地方政府政绩诉求、政府控制与国有企业税负

以我国2004—2012年A股非金融类地方国有上市公司为研究样本,在区分了省级政府与市级政府控制的基础上,实证检验了各级地方政府不同的政绩诉求对国有企业控制程度是否存在差异及该控制程度对国有企业税负的影响。研究发现：地方政府的政绩诉求（包括财政盈余、相对经济增长率、失业率等）显著影响地方政府对国有企业的控制程度,且省级政府更注重相对经济增长率及失业率,市级政府更关注财政盈余水平;三个政绩诉求中相对经济增长率对政府控制的影响最为显著;地方政府对国有企业的控制程度与企业税负显著正相关;与省级政府相比,市级政府控制的国有企业税负更重。这表明,增加地方国有企业税负是市级地方政府实现其政绩诉求的重要途径。     

政府干预、行业特征与并购价值创造——来自国有上市公司的经验证据

立足于2006年中央国资委首次明确国有资本将实施行业战略控制的现实背景,实证考察了政府干预、行业特征与国企并购价值创造的关系。研究结果表明,就盈利企业而言,地方政府干预对并购价值创造形成掏空之手;就亏损企业而言,地方政府干预对并购价值创造的影响不显著;与处于战略行业的国有企业相比较,非战略行业的国企并购价值创造较大,而在战略行业中,处于绝对控制的战略行业的国有企业并购价值创造更大;实施并购的地方国企的行业特征会对政府干预与并购价值创造的相关关系产生调节效应。     

Local Democracy Ltd

Abstract

A number of European countries have witnessed a proliferation of local government enterprises in recent years. Norwegian local councillors are seemingly particularly exposed to this ‘enterprise fever’. Our article explores local governments' approaches to the political control of such companies. We observe a reluctance to intervene directly in the affairs of an enterprise, but there is a last-resort preparedness to take more resolute action. Lastly, in contrast to what the prototypical agency model postulates, we find that those who attach strong aspirations of increased capacity to the establishment of companies appear to lack trust in the same companies' performance capability.     

On the optimal design of disaster insurance in a federation

Recent experience with disasters and terrorist attacks in the US indicates that state and local governments rely on the federal sector for support after disasters occur. But these same governments invest in infrastructure designed to reduce vulnerability to natural and man-made hazards. We show that when the federal government is committed to full insurance against disasters, regions will have incentives to under-invest in ex-ante protective measures. We derive the structure of the optimal second-best insurance system when regional governments choose investment levels non-cooperatively and the central government cannot verify regional investment choices. For low probability disasters this will result in lower ex-post intergovernmental transfers (and hence less ex-post redistribution) and greater ex-ante investment. However, the second-best transfer scheme suffers from a time-inconsistency problem. Ex-post, the central government will be driven towards full insurance rather than the second-best grants, which results in a type of soft budget constraint problem. Sub-national governments will anticipate this and reduce their investment in protective infrastructure even further. The result is that the central government may be better off suffering the underinvestment that results with first-best transfers because investment is even lower under second-best transfers when the central government is unable to commit.     

产权性质、货币薪资公平与企业绩效 ——基于2010—2014年A股上市公司的经验数据

根据计薪原理将货币薪资公平分为企业货币薪资公平、高管货币薪资公平和员工货币薪资公平三类,基于2010—2014年我国A股上市公司的经验数据,对我国企业的产权性质、货币薪资公平与企业绩效三者之间的关系进行实证研究,结果表明：企业货币薪资公平和普通员工货币薪资公平均对企业绩效有着显著影响。在不同产权性质下,企业货币薪资公平、高管货币薪资公平、普通员工货币薪资公平对企业绩效的影响不一样。地方政府控制和非政府控制的企业的货币薪资公平对企业绩效有着显著影响,中央政府控制的企业的高管货币薪资公平对企业绩效有着显著影响,且无论是中央政府、地方政府还是非政府控制的企业,普通员工货币薪资公平对企业绩效都有着显著影响。     

地方政府执行房地产调控政策分析

近年来,我国政府针对房价过高问题,陆续出台了一系列调控政策,但是执行效果并不理想。从地方政府行为动机角度出发,运用博弈分析方法,认为调控政策的有效执行受到外部损失、房地产行业税收贡献率、相应调控政策执行成本及对房地产开发商超额利润的惩戒力度等四个因素制约。中央政府对地方政府的政绩考核应以经济为主要指标,以房价调控绩效为辅助指标,调动地方政府执行政策积极性。只有这样,才能从根本上解决房地产调控政策制定与执行不统一的问题,达到对房地产市场有效调控的目标。     

Government debt and fiscal execution efficiency

Governments have used deficit policies in recent years, yet many still face fiscal debt problems. Thus, this research uses Range Directional Measure Dynamic Directional Distance Function model with negative data to explore the financial efficiency of local governments in Taiwan from 2011 to 2018. This article has three major contributions: (1) The research uses RDM Dynamic DDF model with negative data to solve the problem of negative values on input and output data and uses dynamic models to make up for the deficiencies of past research. (2) Due to the differences in regions, local governments have different fiscal budgets. Therefore, this article uses the Wilcoxon Test to explore the efficiency differences of local governments in different regions. (3) This article analyzes the impact of central subsidies and government deficits (debts) of local governments on fiscal efficiency, and discusses the efficiency of government fiscal execution. The results are as follows. (1) Seven counties and cities with the best efficiency, and seven local governments with poor efficiency. (2) The fiscal performances of outlying islands and eastern local governments are better than those of western local governments. (3) Kaohsiung City has the highest accumulated debt and Tainan City exhibits poor financial performance.     

REGIONAL DISTRIBUTION OF DEVELOPMENT GRANTS IN INDONESIA'S WATER SUPPLY SECTOR

Over successive five-year development plans, Indonesia has channeled large sums of foreign loans and domestic funds into water supply projects with the aim of providing clean water for a majority of households. Most projects have been planned and financed through the central government's public works ministry, though a growing share of rural water projects are being funded through earmarked grants provided to local governments. This paper examines how these central government transfers, in the aggregate, have responded to various indicators of expenditure needs. Overall, past allocations have matched existing demand and supply levels closely–funding has generally favored provinces with large populations, large numbers of water enterprises, extensive distribution networks in place, and high production capacity. They have not, however, worked in favor of either equalization or economic productivity objectives, as reflected by per capita income or GRDP growth rates. This analysis suggests that equity would be promoted either by including income-related factors in future block grant allocation formulas or by shifting funding emphasis in the water supply sector from grants-in-kind controlled by the central government to sectoral grants controlled mainly at the local level. Such policy reforms would also further promote the nation's professed goal of decentralizing infrastructure development.     

论地方政府行为效用导致的区域产业政策趋同

在区域经济的发展过程中,地方政府之间日益激烈的竞争必然会造成区域之间的产业政策趋同。这对于区域经济的协调发展和长远发展极为不利。应当通过提高中央政府的宏观调控水平,强化地方政府的责、权、利边界,引导地方政府在区域产业政策中体现差异性。     

错位金改

金钱永不眠,温州成为金融改革试验区,各路资本伺机而动。不过经过"百日维新",不同利益主体之间依然像耦合欠佳的螺丝,磨擦不断,时常有错位之感。在一向崇尚"自下而上"的温州,本次"自上而下"的变茧能否打通实业与金融间的屏障     

The Revenue Adequacy of Site Value Taxation in a Ricardian System of Economic Growth

A bstract . The federal administration has sought to reduce the growth of federal expenditures by shifting some government costs to state and local governments. An increased expenditure burden for the latter governments would require increased tax rates for existing types of taxes that have adverse impacts on economic incentives. Land taxes are considered as a source of revenue because of their efficiency aspects. Unfortunately this idea is all too often dismissed because of alleged revenue inadequacy. Thus an analysis is called for of the revenue adequacy of site value taxation in a Ricardian model of economic growth. The model allows analysis of revenue adequacy over time in an economic growth context that is suited for the long range tax-expenditure planning horizon with which local governments are faced. When revenue needs are primarily dependent upon the population size, and the fisc is initially operating at a deficit, for a land tax to permit attainment of balance, per capita rents must be increasing over time. Also when the economy's public service demand is primarily dependent upon income, deficits will not occur if rental share exceeds the share of income devoted to public output. Not all income goes to fiscal output, so rent eventually exceeds expenditures.     

最终控制人与多元化价值效果——基于上市公司平衡面板数据的检验

众多研究表明,多元化对企业价值有显著影响,但是多元化究竟是增加了企业的价值还是减少了企业的价值则没有一致的结论。本文通过对2001至2004年我国上市公司的平衡面板数据进行分析后发现,多元化显著增加了上市公司的企业价值。无论是中央控股的国有上市公司还是地方控股的国有上市公司,均存在溢价现象,中央控股公司的多元化溢价的程度,显著大于地方控股公司的多元化溢价程度。而民营控股公司的多元化行为对企业价值没有显著影响。     

The effect of ownership on sustainable development and environmental policy in urban waste management: An explicatory empirical analysis of Italian municipal corporations

This paper investigates the effect of ownership on sustainable development and environmental policy in Italian municipally owned corporations (MOCs) dealing with urban waste management, trying to understand if multiple ownership can generate better performance compared to single ownership and if the presence of private partners could be crucial in this. The research question is answered by analyzing 41 MOCs of the largest Italian cities operating in urban waste management. In this specific sector, public administrations have tried to improve their offer in terms of sustainable development, environmental policy, and efficiency. The paper covers the Italian case study, where urban waste production per capita is higher than the European average figure. The waste cycle management service is operated in Italy at local level through totally publicly owned companies (monoadministration or multiadministration), mixed (public–private) companies, or via a full externalization achieved by means of public tenders. Through a multinomial ordered probit panel, we show that MOCs with multiple owners perform better than those having a single owner and perform much better with the presence of a private partner, confirming those academic findings according to which collaborative arrangements can increase efficiency, do better than public sector bureaucracy, and lower the costs of service provision. The results of this paper can be used by academics, practitioners, and policy makers alike. To the best of our knowledge, this is the only study that applies this perspective to the analysis of the current international waste management scenario with relation to MOCs having multiple ownerships.     

PRINCIPLES AND THEORIES OF LOCAL GOVERNMENT

The role of local government is viewed in the context of the overall role of government per se. A particular advantage of local government lies in its ability to arrange for the provision of local public goods in line with local tastes and preferences. A number of arguments suggest that local governments should be assigned adequate powers of local taxation to finance their expenditure responsibilities rather than having to rely on central government grant.     

Proposition 4, Tax Reduction Mirage: An Exploratory Note on Its Potential Spending and Tax Impacts

Abstract . What would the true government expenditure and tax-burden impacts of California's Proposition 4 likely be if it (or its equivalent) were enacted in all states? What happened to actual state plus local government expenditures per capita over the period FY 1970 - FY 1976 is examined. Next, we examine what would have happened to such expenditures (per capita) if Proposition 4 had been in effect over the same period. Comparing the results reveals that Proposition 4 would have exercised no significant impact over per capita state plus local spending levels. This implies that such legislation would not have resulted in significant tax reductions.     

Do political parties matter for local land use policies?

Despite interest in the impact of land use regulations on housing construction and housing prices, little is known about the drivers of these policies. Conventional wisdom holds that homeowners have an influence on restrictive local zoning. In this paper, we contend that the party controlling local government might make a major difference. We draw on data from a large sample of Spanish cities for the 2003–2007 political term and employ a regression discontinuity design to document that cities controlled by left-wing parties convert much less land from rural to urban uses than is the case in similar cities controlled by the right. The differences between governments on the two sides of the political spectrum are more pronounced in places with greater population heterogeneity and in those facing higher housing demand. We also present evidence suggesting that these partisan differences might ultimately impact on housing construction and housing price growth.     

高管持股、会计稳健性与并购绩效——来自沪深A股上市公司的经验证据

选取2007—2010年发生并购交易事件的上市公司为样本,检验了并购方高管持股与并购绩效之间的关系,发现高管持股与短期并购绩效之间没有显著关系,而与长期并购绩效之间呈非线性关系。进一步验证会计稳健性确实能够缓解高管与股东之间的代理冲突。与会计稳健性程度高的并购方相比,会计稳健性程度低的并购方高管持股对并购绩效的影响更大。这些发现意味着,高管持股不会在并购后短期内对绩效有显著影响,而是需要一段时间之后才能得以显现,且其影响程度因公司间会计稳健性不同而存有一定的差异。     

Development Banking Approach to the Development of Regions and Cities*

The selection of cities and regions for priority development should not be determined by technocrats in the central government as has been widely practised in the past, but instead, should be made on the basis of the wishes of the local units. A national system which encourages responsible local governments to undertake development projects without ordinary budget constraints but with responsibility should be developed to achieve this objective. The establishment of a local development bank meets this need. It will help local governments to become motivated in development efforts, to develop planning, implementation and management capabilities, and to learn the importance of cost recovery.     

我国地方政府绩效管理的行政生态学分析

我国地方政府开展的政府绩效管理实践存在着理论范式的形式完美主义、评估体系的"官本主义"、实践过程的简单主义的问题。运用行政生态学理论来分析,可以发现我国政府绩效管理处于独特的内外生态系统中,只有深入认识和揭示内外生态系统内涵及其关系,才能有效推动地方政府绩效管理改革。     

Operational performance of U.S. public rail transit and implications for public policy

In today's tough economic environment, governments at all levels face significant budget shortfalls and public rail transit systems must compete with other public services for government subsidies. It is critical that public rail transit systems be concerned with their operational performance and efficient use of resources. In this paper, we develop a methodology that measures a rail transit system's performance relative to that of other rail transit systems, compares its performance to an appropriate efficient benchmark system, and identifies the sources of its inefficiency. We analyze the relationship between public subsidies and operational performance of public rail systems and show an inverse relationship between subsidization and efficiency.