅析增值税税收流失危害与治理措施

增值税(value added tax)是以货物生产流通的各个环节或提供劳务的增值额为计税依据而征收的一种税.增值税具有普遍征收、道道征税、税率单一等特点,尤其是普遍采用税款抵扣,彻底排除了流转税重复课税的弊端,具有调节中性、税负公平、收入有效、征管严密等优点,这些都是其他流转税无可比拟的.     

论开滦集团的投资管理

开滦集团投资管理的五条战略举措.     

投资开放式基金的小诀窍

1867年,英国建立了世界上最早的投资基金,取名为”投资托拉斯”．又称单位型投资信托基金。投资基金虽然起源于英国．但在美国得到迅速发展。1924年．美国历史上第一个具有现代意义的共同投资基金一一马萨诸塞投资信托基金成立。美国初期的共同投资基金主要以资本保值增值为主要目标,投资方式类似定期大额储蓄。也进行保底分红。     

投资沃土——有机农业

中国有机农业产业发展联盟主席杜相革教授明确地指出：我国有机农产品的品种基本齐全,有机农业要想发展．必须跳出原来的圈子,要跟食品加工企业联合,增加产品的附加值。     

The pecking order of cross-border investment

Is there a pecking order of cross-border investment in that countries become financially integrated through some types of investment rather than others? Using a novel database of bilateral capital stocks for all types of investment - FDI, portfolio equity securities, debt securities as well as loans - for a broad set of 77 countries, we show that such a pecking order indeed exists. The paper focuses on two key determinants of this pecking order: information frictions and the quality of host country institutions. Overall, we find that in particular FDI, and to some extent also loans, are substantially more sensitive to information frictions than investment in portfolio equity and debt securities. We also show that the share as well as the size of FDI that a country receive are largely insensitive to institutional factors in host countries, while portfolio investment is by far the most sensitive to the quality of institutions. This provides new evidence in favor of some hypotheses but contradicts others put forward in the literature on trade in financial assets.     

外资对我国银行的产权渗透分析

文章分析了为确保引入外资参股能达到双赢的目标,国有商业银行在开展入股各项工作的同时,应遵循的基本原则.     

The performance of lodging properties in an investment portfolio

Hotel-property investments have some surprising characteristics-notably, their divergence from the performance of other commercial real estate.     

The risks and rewards of design investment

Cutbacks in design investment are often made in a time of recession because managers, when faced with competing demands, are unaware of the commercial value of such investment The research reported in this paper investigated the risks and rewards of investing in professional design expertise at a project or product level and found that such investment involves relatively low risks and can yield substantial rewards by opening up new markets and enhancing profitability However, management skills are needed to fully exploit design expertise Proper briefing of designers, regular communication between marketing, design and production, and effective project management can make the difference between success and failure     

风险投资赢利之道

关于风险投资,人们津津乐道的是它的高收益,使人"一夜暴富"的神话,如微软公司、雅虎公司等等。的确与其他投资相比,风险投资整体的获利水平,长时间内都保持在高于社会平均资本回报率的水平上。90年代以来风险投资的年平均收益率接近33%,其中1991年开始的摩根斯坦利二期风险投资基金年平均收益率高达66%。但是根据经济学理论,在资本自由流动的情况下,在全社会范围内会形成利润平均化的趋势,投资活动遵循"等量资本获得等量利润"的原则,超额利润只是一种暂时现象,那么风险投资是如何长期取得高收益的呢?