“天使投资”在OECD国家的运作——兼论“天使投资”在我国的发展前景

一个健康的非正式的天使投资市场对风险资本市场的繁荣至关重要。我国在天使投资部分几乎陷于空白的现状业已成为我国风险资本市场正常发展的掣肘。本文以天使资本发展较为先进的OECD国家为例,论述了天使资本在OECD国家运作的特征及经验。并借此对天使投资在我国的发展前景作了初步的探讨。     

大型企业税收专业化管理的国际实践及其借鉴

近几年,国际货币基金组织(IMF)的技术协作处(隶属于财政事务部门)致力于不同规模纳税人的专业化税收管理,重点是大型纳税人的专业化税务管理(Large Taxpayer Unit,又称"大型纳税人税务管理机构"或"大企业管理机构")的研究,尤其是对大企业管理机构设置的必要性、主要发达国家大企业管理机构设置和专业化审计工作的运作情况,以及取得的各种成效都进行了不同程度的探索。本文的重点探讨有关大企业税务管理的具体措施和方法,主要是大企业税务管理的风险评估、审计选案、审计策略、审计标准和审计质量控制以及借鉴等。     

论IWF与WTO对国际收支平衡案件管辖权之冲突及协调

IMF与WTO会造成国际收支平衡案件的管辖权冲突.现有调整IMF与WTO关系之协议仅具有框架性质,IMF与WTO应制定具体的协调程序与方法,亦可利用WTO贸易政策审议机制避免交叉条件冲突之产生.同时IMF应加强自身改革,以适应全球经济一体化之趋势.     

International Financial Contagion and the Fund —A Theoretical Framework

In this paper we provide a model of contagion in which countries are linked through the international capital market which allows borrowing and lending for consumption smoothing. Borrowing from the International Monetary Fund also provides a mechanism for countries to smooth consumption intertemporally. Facing a large shock that makes it impossible for a country simultaneously to achieve a desired minimum level of consumption and to service its foreign debt, the country will default. This will put some upward pressure on world interest rates, which raises the debt service costs of other indebted countries and can generate further rounds of defaults. In this environment the Fund has an important systemic function in lending to members to limit the extent of contagion and default. The Fund can be seen as internalizing the externality generated by the contagion that spreads through the channel of the world capital market that links all countries. JEL Classification Numbers: E44, E61, F33, F34     

权力结构变迁下的IMF改革——基于制度改革的分析路径

IMF作为一种国际制度,其改革是权力结构变迁的合理性诉求,也是制度自身不断调整与效率提升的内在需求。在世界权力关系并未发生根本性转移的大背景下,IMF的改革在当下将仅表现为制度的不断调适而非完全被取代。     

经合组织国家监管治理理念及对我国的启示

以经济合作与发展组织（Organization for Economic Cooperation and Development,OECD）为代表的发达市场经济国家首次提出了监管治理理念,认为实现有效监管治理包括监管政策、监管工具和监管机构三个相互关联的要素。OECD各国阐述了各自的监管治理理念,并在实践层面采取了具体改革措施以及进行了有益探索,取得了良好的社会经济绩效。中国正在建立和完善社会主义市场经济体制,尚未形成有效监管治理观念,借鉴OECD国家监管治理及监管改革的先进经验,对于实现政府的有效监管有着重要的现实意义。     

Does IMF Support Accelerate Inflation Stabilization?

This paper analyzes the effects of International Monetary Fund (IMF) arrangements on the timing of inflation stabilization programs. By providing financial support that may allow the reduction of inflation without incurring politically unacceptable economic costs, the IMF can hasten stabilization. But, since support can also reduce the costs of inflation, it may instead delay it. Empirical results obtained for 10 countries that suffered from chronic inflation fail to support the hypothesis that IMF financial assistance accelerates stabilization. Rather, they indicate that other factors have a greater impact on the timing of stabilizations: greater fragmentation of the political system delays stabilization, while a higher level of inflation hastens it. JEL Classification Numbers: E63, E31, F35     

住宅投资与经济周期牵扯:自OECD国家生发

我国住宅投资存在住宅投资增长迅速、住宅投资结构和来源地区差异明显,以及住宅投资的波动较大三个特征。从国际横向对比、住房自有率和整体空置率、住宅资本和非住宅资本收益率三个维度探讨我国住宅投资规模膨胀问题,进一步研究发现,文化规范、高储蓄率、二元土地制度和租买选择机制的缺失助长了住宅的过度投资。结果表明,我国的住宅投资很可能已经过度,但依然有必要通过大规模的保障房建设来解决住宅供给的结构问题。     

Innovation Dynamics in OECD Countries: Challenges for German Enterprises

This paper considers the innovation dynamics in OECD countries since the beginning of the 1990s. Special attention is given to German firms that had the exceptional opportunity and burden to develop an innovative regime in the former GDR. The economic slump in the new decade had everywhere a negative impact on the propensity of companies to invest in new innovative products and processes. Among the OECD countries leading in innovation, Europe is loosing strength, although R&D has doubtlessly become more important in the innovation process of the manufacturing sector, but in particular in the service sector. The EU and some member countries have recognized this and formulated an ambitious objective: R&D expenditure is to be increased to 3% of GDP by 2010. Despite this joint target, countries differ in many respects. Export-oriented countries in high technology products suffer less from a weak economic momentum in their domestic markets. A further distinction needs to be made between the industry and the service sector. Industrial innovators focus more on the world market. After the trade diversion of West German high technology from international markets to the absorbing East German markets was over, in the second half of the 1990s, Germany has managed to get slightly ahead of Japan as an exporter of R&D-intensive goods and in international patent activities. However, the foreign trade success that the German technology sector enjoyed is mainly based on the automobile sector. Increasing problems in the long term are the decline in the number of qualified manpower entering the labour market. It will exacerbate the shortage of qualified staff in innovating companies.This is an updated and completely revised version of an earlier contribution to the Symposium on Entrepreneurship – Innovation – Marketing, Benchmarking the Technological Competitiveness of German Enterprises in Times of low Growth, Karlsruhe, October 2003.     

OECD国家的农村发展政策调整及其对我国新农村建设的启示

随着建设社会主义新农村重大历史任务的提出,我国现有的农村发展政策调整已被提上日程。OECD许多成员国为了适应国内及国际经济形势的变化,“都进行了农村政策的调整,这对同样是市场经济体制的我国而言具有借鉴作用。文章归纳了OECD国家农村发展政策调整的经验,并介绍了较有代表性的加拿大和瑞典农村建设的实例,最后结合我国国情,对正在进行的社会主义新农村建设提出一些建议。     

对中国高技术产业发展评价分析

本文对近几年我国高技术产业高速稳步发展的状况进行了分析,并指出了我国高技术产业发展存在的问题,最后对我国发展高技术产业提出了建议。     

保险发展与经济增长——OECD与基础四国的对比分析

本文检验了OECD国家与基础四国保险业发展对经济增长的作用是否存在差异。实证结果表明,OECD国家保险业的发展显著地促进了经济增长,保险业与银行业之间形成了良好的互补关系;基础四国的非寿险业推动了经济增长,但是寿险业的经济增长效应显著为负,保险业与银行业和股票市场之间均呈现出显著的替代关系。     

IMF份额改革后的人民币汇率主权

2010年11月5日IMF通过了份额改革方案,中国的投票权上升到第三位,占有6.07%份额,中国的话语权得到了增强,但在权利与义务对等条件下,人民币汇率也将成为IMF关注的热点。本文从维护人民币汇率主权出发,首先分析IMF规则对成员国汇率主权的限制,并在国际法框架内论证中国汇率政策的合法性,建议可通过加强多边合作、继续推进IMF改革等途径,争取中国在国际货币政策形成中的话语权,最大限度维护国家利益。