抗击疫情 税务人在行动

2020年新年伊始,一场新型冠状病毒感染的肺炎疫情牵动了全国人民的心,也牵动着无数税务人的心。面对严峻的疫情,全国税务系统把疫情防控作为当前工作的重中之重,盯紧抓牢,在全力开展防控工作的同时,扎实做好疫情防控期间办税缴费服务保障工作,全面落实医疗防护产品生产等税收优惠政策,为打赢疫情防控阻击战贡献税务力量。     

战疫,金融在行动

新年伊始,新型冠状病毒感染肺炎疫情突如其来,导致全国各地生产,生活不同程度地受到影响。在党中央的坚强领导下,全国各地正在全力打贏新型冠状病毒感染肺炎疫情防控阻击战。中国金融业坚决贯彻落实习近平总书记重要指示精神,牢记人民利益高于一切,坚定信心,同舟共济,义无反顾地投入到了疫情防控阻击战当中,全力做好疫情防控各项金融服务保障措施,发挥金融对疫情防控工作和实体经济的支持作用。     

疫情当前,社保经办服务应如何优化?

2020年伊始,湖北省武汉市发生“新型冠状病毒肺炎”(以下简称“新冠肺炎”)疫情以后,党中央国务院高度重视,中共中央总书记习近平作出重要批示,必须高度重视疫情,全力做好防控工作。广大人民群众众志成城、团结奋战,打响了疫情防控的总体战,全国形成了全面动员、全面部署、全面加强疫情防控工作的局面。     

防控疫情的货币金融政策

进入2020年伊始,中国经济社会运行秩序突遭新冠肺炎疫情的严重袭击。1月25日(农历正月初一),中共中央政治局常务委员会召开会议,就疫情防控进行了全面研究、部署和动员,提出疫情防控是当前各项工作的重中之重,“疫情就是命令,防控就是责任”,吹响了举全国之力,全面打赢疫情防控总体战阻击战的集结号。1月31日,中国人民银行等五部委紧急出台了《关于进一步强化金融支持防控新型冠状病毒感染肺炎疫情的通知》,提出了货币金融支持疫情防控的30条政策举措。二十几天来,这些货币金融政策进一步扩展并快速落地,成效正在逐步显现。     

凝聚金融力量 全力以赴战“疫”

2020年的春节注定是一个特殊而不平凡的春节。从1月起,湖北省武汉市等多个地区发生新型冠状病毒感染的肺炎疫情,随后多省份陆续启动重大突发公共卫生事件一级响应,全国开始积极开展疫情防控工作。我国各金融机构反应迅速,积极行动,采取各项措施手段强化金融支持和服务保障工作,为维持经济稳定、支持疫情防控发挥了重要作用。     

财经要闻

五部委联合发文强化金融对疫情防控工作的支持2月1日,为切实贯彻落实中共中央《关于加强党的领导、为打赢疫情防控阻击战提供坚强政治保证的通知》精神和中央应对新型冠状病毒感染肺炎疫情工作领导小组工作部署,进一步强化金融对疫情防控工作的支持,人民银行、财政部、银保监会、证监会、外汇局联合发布了《关于进一步强化金融支持防控新型冠状病毒感染肺炎疫情的通知》(以下简称《通知》)。     

金融助力打赢疫情防控阻击战

2020年伊始,新型冠状病毒疫情这一“黑天鹅”事件突然爆发,对居民消费、企业生产投资等带来了较大冲击,餐饮、娱乐、酒店、旅游、影视、交通、商贸等行业首当其冲,各方心理预期更是受到显著影响,经济下行压力明显增大,金融市场运行不稳定性因素增多。为应对这一突发状况,中国人民银行等五部委快速反应,联合发布了《关于进一步强化金融支持防控新型冠状病毒感染肺炎疫情的通知》,这是金融助力打赢疫情防控阻击战的及时举措。     

国家税务总局关于支持新型冠状病毒感染的肺炎疫情防控有关税收征收管理事项的公告 2020年第4号

为支持新型冠状病毒感染的肺炎疫情防控工作,贯彻落实相关税收政策,现就税收征收管理有关事项公告如下:一、疫情防控重点保障物资生产企业按照《财政部税务总局关于支持新型冠状病毒感染的肺炎疫情防控有关税收政策的公告》(2020年第8号,以下简称"8号公告")第二条规定。     

中国人民银行 财政部 银保监会 证监会 外汇局 关于进一步强化金融支持防控新型冠状病毒感染肺炎疫情的通知银发[2020]29号

新型冠状病毒感染的肺炎疫情发生以来,党中央、国务院高度重视,习近平总书记作出一系列重要指示。金融系统认真贯彻落实党中央、国务院决策部署,主动作为,确保金融服务畅通,支持各地疫情防控,发挥了积极作用。当前,疫情防控正处于关键阶段。为切实贯彻落实中共中央《关于加强党的领导、为打赢疫情防控阻击战提供坚强政治保证的通知》精神和中央应对新型冠状病毒感染肺炎疫情工作领导小组工作部署,进一步强化金融对疫情防控工作的支持,现就有关事宜通知如下.     

新冠病毒疫情下慢病用药政策的影响和建议

2020年初,一场由新型冠状病毒引发的疫情从武汉迅速蔓延至全国。全国人民在党中央坚强领导下,以“减少人员流动、切断传播途径”的方法,实施联防联控。2月2日,国家医疗保障局办公室印发《关于优化医疗保障经办服务推动新型冠状病毒感染的肺炎疫情防控工作的通知》,积极支持“长处方”,实现“便民办”。     

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.     

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.     

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.