麦德龙不再"纯情"为哪般

公元2003年1月11日，成才麦德龙开始公开允办理个人临时会员卡，消费者只要凭身份证就可领到一张免费的麦德龙临时会员卡，享受到“超低”的商品价格优惠。此举马上使个人消费者趋之若鹜。往常专事检查会员卡的保安“摇身”成了临时的会员卡办理处的秩序维护员。该店现任总经理汪祚文称“成都此举开了麦德龙的先河”，     

There is no smoke without a fire: The effect of government interventions in less advanced economies

The lack of liquidity in the interbank market during the crisis of 2007–2011 led governments to impose different policies to rescue their countries’ banking sectors. While in advanced countries interventions in the banking sector were mostly related to a lack of liquidity and significant asymmetric information regarding counterparty risk, in many less advanced countries they had a precautionary motive. In our article, we investigate the effectiveness of policy interventions on healthy banking markets, with possible negative spill-over effects from other countries. To this extent, we use an event study methodology to test the effect of liquidity and financial sector policy announcements on interbank spread changes in six Central and Eastern European (CEE) countries over the period between 2007 and 2011. We find that standard liquidity interventions did not provide effective stabilization. In fact, our evidence suggests that the spread widened after their announcement, probably as a result of the negative signal and consequently increased risk aversion of banks. In such situations, regulators should consider policy instruments that aim to decrease uncertainty in the market.     

"不能再拖了!

新年伊始,万象更新。位于浩瀚东海之滨的上海,正在大踏步地迈向世界。将上海建设成为中国经济、贸易、金融、航运中心的宏伟蓝图,正为全球瞩目;上海的一举一动、一招一式,已经时时被世人所关注、所点评。在上海一日千里的建     

城市公共设施供给中的融资创新——一种基于政府付费或补贴的资产证券化方式

城市政府当期财政难以满足未来城市建设中的公共设施需求,城市发展需要公共融资创新."私人生产、政府付费或补贴、公众消费"模式是城市公共设施融资中一种吸引私人投资的较好模式.在该模式基础上,提出了一种基于政府付费或补贴的资产证券化创新方式,阐述了该方式的运用范围、基本结构和运作流程,并分析了该方式在城市建设中运用的基本条件.     

Optimal fiscal zoning when the local government is a discriminating monopolist

Monopoly zoning by local governments has been studied extensively since the original article by White [1975, in: E. Mills and W. Oates, eds., Fiscal zoning and land use controls (Lexington Books, Lexington, MA)]. However, little or no attention has been paid to the possibility of monopolistic discrimination under such a regime. The question is: When will zoning multiple lot sizes be feasible given that buyers with different valuations of land cannot be coerced into purchasing particular lots? The literature on imperfect price discrimination by monopolists is brought to bear on this question. It is shown that the resulting zoning strategy may or may not involve multiple lot sizes. The factors determining the optimal strategy are studied in detail, with particular emphasis on the nature of the market for undeveloped land in the community.     

Alternative modes of deficit financing and endogneous monetary and fiscal policy in the U.S.A. 1923–1982

This paper first investigates the effects of alternative modes of deficit financing on the unemployment rate, the inflation rate and the real interest rate, within the framework of a small complete macroeconomic model. Secondly, it examines the nature of monetary and fiscal reaction functions. The two periods 1923–1960 and 1961–1982 are considered, with substantial differences in behaviour and policy being shown to exist between them. The most important conclusion is that long-run monetary neutrality properties shown to exist over the latter period are not intrinsic to the U.S. economy, but rather are the result of the stabilization policies being conducted over that period.     

企业售后回租融资研究

售后回租作为一种国际上通行的租赁交易形式,有着其独到之处。文章从售后回租的运作模式入手,在对其交易特点进行分析的基础上,运用净现值方法对售后回租融资成本和融资决策进行了分析,最后还就企业在具体运用售后回租时提出了一些注意事项。     

浅析企业财务控制

财务控制是企业财务管理的重要内容,加强企业财务控制是一个经久不衰的论题,也是现代企业需要解决的重要问题。文章从分析财务控制的概念、地位等方面入手,归纳和总结出部分企业财务控制的方法和企业财务管理的激励机制,对加强企业财务控制提供参考。     

中小企业融资策略的微观视角分析

中小企业的迅速发展已成为推动我国经济增长的重要力量。但中小企业的大发展却面临诸多制约和阻碍因素,其中融资难是制约中小企业发展的关键。解决中小企业融资困境应从提高中小企业竞争力、加强诚信建设、改善和规范经营管理、提高融资运做水平等方面寻求对策。     

government and the PSBR

The government has changed its view of how to gauge the size of the budget deficit. Nick Parsons and David Coleman, of Union Discount, argue that this change is an ill-omen for the control of public spending.     

中国上市公司股权融资偏好与融资成本研究

企业可以通过股权方式或债务方式来筹集资金,这两种融资方式又会引发公司资本结构和资本成本等一系列问题。本文研究了我国上市公司的融资行为和融资成本,结果发现,上市公司普遍存在着“股权融资偏好”,上市公司的真实股权融资成本要远高于债务融资成本,因此,过低的融资成本只是股权融资偏好的表层原因,特殊的股权结构和严重的委托-代理问题才是其内因。     

Dynamics of fiscal financing in the United States

General equilibrium models that include policy rules for government spending, lump-sum transfers, and distortionary taxation on labor and capital income and on consumption expenditures are fit to US data under rich specifications of fiscal policy rules to obtain several results. First, the best-fitting model allows many fiscal instruments to respond to debt. Second, responses of aggregates to fiscal policy shocks under rich rules vary considerably from responses where only non-distortionary fiscal instruments finance debt. Third, in the short run, all fiscal instruments except labor taxes react strongly to debt, but long-run intertemporal financing comes from all components of the government’s budget constraint. Fourth, debt-financed fiscal shocks trigger long-lasting dynamics; short-run and long-run multipliers can differ markedly.     

Inter-jurisdiction subsidy competition for a new production plant: What is the central government optimal policy?

This paper models inter-jurisdiction competition for foreign direct investment and optimal government policy intervention to protect the national interest. The inter-jurisdiction competition for a multinational has the potential of favouring the multinational and of becoming detrimental for the host country. The central government wants to limit such competition but it cannot tax-discriminate between different types of multinationals. We find that the central government would use tax policy to create asymmetries even when the underlying structure is symmetrical. This offers a novel explanation for the creation of ‘Special Economic Zones’ in many countries, which are well known to be aimed at the attraction of foreign direct investment.     

审计揭开熊猫移动资金黑洞

2004年南京熊猫电子股份有限公司(简称熊猫股份)中报披露了其控股的南京熊猫移动通信设备有限公司(简称熊猫移动)为关联企业--江苏天创通讯实业有限公司(简称江苏天创)提供巨额担保及大股东占用资金的事实后,在股市掀起了不小的波澜.     

Firm financing and growth in the Arab region

This paper documents how firms in Arab countries use equity, corporate bond and syndicated loan markets to obtain financing and grow. Working with a new dataset on issuance activity in domestic and international markets and firm performance, the paper finds that capital raising through these markets has grown rapidly since the early 1990s and involved an increasing number of firms. Whereas the amounts raised in equity and loan markets (relative to gross domestic product) stand well relative to international standards, bond issuance activity lags behind. However, bond financing has gained importance over time. Equity issuances take place primarily in domestic markets, whereas bonds and loans are mostly issued internationally, display long maturities and entail low levels of credit risk. Issuing firms from the Arab region are very large compared to international standards. They also tend to be larger, faster growing and more leveraged than non-issuing firms in Arab countries.     

中小企业融资次序的选择

文章在分析国内外融资次序理论研究的基础上,结合国情及中小企业特点,采用比较分析、效率分析等方法,探讨选择国内中小企业的融资次序。     

从经理人代理视角看公司负债融资

本文基于有关财务学理论,从股东与经理人利益冲突的视角探讨了公司负债融资对于股东和经理人的不同意义,以为相关研究提供参考.