目前我国城镇基础设施投融资模式分析

在我国经济建设步伐加快,各级地方财政普遍吃紧的情况下,直接财政投资、土地储备制度等传统融资模式已不能满足城市基础设施融资的需求。继之出现的BOT、TOT、PFI、ABS和市政债券的投融资模式市场程度依次提高,共同的特点在于引入SPC作为桥梁将政府与市场在公共物品领域连接起来,这些融资模式合作形式各异,以公私合营和资本市场的力量为城建资金寻找到了更广泛的投资者。本文介绍了我国现行的城镇基础设施投融资模式,如土地储备制度和市政债券等,依市场化程度的高低对这些融资进行了分类分析和比较,指出未来我国城建融资模式的发展方向。     

Rent-seeking,promotion pressure and green economic efficiency: Evidence from China

Focusing on the quality and sustainability of urban economic development and using a panel dataset of 263 cities in China from 2004 to 2015, this paper regards each city as a production unit and uses the Epsilon-Based Measure approach to measure green economic efficiency by innovatively regarding labor, capital, land and energy as input factors, GDP as a desirable output, and environmental pollution emissions and land finance as undesirable outputs. Further, this paper examines the effect of rent-seeking on green economic efficiency with a fixed effects model and explores the role of promotion pressure in the relationship between rent-seeking and green economic efficiency with a panel threshold model. Our study finds that: (1) Rent-seeking exerts a significant negative impact on green economic efficiency. (2) Compared to areas of higher promotion pressure, the negative effect of rent-seeking on green economic efficiency is greater in areas facing lower promotion pressure. (3) The relationship among promotion pressure, rent-seeking and green economic efficiency differs in areas facing different “green” promotion pressure.     

Debt financing and maintenance expenditure: Theory and evidence on government-operated toll roads in China

Transportation infrastructure is the foundation of economic growth, and the existence of high-quality roads is inseparable from their durable maintenance. However, the burden of heavy debt has brought risks to maintenance management and distorted resource allocation. This study builds a two-stage optimal theoretical model under different debt-financing constraints in China, who has the longest expressway mileage of any country in the world. We establish the two principles of “spend-and-debt” and “debt-and-spend” to demonstrate the substitution effect and the complementary effect of debt financing on maintenance, respectively. Furthermore, we use a time-varying differences-in-differences approach to estimate the effect of the financing of tollway bonds on maintenance and further discuss the mechanism. The results provide evidence that there is a significant improvement in the relationship between tollway bonds and maintenance expenditure, mainly due to the reduction of debt costs and the passive propelling of the government’s spending responsibility. Our proposed theoretical and empirical framework sheds new light on transportation infrastructure research. More specifically, the impetus for public expenditure comes from a decrease of the substitution effect, which not only alleviates the burden of debt scale on the public sector but also provides a reference for developing countries to balance infrastructure construction and maintenance.     

数字普惠金融推动农业高质量发展的路径选择——基于黑龙江省农业数字普惠金融案例分析

数字普惠金融是我国金融发展历程中的重大举措,研究数字普惠金融对农业高质量发展的影响及作用路径具有重要意义。将农业生产技术创新、城乡收入协调、农业经济可持续发展、农业市场扩大开放和农业发展成果共享设定为农业高质量发展的目标,把数字普惠金融中的融资便利、融资成本、融资风险以及农民的金融素养作为前置影响因素,分析数字普惠金融在农村经济发展中的作用以及考察农村数普惠金融如何影响农业高质量发展的五纬目标进而促进农业高质量发展的实现。研究结果发现：农村数字普惠金融的便利性增加以及融资成本和风险的下降可以促进农村数字普惠金融发展,农民金融素养的提高也有利于农村数字普惠金融进一步的推进;农村数字普惠金融扩大使用可以通过提升农业生产技术创新、农业市场扩大开放、农业发展成果共享、农业经济可持续发展以及城乡收入协调等途径实现农业高质量发展。最后,以黑龙江省农业数字普惠金融发展现状为例,进一步分析当前我国农业数字普惠金融的发展模式及面临的主要问题,并提出农业数字普惠金融促进农业高质量发展的对策建议。     

The unique dollarization case of Lebanon

We perform a thorough analysis of the unique dollarization case of Lebanon, a heavily dollarized economy with recurring public deficits and monetary financing of the public debt, together with contained inflation and a de facto fixed exchange rate lasting for more than 20 years. What makes Lebanon’s case specific is the high level of foreign currency liquidity in the hands of the banking system due to the abundant capital inflows in the last three decades, and the high levels of the central bank’s gross international reserves, contrasting with its low and sometimes negative levels of net international reserves. We shed light on a number of areas that have so far been unexplored in international finance and monetary economics, mainly the difference between gross and net international reserves and their relative fiscal costs, together with a synthetic classification of sterilization techniques. We explain the monetary “freezing” mechanism that helped contain inflation in Lebanon, despite the monetary financing of the country’s recurring public deficits. We also assess the results of Lebanon’s monetary and exchange rate policy in the last two decades, and make a number of policy recommendations in light of previous studies.     

城乡要素自由流动促进新发展格局形成的路径研究

城乡要素自由流动是畅通国民经济循环、构建“双循环”新发展格局的内在要求。从需求端看,城乡要素自由流动既有利于劳动力等要素流向城市、推进新型城镇化;也有利于高端要素回流乡村,激发乡村蛰伏的发展潜能、促进乡村振兴,从而为构建“双循环”新发展格局拓展新的内需空间。从供给端看,城乡要素自由流动有利于畅通生产、分配、流通和消费各环节,平衡城乡要素结构,提升要素配置效率,为构建“双循环”新发展格局培植新动能。因此,要发挥“有效市场”在要素配置中的决定性作用,深化城乡要素市场化配置改革,消除阻碍城乡要素自由流动和高效配置的各种体制障碍,打通“双循环”新发展格局中城乡要素流动的关键堵点。要发挥“有为政府”在乡村基础设施和政策体系制度供给中的作用,深化户籍、土地等制度改革,使城乡人口流动摆脱户籍制约,构建城乡统一的建设用地出让机制。要加大对要素返乡的支持力度,全面推进城乡新型基础设施建设,为形成“双循环”新发展格局提供有力的要素支撑。     

浅析我国农村基础设施建设融资问题

农村基础设施建设融资体制是影响农村基础设施建设的重要因素之一,本文主要介绍了美国、日本、韩国的农村基础设施建设发展的情况,分析这些国家农村基础设施建设融资方法。同时结合我国目前农村基础设施建设的现状和不足,研究适合我国市场经济发展的农村基础设施建设融资体制,使其在我国今后经济发展中发挥重要作用。     

雄安新区规划建设的进展、困境与突破

雄安新区设立以来,在城市规划编制、基础设施建设、非首都功能承接和改革开放等方面取得明显进展,在高起点规划和高标准建设方面进行创新。当前,雄安新区规划建设也存在一些现实困境,如基础设施建设面临巨大的资金缺口,承接北京非首都功能面临公共服务落差大、产业配套不完善和功能错位等难题,新兴产业发展需要“平地起高楼”,改革开放需要向深度广度拓展。雄安新区迫切需要找到摆脱困境的发展路径,建立新型基础设施投融资模式,精准承接北京非首都功能疏解,推进传统产业升级、创新生态构建和新兴产业集聚,努力打造新时代改革开放的“新地标”。     

高质量发展背景下西部城市基础设施PPP模式的探析——以新疆城市基础设施为例

随着西部地区城市经济的不断发展,城市基础设施建设项目日益多样化,提高了对项目融资的要求。论文围绕新疆城市基础设施项目投融资进行了探究,首先阐释了在高质量发展之下,城市基础设施投资和PPP融资现状,其次分析PPP模式对城市经济的重要性,最后针对如何优化城市基础设施PPP项目模式适用性提出了相关的建议。     

WHO GETS FORMAL HOUSING FINANCE IN JORDAN?

The role of housing finance in actualizing housing demand is widely appreciated. Many developing nations have established special institutions in an attempt to assure that adequate volumes of financing are made available. Jordan offers an especially interesting case because the Jordan Housing Bank has the resources to serve almost any number of applicants at highly competitive rates. In addition, several other formal lenders make mortgage loans as do some government programs. This paper analyzes the determinants of the likelihood of recent home purchasers actually obtaining a loan from a formal finance institution. We find that purchasers in rural areas are much less likely to obtain such loans. In urban areas, the probability of using formal finance rises steadily with income. Also in urban areas, a household that purchases a unit that is an addition to an existing structure is much more likely to obtain formal financing than an otherwise similar household.     

浅论HNZY公司物流金融的运作模式

物流金融是物流业和金融业的一个交叉学科,是物流与金融相结合的新产品,它整合了物流领域的物流、资金流和信息流,物流金融业务提高了第三方物流企业的竞争力,是当前物流企业竞争中的蓝海,是第三方物流服务的一次革命。本文主要对HNZY公司物流金融的主要模式进行了系统分析,在继承前人关于物流金融和货押融资业务研究的基础上,结合HNZY公司的实际情况,对国内信用证、国际信用证未来货权质押和综合授信模式进行分析,系统介绍了HNZY公司所做的物流金融各种模式的操作方案,其中国内信用证和国际信用证项下的融资业务,是一种创新模式,为相关企业的物流金融运作提供了参考和借鉴。     

土地财政、政府行为与企业杠杆率——基于中国上市企业数据的实证检验

土地财政能够在经济实践中对微观企业主体产生重要影响.土地财政强度越大,则能够显著推动企业杠杆率水平上升,对于国有企业和高科技企业而言更是如此.从机制路径来看,宏观上,土地财政会强化地方政府的干预能力,强化基础设施建设强度;微观上,土地财政导致企业的融资难和融资贵问题加剧,并降低了企业的内部控制水平,这些都导致了企业杠杆...     

城市基础设施差异性与投融资模式创新选择

随着我国城市化进程的加快,城市基础设施亟需扩大规模以满足发展的需要。城市基础设施在所属经济区位、基础性程度、竞争性程度等方面存在很大差异性,文章探讨了城市基础设施差异性下的投融资模式创新选择。     

中国城乡融合发展的演进、反思与趋势

城市与乡村是一个有机体,城乡关系是最基本的经济社会关系,也是国家和区域内最重要的相互依赖关系,只有两者均实现可持续发展,才能相互支撑。如何防止“空壳化”及其带来的农村萧条,党的十九大报告明确提出建立健全城乡融合发展体制机制和政策体系,这是中央文件首次提出城乡融合发展的概念,也是实施乡村振兴战略、加快推进农业农村现代化的根本保障。因此,将城市和乡村置于“人口—产业—土地”整体性的网络中重新审视两者的逻辑关系,科学分析研判城乡发展的演进过程,系统甄别城乡融合机理特征,有效把握城乡融合发展的趋势规律,构建城乡融合与乡村振兴这一新型解释框架意义重大。     

广西柳州汽车城开发建设的多元投融资模式研究

"十一五"期间,广西柳州汽车城的开发建设取得了显著的成绩。然而,受国家现行经济政策的影响,汽车城基础设施建设的大规模融资习趋困难,这已成为汽车城开发建设的瓶颈。文章在分析柳州汽车城基础设施建设投融资现状的基础上,运用城市建设多元投融资理论的原理,借鉴国内城市建设投融资的成功实践,提出柳州汽车城开发建设的多元投融资模式的创新优化模式以及相关的对策建议。     

International Convergence of Accounting Practices: Choosing between IAS and US GAAP

This study examines reporting practices of a sample of foreign listed and domestic‐only listed companies from the United Kingdom, France, Germany, Japan and Australia to determine the extent to which companies voluntarily use “international” standards. Two types of use of non‐national standards in the consolidated accounts presented to the public are considered: adoption of “international” standards instead of national standards, and supplementary use where “international” standards are used in conjunction with national standards. “International” standards are defined as US GAAP or IAS (now IFRS). The study tests for a preference for either set of standards and considers the relationship of choice of regime with firm attributes. The results show significant voluntary use of “international” standards in all five countries and among foreign listed and domestic‐only listed companies. Companies using “international” standards are likely to be larger, have more foreign revenue and to be listed on one or more foreign stock exchanges. US GAAP is the predominant choice, but IAS are used by many firms in Germany and some in Japan. Firms listed in the United States' regulated markets (NYSE and NASDAQ) are more likely to choose US GAAP, but companies traded in the OTC market often select IAS. The study demonstrates for managers and regulators that there is considerable support for “international” standards, and that choice of IAS or US GAAP relates to specific firm characteristics which differ according to a firm's country of origin. Most use of “international” standards reflects individual countries' institutional frameworks, confirming the key role of national regulators and standard setters in assisting companies to achieve more comparable international reporting.     

Revisiting the family investment hypothesis

The family investment hypothesis predicts that credit-constrained immigrant families adopt a strategy for financing post-migration human capital investment in which the “primary worker” engages in investment activities and the other partner undertakes activities that finance consumption. Empirical tests of this hypothesis have assumed that the primary worker is the male partner. Many immigrants to Australia are admitted through a “points test” which assigns points for productive skills. Once a principal applicant receives a visa, dependent family members are automatically granted visas as well. Thus, we re-evaluate the family investment hypothesis using principal applicant status to identify primary and secondary workers.     

东京都市圈生活功能建设经验及对中国的启示

在超千万人口的都市圈中,东京在生活体验上一直广受赞誉,是全球各大宜居城市排行榜的“常客”。东京都市圈在发展过程中面对内城拥挤加剧、生活成本增高、生态环境变差等问题,从居住、休闲、生态等方面构建美好生活圈。东京都市圈以生活圈建设缓解城市问题的主要做法包括建设职住平衡和适应老龄化的“宜居生活圈”、构筑便捷舒适的“休闲生活圈”、打造高效流通的“新鲜生活圈”、塑造生态美丽的“绿色生活圈”。借鉴东京的经验,中国都市圈建设应立足高质量发展,建设“非自立”新城、实施“交通+”策略、培育都市圈外围品质生活节点、以集约方式增强经济和人口承载力为重点推进生活圈建设。     

城市基础设施投融资活动分类管理的探讨

随着社会资本进入基础设施建设领域,政府的投融资体制产生转变,导致公共产品属性发生了变化,使得公共产品商品化。本文通过分析城市基础设施的公共产品属性及其投融资体制,分析得出城市基础设施应该回归公共产品本来的属性,相应的城市基础设施投融资体制应该进行改革,应以政府财政资金为主导,对应的社会资本应当纳入财政预算,接受财政监督,同时,在复式预算的基础上根据城市基础设施建设的不同性质,对城市基础设施的投融资进行分类管理。     

Staatliche Gründungsfinanzierung: Stand der Forschung und offene Fragen

This paper provides a survey on the current status of research in the field of public entrepreneurial financing. Most importantly, we investigate the economic justification of public activities in the market for start-up financing by addressing four research questions. First, the paper evaluates whether start-ups support macroeconomic growth at all. Second, we look for evidence of imperfections and market failure in the market for entrepreneurial finance. Third, the paper investigates whether public financing of start-ups is effective in the sense that subsidized firms perform better than non-subsidized ones. Fourth, it needs to be analyzed if existing measures of public financial support for start-ups are efficient, i.e. reach their economic goals cheaper than other measures. The answers to these questions are mostly negative which shows that economic research has no justification to offer for public entrepreneurial financing.