完善农村金融支持的制度安排

改革开放以来，我国农村地区对金融服务的需求日益多样化和高度化，但目前的农村金融体系所提供的金融支持与金融服务远远不能适应其要求，出现农村金融的缺失。农村金融缺失的原因很多，制度经济学认为，农村金融的制度缺陷是农村金融缺失的一个重要根源，因而可以采取一系列的制度安排，以构建一个功能完善，分工合理，产权明晰，监管有力的农村金融体系。     

产权缺损与创业资本的制度创新※

苏州创业资本发展的最大制度特征是产权缺损，使得创业资本组织难以形成有效的约束与激励机制。受管制产权人通过获取非货币收入来弥补创业资本权利外溢的损失，以此实现新的均衡，从而导致创业资本的配置效率损失。对策是进行创业资本组织制度的创新，疏通创业资本的退出路径，并通过积极引进国外创业资本培育创业投资环境。同时，还要通过设立引导基金、加强融资支持和培育市场主体等途径，充分发挥政府的作用。     

我国创业资本的筹资特征及对策分析

产权缺损是我国创业资本的重要特征,要打破无效率均衡的恶性循环,就必须健全创业资本吸入机制,以此确立创业资本完整的私人产权。为此企业应当进行创业资本组织制度创新,以增强其资金吸纳能力,允许部分保险基金、养老基金进入创业资本领域,并通过鼓励外资创业资本的进入完善创业资本运行环境。同时根据当前比较现实和稳妥的做法,鼓励上市公司积极参与创业资本活动。     

日本中小风险企业资金来源的多样化研究

日本采取资金供给的多元化和政府的积极参与来解决日本中小风险企业的筹资问题。这种解决方案是其在间接金融体制和资本市场不成熟条件下的必然的制度选择。本文以"信用补完制度"为基础,从日本间接金融、完善中的资本市场和过渡期的市场型间接金融等方面对日本中小风险企业资金来源的多样化进行了梳理。     

人力资本与物质资本共同参与企业产权安排研究

人力资本与物质资本共同参与企业产权安排是企业制度创新的重要内容。本文探讨了人力资本参与企业产权的原因，并对人力资本的量化问题进行了分析，在此基础上提出了人力资本参与企业产权安排的不同方式。     

中日新公司资本制度的立法比较

公司资本制度是公司法中的重要问题。20世纪90年代以来,日本的公司资本制度通过一系列的商法的修改和2005年的公司法的制定,有了巨大变化。2005年我国新修订的《公司法》,对公司资本制度也作了很大改进。本文通过中日两国最新确定的公司资本制度的比较研究．对我国公司资本制度的进一步完善提出一些建设性意见。     

再议产权市场的风险控制

正产权交易过程中的风险控制是一个老生常谈的问题,笔者曾在一年前的《产权导刊》中写过一篇短文粗线条地探讨过。在此试图进一步谈谈如何完善产权市场的风险控制工作。1产权市场风险控制的必要性和重要性产权市场是我国多层次资本市场不可或缺的重要组成部分。因此,产权市     

国资投行战略蓝海 ——产权交易机构充分发挥资本市场功能的探索与实践

1 问题的提出 2015年8月24日,中共中央、国务院印发《关于深化国有企业改革的指导意见》(中发〔2015〕22号),明确定性 "产权交易市场与证券交易市场同属于资本市场",为产权市场自成立以来关于市场属性问题的长期争论划上了句号,同时也将一个崭新的课题展现在了产权交易机构面前.如何落实产权市场的资本市场定位、如何发挥产权交易机构的资本市场功能、如何实现传统产权业务对资本市场的切入与融合进而达到两者共同的发展与深化,是当前亟待产权交易机构思考、探索、实践的一系列重要问题.     

产权交易保证金制度剖析

为了维护产权市场诚信规范有序的交易秩序，保障交易依法合规进行，防范交易风险，保护交易各方当事人的合法权益，作为资本市场重要组成部分的产权市场，沿用资本市场惯常做法设立了产权交易保证金制度。     

股权物质资本聘任企业家人力资本的选拔制度分析

本文从企业家人力资本的显示信号出发,分别在意愿企业家自我选择、劳动力产权主体选择企业家和物质资本产权主体选择企业家三种选拔制度下,分析比较了企业家人力资本期望值的大小,并从道德水平和风险态度两个方面对企业家的监督选聘机制和相应的博弈合作意愿进行了细致分析,进而认为股权物质资本聘任企业家人力资本制度是比较合理的企业家选拔制度。     

Penetration and Post-infection Development of Meloidogyne Incognita on Tobacco as Treated by Rhizobacteria Pseudomonas Fluorescens Strain P-72-10

The bio-control potential of rhizospere bacteria Pseudomonas fluorescens against plant-parasite nematode had been demonstrated. P. fluorescens had shown the effect to enhance tobacco resistance to root-knot nematode Meloidogyne incognita. Inoculation with P. fluoreseens in tobacco could lead to significant reductions in the number of juveniles that penetrated tobacco root and further life stage development of the juveniles. The number of juveniles penetrated into tobac- co root in treatment with P. fluorescens is significantly different from CK at 2DAI, 6DAI, 8DAI and 10DAI. Significant reduction and delayed development of juveniles that penetrated into tobacco root and treated were observed in treatment at 14DAI, 21DAI, 28DAI and 35DAI. In addition, P. fluoreseens treatment leads to a significant reduction in the number of eggs per egg-mass at 35 DAI. The results show P. fluorescens induced a continuously suppression on root-knot nema- tode M. incognita throughout their entire early infection phase of root penetration, subsequent life stage development and reproduction.     

For Better or for Worse? Local Impacts of the Decentralization of Indonesia’s Forest Sector

This paper quantifies the local impacts of mechanized logging on forest-dependent communities in Indonesia, before and after decentralization. A conceptual framework incorporates financial, social, enforcement, rent-seeking, and environmental impacts. Using data from 60 communities in East Kalimantan, the empirical results suggest that significantly more households received financial and in-kind benefits after decentralization compared to before. Many communities engaged in self-enforcement activities against firms both before and after decentralization. Post-decentralization, a significantly higher proportion of households perceived community forest ownership. There were few significant differences in perceived environmental impacts. Little evidence exists of a post-decentralization trade-off between environmental and financial contractual provisions.     

以资本管理为核心的银行治理综合评价指标研究

商业银行的特殊性体现在风险性、外部性和多重治理目标上,尤其集中体现在风险管理的本质上。风险管理日益成为现代商业银行的主体活动和核心职能,资本管理成为现代商业银行风险管理的核心。在整合EVA和RAROC指标的基础上。文章构建了以资本管理为核心的银行治理的综合评价指标,以求真实反映银行经营的成果,有效衡量风险收益和风险成本的对比关系,从而反映以资本管理为核心的银行风险管理的过程、能力和效率。     

Markteintrittstiming von Telekommunikationsdiensteanbietern

Zusammenfassung Die vorliegende Studie analysiert für 87 Neuprodukteinführungen (NPE) und Auslandsmarkteintritte (AME) von Telekommunikations(TK)-Diensteanbietern in Deutschland, zu denen 42 Schlüsselinformanten in einer schriftlichen Befragung Auskunft gaben, (1) inwieweit deren zeitliche Eintrittspositionierung durch Marktcharakteristika und Unternehmensressourcen erkl?rbar ist sowie (2) inwieweit und gegebenenfalls unter welchen unternehmensexternen und -internen Situationsbedingungen deren Markteintrittstiming mit dem wahrgenommenen Eintrittserfolg assoziiert ist. Ein früher Markteintritt wurde dann realisiert, wenn die Wettbewerbsintensit?t im adressierten Gesch?ft niedrig und das Budget für den Expansionsschritt überdurchschnittlich ausfielen. Zwischen dem Markteintrittstiming und der Beurteilung des Eintrittserfolgs bestand ein nicht monotoner, umgekehrt U-f?rmiger Zusammenhang: Frühe Folger wiesen signifikant bessere Erfolgswerte auf als Pioniere und sp?te Folger, deren Erfolgsniveaus nicht signifikant divergierten. In einer Industrie, die durch starke externe Netzeffekte gepr?gt ist, fallen offenbar die Nachteile eines Markteintritts als Pionier oder sp?ter Folger st?rker ins Gewicht als die Vorteile dieser beiden zeitlichen Eintrittspositionierungen. Unabh?ngig vom Markteintrittstiming wurden NPE/AME von TK-Unternehmen als erfolgreicher eingestuft, wenn sie sich in einen Markt mit stark wachsender Nachfrage und aufeinander abgestimmt (re)agierenden Wettbewerbern mit qualitativ überdurchschnittlichen, abw?rtskompatiblen, erprobbaren und wenig erkl?rungsbedürftigen TK-Diensten engagierten.      

利用膜技术回收利用碱性废水研究进展

回顾了利用膜分离技术处理碱性废水的工艺与综合利用技术所取得的丰硕成果，总结了各种治理方法的特点、适用性及发展方向。     

Taxing Times in Indonesia: The Challenge of Restoring Competitiveness and the Search for Fiscal Space

Indonesia’s economic growth picked up slightly in mid-2016 but remains below the level demanded by government and popular aspirations. Despite a plethora of reforms intended to increase efficiency and productivity, some policies are perverse and longstanding problems of implementation remain. The share of manufacturing has declined, the real exchange rate has appreciated, exports have dwindled, and growth has been trending downwards. The banking sector is stable but inefficient, with wide net interest margins and numerous barriers to competition. Trade protection, particularly in basic food commodities, has created high costs that weigh particularly heavily on the poor. Declining government revenues have placed increasing pressure on the public budget, even as the current administration aims to increase spending on infrastructure and welfare and to enhance productivity. In an effort to increase revenues, the government has announced a tax amnesty program and other measures. In addition, Sri Mulyani Indrawati, the new finance minister, has taken steps to cut non-essential expenditure in order to secure high spending on infrastructure and at the same time keep within the 3% budget deficit limit stipulated by law. Although the overall debt situation is not yet alarming, declining revenues and budget cuts that do not fully reflect this decline are putting pressure on increasing debt levels. The government’s high-profile tax amnesty program was the major policy initiative implemented in the second half of 2016 that aimed to relieve this pressure. Despite widespread criticism of, and scepticism about, the tax amnesty (both within and outside Indonesia), its first phase had a much higher participation rate than most independent accounts expected. Revenues raised so far through the amnesty are less than 60% of the official target, but this is actually a strong result for the short term. The bigger question, however, is whether the amnesty is a key element of a more encompassing strategy to overhaul the system of taxation and tax administration.     

The causes of Japan's ‘lost decade’: The role of household consumption

In this paper, I analyze the causes of the prolonged slowdown of the Japanese economy in the 1990s and find that the stagnation of investment, especially private fixed investment, was the primary culprit. I then investigate the causes of the stagnation of household consumption during the 1990s and find that the stagnation of household disposable income, the decline in household wealth, and increased uncertainty about the future are among the contributing factors. Finally, I consider whether demand side factors or supply side factors were more important as causes of the prolonged slowdown of the Japanese economy in the 1990s and conclude that the former (especially misguided government policies) were probably more important.