Estimating an hedonic translog cost function for the home health care industry

Medicare home health care plays an important role in providing cost effective care for the chronically ill and elderly. Long seen as a cost effective substitute for nursing home care, home care has become even more important with expenditures increasing by 31.4% from 1990 to 1996. The purpose of this paper is to provide a short run cost analysis of a sample of home health care providers to gain insight into the efficient provision of home health care services. This paper is a significant improvement over previous studies in that it uses a nationwide database to more accurately represent the multiproduct nature of the industry and uses an hedonic translog cost estimation with desirable economic properties.     

The existence of R&D spillovers: A cost function estimation with random coefficients

This is a study of the effects of R&D spillovers on the cost and production structures of Finnish manufacturing firms. Confidential data on firms is used to estimate a translog cost function system with random coefficients. Although the results suggest that intra-industry spillovers are present in Finnish manufacturing, the findings regarding inter-industry spillovers are inconclusive. The variable cost reduction associated with spillovers is positive, but relatively low. Spillovers reduce the demand for labor but increase the demand for materials. Spillovers also reduce the willingness to pay for capital inputs.     

Choice of the empirical definition of zero in the translog multiproduct cost functional form

The translog cost function is valuable to researchers for empirical analysis in themodelling of indirect cost and profit functions. A flaw of the functional form is in themodelling of zero output values. This study examined the impacts of empirical definition of zero output values on price elasticities, economies of scope and scale, using the translog cost function. Estimation of a system of cost and factor share equations with regularity condition imposed was conducted. Results show that the choice of default values affects policy recommendations.     

Inventory investment and financial constraints in the Italian manufacturing industry: A panel data GMM approach

Three large unbalanced panels of Italian manufacturing firms observed over the period 1991–2009 are employed to assess, by means of a dynamic GMM approach, whether the existence of financial frictions is suitable to explain deviations of inventories from their long-run path. A negative response of inventory investment to the presence of financial burdens might provide evidence of a significant role played by the financial framework in conditioning the real side of the economy, especially during recession years, when liquidity problems arise. The negative effect is found over the entire analyzed period, with firms' dimensional aspects accounting more than risk characteristics to explain the phenomenon, but the inclusion of recessionary dummies into the model leads to controversial and puzzling results. A significant recessionary effect is found during the Nineties, accounting for inventories being more sensitive to financial frictions during the main recessionary peaks, 1993 and 1996. The result is not confirmed by the most recent estimates, especially the ones referring to the 2008–2009 recessionary shock, whose effects are investigated for the first time by a paper addressing the inventory investment–financial constraints subject. Alternative hypothesis for the proposed results have been tested on data. Firms were found to rely on inventory decumulation to a lesser extent compared to the past, to generate internal financing. More specifically, disinvestments in financial assets were found to represent, as a matter of fact, one of the main drivers adopted to ease liquidity tensions: a negative and strongly significant relationship with inventory investment was detected, after controlling for short-run liquidity constraints at firm level. By contrast, only a weak negative relationship was established with fixed capital during the same recessionary biennium.     

Analyzing long-term average adjustment of financial ratios with spatial interactions

The aim of this paper is to put forward a beta convergence model using spatial interaction to evaluate the dynamics of financial ratios. We overcome some of the limitations that come from the traditional partial adjustment model by relating both models. We show that the parameters of the two models may be connected. As an example, we discuss the case of a large sample of medium to high-tech industrial small and medium enterprises (SMEs) located along the Spanish Mediterranean coast. Our findings support the existence of a long-term average adjustment process in the financial ratios of this set of companies which depends on the characteristics of the firms in their neighborhood.     

Effects of food and agricultural imports on domestic factors in the U.S. agricultural sector: a translog cost function framework

The translog cost function of the U.S. agricultural sector unveils dynamic relationships between foreign and domestic inputs. On average, capital and labour are weak substitutes, but they are strong substitutes to food and agricultural imports. Therefore, enhancing trade policies on food and agricultural products should be supplemented by strategic policies aiming at protecting domestic factors' income.     

行业视角下减排成本估算及减排路径研究

碳达峰碳中和是中国经济发展环境治理的战略目标,减排成本与减排路径是该战略实施中两大现实问题。基于行业视角,利用投入产出方法,对行业减排成本、技术减排效应及减排路径展开研究,基本结论如下：①行业减排成本差异大,整体减排成本逐年上升。在三个代表性年份行业最高与最低减排成本相差40-60倍,减排成本绝对差值在1500-3000$/t。在2000-2010年间, 32个行业减排成本均有不同程度的上升, 全社会整体减排成本上升了56.98%。②技术进步的减排贡献较大,部分行业技术减排有限。在产出固定假设下,2000-2010年技术进步实现累计减排57.09亿t,累计技术减排率达到47.88%;但在旅游、住宿餐饮等行业技术减排率为负,技术因素导致的排放不减反增。③行业减排路径应遵循从高碳到低碳的顺序。基于减排成本与技术减排两大因素的减排路径规划显示,优先和重点减排行业主要集中在能源生产供给、加工制造、交通运输、采矿及设备制造等高能耗高排放行业;可相对延后和非重点减排行业主要为食品烟草等传统加工制造业以及金融、房地产等现代服务业。     

A translog production function for the Spanish provinces: Impact of the human and physical capital in economic growth

A translog production function and an extended translog production function with third-order terms are estimated for the 50 Spanish provinces in the period 1985–2006. The results show the existence of complementarity relationships between private physical and human capital. Likewise, they show the existence of decreasing returns of private physical and human capital. However, the direction of the decreasing returns of private physical capital is reversed for a high endowment level of this factor. These results suggest the importance of capitalizing the Spanish economy, since it would increase the effect of human capital upon productivity and may also generate positive externalities.     

A note on variance estimation for the Oaxaca estimator of average treatment effects

We derive the limiting distribution of the Oaxaca estimator of average treatment effects studied by Kline (2011). A consistent estimator of the asymptotic variance is proposed that makes use of standard regression routines. It is shown that ignoring uncertainty in group means will tend to lead to an overstatement of the asymptotic standard errors. Monte Carlo experiments examine the finite sample performance of competing approaches to inference.     

Estimating the trans-log cost function with insufficient observations

If the production technology is non-homothetic, efficient estimation of the trans-log approximation requires joint estimation of the cost and share equations. In this note we adopt the method of extraneous estimation to obtain a method of efficient joint estimation when there are insufficient observations on the cost equation.     

西方财务会计教学方法的思考与实践

以提高学生能力与素质为教改目标,从构建有利于能力形成的"教学生态"系统出发,按照利用由低到高、由粗到精、由单一到综合的内容铺排促使学生在独立完善知识结构中形成能力,利用对非线性的、多角度、多层次的问题组织学生开展合作活动,在群体交流中形成能力的要求,对改进西方财务会计的教学方法进行了探讨。     

探讨管理会计在财务管理中的发展及完善

随着经济的快速发展及市场环境的不断变化衍生了许多新的业务,财务会计对这些变化的适应需要一定的时间,在给企业及决策者提供的财务信息时不够全面。而管理会计相对于财务会计更加具有灵活性,能够迅速适应市场经济产生的各种新鲜事物。而且管理会计的视角也更加广阔,能够较为敏锐地看到更长远的经济变化,有利于企业的长远战略目标的实现。可见,管理会计在财务管理中发挥着关键性作用。本篇文章将对当前我国的管理会计在财务管理中的发展现状做简要的分析探讨,并对管理会计的完善提出一些建议,希望文章内容可以给相关的读者对管理会计在财务管理中的发展与完善工作一定的启示。     

当代成本会计理论发展的新趋势:资源消耗会计研究

21世纪初期,美国学者提出一种新的成本会计创新方法——资源消耗会计(RCA),它是由美国的作业成本法和德国的弹性边际成本法整合的产物,既反映了当今国际管理会计实务界的强烈需求,也是当代成本会计理论发展的新趋势。在资源消耗会计现有的研究成果的基础上,对相关理论研究与实务研究进行系统的总结与归纳,可以为资源消耗会计的进一步研究提供科学的依据。     

Threshold effects of financial status on the cost frontiers of financial institutions in nondynamic panels

This article applies Hansen's (1999, 2000) threshold regression model to estimate translog cost frontiers in the hope of shedding light on the banking industry's production processes and the extent of its Technical Efficiency (TE). The threshold technique allows for the existence of multiple technologies of production, distinguished by an exogenous threshold variable. Strong evidence of multiple technologies is found in the industry irrespective of which financial indicator, as constructed by factor analysis, defines the threshold variable. Cost savings and scale economies among the various underlying technologies are compared herein. We also highlight the differences between the threshold results and the conventional cost frontier.     

新会计制度下行政事业单位财务管理探讨

随着我国市场经济的不断发展,社会大众对政府的财务管理工作也越来越重视,政府进行财政制度改革时也收到了社会各界的强烈响应,在当前社会经济背景下,以往的会计制度已经不能适应经济发展的速度,政府为了满足时代发展需要,就必须对会计制度进行改革。而政府会计制度改革也是政府财政制度改革的一项重要内容。本文首先对新会计制度改革下对行政事业单位财务管理的影响进行了分析,由此提出了加强行政事业单位财务管理的措施。     

Estimation of cost functions in a data poor environment: the case of capacity estimation in fisheries

Fisheries economic analysis is often handicapped by the lack of adequate data to undertake robust econometric analyses. In this study, a translog cost function was required to estimate the potential direction of adjustment in a UK fleet segment if a new regulatory regime was introduced. However, the available data were not appropriate for such estimation. Data envelopment analysis (DEA) was used to modify the data subsequently used in the estimation of the long-run cost function. The resulting model appears robust and is consistent with economic theory and the supporting evidence produced using DEA.     

Taxation,corporate financial policy,and the cost of capital: A comment

Theoretical models of the incidence of the corporate profits tax differ as to whether the tax distorts the allocation of resources, or is a lump-sum tax on the owners of capital. These differences derive from the assumptions made about the special provisions of the tax system with regard to the deduction of interest payments and investment expenditure. Two non-distortionary systems are identified which are shown to be equivalent to a capital levy when the tax is introduced and a zero tax on profits. Under the present UK system, however, a higher rate of corporation tax stimulates investment.     

Assessment of the theory of comprehensive national accounting with data for Portugal

We present time-series tests of the quality of genuine savings and green net national income for predicting welfare changes. These tests check the validity of the theory of comprehensive national accounting, and more broadly of the theory of economic growth. The value of technological progress is included, as well as the effects of business cycles. We use estimates for Portugal as inputs. Overall, our results indicate that both genuine savings and changes in green net national income have the same sign as changes in welfare, but reject the hypothesis that the estimated comprehensive national accounting measures coincide with the theoretical expressions. The results also suggest that comprehensive accounting indicators perform better than conventional national accounting indicators, implying that, in general, the corrections proposed by the comprehensive accounting theory add explanatory power to conventional measures. The exception is the inclusion of education expenditures and technological progress, which decrease explanatory power. Excluding business cycles from green net national income increases the agreement with the theory. Comparing both indicators, in general, genuine savings presents better results.     

论财务管理与管理会计的有机结合

近些年来,以管理会计和财务会计作为主要组成部分的现代会计应运而生,并且成为了我国会计专业十分重要的两门课程。财务管理与管理会计这二者之间的关系、异同和有机结合已经成为了当前财务管理理论研究十分重要的课题。究竟怎么样才能够将财务管理和管理会计这二者的作用充分发挥出来,将企业自身的经营和管理进行完善,已经成为了人们亟须解决的问题。总的来说,财务管理和管理会计这二者不仅存在很大区别,而且更加具有十分密切的联系。