民间借贷中的税收问题研究

创新民间借贷的制度模式,促进民间借贷市场的规范运行,保障交易双方的合法权益,是民间借贷改革的重要内容。囿于民间借贷主体和监管机构之间的信息不对称,致使大多数民间借贷游离于监管的边缘地带。以民间借贷的税收问题为契机,转变传统的规制理念,将民间借贷逐步纳入税法调整视野,通过探讨民间借贷的课税主体、税种选择、税收激励等问题,不仅可为国家利用税法诱导民间借贷资金流向提供新的范式,充分挖掘民间资本市场的潜能,而且可为监管或规制机构提供丰富的民间借贷信息,增强对民间借贷市场的规制力度,扭转时下监管机构的被动监管局面,降低民间借贷的金融风险,真正释放民间资本市场的潜力。     

民间借贷中介机构惜贷背后的原因分析及相关建议

民间借贷中介机构是一种非正规的金融中介机构,是对正规金融机构的有效补充,一方面满足中小企业和个人的小额信贷需求,另一方面为社会的闲散资金拓宽了投资渠道,在"喊渴"的资金需求者和找不到出路的民间资本之间建立起有效的桥梁.同时,民间借贷中介机构的出现使游离于法律边缘的民间借贷活动有了相对规范的依据和标准,对借贷双方的权利和义务提供了一定的保障,一定程度上使民间融资合法化.但是近期,民间借贷中介机构经营中主动收缩业务量,惜贷情绪明显,建议从中介机构和小微企业两方面着手,引导其更好发挥民间借贷市场的作用.     

民间融资现状分析及对策研究——以唐山为例

民间资本是企业融资的巨大蓄水池,以民间借贷、民间中介借贷、企业内部集资、融资租赁、私募基金等为主要形式的民间融资活动,具有相对信息和交易成本优势,是社会金融活动的重要组成力量,已成为金融市场的一个重要组成部分.本文对唐山市的民间融资现状进行了深入分析,在肯定民间融资作用的同时,针对民间融资发展中存在的问题,提出了一些规...     

财富分层、社会资本与农户民间借贷的可得性北大核心CSSCISSCI

本文使用"中国家庭金融调查"2011和2013年两轮的微观数据,首次实证检验了财富分层对农户进入民间借贷市场的影响及其机制。研究发现,与穷人相比,相对比较富有的家庭更容易获得民间借款。产生该现象的原因在于穷人没有额外的资本用以扩展社会网络,进而降低了进入民间借贷市场的可能。由此推论,非正规信贷市场亦存在信贷约束问题,民间融资并不能缓解贫困农户融资难的困境。该结论在使用工具变量解决了内生性问题、采用多层阀值标准定义贫富后仍然稳健。     

规范广州民间借贷市场的思考

本文通过对广州地区民间借贷市场运作模式的典型性调查,发现民问借贷机构在小额贷款业务方面有其特有的优势,但同时也存在利率定价过高、缔约不规范等问题.本文认为,可以在认可民间借贷机构的法律地位、规范民间借贷行为、鼓励金融机构与民间资本形成良性竞争以及发挥银行信用中介功能、为民间借贷搭建平台等层面进行探索,促使民间借贷最终形成一个规范有序、竞争高效的融资市场.     

引导规范民间融资促进区域经济健康发展——廊坊地区民间融资情况的调查

近几年来,随着经济的发展和金融市场化改革的进展,民间借贷市场日趋活跃,对区域经济的影响日趋加深.如何正确引导、规范民间融资行为,充分发挥民间资本在区域经济发展中的作用,已成为社会各界普遍关注的问题.本文对廊坊市下辖8县(市)民间融资状况、特点,以及民间融资发展迅猛的原因进行了调查分析,并据此提出了相关的建议.     

基于登记制度的民间借贷阳光化路径探析

民间借贷在我国的存在,有着很深的社会基础和积极意义。民间借贷的合理化发展有利于打破我国长期以来由金融机构垄断的信贷市场格局,促进多层次信贷市场体系的形成。但目前,民间借贷在运行中还存在着较多问题,以建立登记制度为突破口、以激励和约束并存的规范机制为导向,使民间借贷阳光化,步入正规监管体系中,是可行的制度选择。     

河北省民间融资专项监测调查报告

在稳健货币政策下,金融机构信贷规模趋紧,借款企业和个人不同程度出现资金紧缺问题,民间融资异常活跃.为及时了解当前经济金融环境下河北省民间融资情况,在全省11个地市,随机抽取了205户企业、155户个体工商户和152户农户进行了问卷调查.调查发现:民间借贷主体日趋多元化,个体工商户民间借贷参与比例大,民间借贷利率水平远高...     

基于登记制度的民间借贷阳光化路径探析

民间借贷在我国的存在有着很深的社会基础和积极意义。民间借贷的合理化发展有利于打破我国长期以来由金融机构垄断的信贷市场格局,促进多层次信贷市场体系的形成。但目前,民间借贷在运行中还存在着较多问题,以建立登记制度为突破口,以激励和约束并存的规范机制为导向,使民间借贷阳光化,步入正规监管体系中,是可行的制度选择。     

民间借贷的法律类别及其区分意义

民间借贷从法律效力上可区分为合法借贷与非法借贷.民间合法借贷根据借贷的特征差异可划分为民事借贷和商事信贷,民间非法借贷根据其非法性特征可划分为非法经营性借贷、高利贷和非法集资类借贷.区分民间借贷的法律类别,有利于完善我国现有关于民间借贷的法律规范,更好地保护合法借贷;有利于重点规制和监管商事信贷,更好地活跃金融市场,加速资金融通,充分利用民间资本;有利于完善非法借贷的法律责任,使得打击非法借贷更具有针对性.     

Irrevocable Commitments,Going Private and Private Equity

This paper adds to growing interest in public to private buy‐outs and mechanisms to ensure bid success. Using a unique, hand‐collected dataset of 155 public to private buy‐outs we provide one of the first examinations of the determinants of irrevocable commitments. Irrevocable commitments involve undertakings given by existing shareholders to agree to sell their shares to the bidder before the bid to take the company private is announced. We find that, for management buy‐outs, the level of irrevocable commitments is increased by the bid premium, the reputation of the private equity backer and board shareholdings. The level of irrevocable commitments is reduced by rumours of a takeover bid and bid value. We therefore find evidence that management and private equity firms' activity prior to the bid's announcement can have an important impact on the process of going private.     

Private matters

Why do private firms stay private? Empirical evidence on this issue is sparse, as most private firms in the U.S. do not report their financial results. We investigate why private status matters by taking advantage of a unique dataset of large, leveraged private firms with SEC filings. Unlike a number of other studies, we find that neither the existence of growth opportunities, nor the desire of firm founders to diversify, is a principal determinant of the decision whether or not to retain private status. Rather, the existence of private benefits of control appears to serve as the most significant incentive to stay private. Family-controlled firms have significantly lower probabilities of filing for an IPO, while a board structure that grants management relatively more autonomy lowers the probability of an IPO filing as well. Cross-sectional analysis of profitability and ex post performance suggests that while private benefits of control may encourage firms to stay private, they do not have detrimental effects on firm efficiency. In contrast, firms controlled by private equity specialists appear to place a low value on control benefits and are likely to go public as a means of cashing out.     

“权贵”的私家别墅

相比褐石系、名仕系、天境系的客户定位,世家系产品的目标客户群主要是钟情于欧陆建筑风格,对家族荣誉感强烈,同时享受高层级休闲方式的社会高层人群。作为金地集团旗下高端产品系列,世家系具有浓重的欧陆风情,其项目名称大多含有＂湾＂、＂府＂的字样,如金地大悦湾、金地紫乐府等。这些别墅产品具有精装修、智能化、注重服务等特点。在不少人眼中,世家系的产品拥有欧陆贵族庄园风格,依山傍水、恢弘庄重的低密度家族别墅,在浓密的高大树木丛中,时不时地透露别墅独立花园中的小水池或者类似雪花石的欧式雕塑。     

我国私营企业融资倾向与民间借贷的形成

改革开放以来,由于市场经济的产品市场化改革与金融市场化改革的时间不同步,使得体制内的私营企业融资与体制外的民间融资体系并存,并成为互为搭档、相互促进的两个体系.这种二元金融体系的存在具有某种合理成分,对于私营企业的发展起到了某种促进作用,但是随着利率市场化改革的进展和市场经济体制改革的深入,私营企业的融资渠道必将转向正规的金融机构,民间借贷作为某种合理性的存在也必将被纳入正规的金融体系.     

银行保管箱艰难空降

8月中旬以来,中国银行总行营业部颇有声势地向社会推介出了全新的"指纹电控保管箱"业务.由此,一个目前国内最大规模、最高科技规格的保管箱库从中银大厦地下二层"浮现水面".     

REIT Going Private Decisions

Over the recent decade there was a wave of REITs going private, from an average of about three per year to 40 between 2005 and 2007. Standard corporate finance theory posits that firms go private when there is no longer a positive tradeoff between the expected benefits and the costs of being public, and it provides empirical evidence that going private decisions are motivated by potential gains from leverage, tax benefits, and expected improvements in corporate governance. Given the unique institutional environment for the REIT industry, this paper sheds new light on the going-private decision. Specifically, we examine the determinants of the going-private decision and document announcement wealth changes using a sample of 160 REITs from 1985 to 2009. We find firm performance and agency-related factors significantly impact the probability that a REIT announces to go private. We find that the passage of Sarbanes-Oxley and a proxy for differential performance in the private and public markets have no significant impact on the decision. The announcement day abnormal return is almost 12% and the three-day abnormal return is 15%, magnitudes that are both statistically and economically significant. Variations in the market reaction are associated with lower levels of cash and higher stock price volatility. Overall, we document a new set of going-private factors and wealth impacts for the REIT industry that are unique from those of previous corporate finance literature.     

民营控制、政治关系与企业融资约束——基于中国民营上市公司的经验证据

融资难是制约民营企业发展的关键因素,而这种金融困境从根本上讲是一种信用困境。本文构建的理论模型论证了民营企业的政治关系对其融资中的作用,并以中国民营上市公司2002～2005年的经验数据为样本,实证检验了民营企业的政治关系对减轻融资约束的作用。研究发现,相对于没有参与政治的民营企业来说,有政治关系的民营企业其外部融资时所受的融资约束更少;同时,越在金融发展水平低的地区,民营企业的政治关系对其融资的帮助越明显。     

Private Hochwasservorsorge und Elementarschadenversicherung

In light of increasing flood damage, private flood mitigation gains more relevance. We investigate empirically whether the uptake of private flood mitigation measures in Germany is affected by (a) the perceived flood insurance coverage, and (b) public information campaigns focussing on flood hazards. We use a novel longitudinal dataset of more than 3200 households and employ a difference-in-differences estimation approach. The results show that households who state a change in their insurance status and report themselves as being insured mitigate more, not less. This contradicts the expectation of moral hazard and suggests that insurance and mitigation are rather seen as complements than substitutes. Moreover, the survey data suggest that many households falsely expect being flood-insured. Public information campaigns show no measurable effect on the flood mitigation behaviour of households, which poses questions about the effectiveness of large-scale information campaigns. In tendency, our results support the idea of compulsory flood insurance.