基层实践与顶层设计的哲学——评焦作之事

神奇二字曾多少次成为我们谈及焦作财政改革时的前缀词,它来自于新闻报道的字里行间,来自于对焦作财政改革的触动,而这一次当我们来到焦作,踏上这片沃土时,才真正感受到这神奇的具象。     

Ratio Analysis and Equity Valuation: From Research to Practice

Financial statement analysis has traditionally been seen as part of thefundamental analysis required for equity valuation. But the analysis has typicallybeen ad hoc. Drawing on recent research on accounting-based valuation, this paperoutlines a financial statement analysis for use in equity valuation. Standardprofitability analysis is incorporated, and extended, and is complemented with ananalysis of growth. An analysis of operating activities is distinguished from theanalysis of financing activities. The perspective is one of forecasting payoffs to equities. So financial statement analysis is presented as a matter of pro formaanalysis of the future, with forecasted ratios viewed as building blocks offorecasts of payoffs. The analysis of current financial statements is then seen asa matter of identifying current ratios as predictors of the future ratios thatdetermine equity payoffs. The financial statement analysis is hierarchical, withratios lower in the ordering identified as finer information about those higher up.To provide historical benchmarks for forecasting, typical values for ratios aredocumented for the period 1963–1999, along with their cross-sectionalvariation and correlation. And, again with a view to forecasting, the time seriesbehavior of many of the ratios is also described and their typical long-run,steady-state levels are documented.     

农业保险保费补贴的央地责任分担:基于区域公平的视角

农业保险保费补贴是我国政策性农业保险发展的重要推动力。通过测度各省省级财政的补贴负担率和中央财政补贴对各省农业保障的支持力度,我们发现一些农业大省承担着更大的补贴压力,而中央财政在转移支付的差异化对待上有所不足,结果产生了补贴的区域不公平问题。从性质上看,农业保险保费补贴是由中央和地方财政共同承担的一项事权,因此其支出责任也应该在科学划分的基础上由双方共同承担。结合各省的最新数据,本文基于因素法测算了各省对中央财政转移支付的需求得分以及中央财政对各省转移支付的分配权重,对优化中央和地方财政补贴责任的划分提出了若干建议。     

再论出口退税--从理论到实践

国际通行的"出口退税 进口征税"做法是有缺陷的,但它却在国际法领域得到了承认,因此我国的退税政策也将持续下去。但出口退税率需要进一步得到优化,退库机制也应该伴随着分税制的进一步深化改革而重新回到原来由中央财政负担全部退税款的模式。     

中央与地方在物业税税权划分中的博弈行为研究

物业税又称房地产税或者不动产税,主要是针对房屋、土地等不动产,要求其承租人或保有者每年都按物业评估价值缴付一定税款。本文利用博弈分析的方法,分析了即将开征的物业税和中央与地方政府财政分权之间的关系,并得出结论,由于信息不对称,物业税的开征所带来的效率损失是在所难免的,其开征的关键还在于理清中央和地方政府之间的财税关系。     

会计年度研究:来自实务界的证据

本文通过问卷调查,考察了来自注册会计师及企业财务报告呈报者关于会计年度截止日的看法。我们发现,税务部门、银行等债权人对公司年报的影响要大于财政、统计部门和证券交易所的影响(在上市公司中,证券交易所的影响最大);多数财务报告呈报者并不认为公历会计年度对企业带来很大不便;而大多数的注册会计师认为,采用公历会计年度所带来的年报集中审计将对审计质量造成显著影响。     

基层央行履行职责、支持地方经济发展的实践及进一步的工作要求与措施

基层央行担负着执行人民银行总行政策、支持地方经济发展的重要任务.2016年中国人民银行长春中心支行在总、分行党委的正确领导下,紧紧围绕各项工作部署和要求,结合辖区实际认真贯彻稳健货币政策,切实防范金融风险,有效提升金融管理和服务水平,为地方经济健康发展提供了有力的金融支撑.新的一年,面对新的国际国内经济形势和深化改革、振兴东北老工业基地的任务,本文提出了开展进一步工作的基本要求与总体目标以及全力保障目标完成的具体工作举措.     

From Planning to Implementation: The New UK Central Government Financial Framework

This article provides an outline of the new arrangements for resource accounting and budgeting (RAB) in central government and Parliament. The author discusses some of the issues involved in the full implementation of RAB. He updates the position set out in two previous 'Public Money & Management' articles (Likierman, 1998a and 1998b), which described the background to the project and its progress. Some benefits of the new financial arrangements are already evident, the challenge now is to maximize the potential of what they can offer.     

A Global Approach to Identifying Expert System Applications in Compensation Practice

This paper reports the results of a study to determine the most cost-effective expert system application for the compensation practice of a large employee benefits consulting firm. The purpose of the expert system would be to help assure quality and consistency in practice and to assist in the training of less experienced experts. The study utilized a questionnaire to solicit input from experts in several locations. The questionnaire included a comprehensive listing of firm compensation tasks. Evaluation characteristics selected for the study emphasized business-related characteristics. Because of adverse economic circumstances in the consulting firm, the decision concerning an initial expert systems application was deferred.     

Central/Local Fiscal Relations: The Macroeconomic Dimension

Central/local fiscal relations are being re-evaluated by policy makers intent upon reducing the alleged burdens of a large and growing public sector. The reforms of the Thatcher administrations during the 1980s placed central-local relationships high on the policy agenda and many powers were taken back to central government in an effort to achieve greater control over public spending. Behind many of the reforms in the 1980s was a set of economic arguments advocated primarily by the Treasury. More recently in its evidence to the Hunt Committee (1996) the Treasury has reaffirmed these arguments, despite the counter-evidence supplied by academic economists and others over the past 20 years. This article rehearses some of the earlier arguments and reviews the most recent contributions. Arguments which were contingent upon the prevailing conditions of the late 1970s and early 1980s might no longer be relevant to the world of the late 1990s.     

Central Mandates and Local Incentives: The Colombia Education Voucher Program

In decentralized education systems programs that promote centralmandates may have to be devolved to local governments, communities,and providers. When participation by local governments and providersis voluntary rather than compulsory, the determinants of programplacement are important in predicting potential benefits toindividuals. This article analyzes incentives for municipalitiesand private schools to participate in Colombia's voucher program.It finds that the demand for secondary education relative tothe capacity of public schools and the availability of spacesin private schools in the municipality were key predictors ofmunicipal participation, whereas the number of underserved studentshad a nonlinear effect on participation. Schools whose educationalquality was moderate and charged moderate tuition fees werethe most likely to participate; the program was less attractiveto schools whose quality and fees were high and to schools whosequality and fees were low.     

阮光立:资金管理大有“文章”

对资金管理软件行业来说,这是一个"最好"的时代,也是"最坏"的时代。好的是,在货币紧缩的背景下,资金管理软件行业也成为管理软件行业的重要细分领域,成为商界新宠。不好的是,企业对于资金管理软件的需求现状及未来发展趋势的判断上,还有待加强,如何更好地提升企业资金管理水平,引导中国资金管理软件行业的规范化发展,依然任重道远。     

Relations with Non-Elected Agencies: Local Authority Good Practice

The controversy over reform of the local unelected state has tended to over-shadow principles of good practice for local authorities. This article shows how local authorities can get the best out of their relationships with non-elected agencies. In particular, how should they develop their strategic capabilities and representational roles in the 'new local governance'?     

Central Government Control over Local Authority Expenditure: The Overseas Experience

This article compares the macroeconomic performance of centralized countries and decentralized countries in the OECD between 1984 and 1995. It considers three views of decentralization: the level of state and local taxes, the degree of decentralized power over tax rates, and the freedom of access for states or local authorities to capital markets. The evidence does not support the commonly held fear that decentralized countries may perform worse. In terms of growth, the two types of country seem evenly matched, and in terms of inflation and unemployment, decentralized countries actually seem to perform consistently better. It is possible, because central governments in decentralized countries concentrate on fewer activities, such as macroeconomic policy, that they tend to perform these activities better.