为什么关税保护比汇率低估更为常见?

汇率低估与关税保护具有相似的经济效果,而且本币汇率低估可以使本国企业在国际市场上更具竞争优势,但是多数国家都选择了汇率高估政策。这是因为关税保护政策作为更精准的保护主义工具,可以选择性地实施,不会增大企业成本,更为权势利益集团偏好;而汇率低估政策作为普惠性的保护主义工具,较为迟钝而且有可能增加企业成本,因此无法得到更多的使用。     

瑙鲁弱可持续发展的生态后果及其启示

经济学家提倡弱可持续的发展政策，瑙鲁当局一直采用的也是这个政策。通过对瑙鲁开采磷酸盐矿所造成的环境破坏的案例分析，指出弱可持续发展的标准会导致人类的短期行为，若用其作为长期的政策标准会带来灾难性的生态后果。古人云，以史为镜，可以知兴替。瑙鲁这个案例可以给我国政策制定者一些警示，通过吸取他国的教训，彻底贯彻科学发展观，我国的发展才能长久地可持续。     

日本政府汇率政策的变化及启示

一国汇率政策的选择，最终是为其经济和金融的长远发展服务的。考察日元汇率政策长达50年的演变历程及其中的成败得失，我们可以清晰地看到这一内在规律的必然性。别国的经验教训，对我国汇率政策的谋划亦具有重要的参考价值。     

偿还房贷有讲究

自2008年以来,我国政府陆续出台了多项利好政策来刺激经济的发展,并且针对当前的房地产市场状况出台了一系列强有力的政策：首套住宅贷款利率可享受7折优惠;公积金贷款额度调高;连续5次降息;符合条件的存量房贷也可以享受利率7折优惠;公积金账户可以按月提取等等。这些利好政策都意在推动房地产市场的成交量,使不景气的房地产市场能够尽快地得以健康发展。房贷利好政策的出台的确受惠于民,那么普通的贷款购房者如何还贷更合理呢？     

政府风险补偿与科技型中小企业融资结构、财务绩效、创新绩效

本研究发现,在政府风险补偿政策的引导和干预下,科技型中小企业可以通过债权融资、银行借款获得更大的创新绩效,但是财务绩效却没有因此得到提升。因此,政府风险补偿政策需要更多关注企业创新绩效向财务绩效的转化,并对企业长期绩效进行跟踪,以便相关政策更好地制定和执行。     

观点

个人所得税的税率设计是不是可以更鲜明地体现培育中等收入阶层这样一个政策导向，当然不能只靠一个个人所得税的作用，但是个人所得税在这方面至少应该表现出一定的姿态或者这方面的一些政策信号。”     

研究开发费加计扣除政策的灵活应用

企业研究开发新技术、新产品、新工艺发生的研究开发费用,可以在计算应纳税所得额时加计扣除。其中,直接计入当期损益的,在据实扣除的基础上,按研究开发费用的50％加计扣除;资本化处理后形成无形资产的,按照无形资产成本的150％摊销。准确把握该项政策,并与现行企业所得税其他政策有机结合,可以更好地发挥优惠政策的作用。     

我国房地产市场现状及运行特点——以大连市房地产市场为例

2010年4月国务院出台的针对房地产市场的国10条,可以说是近几年实施房地产调控政策以来最严厉的政策组合,包括政府政策、金融监管、交易税费、土地交易等多方面。在我国当前形势下、房地产走势已不再是一个单纯的经济现象,它已经和很多社会、民生问题甚至国家的经济、金融体系安全问题紧密地联结在一起。     

推进经济增长方式转变的区域经济政策选择

推进经济增长方式转变的区域经济政策选择姜作培一区域经济政策是政府为了实现一定时期的经济发展目标，根据区域差异而制定的旨在促进资源在空间的优化配置，控制地区间差距过分扩大，以协调区域关系的一系列措施和手段。区域经济政策可以分为中央政府的区域经济政策和地...     

乌鲁木齐济困医疗问题研究——以济困医院为例

济困医院是2003年8月自治区党委和政府为解决特困群体"看病难、看病贵"问题,成立的两家自治区级医院,隶属自治区卫生厅,实行全额预算管理。研究济困医疗政策,可以明确济困医疗这一形式的发展途径及发展前景,纠正济困医疗政策实践中的偏差,使济困医疗政策更好地为群众服务,使济困医疗真正成为一件利国利民的好事。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.