个人所得税纳税筹划的必要性与可行性

要合理避税,就必须对个人纳税进行筹划。本文对个人所得税的相关规定和个人所得税筹划现状进行研究,分析了个人所得税筹划的必要性,从最大限度给员工交纳住房公积金或社会保险费、发放通评补贴分种收入、通过集体福利分流收入、工资薪金与劳务报酬转化、单独列支项目、某些单位采用年薪制等6个方面提出了工资薪金个人所得税纳税筹划的措施;从最大限度将一些收入转化为费用列支、适时少计费用、将资本性支出转为收益性支出、采用拆借方法、采用融资租赁方式等5个方面提出了个体工商户个人所得税纳税筹划的措施。     

Heterogeneity in social values and capital accumulation in a changing world

In a society characterized by a multitude of heterogeneous agents and a large number of possibly immaterial goods, each one having distinct social and personal values, we study the impact of these relative values on intergenerational capital accumulation, as a function of economic and social parameters such as capital mobility, productivity and personal and social values discrepancies. Each agent is modelled by a one-period production function and a two-period intertemporal utility. Agents live, produce and consume over one period, but optimize over two periods, so providing a remaining stock of goods for the next generation. This creates a dynamics in capital accumulation depending on social and individual values. A threshold appears in capital stock accumulation that depends on personal and social values’ volatilities, and below which the initial stock will be depleted. Whereas volatility in social values increases the threshold, impairing capital accumulation, adverse shocks in goods’ values may reverse the dynamics of the accumulation process. Finally, capital mobility specifically favors forerunners, but capital accumulation in one or several sectors may shift social values in their direction, at the expense of other sectors.

     

Regional Heterogeneity in the Private and Social Returns to Human Capital

Abstract

It is thought that policies aimed at encouraging the accumulation of human capital in less productive regions can constitute a key factor in development. However, the effectiveness of this policy depends in large part on each region's capacity to give returns to human capital. The aim of this article is to demonstrate the existence of substantial spatial variations in private and aggregate returns to human capital, indicating that development policies based on stimulating the accumulation of education differ in effectiveness. Results for the Spanish regions suggest that regional variations in social returns are greater than those in private returns.     

On time-consistent policy rules for heterogeneous discounting programs

This article considers a new concept of social optimum for an economy populated by agents with heterogeneous discount factors. It is based upon an approach that constrains decision rules to be temporally consistent: these are stationary and unequivocally ruled by the state variable. For agents who differ only in their discount factors and have equal weights in the planner’s objective, the temporally-consistent optimal solution produces identical consumption for the agents at all time periods. In the long run, the capital stock is determined by a modified golden rule that corresponds to an average-like summation of all discount factors. The general argument is illustrated by various two-agent examples that allow for an explicit determination of the temporally consistent decision rules. Interestingly, this temporally consistent solution can be simply recovered from the characterization of a social planner’s problem with variable discounting and can also be decentralized as a competitive equilibrium through the use of various instruments.     

Social Capital,Investment and Economic Growth: Some Evidence for Spanish Provinces

Abstract

This article analyses the impact of social capital on regional economic growth in Spain during the 1985–2005 period. The literature in this context is virtually nonexistent and, in addition, whereas most studies, regardless of their context, have used survey data in order to measure social capital, we use a measure whose construction is based on similar criteria to other measures of capital stock. Compared with more standard measures of social capital and trust, our measure is available with a high level of disaggregation, and with annual frequency for a long time period. Following a panel data approach, our findings indicate that social capital has a positive impact on GDP per capita growth in the context of Spanish provinces, implying that ‘social features’ are important for explaining the differences in wealth that one might find across Spanish provinces. We also explore the transmission mechanisms from social capital to growth, finding a highly positive relation between social capital and private physical investment.     

Learning by doing,endogenous discounting and economic development

In this paper, we focus on a growth model where the discount rate is decreasing in capital accumulation and endogenous growth is made possible through learning by doing, knowledge accumulation being a by-product of gross investment. In such a model, the utility function has to be restricted to take positive values implying that the elasticity of marginal utility is lower than one. The presence of endogenous discounting generates a steady-state of stagnation which can be saddle-path stable or unstable depending on the marginal productivity of knowledge. In the case of long run growth, the fact that the elasticity of marginal utility is lower than one implies the existence of two asymptotic balanced growth paths: the one with the higher growth rate being a saddle point while the one with the lower growth rate not being a saddle point. We also study the optimal solution which is characterized by a unique balanced growth path. The policy consists as usual in subsidizing investment in order to internalize the externality.     

Strategic real options under asymmetric information

This paper studies the effect of private information on the capital allocation decisions of firms who operate under imperfect competition. I analyze two interactive firms, one with private information and the other without, who must decide when to undertake an irreversible and uncertain investment decision. Traditional non-strategic models of irreversible investment under uncertainty involve a single decision maker and result in an optimal period of delay before the investment is undertaken. In a strategic setting, firms must balance their desire to delay against competitive advantages from early investment. I find that an equilibrium may not exist within the standard continuous framework when the private information is over revenues. Moreover, when an equilibrium does exist the competitive pressures from the uninformed firm are weak. This is in contrast to existing models with asymmetric information over costs, where an equilibrium always exists and the competitive pressures remain strong (Hsu and Lambrecht, 2007). This work shows that the investment timing decision, and thus the value of the private information, is highly sensitive to the nature of incomplete information.     

Public spending and optimal taxes without commitment

We consider a representative agent, infinite-horizon economy where production requires private and public capital. The supply of public capital is financed through distortionary taxation. The optimal (second best) tax policy of a benevolent government is time inconsistent. We therefore introduce explicitly the constraint that at no point in time the revision of the original tax plan is desirable. We completely characterize the (third best) tax plan that satisfies this constraint, and estimate the difference in tax rate between the second and third best policy for a wide range of parameters. For some of these the difference between the second and third best tax rates is large, and so are the associated rates of economic growth.     

Optimal agglomerations in dynamic economics

We study rational expectations equilibrium problems and social optimum problems in infinite horizon spatial economies in the context of a Ramsey type capital accumulation problem with geographical spillovers. We identify sufficient local and global conditions for the emergence (or not) of optimal agglomeration, using techniques from monotone operator theory and spectral theory in infinite dimensional Hilbert spaces. We show that agglomerations may emerge, with any type of returns to scale (increasing or decreasing) and with the marginal productivity of private capital increasing or decreasing with respect to the spatial externality. This is a fairly general result indicating the importance of the network structure of the spatial externality relative to the properties of the aggregate production function. Our analytical methods can be used to systematically study optimal potential agglomeration and clustering in dynamic economics.     

Recent developments in French economic planning

Conclusions French planning seems to have had a very real effect on the economy in its early years. Industrialists' expectations were raised and new ideas were disseminated in a subtle way, and not merely because people believed the numerical values of published forecasts. In the early 1960s the idea of a consensus was extended beyond the need for greater private investment and the plan became the focus for a national debate on priorities. This exercise was valid and effective in a period of fast and accelerating growth but later the authorities chose instead to impose their own priorities, which included turning away from planning at the industrial level. This was partly because the underlying techniques of traditional French planning were seriously flawed in an open economy, but it probably also represented ideological preferences. However the consultative mechanisms continued to exist through the 1970s, though largely restricted to the macro-economic sphere. The 7th Plan generated a serious and powerful debate about responses to the recession but this was ignored by the authorities. Somewhat surprisingly, the reduced circumstances of planning did not affect the respect for its institutions in the eyes of other social actors: unions and business.¹⁰ In calling for a restoration of planning, the Socialists were therefore responding to a real need in a society with very limited channels for dialogue between social partners who nevertheless were forced to confront one another in the macro-economic sphere. But at the time of writing it looks as if an opportunity has been lost to carry out a detailed multi-scenario reflection on medium term economic policy.     

Optimal automobile emission control: A household utility model

Traditionally, benefit-cost studies value mortality changes using equivalent capital approaches. That is, the social benefit of decreased mortality is related to an increased income stream. A utility model which accounts for mortality changes as changes in individual or household risks is proposed, it is then employed to analyze automotive emission control. The utility model selects optimal national emission control levels for individual households by maximizing a combination of risk and consumption. The social optimum is taken as the median levels of all households. The control levels for three pollutants are more stringent than those calculated by a more typical benefit-cost method but less strict than the present statutory standards.

The data has been taken for several sources. The risk data is from an epidemiology study that associates age specific mortality rates with various factors including pollution levels. Economic benefits are derived from several estimates of the association of pollution with vegetation and material damages and soiling. Automobile control costs are from EPA and auto company estimates.     

Age-dependent investing: Optimal funding and investment strategies in defined contribution pension plans when members are rational life cycle financial planners

A defined contribution pension plan allows consumption to be redistributed from the plan member's working life to retirement in a manner that is consistent with the member's personal preferences. The plan's optimal funding and investment strategies therefore depend on the desired profile of consumption over the lifetime of the member. We investigate these strategies under the assumption that the member is a rational life cycle financial planner and has an Epstein–Zin utility function, which allows a separation between risk aversion and the elasticity of intertemporal substitution. We also take into account the member's human capital during the accumulation phase of the plan and we allow the annuitisation decision to be endogenously determined during the decumulation phase.We show that the optimal funding strategy involves a contribution rate that is not constant over the life of the plan but is age-dependent and reflects the trade-off between the desire for current versus future consumption, the desire for stable consumption over time, the member's attitude to risk, and changes in the level of human capital over the life cycle. We also show that the optimal investment strategy during the accumulation phase of the plan is ‘stochastic lifestyling’, with an initial high weight in equity-type investments and a gradual switch into bond-type investments as the retirement date approaches in a way that depends on the realised outcomes for the stochastic processes driving the state variables. The optimal investment strategy during the decumulation phase of the plan is to exchange the bonds held at retirement for life annuities and then to gradually sell the remaining equities and buy more annuities, i.e., a strategy known as ‘phased annuitisation’.     

The structure of wages during the economic transition in Romania

I use cross-sectional individual data from the 1994 Integrated Household Survey (IHS) of Romania to analyze the determinants of male and female wages in public and private enterprises. Using quantile regression I estimate the rate of return to education and experience at different quantiles of the wage distribution. Higher levels of education are significantly associated with higher wages for both males and females in public firms. In private firms, only college education is correlated with significantly higher wages. I also find that there are no significant differences in the returns to human capital at the median and at the upper and lower tail of the distribution of gender-specific wages in each sector. Differences in individual characteristics are found to explain the highest portion of the male–female wage differential in Romania in both sectors.     

The dynamic investment and exit decisions of venture capitals

This study develops a continuous time model to examine a complete two-stage decision process for venture capitals (VCs), including investment in the private market at Stage 1 and exit through IPO in the public market at Stage 2. Optimal timings, investment terms, and exit decisions are investigated using the real options game theory under two cases: the same required returns in the public and private markets and a higher required return in the private market than in the public market. Our results indicate that the same required returns in the public and private markets generate an optimal investment decision at Stage 1 without relation to the exit decision in Stage 2. However, when the required return in the private market is higher than that in the public market, the exit decision will influence the investment decision. The size of the initial capital, ownership structure, growth rate and risk of industry, required returns in public and private capital markets, extent of lock-up period price pressure, and transaction costs of financing are important factors influencing the equilibrium results.     

Education,lifetime labor supply,and longevity improvements

This paper presents an analysis of the differential role of mortality for the optimal schooling and retirement age when the accumulation of human capital follows the so-called “Ben–Porath mechanism”. We set up a life-cycle model of consumption and labor supply at the extensive margin that allows for endogenous human capital formation. This paper makes two important contributions. First, we provide the conditions under which a decrease in mortality leads to a longer education period and an earlier retirement age. Second, those conditions are decomposed into a Ben–Porath mechanism and a lifetime-human wealth effect vs. the years-to-consume effect. Finally, using US and Swedish data for cohorts born between 1890 and 2000, we show that our model can match the empirical evidence.     

Social and cultural capital in project marketing service firms: Danish architectural firms on the German market

This article analyses the marketing activities of three Danish architectural firms in Germany during the 1990s from a perspective that is new to project marketing, in that the Bourdivan concepts of social and cultural capital are applied to the offerings and activities of firms. In architecture, cultural capital accumulation entails such things as building visible buildings, winning design competitions, or obtaining important tenders, whereas social capital is accumulated through the recognition by other construction industry actors that one is a member of their circles. The cases presented provide support for our claim that the accumulation of social and cultural capital is crucial to acquiring architectural projects, while also indicating that cultural and social capital are internationally transferable to a limited extent only. This in turn suggests that national construction industries are best viewed as distinct project marketing milieus.     

民营企业社会资本增加的关键阻碍因素及其对策思考——以企业文化建设的视角

社会资本在企业文化建设中具有重要作用。然而,民营企业灵活多变的随意性特征导致规范性不足。血缘、地缘观念导致组织内信任的缺失,家长制领导方式不能形成有效的社会资本网络。"差序格局"形成的意识成为阻碍民营企业领导人社会资本存量增加的主要因素。认真审视传统文化的影响,不断增加企业社会资本是现代民营企业发展的需要。     

An integrative analysis of external debt,capital accumulation and production in Latin America,Asia-Pacific and Sub-Saharan Africa

This paper estimates the nexus of inter-relationships between public and private external debts accumulation, capital accumulation and production with panel data for the period 1970–1988 from highly indebted developing countries clustered into three distinct regions: Latin-America, Asia-Pacific and Sub-Saharan Africa. The simultaneous equations' estimation results indicate that the full effects of the public and private external debts on GNP are small and of an opposite sign, whereas an increase in the GNP level raises substantially the public and private external debts. These findings support Bulow-Rogoff's (1990) proposition that the external debts of developing countries are not a primary cause of economic slowdown.     

Voting over selfishly optimal nonlinear income tax schedules with a minimum-utility constraint

Pairwise majority voting over alternative nonlinear income tax schedules is considered when there is a continuum of individuals who differ in their labor productivities, which is private information, but share the same quasilinear-in-consumption preferences for labor and consumption. Voting is restricted to those schedules that are selfishly optimal for some individual. The analysis extends that of Brett and Weymark (2016) by adding a minimum-utility constraint to their incentive-compatibility and government budget constraints. It also extends the analysis of Röell (2012) and Bohn and Stuart (2013) by providing a complete characterization of the selfishly optimal tax schedules. It is shown that individuals have single-peaked preferences over the set of selfishly optimal tax schedules, and so the schedule proposed by the median skill type is a Condorcet winner.     

民营医院预算管理的现状及思考

医院预算管理是医院先进管理的核心,有利于资源的优化配置。目前,大多民营医院中存在观念淡薄,编制方法落后等问题。民营医院已经成为我国医疗队伍中的重要组成部分,如欲做大做强,就应加强计划目标管理,优化支出结构,提高医院资金的使用效果,提升医院管理水平作为预算管理目标。只有实行全面科学的预算管理,民营医院才能健康有序的发展。