Factor substitution and taxation in a finance constrained economy

In this paper, we examine the effects of constant-rate factor taxation on macroeconomic stability in the Woodford (1986) model. Our focus is on how the degree of factor substitution, as measured by the elasticity of factor substitution (EOS) in production, affects different balanced-budget tax rules. Analytically, we show that indeterminacy can occur under capital income taxation only when the EOS is very low, whereas indeterminacy under labor income taxation is not subject to the EOS restriction. This finding is robust when we tax all of the factor incomes with equal rates. Thus, in terms of macroeconomic stability, taxing capital income is preferred to taxing labor income.     

Charity and redistributive taxation in a unionized economy

European economies are characterized by unionized labor markets and governmental redistribution of income. This paper studies a model where those two features are combined with the possibility for individuals to make charitable contributions to the poor. The model exhibits equilibrium unemployment that increases with the degree of altruism. It is shown that a more progressive income tax can both reduce the unemployment rate and improve the public budget. These results are driven by charity increasing wage pressure and the altruistic rich failing to internalize the effect of their donations on the wage setting behavior of the unions.     

Are UK technology-based small firms still finance constrained?

This paper examines funding issues for UK Technology-based Small Firms (TBSFs). TBSFs are the cry of today and UK government like other countries is trying to increase the mass of TBSFs by various means. However, it is reported that TBSFs face many impediments to their successful development. Finance is believed as the main barrier at the early stages of TBSFs development. This paper is attempting to follow up and report if the funding situation for UK TBSFs has improved. The findings reported in this paper suggest that nearly 80% sample firms were finance constrained at the early stages of business development.     

县域经济金融制度安排的问题探讨

县域经济是整个国民经济的主要组成部分,县域金融制度的安排对县域经济的发展起着极其重要的作用。本文在简要分析了当前县域经济中金融供给不足表现的基础上,对县域经济金融制度的重新安排进行了初步探讨。     

试论新经济下企业财务管理的若干问题

试论新经济下企业财务管理的若干问题@刘淑文$上海市政工程设计研究院!上海200092     

在自由经济的语境中反思“行为财务学”

起步于八十年代后期的行为财务学被誉为财务学领域里的“显学”,但作为一门年轻的学科,无论在理论层面、应用层面,还是在观念层面都需要作全面而深入的研究。本文运用自由经济原理,将“行为财务学”的理论大厦构筑在政治哲学、知识论和经济学的基础上,使其理论基石更加坚固;本文跳出“行为财务学”仅仅对金融市场上行为主体考量的局限,拓展到对企业财务理念、公司制度等方面的考察,使其应用范围更加宽泛;同时还批判了“行为财务学”将“人”作为实验品的做法,在全面研究“行为财务学”的基础上,创造性的从“以人为本”的思想出发,鲜明地提出了创建具有中国特色的“人本财务学”的思想,以此将“行为财务学”的研究提升到一个新的高度。     

经济可持续发展与财务管理目标的确立

在所有权与经营权相分离的现代企业制度下 ,企业价值最大化作为财务管理目标 ,是我国目前企业的最好选择。既符合我国财务管理实践 ,体现企业目标 ,又注重协调与处理好企业与政府、债权人、经营者、职工之间的相关利益关系 ,实现企业与全社会经济的可持续发展。     

Endogenous timing of managerial delegation contracts in a unionized duopoly

In a multiple‐stage duopoly game with strategic delegation and unionized labor market, this paper analyzes whether firms' owners decide managerial incentive contracts sequentially or simultaneously. When firms compete in quantities, firms' owners can choose incentive contracts simultaneously or sequentially, depending on the unions' relative bargaining power and the degree of product differentiation. Instead, when firms compete in prices, firms' owners set incentive contracts sequentially with substitute goods and simultaneously with complement goods.     

Licensing a new product: Fee vs. royalty licensing with unionized labor market

In an economy with unionized labor market, we show that the payoff of an outside innovator may be higher under royalty licensing than under fixed-fee licensing and auction, if bargaining power of the labor union is sufficiently high. This result holds for both decentralized and centralized bargaining. It follows from our analysis that a combination of fixed-fee and output royalty can be preferable to the innovator compared to both royalty only licensing and auction (or fixed-fee licensing). We discuss the implications of positive opportunity costs of the licensees.     

Exchange rate bifurcation in a stochastic evolutionary finance model

This paper analyzes the stability and fluctuations of the exchange rate with a speculative bubble using the methods of evolutionary finance and stochastic differential equations. It constructs a hybrid stochastic system for the financial market involving a discrete time process and a continuous time process. The discrete process models the bubble and is meant to capture the behavior of less sophisticated investors who trade infrequently. The continuous time process is a stochastic differential equation for monetary policy together with a backward stochastic equation for the exchange rate. Monetary policy is affected by the bubble and in turn affects the exchange rate as well as speculation. The bubble and exchange rate exhibit a form of bifurcation. This means the bubble and exchange rate experience fluctuations as the propensity to chase trends or switch predictors changes.     

物流金融拓宽企业融资渠道

在中国,物流金融服务有据可查的最早记录是1999年中国物资储运总公司开始开展质押监管业务.从那时起.物流金融业务在国内从无到有、从小到大,逐渐成长起来.尤其自去年10月国际金融危机开始侵袭中国后.中小企业直接信贷的大门更加紧锁.而另一扇大门却敞开着--物流金融为各类中小企业提供的融资额不断上升.这标志着能为合作各方带来利好的物流金融正在加速发展.     

Lease finance in industrial markets

Financial leasing is being used increasingly to acquire items of industrial equipment where use is more crucial than ownership. Its advantages over traditional forms of finance are straightforward and to a large degree appear to be based on the utilization of a cost advantage deriving from the fiscal system. In view of this, it might be expected that price would be a dominant marketing variable since the ‘product’ is relatively homogeneous, even though the industry structure is oligopolistic. This has been the case to a certain extent but policies of product differentiation and market segmentation have enabled firms to avoid some of the rigours of price competition.     

The mean-variance investment problem in a constrained financial market

This paper extends the mean-variance analysis and the two-fund separation theorem to a market with some constraints, such as, the incompleteness, prohibition of short-selling, and partial information, with stochastic interest rate, and with stochastic volatility for risky assets. By maximizing a quadratic utility of terminal wealth, we show that the efficient frontier for the problem is a straight line in the mean-standard-deviation diagram. The quadratic utility function exhibits mean-variance efficiency. Our results apply to portfolios of claims in a single period, multiperiod, and continuous time.     

开放经济中内生增长的不确定性及其经济学分析

本文将Mino(2001)的两部门内生增长模型推广到开放经济系统中，同时引入资本投资的调整成本，证明了若最终产品部门的社会生产相对新人力资本部门而言是物质资本密集型，而私人生产是人力资本密集型，经济增长具有局部不确定性。本文进一步分析不确定性条件下经济的资源配置和价格动态，提供增长不确定性产生的经济解释。     

Planning a mature economy in the USSR

Conclusion Few of the techniques of planning we have now been considering were available to the Soviet economist during the period of intensive industrialisation; those which were available were worked out only in elementary form. In any case, the gap between the goals of the politicians and the assumptions of the economists was so great that little dialogue was possible. The politicians, and the politically-minded economists, undertook the elaboration of their own system of planning and their own ruleof-thumb methods of quantifying their goals to make them operational. In doing this, they acquired a rich fund of valuable experience about the problems of development through central planning; the lessons from this experience, both successful and unsuccessful, could save resources in other economies where central planning is being used for development. Unfortunately, it is information about formal mechanisms for planning and financial control which has until now tended to be communicated from the Eastern bloc to the developing countries, rather than a realistic account of problems and achievements. For the developing countries, the further question exists: now that the new techniques for planning are available, can they be coupled with planning for a high rate of growth in conditions of rapid social change? If so, some of the successes of Soviet-type central planning may be achieved at less cost.For previous articles in this series, see Economics of Planning, Vol. 5, 1965, No. 1–2, pp. 74–86, Vol. 6, 1966, No. 1, pp. 53–67.