深化中信综合金融业务改革发展

<正>党的十九届五中全会审议通过的《中共中央关于制定国民经济和社会发展第十四个五年规划和二〇三五年远景目标的建议》,明确了"十四五"时期我国经济社会发展的指导方针、目标任务、战略举措和2035年远景目标。中信集团认真学习贯彻全会精神,完善"十四五"发展规划,按照全会提出的金融改革要求,制定了深化中信综合金融业务改革发展的战略和举措,将着力把握机遇、深化改革,提高服务实体经济的能力和水平,努力为实现党的十九届五中全会确定的奋斗目标贡献力量。     

回顾“十三五” 展望“十四五” 推动四川税收工作高质量发展

党的十九届五中全会为推动税收事业高质量发展提供了科学指南和基本遵循。按照国家税务总局部署,四川省税务系统将学习贯彻全会精神作为当前和今后一个时期的重大政治任务,坚持领导带头学、全面系统学、联系实际学,在学思践悟中系统盘点"十三五"、科学谋划"十四五"时期四川税收工作,切实把学习成果转化为谋划新发展阶段的正确思路、贯彻新发展理念的措施办法、融入新发展格局的实际能力,推动"十四五"时期四川税收工作高质量发展。     

《福建金融》组稿课题提示

正2014年是全面贯彻落实党的十八届三中全会精神的开局之年。也是完成"十二五"规划目标任务的关键一年。《福建金融》将按照党的十八大和十八届三中全会精神。根据中央经济工作会议、人民银行工作会议以及金融监管部门工作会议的有关精神,结合"三规划两方案"的深入实施,加大对全面深化金融改革、金融支持福建科学发展跨越发展研究的组稿力度,主要围绕以下课题组织稿件:一、深入解读党的十八届三中全会和中共福建省委九届十次全会精神,加强舆论引导和理论引导。以践行科学发展观和加快转     

奋力开创金融工作新局面

党的十九届五中全会通过的《中共中央关于制定国民经济和社会发展第十四个五年规划和二〇三五年远景目标的建议》(以下简称《建议》),集中全党智慧、汇聚社会共识,把短期、中期、长期发展目标协调统一起来,是指导今后一个时期国民经济和社会发展的纲领性文件.党中央对经济形势的判断和整体布局,为金融业"十四五"时期的经营发展指明了前进...     

奋进“十四五” 逐梦新征程 在全面建设社会主义现代化国家中展现税务新作为

党的十九届五中全会站在"两个一百年"奋斗目标的历史交汇点上,审议通过《中共中央关于制定国民经济和社会发展第十四个五年规划和二〇三五年远景目标的建议》(以下简称《建议》),对"十四五"时期和2035年我国经济社会发展作出系统谋划和战略部署。实现"十四五"规划和2035年远景目标,意义重大、任务艰巨、前景光明,方方面面都对发挥税收职能作用提出了新的更高要求。税务部门要充分认识《建议》的深远影响,立足新发展阶段,贯彻新发展理念,积极服务构建新发展格局、推动高质量发展,在全面建设社会主义现代化国家新征程中贡献更多力量、展现更大作为。     

聚焦全会学习 把脉转型发展——财政监督部门学习贯彻《决定》部署

正今年是全面深化改革的起步之年,也是财政监督工作转型的关键之年,如何贯彻落实《中共中央关于全面深化改革若干重大问题的决定》(下称《决定》),为改革开好局、为转型铺好路是当前各财政监督部门面临的重要命题。为全面准确把握全会精神实质,落实好全会决策部署,财政部部长楼继伟指出"各级财政部门要把学习贯彻全会精神作为当前和今后一段时期的重大政治任务抓紧抓实抓好",财政部副部长刘昆提出"要把全会明确的改革意识、改革思路、     

把握“三新”要义提高五大能力

<正>党的十九届五中全会通过的《中共中央关于制定国民经济和社会发展第十四个五年规划和二〇三五年远景目标的建议》(以下简称《建议》),明确提出了"十四五"时期经济社会发展的指导方针,为未来五年经济社会发展工作指明了方向、提供了遵循。"政治路线确定之后,干部就是决定的因素"。要实现党的十九届五中全会确定的宏伟蓝图,确保党中央各项决策部署有效落实,干部特别是领导干部是决定性因素,加强领导干部能力建设也就显得尤为重要和迫切。     

胸怀“两个大局”贡献中行力量

习近平总书记指出:"用五年规划引领经济社会发展,是我们党治国理政的一个重要方式。"党的十九届五中全会审议通过《中共中央关于制定国民经济和社会发展第十四个五年规划和二〇三五年远景目标的建议》,对做好"十四五"期间和更长时期工作进行了全面战略部署。中国银行第一时间学习贯彻落实党的十九届五中全会精神,增强"四个意识",坚定"四个自信",做到"两个维护",自觉把思想和行动统一到党中央决策部署上来,不断深化对"五个根本"规律性认识的理解,立足新发展阶段,贯彻新发展理念,构建新发展格局,积极谋划自身"十四五"发展规划,深入推动全行实现高质量发展,在攻坚克难、化危为机中奋力开创发展新局面。     

碳减排支持工具落地对商业银行的影响

<正>碳达峰、碳中和是我国高质量发展的内在要求。自"双碳"战略提出以来,党的十九届五中全会、全国两会、中央经济工作会议等重磅会议作出了一系列重要部署,推动"双碳"战略落地实施。2021年10月,中共中央、国务院印发《关于完整准确全面贯彻新发展理念做好碳达峰碳中和工作的意见》,碳达峰、碳中和"1+N"政策体系中的"1"已落地,整体勾勒出"3060"目标的宏伟蓝图和行动方略,全国碳排放权交易市场上线,     

以深化改革推动银行业转型发展——五大商业银行认真学习贯彻党的十八届三中全会精神

党的十八届三中全会闭幕后,中国银行、中国农业银行、中国工商银行、中国建设银行和交通银行等各大金融机构迅速召开党委会议和系统党员干部大会,认真学习贯彻习近平总书记重要讲话和《中共中央关于全面深化改革若干重大问题的决定》（以下简称《决定》）精神,并结合各自工作实际,对贯彻落实全会精神作出部署。金融界掀起了学习贯彻十八届三中会议精神的热潮。工行：     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.