税务风险、税收规避与企业资本结构调整

基于上市公司数据构建双重差分策略,研究税务风险对企业资本结构调整的影响.结果显示:企业税务风险的下降会减缓企业资本结构调整,平均而言,处理组企业的资本结构降低了约2％,且这一关系在动态条件下依然存在;在规模较小、市场化程度较高的企业,这种抑制效应越明显;税务风险的降低会影响企业避税,进而减缓资本结构的调整速度.因此,完善企业税务风险管理,有助于\"稳杠杆\"战略的顺利实施.     

To Be or Not Be …'Too Late': The Case of the Belgian Semi-annual Earnings Announcements

In this study, we demonstrate that the average reporting lag of Belgian interim reports is large but has decreased slightly over the years 1991–1998. Contrary to US findings, we show that the disclosure of interim reports containing bad (good) news is not systematically delayed (speeded up). Interim reports are value relevant since good (bad) news, according to a naïve earnings expectations model, induces positive (negative) abnormal returns. The 'short term' timeliness of the information disclosure, however, seems not to matter at all.     

新时代全面建成小康社会的辉煌成就及新征程展望——基于“中国平衡发展指数”的综合分析

建党100周年之际,全面建成惠及十几亿人口的更高水平的小康社会,是我们党向人民、向历史作出的庄严承诺,也是实现中华民族伟大复兴中国梦的关键一步。本文紧扣新时代我国社会主要矛盾和全面建成小康社会的时代内涵,深入学习理解“十三五”和“十四五”规划纲要,结合发展不平衡不充分问题的一些新情况新变化,基于清华大学中国平衡发展指数,重点对党的十八大以来我国全面建成小康社会期间经济发展、社会治理、文化建设、脱贫攻坚、人民生活和生态环境等核心内容进行统计监测与分析。结果表明:党的十八大确立了“全面建成小康社会决定性阶段”以后,以习近平同志为核心的党中央带领全国各族人民接续奋斗、攻坚克难,2020年我国实现脱贫攻坚战的全面胜利,经济实力、科技实力、综合国力跃上新的大台阶,决胜全面建成小康社会取得历史性成就。在全面建成小康社会的基础上,乘势而上开启全面建设社会主义现代化国家新征程,需要牢牢聚焦解决发展不平衡不充分问题。站在“两个一百年”的历史交汇点上,本文进一步结合监测结果展望新征程,深入剖析了全面建设社会主义现代化国家面临的问题与挑战,并提出了相应的对策建议。     

Communists Among Us in a Market Economy: Accountancy in the People's Republic of China

China is undergoing a unique experience. Its strategy to move the country to a market economy is based on “marketization” instead of “privatization.” The state-owned enterprises (SOEs) are intended to continue to be the mainstay of the economy. The recent accounting reform, a 16-point economic stabilization policy, and the decision to maintain the dominance of the SOEs were all promulgated in the same month. To put the recent accounting reform in perspective, four stages in the development of accounting theory since the Communist Revolution are identified. The first stage is Mao Tse-Tung's initial society, where the control function of accounting, in its narrowest sense, was emphasized. The Counter Revolution with the Post-Revisionist Era relaxed, at the macroeconomic level, the notion of control. The third stage of opening up the Chinese economy to outside capital combines allocative techniques, albeit limited, with Western accounting concepts, all blended with Chinese cultural values. The current stage of macroeconomic liberalization of state enterprises, which accompanied a major macroeconomic stabilization program, is a result of a number of demonstration effects that has further exposed the Chinese economy to various outside factors. Accordingly, such recent accounting reform introduces the concept of equity capital, provides a relatively sharper distinction between product cost and period cost, realistically incorporates the capital maintenance concept and allows a limited number of Westernized accounting standards, mostly adapted to accommodate traditional Chinese values. Accounting forms an indispensable component of an overall economic policy.     

定额结算下保险医疗费用支付制度安排

医疗保险机构与医院实行定额结算后,医院可通过分科定额结算办法将价格风险下移给科室,促使科室主动控费。而这种制度下,科室将通过牺牲患者利益实现自身效用;若医院按按实结算办法与科室结算医疗费用,则可在一定程度上解决上述问题。本文将针对按实结算办法建立数学模型,确定科室进行合理医疗的费用区间,并通过此模型说明按实结算下,科室通过均衡医患博弈,可在同时保证医院与患者双方利益的基础上有效地控制医疗费用。     

产业链金融视角下财务公司融资产品定价研究——基于模糊B S欧式看跌期权模型

财务公司为产业链上的中小企业提供产业链金融产品,需要获得一个合理的融资利率。由于产业链金融产品主要以应收账款、存货等动产抵押物作为还款来源,因此,财务公司在定价的时候要突出考虑抵押物的价值波动,而抵押物价值又存在模糊特性,常见的贷款定价方法无法正确识别出来。为此,在传统的定价方法基础上,将期权定价模型引入财务公司产业链融资产品的定价中,重点考虑动产抵押物的价值波动以及无风险利率的波动性,得出基于抵押物价值的基础利率,同时财务公司可以根据产业链条的主体特点对贷款利率进行优化调整。     

中美RFID技术在物流领域应用的比较分析

RFID（无线射频识别）技术是近年来日渐取代传统条形码的一项新的物流信息技术,与传统条码相比有着无与伦比的优点。目前,RFID在美国物流领域,尤其在零售业物流、军警物流中应用得较为广泛,此外,在其他创新物流领域也得到了很大的发展;相比之下,我国物流业起步较晚,RFID相应标准亦尚未完成,因此未来在物流领域,RFID技术的应用有着较大的发展空间。本丈从中关两国物流业及RFID技术发展情况的对比入手,分析了未来RFID技术的应用趋势,着重提出美国RFID技术在物流领域的应用对我国未来发展的借鉴意义。     

供应商主导型的供应链金融模式研究

供应链金融是近几年理论界和实务界研究的热点。本文提出了一种新型的“供应商回购”供应链金融模式,建立了包含供应商、零售商和银行的Stackelberg三方博弈模型,并求解出最优边界。理论推导和数值分析表明,与目前主流的“商业贷款”、“商业信用”等模式相比,本文的模式通过解决信息不对称、风险分担和提升流动性溢价等,能够极大地提升供应商的销售规模和供应链的整体效率。相关模式对当前形势下“中国制造”树立全球竞争力和消化国内产能、去库存具有一定意义。     

党取得巨大成就的原因简析——纪念中国共产党成立90年的伟大历程

笔者认为中国共产党90年的伟大历程可以概括为:坚持一个宗旨(全心全意为人民服务),实现两次革命(新民主主义革命、社会主义革命),完成三件大事(革命、改革、建设),完善四大理论(毛泽东思想、邓小平理论、“三个代表”重要思想、科学发展观),逐步实现五大变化(由封闭半封闭到开放、由农业国向工业国的转变、由计划经济向市场经济的转变、由人治社会向法治社会的转变、由贫穷——小康——富裕的转变).党取得巨大成就的原因是:党把全心全意为人民服务作为党的全部价值所在;坚持马克思主义中国化是党领导各项事业不断胜利的关键所在;逐步实现共同富裕是党义不容辞的责任所在.     

IA财务考

"模糊、战战兢兢、雷区",这是一位实务界CFO在谈到无形资产(IA,Intangible assets的简称)时,使用的关键词。而另一位一家大型国企的CFO也指出,忽视它,就只能交"学费",甚至会血本无归。对于这     

无货对开、环开增值税专用发票行为入罪问题研究

无货对开、环开增值税专用发票行为是典型的行政违法行为,可否构成犯罪却有不同见解,司法实践中亦判罚不一.虚开增值税专用发票行为首先必然侵害了国家发票管理秩序,而是否侵害现实的国家税收利益则未可知.单就侵害国家增值税专用发票管理秩序而言,无货对开、环开行为亦可具有严重的社会危害性,应纳入虚开增值税专用发票罪处罚范围.以是否...     

建立主权养老基金：另辟机关事业单位养老保险改革之“蹊径”

近期,我国机关事业单位养老保险改革已是大势所趋,却又是难中之难,阻碍重重。南非的公务员养老保险制度向主权养老基金的成功转型的实践及其成熟经验,可以为中国的改革提供有益的借鉴,即建立一只完全积累的、中央集中管理的、缴费确定型的主权养老基金,来取代当前的＂国家保险＂型公务员养老金制度。     

对香港银行业中小企业信贷实践与经验的考察--兼论其对内地银行业的启示

中小企业信贷短缺是世界性的难题,香港银行业在这方面的实践和经验为内地银行业提供了很好的借鉴.从宏观层面上看香港良好的市场环境和实事求是的态度是中小企业信贷业务能够顺利开展的关键;同时其灵活的业务组织体系、科学的信用评价体系特别是预期违约率的广泛运用、适当的经济规模、严格的系统控制、客户价值的最大化、多样化的担保方式和持续的业务创新等都是值得我们学习借鉴的方式方法.内地银行业拓展中小企业信贷业务将是一个长期的、渐进的过程;但近期重点还是要在机构设置、市场细分、技术准备和行业分析等基础工作方面有所突破,为今后大规模进入中小企业信贷市场进行积累.     

Does the social security fund help non-financial enterprises to transform from the virtual to the real?

At its 19th National Congress, the Communist Party of China vowed to “strengthen the financial sector’s ability to serve the real economy.” However, many studies provide evidence of the opposite trend, a problematic “transition from the real to the virtual,” among Chinese enterprises. Meanwhile, the investment efficiency of China’s Social Security Fund (SSF), a public fund, attracts much attention. In this context, we use A-share listed companies in China from 2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization. We find that SSF holding significantly inhibits financialization and that this effect is non-linear. Mechanism analysis indicates that SSF holding suppresses enterprises’ financialization mainly by improving their governance. Moreover, SSF holding more strongly inhibits small-scale (vs. large-scale), state-owned (vs. non-state-owned), and non-eastern (vs. eastern) enterprises in China. Furthermore, SSF holding can alleviate corporate value impairment caused by financialization. The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.     

Ritual legitimation, de-coupling and the budgetary process: managing organizational hypocrisies in a multinational company

The study of participation in the budgetary cycle has formed a prominent part of the research literature concerned with the budgetary process. More recently there has emerged a body of literature concerned with exploring the political and symbolic nature of the budgetary process. The paper reports upon the outcomes of an empirical study of the introduction of `budgetary participation' in a division of a European subsidiary of a large North American car manufacturer. We detail the long process of consultation and negotiation within the subsidiary, and between it and the European Headquarters. The study provides a revealing instance of the roles of formal budget participation as a ritual of control and legitimation without the substantive involvement of middle managers and suggested to us the introduction of de-coupling and organizational hypocrisy alongside the introduction of budget participation. The study pays close attention to the contingent effects of the wider political context of the division and the relationships between the division, its organizational context and organizational environment, and how this context played upon the budgetary process in the division. The outcomes that we analyse at `Delta' reflect the de-coupling strategies and organizational hypocrisies commonly found in public sector organizations. In this wider setting the corporation persists with the ritual of `tight' budget negotiation and target setting and apparent underachievement in performance. Yet we conclude that the complex technological and political context to the formation and siting of Delta continued and may continue to support its existence.$g0     

探寻中国古典舞蹈之奥义

中国古典舞蕴涵了丰富而深厚的历史意义,无论是在舞蹈形态上还是在意象意境的塑造上都是极其令人深思的。本文试从中华和谐美第一图———太极图,对中国古典舞的美学意蕴进行探源与理性思考。     

Agriculture in Europe 2000: An interim report on a cross-national research project

The futures research programme initiated by the European Cultural Foundation, Amsterdam, in 1968, under the general title of Plan Europe 2000, consists of four projects : Education, Industrialisation, Urbanisation and Agriculture.¹ Work on the last Agriculture Project commenced in September 1970. The prime aim of the project is to provide alternative “guiding images” of the roles and functions which agriculture could fulfil in Western Europe in the future.²