TAX UNCERTAINTIES AND THE INVESTMENT DECISION

This paper investigates how the firm's investment decision is affected by uncertainties in the tax laws under an asymmetric structure of income taxation. Tax liability is modelled as a call option, and tax uncertainties are modelled as randomness in the exercise price of the call option. The effects on the investment decision are derived by evaluating the comparative statics of the optimal investment level with respect to the volatility of the exercise price. The central result is that the disincentive effects of the tax uncertainties are generally exacerbated under the tax asymmetry.     

TAX INCENTIVES AND HIGH RISK INVESTMENT

The objectives of this paper are to examine reasons for the Australian Government's decision to create a tax incentive for high risk (hi-tech) industries. Comparisons are made with similar policies in other countries, and policy issues related to the administration of the Australian scheme are discussed. The paper does not attempt to examine the broader issue of whether or not there is a requirement for such a scheme to encourage hi-tech industries.     

ACCOUNTABILITY AND THE POLL TAX: THE IMPACT ON LOCAL AUTHORITY BUDGETS OF THE REFORM OF LOCAL GOVERNMENT FINANCE IN ENGLAND

In 1990 the United Kingdom government introduced major reforms to the system of local government finance in England. The most dramatic change was the replacement of domestic property taxation by a flat rate community charge, or poll tax. The government's principal argument for this reform was that it would enhance the accountability of local authorities to their electorates. This paper examines the nature of this accountability link, and develops measures of the extent to which the new arrangements have increased accountability. A model is presented which seeks to determine whether the changes in accountability have led to changes in the expenditure patterns of local authorities in the first year of the reforms. The results are negative, and this preliminary evidence therefore suggests that the accountability arguments for the reforms are spurious.     

深化提升绿色金融建设的实践与思考

今年是习近平总书记“两山理念”提出16周年,也是全面建成小康社会和谋篇布局“十四五”开局之年,深入贯彻落实习近平生态文明思想,充分发挥绿色金融在调结构、转方式、促进生态文明建设、推动经济可持续发展等方面的积极作用,需要全行认真践行总行党委绿色金融发展战略,以“48字”工作思路为引领,更加积极主动作为,推进我行绿色金融建设迈上新台阶。     

中国进出口银行党委副书记、副董事长、行长吴富林 切实履行政策性金融职责使命

新年新起点,新年新开篇。1月6日,中国银保监会举办第278场银行业保险业例行新闻发布会,这也是2022年首场新闻发布会。在会议上,中国进出口银行党委副书记、副董事长、行长吴富林,中国建设银行党委副书记、行长王江以及中国光大银行党委副书记、行长付万军,围绕“学党史、悟思想、办实事、开新局”,回顾2021年,畅想2022年。     

新形势下产融结合之道

就产融结合来看,东部地区的金融业比较发达,应该重点发展金融主导型的合作模式,而在中西部地区则应该发展产业主导型的合作模式。     

论过度的金融自由化与金融体系脆弱性

金融自由化的实质是充分发挥市场机制的功效,通过市场机制分配金融资源,进而通过金融的先导作用更为有效地分配和运用其他资源,促进一国经济的发展.但金融自由化是一把双刃剑,它既具有改善金融资源配置、提高资本配置效率、增加金融机构及金融市场的竞争力、提高其效率、吸引外资、提高资本流动的效率等功能,但同时也削弱了一国货币政策的自主性,将一国的金融机构置于高风险的竞争环境之中,加剧了金融体系的脆弱性.因此,只有适度的金融自由化才能更好地发挥金融自由化的正面效应,减少其负面效应,使金融体系获得健康持续的发展.