产能过剩，政策应该做什么？

我们认为中国经济并不必担心“过冷”，还是需要高度警惕“过热”。短期内双稳健的政策是调整产能过剩，防止新一轮投资过热的关键政策手段；而中长期而言，深入市场化改革才是解决市场失衡，保持经济平稳快速增长的根本途径。[编者按]     

收入分配制度改革、民生金融与土地资本化北大核心

尽管各方均关注收入分配体制改革,且几乎都认同这是中国社会稳定和经济增长的主要瓶颈,但在实际操作上的认知却存在一定差异,其中的核心问题在于收入分配制度改革是否必然意味着零和博弈。比如,减税意味着政府收入向居民和企业的转移;工薪收入倍增意味着企业收入向员工的转移等等。一旦进入切蛋糕范畴,则任何改革均将遭遇前所未有的阻力,     

中国古代的佛教与"钱"

2007年四五月间随着沪市A股飙上4000点，一条僧人炒股的新闻轰动一时，并成为全民炒股的有力佐证。暂且不论炒股的僧人是个别现象还是普遍现象，也不论炒股的僧人是个人行为还是集体行为，僧人炒股并不值得大惊小怪。“外乞食以养色身，内乞法以养慧命”不过是一种理想化的境界。僧侣也得与人间烟火打交道，寺庙的财产也有一个保值增值的问题。僧人以不同形式参与社会经济活动，是自古就有的传统。寺院经济的膨胀与萎缩，一定程度上反映了佛教在历史上的盛与衰。下面介绍其中的几则事例。[编者按]     

再次钱荒背后更大问题是什么

在经历6月钱荒的惊秫后,临近年末,钱荒剧情再次上演,12月19日,中国银行间1月期质押式回购加权平均利率又创6月钱荒以来新高,上海银行间拆借利率也连续三日飙涨。对此,央行紧急宣布通过短期流动性调节工具SLO适度注入流动性,但导致钱荒的核心问题就此解决了吗？答案显然是否定的,而更悲观的预期是,2014年,中国金融会出现更大动荡。钱荒背后隐伏多年的连锁危机将无法继续遮盖,对中国经济和社会稳定构成重大挑战。     

合作金融的作用应得到重视

合作金融既是合作经济的子系统，又是金融体系的分系统，在我国经济发展的历史上，合作金融发挥了重大作用，但在当前的现实生活中，人们对合作金融的重要性认识不够，混淆合作金融与商业金融。因此，要正确区分商业金融与合作金融，明确合作金融存在的客观基础，重视合作金融在农村经济发展以及城镇两小经济发展中的作用。     

如何构建良好的金融生态环境

金融生态环境建设是一项复杂的系统工程,需要以科学发展观为指导,由多个领域的不同部门长期不懈地相互配合,有的放矢地科学推进.     

Market capitalization and Value-at-Risk

The potential of economic variables for financial risk measurement is an open field for research. This article studies the role of market capitalization in the estimation of Value-at-Risk (VaR). We test the performance of different VaR methodologies for portfolios with different market capitalization. We perform the analysis considering separately financial crisis periods and non-crisis periods. We find that VaR methods perform differently for portfolios with different market capitalization. For portfolios with stocks of different sizes we obtain better VaR estimates when taking market capitalization into account. We also find that it is important to consider crisis and non-crisis periods separately when estimating VaR across different sizes. This study provides evidence that market fundamentals are relevant for risk measurement.     

危机推动资本化容量增长

为什么金融市场每隔一段时间就会出现一次大震荡?每次震荡的影响是否只是负面的呢?     

Corporate governance and bank capitalization strategies

This paper examines the relationship between banks’ capitalization strategies and their corporate governance and executive compensation schemes for an international sample of banks over the 2003–2011 period. Shareholder-friendly corporate governance, in the form of a separation of the CEO and chairman of the board roles, intermediate board size, and an absence of anti-takeover provisions, is associated with lower bank capitalization, consistent with shareholder incentives to shift risk towards the financial safety net. Higher values of executive option and stock wealth invested in the bank are associated with higher capitalization as a potential reflection of executive risk aversion, but the risk-taking incentives embedded in executive compensation packages are associated with lower capitalization.     

Development costs capitalization and debt financing

This study investigates debt market effects of research and development (R&D) costs capitalization, using a global sample of public bonds and private syndicated loans issued by public non‐financial firms. Firstly, we show that firms capitalize larger amounts of R&D in a year when they exhibit a propensity for issuing bonds, rather than borrowing funds privately from the syndicated loan market, in the subsequent year. Secondly, we provide evidence that capitalized R&D investments reduce the cost of debt. We infer that debt market participants are able to identify firms’ motives for R&D capitalization, as we find a reduction in the cost of debt only for those firms that do not show indications of employing R&D capitalization for earnings management reasons. Indeed, only for this sub‐sample of firms, the amount of capitalized R&D contributes positively to future earnings. We confirm that R&D capitalization is positively associated with audit fees and thus can be deemed to be a signaling device. Lastly, we find that it is the amount of R&D a firm is expected to capitalize and not the discretionary counterparts, which facilitates a firm's access to public debt markets, reduces bond and syndicated loan prices, and contributes to future benefits.     

Gold and tax capitalization: A natural experiment

This research examines whether U.S. income taxes are capitalized into gold coin prices. For years, the American Eagle (Eagle) was the sole gold coin to be IRA eligible. The Taxpayer Relief Act of 1997 expanded eligibility to include all other gold coins beginning on January 1, 1998, except the South African Krugerrand (Rand). In this natural quasi-experiment, we examine whether gold coin prices reacted to the change in IRA-eligibility. Results are largely consistent with the capitalization of implicit taxes in gold coin prices. When legislation allowing IRA eligibility of both the Canadian Maple Leaf (Maple) and the Rand was introduced, the prices of both coins increased relative to the Eagle. When final legislation excluded the Rand from IRA eligibility, but not the Maple, the Rand's price declined while the Maple's did not. The findings contribute to the tax capitalization literature and the effects of interjurisdictional taxation in integrated global markets.     

The educational impact of unresolved conceptual issues in interest capitalization

In SFAS 34, the FASB adopted “avoidable interest” as the measurement objective for interest capitalization. This article discusses the compromise which resulted in the avoidable interest concept, the circumstances under which the compromise took place, and the effect it has had on textbook presentations of interest capitalization.     

The effects of declining capitalization on equity acquisition by commercial banks

This study examines external equity acquisition by banks with declining capitalization. We observe a nonlinear (quadratic) relationship between equity acquisition and a bank's level of capitalization in which equity acquisition rises as capitalization declines until a threshold level of undercapitalization is reached, below which equity acquisition declines. To the extent that banks falling below this threshold level of capital are deemed unworthy of investment by current or prospective shareholders, their failure to acquire external equity can be interpreted as an indication of potential nonviability.     

R&D capitalization and audit fees: Evidence from China

Our study investigates the association between capitalized R&D costs and audit fees and whether this association reflects the effect of earnings management. By exploring Chinese listed firms, we find that capitalized R&D costs are positively associated with audit fees, where such positive association holds for both the discretionary and nondiscretionary portions of capitalized R&D costs. Moreover, the positive association between the discretionary portion of capitalized R&D costs and audit fees is more pronounced for firms with stronger incentives to manipulate earnings. Overall, our findings imply that firms' reporting incentives affect how auditors react to clients' accounting choices. This in turn suggests that auditors believe some firms capitalize R&D to manipulate earnings, and the resulting earnings-management concerns lead them to charge higher fees.     

Bank capitalization and lending behavior after the introduction of the Basle Accord

In this paper, we provide evidence that banks with a low level of capitalization have reduced their commitment with respect to lines of credit after the introduction of the Basle Accord. A bank's lending behavior reflects its level of commitment towards borrowers, which in turn affects the level of effort it exerts on screening and monitoring the activities of borrowers. We find that the post-Basle Accord market reaction to the announcement of lines of credit issued by banks with a low level of capitalization is significantly lower than the reaction to other types of bank credit announcements. We interpret this result as evidence that some banks have a low level of commitment associated with lines of credit after the Basle Accord.

Substitution across profit shifting methods and the impact on thin capitalization rules

International Tax and Public Finance - Thin capitalization rules limit firms’ ability to deduct internal interest payments from taxable income, thereby restricting debt shifting activities of...