代理成本理论综述及其对我国的借鉴意义

在现代公司制度中,由于公司所有权和控制权的两权分离,股东和管理当局的利益函数和收益函数并不完全一致由此产生了代理问题。在经济学中,代理成本被定义为由于代理关系中两个利益主体目标上的差距而诱发的损失或代价。本文从契约理论和交易成本经济学开始对代理成本问题做一个理论综述,然后探讨其对我国的国有上市公司治理的借鉴意义。     

现代企业理论及其对我国公司治理的启示

本文认为,现代企业理论是公司治理研究的理论基础,企业是一系列契约的联结;契约是不完备的;所有权安排是重要的。公司治理则更侧重于分析企业内部组织结构与企业成员之间的代理关系。股份制改革是我国企业改革的方向,公司治理改革则是股份制改革的核心。按照现代企业理论和公司治理理论,我国公司治理要解决的基本问题是激励问题和经营者选择问题;剩余索取权与控制权的均衡问题;要使经理的补偿收入同公司经营业绩相联系。     

Directors’ prior life experience and corporate donations: Evidence from China

We use a recent dataset of 16,082 firm-year observations from publicly traded Chinese firms to show that directors who have prior foreign study or work experience make more corporate donations, a result that supports the path dependency theory related to the effect of prior experiences on subsequent behaviors. The relationship between a director’s prior life experiences and corporate charitable contributions is robust across different types of ownership and industry. We show that corporate donations enable firms to have better access to bank loans, reducing their financial constraints. In addition, these directors appear to consume fewer perquisites, implying lower agency cost with corporate donations.     

公司治理与代理成本——来自上市公司的经验证据

本文利用上市公司的数据,分析了公司治理与代理成本之间的关系。结果发现:股权集中度国家股比例、董事会规模、监事会规模、治理环境、公司透明度、企业规模与代理成本显著负相关;股权制衡度、领取报酬的董事比例、领取报酬的监事比例、董事会会议次数、股东大会会议次数与代理成本显著正相关;高管持股、独立董事比例、监事会会议次数、两职分离与代理成本无显著关系;财务杠杆率与代理成本的关系是混合的;国有上市公司和民营上市公司的公司治理与代理成本之间的关系与总样本基本一致。     

上市公司融资结构与公司治理的实证研究——来自贵州的实践

融资结构包括资本结构、股权结构和负债结构。不同的融资结构决定了不同的公司治理模式及其效率,融资结构的变化会导致公司治理的变化。本文通过对贵州板块上市公司分析发现,融资结构不合理影响了公司治理效率的提高。为了改进和优化贵州板块上市公司的治理结构,提高公司治理效率,调整融资结构是其有效方式。     

Capital utilization, economic growth and convergence

Optimal decisions by economic agents regarding the utilization of capital lead to empirically plausible speeds of convergence in one-sector models of economic growth. The relationship between depreciation and capital utilization plays a crucial role in slowing down convergence to the steady state. Cross-country differences in the extent to which the capital utilization decision is internalized along the transition path may lead to differences in convergence rates, even for countries with similar initial and terminal conditions. Finally, by assuming a constant depreciation rate and full capital utilization, standard growth models may be overstating the magnitude of the steady-state equilibrium.     

The housing bubble and a new approach to accounting for housing in a CPI

Over the course of the recent house price bubble in the United States, the price of homes rose rapidly from 1999 Q4 to 2005 Q4 (11.3% annually as measured by the Case-Shiller index, and 8.4% annually as measured by the Federal Housing Financing Agency) but slowly as measured by owner equivalent rents (3.4%), so measured core inflation remained relatively docile during this period, since only rents are used to measure inflation for housing services in the United States. Over the last several decades, the US Bureau of Labor Statistics (BLS) has experimented with both rental equivalence and user cost approaches for accounting for owner occupied housing (OOH) services in the CPI. We explain the basics of these approaches, and outline the BLS experiences with using them. This assessment leads us to conclude that the time has come to try a new approach: the opportunity cost approach. We argue this approach has advantages over both the conventional rental equivalence and user cost approaches, though it embeds components of the measures for both those approaches and builds solidly on the research of Verbrugge and others at the BLS. Also, we take up empirical issues that must be faced regardless of which of the approaches discussed is adopted. We explain how the repeat-sales and various hedonic regression methods can be placed in a common framework, thereby facilitating understanding of the properties of and the tradeoffs between the methods. We also consider measurement complications that arise because the land and structure components of properties depreciate at different rates.     

What is the potential impact of a taxation system reform on carbon abatement and industrial growth in China?

Economists have long argued that market-based environmental policy such as an environmental tax is beneficial to abate pollution emissions. This study aims at investigating the impact of carbon tax levy on carbon dioxide (CO₂) abatement and industrial growth in China. To this end, the marginal abatement cost (MAC) of industrial CO₂ emissions is estimated as the benchmark of setting the carbon tax rate by using the directional distance function (DDF). This paper employs the polynomial dynamic panel model to forecast the impact of carbon tax levy on target variables such as sectoral value-added and CO₂ intensity. The results reveal that the levy of a CO₂ tax has a negative impact on industrial output only in the short term. In the long term, the impact of CO₂ tax levy on output will become positive. The levy of a CO₂ tax is always beneficial to reduce CO₂ intensity. Corresponding policy suggestions for an environmental taxation system reform are given in the concluding section.     

加强税务信息化建设,提高税务稽查绩效

十几年以来,我国税务电子化、网络化的建设已经奠定了税务信息化的雄厚基础,能够支持税收工作再上新台阶。但是,在实际操作中还存在许多问题,尤其在税务稽查这一至关重要的环节。文中总结了目前在我国税务信息化建设中,税务稽查方面出现的问题,作者根据自己多年积累的工作经验,有针对性地提出了一系列的解决思路,对“金税工程”尤其是地县级税务机关“金税工程”实施和依法治税具有借鉴意义。     

提高上市公司会计信息可靠性途径——从公司治理角度的探讨

上市公司会计造假的动机是基于其停市、复市的需要,上市公司成功造假的桥梁是控股股东通过关联交易、资产转让重组等方式的慷慨相助,控股股东之所以热情相助的动机是上市公司已成为控股股东的提款机。本文认为,提高上市公司的会计信息质量应从两方面入手:一是加强公司内部治理即优化股权构成形成多元化的股权结构,完善独立董事制度.另一方面是加强公司外部治理,改变监管部门工作重点为规范上市公司提供可靠的会计信息、推广建账监管制度,加大执法惩罚力度等。     

Infrastructure provision and macroeconomic performance

This paper studies the differences between private and government provision of infrastructure. Capital utilization decisions and their differential role in determining market prices for capital goods under the two regimes of infrastructure provision serve as a critical transmission mechanism for fiscal policy. A subsidy to private providers of infrastructure is preferable to direct government provision irrespective of how the subsidy or expenditure is financed. The case for private provision is much stronger in economies characterized by high levels of congestion. The choice between private and government provision also has a crucial effect on the design of optimal fiscal policy.     

促进我国绿色经济发展的税制改革研究

本文在对我国绿色经济发展现状和目前税收政策进行分析的基础之上,综合运用经济发展理论和财政学理论,探讨了适合中国目前经济发展的税制改革路径。得出结论,我国现行税制尚存在诸多弊端,在可持续发展的目标下有待进一步完善,并建议应当综合绿色经济发展要求和社会税负能力,推行优化流转税系、完善所得税系、健全辅助税系等方面的措施改革。     

Reprint to: Infrastructure provision and macroeconomic performance

This paper studies the differences between private and government provision of infrastructure. Capital utilization decisions and their differential role in determining market prices for capital goods under the two regimes of infrastructure provision serve as a critical transmission mechanism for fiscal policy. A subsidy to private providers of infrastructure is preferable to direct government provision irrespective of how the subsidy or expenditure is financed. The case for private provision is much stronger in economies characterized by high levels of congestion. The choice between private and government provision also has a crucial effect on the design of optimal fiscal policy.     

HOW SHOULD BRITAIN'S GOVERNMENT SPENDING AND TAX BURDENS BE MEASURED? A HISTORIC PERSPECTIVE ON THE 2009 BUDGET FORECASTS

The 2009 Budget projections imply that the ratio of general government expenditure to national income will rise to 53.4% in 2010, the highest ratio since World War II and 6.9% above the peak recorded in World War I. Public sector net borrowing is projected to increase from 8% of national income in 2008–09, to 14.1% in 2009–10, and 13.5% in 2011–12. There must be serious doubt whether deficits on this scale can be financed in a non‐inflationary manner, without very large capital inflows from abroad. It is hard to see why such inflows should be forthcoming now that the British economy has become so highly taxed by international standards.     

商业银行公司治理评价体系研究

对商业银行公司治理进行评价,有利于商业银行评估与有效防范风险。公司治理质量的高低是商业银行改制的关键,构建商业银行公司治理评价体系具有重要的现实意义。本文在分析商业银行公司治理的特殊性和商业银行公司治理存在问题的基础上,试图构建我国商业银行公司治理评价体系,以完善我国商业银行的公司治理。