有限赶超与经济增长

本文考察一国经济发展中对外贸易格局与经济发展绩效的关系。文中提出了有限赶超的概念,并在Hausmann et al(2005)的基础上,重新定义贸易商品技术复杂度和一国出口产品技术含量,构建并测算112个国家(地区)在1965—2005年间的有限赶超指数。韩国和中国台湾地区的发展经验以及中国、印度、阿根廷发展现状的对比,充分表明有限赶超的成功。跨国回归分析表明,有限赶超对一国经济增长速度有显著正的影响,且短期效果大于长期效果。     

中国企业碳减排的经济后果研究

基于我国的绿色信贷制度背景,依据企业从事碳减排活动的成本、技术、获利途径等因素,本文研究了企业碳减排活动对债权人、投资者决策行为的影响。研究发现,企业碳减排活动有利于企业获得银行贷款,我国的绿色信贷政策发挥了作用;但是,碳减排活动越多的企业,其公司价值越低,表明企业的碳减排活动受到资本市场投资者的抵触。根据我国的制度背景和经验证据,我们建议金融机构继续履行绿色信贷职责,支持并监督企业的碳减排活动;政府管理部门可通过推进碳排放权交易市场建设、增加企业碳减排补贴的范围和标准来提升投资者的信心。     

Green Throughput Taxation: Environmental and Economic Consequences

According to optimal taxation theory, raw materials should be taxed to capture the embedded scarcity rent in their value. To reduce both natural resource use and the corresponding emissions, or the throughput in the economic system, the best policy may be a tax on material inputs. As a first approach to throughput taxation, this paper considers a tax on intermediates in the framework of a dynamic computable general equilibrium model with environmental feedbacks. To balance the budget, payroll taxes are reduced. As a result, welfare indicators as material consumption and leisure time consumption are reduced, while on the other hand all the environmental indicators improve.     

中概股公司私有化研究:动机与经济后果

文章研究了中概股公司私有化的动机与经济后果.研究发现,从私有化前一年这个特定时点来看,中概股公司私有化的动机主要是避免企业价值被低估、减少自由现金流和降低交易成本.而且,管理层持股比例越高,公司越有可能采用管理层收购方式进行私有化.从上市到私有化的长期角度来看,中概股公司私有化的动机主要是避免企业价值被低估和降低代理成本.进一步的研究还发现,中概股公司宣布私有化具有显著的正向溢出效应,具体表现为同行业未私有化的中概股公司股票获得了显著为正的超额回报,而且溢出效应对于估值水平较低和自由现金流较多的同行业中概股公司更加显著.     

企业财务共享模式的经济后果研究

财务共享模式是近几年由国外引进的新兴财务管理模式,其核心思想是通过流程再造实现公司业务的流程化、标准化,一般适用于规模大、业务分散、财务核算业务重合度高的企业。目前国内不少企业开始着手搭建财务共享服务中心,希望推动公司财务管理模式的转型,然而其存在的实用价值尚未得到一致认可。对此选取建筑装饰行业中的上市公司作为研究样本,按照是否建立财务共享模式将行业样本公司分成两类,并通过横向和纵向的对比,分析已经建立财务共享模式的样本公司在构建财务共享模式前后运营情况、盈利能力以及提升公司竞争力等方面产生的经济后果,揭示了公司在推行财务共享模式过程中可能存在的问题,并提出了如何解决的相关建议。     

转型期国企经营者的身份博弈与经济后果

转型期国企经营者选择的“政府化”,导致国企经理身份定位模糊。国企经理“亦官亦商”引发利益相关者针对国企经营者身份的多方博弈。国企经营者的身份博弈造成国企高管激励制度扭曲,加剧国企公司治理的“内部人控制”,最终削弱改制后国企的自生能力。结合国有企业经营性质差异,加快推进国企经营者选择机制的二元化改革,实行国企经营者的分类管理,是当下实现国企高管身份明晰化的可行路径。     

有效税收筹划的基点:税收成本与非税成本

如何进行有效税收筹划是当前理论研究中必须解决的关键问题之一.借鉴Scholes 和Wolfson的思路,以"税后收益最大化"为有效税收筹划目标,从不确定性角度揭示税收成本与非税成本的内生关系,通过分析税收实务中财务政策、税制改革、税收利益和财务报告中税收成本和非税成本的冲突,进而提出有效税收筹划的路径.     

会计准则国际趋同、研究开发支出及其经济后果

基于2006年颁布的新企业会计准则,文章从契约观和信息观两个角度实证检验了研究开发支出准则变化带来的经济后果。研究发现:(1)新会计准则的实施降低了企业盈余报告的压力,有助于促进企业的RD投入;(2)新会计准则促进企业提高RD投入的程度受到管理层持股水平和所有权性质的影响,管理层持股水平高的企业提高程度低,国有企业相对于非国有企业提高程度要低;(3)与原RD支出会计处理方法相比,新准则更为符合研发投入的经济实质,提高了报表的价值相关性;(4)资本化RD支出与企业价值正相关,与费用化RD支出相比,资本化RD支出的市场定价更高。     

Economic Consequences of Pegging to the Dollar in a Multicurrency World

The paper studies the monetary mechanism of a three-country world where two large countries are engaged in floating exchange rates with each other, and a small country is pegged to one of these large countries. Three countries possess an endogenous wage determination process, so that the choice of exchange-rate regimes has real consequences. This arrangement creates serious difficulties for the small country. The paper evaluates the relative effectiveness of options for the small country, taking account of endogeneity of wage determination. Complete float of the small country and the currency basket pegging both present promising alternatives, but the complete float is likely to be best.     

美国会计准则制定的经济后果及其启示

人们对会计准则性质认识的经济后果观认为，会计准则的选择会影响相关利益集团的决策行为。会计准则具有经济后果。经济后果学说的提出对会计准则制定理论产生了重大影响。在美国，会计准则的制定过程实际上已演变为政治过程。笔者对此进行了考察。列举了若干反映美国会计准则制定经济后果的事例，希冀从中能得到一些启示，以裨益于我国会计准则的建设与发展。     

Creationism versus Evolutionism in Economics: Societal Consequences of Economic Doctrine

In the 1940s and 1950s, institutionalist economists rapidly lost their influence over American economics. In parallel, a new mainstream emerged, and the institutionalists were extremely dissatisfied with the path taken by the economic science. We analyze the opinions and feelings about this context to shed light on the institutionalists’ understanding of the new mainstream economics. We construct a historical account of the institutionalists’ dissatisfaction with post-war economics based on archival material from the personal papers of Allan Gruchy, John Gambs, John Blair, and Clarence Ayres. In the period analyzed, the economists, who would later found the Association for Evolutionary Economics, acted as dissenters rather than institutionalists. In part, this explains the pluralistic path that the association has followed ever since its foundation.     

An Evaluation of a Developmental Economic Education Project Given Limited Data

The Joint Council on Economic Education's Developmental Economic Education Program (DEEP) has been subjected to evaluations, both on a nationwide basis and in terms of the effects of a given project in a local area. Usually, the results have been positive, but too few of the evaluations have employed rigorous statistical analysis. Furthermore, the lasting effects of the program have not been sufficiently considered. The authors of this article recognize important limitations in their study, but present interesting evidence of the possible impact of the DEEP project in one city (Minneapolis) and suggest the policy implications of their findings.     

新会计准则预期实施的经济后果研究

新会计准则的颁布和实施是我国会计、审计发展吏上新的里程碑,它的实施必然会产生一定的经济后果.人们在对经济后果反思的同时,也对新会计准则的执行是否能进一步改善我国资本市场表示了担忧.本文首先从机会主义行为观的角度探讨了我国新会计准则实施后预期的经济后果,其主要表现为大量的调整事项集中出现在2006年年报中,其次对上市公司在面临不同的状况时采取的不同盈余管理行为进行了实证研究,最后提出了经济后果带给我们的启示.     

经济实质与法律形式的选择、判断及经济后果——基于会计反映和税收征纳的比较分析

经济实质与法律形式,历来是会计和税收中核心的职业判断问题,由于税收与会计密切相关,有必要将二者放在一起加以比较并深入讨论,以期引发会计实务人员、税收征收管理人员以及纳税人等企业利益相关者深入的思考。基于这一目的,文章首先从会计反映的角度论述了交易的会计实质与法律形式的关系以及会计利益相关者的操纵方式,然后从税收征纳双方的角度详细论证交易的税收实质判断与其外在法律形式之间的关系及具体表现方式。     

Choice of Technology and Labour Market Consequences: An Explanation of US-Japanese Differences

This paper provides an explanation for U.S.-Japanese differences concerning continuous process improvement, turnover rate, and the level and firm-specificity of human capital accumulation. Connection between continuous process improvement and the firm-specificity of training causes multiplicity of equilibria. In the Japanese equilibrium, each firm conducts continuous process improvement because other firms do so, and as a consequence training provided by such a firm becomes less effective in other firms. This lowers the turnover rate, which, in turn, increases firms' incentives to train employees. In the US equilibrium, training is general, which raises the turnover rate and decreases incentives to train.