我国目前结售汇制的利弊

市场经济是信用经济 ,各经济主体之间的信用关系是所有经济活动的基础。信用是一种资源 ,可以用来融资、理财、配置资源等。对信托业而言 ,信用更是赖以生存和发展的根本。不可否认 ,中国信托业在特殊历史背景下有其特别的作用 ,但其发展过程的艰难与曲折也是有目共睹的。究其     

基于“C-D”生产函数的西江流域开发中区域外部性分析

西江流域开发对于实施一系列国家战略有重要意义,但区域外部性不利于整个流域资源有效配置,影响流域中区域的协调发展.运用“C-D”生产函数理论,比较西江流域开发中两个同质的水平型经济体进行分散决策、集中决策时,均衡收益及正、负外部性投资的大小,分析均衡时正、负外部性投资的影响因素,并提出扩大正外部性投资、减少负外部性投资的措施,以期促进西江流域经济健康发展.     

我国高尔夫球场的负外部性表征及其成因分析

本研究基于负外部性理论,主要从环境负外部性、空间负外部性和社会负外部性分析了高尔夫球场负外部性的表征,并进一步从政府失灵、市场失灵以及监管缺位角度探讨了我国高尔夫球场负外部性的成因,以便从中找出有效的治理途径,促进高尔夫球运动的可持续发展。     

企业经营的外部性与内部化

外部性普遍存在于社会经济生活中，是伴随人们的生产和消费而产生的“副作用”，这种“副作用”大多数情况下往往代表相关利益的消失或减少。内部化为企业控制并减少外部性中的负外部经济效益提供了一种有效的途径。但是，当代社会却出现了外部化和内部化并存的局面，如何正确利用外部性中的正外部经济效益协调外部化和内部化的发展模式，成为当代企业发展过程中厦需解决的问题。     

试论旅游可持续视角下的文化发展

文化发展是人类发展的一个重要目标和侧面。本文旨在研究可持续旅游发展的本质及与文化发展的关系,并探讨了在此发展过程中文化发展面临的危机即负外部性问题,提出了有效规避文化负外部性的思路。     

正外部性对上市公司会计信息披露影响研究

一、引言 在经济学理论中,外部性是一个与公共物品、市场失灵联系紧密的论题.当一个人从事影响旁观者福利而对这种影响既不支付报酬又得不到报酬活动时就产生了外部性(曼昆,2003).根据该事项对旁观者的影响是有利或不利的,可将其定义为正外部性或负外部性.     

我国城乡居民收入差异的现状及对策

在市场经济中 ,民办高等教育和其他学校教育一样 ,其商品特殊性和精神产品方面的特性导致其富有正外部性即公共品属性 ;现阶段义务制教育和包括民办高等教育在内的非义务制教育是国家主要从国情出发进行的制度安排 ,不影响民办高等教育公共品属性的客观存在 ,相反 ,这一公共品     

消费外部性的效率损失及其治理

消费外部性是指个人或家庭的消费行为影响他人或社会，但个人或家庭并未因此而给予相应补偿或取得相应报酬。无论是正消费外部性还是负消费外部性，其结果都使资源配置达不到帕累托最优状态。为此。政府必须通过直接管制、经济手段等措施来治理消费外部性。     

基于外部性理论的中小微企业信用培植研究——以青海省海西蒙古族藏族自治州为例

信用培植作为改善中小企业融资难的重要措施,通过帮助企业加强内部管理,提高经营水平和内部管理,从而达到银行授信条件,获得信贷支持。然而,信用培植存在的外部性,严重弱化了培植效率。本文从信用培植的外部性出发,分析由外部性引发的问题,提出了将外部性内部化的思路。     

从金融工业集团到“再国有化”——从外部性角度看俄罗斯大型企业的产权制度改革

原苏联的国有体制在解决大型企业生产正外部性的同时,又生成了大型企业融资的负外部性;金融工业集团的私有一体化改革中经济特权的存在,带来了大型企业非生产性活动的负外部性;而俄国当前以“再国有化”为重要特征的产权制度调整,则在逻辑上能够较好地将大型企业生产过程中的各种外部性内生化,是在市场经济框架下进行的合理调整。     

Debt Relief and Credit to the Private Sector in African Countries

Abstract: The purpose of the paper is to empirically investigate the link between debt relief and credit to the private sector in African countries using a panel method over the period 1988–2004. The motivation for investigating the relationship between debt relief and credit to the private sector follows Christensen's (2004) hypothesis that domestic debt has a negative impact on the credit to private sector; therefore debt relief is expected to alleviate domestic debt and thereby create space for domestic credit, which if it is mostly constituted of public sector credit, crowds out credit to the private sector. The main results of the paper are as follows: (1) debt relief has a significant and positive effect on credit to the private sector in the short term; (2) in the long term, debt relief has positive effects on domestic credit to the private sector only when associated with good initial institutional quality.     

商业信用、高管薪酬与公司价值

利用A股上市公司2001—2010年的数据研究发现,商业信用能提高高管薪酬,但是不能提高公司价值。商业信用和高管薪酬在对公司价值起负作用时存在替代关系,这种替代关系在不同产权性质的企业并无明显差异。研究表明:当高管薪酬主要还是以业绩为基础,高管就有足够的动机利用商业信用制造"不真实的增长",从而达到获得高额报酬的目的,但是高管这一行为损害了股东的利益;商业信用和高管薪酬在降低公司价值的作用中存在替代关系,上市公司要在商业信用制度性安排和高管薪酬激励机制之间权衡。     

融资约束、产品质量与出口目的地选择

文章将融资约束、产品质量引入异质性企业贸易模型,研究企业融资约束对其出口目的地选择的影响,并从产品质量的视角进行机制分析。理论模型推导得出企业生产率与其在低收入国家出口占比呈负相关关系,而融资约束的存在则强化了这种负相关关系。通过理论分析发现,生产率、融资约束对于企业最优产品质量选择的决策会产生相反的影响,在不同收入水平的国家对产品质量偏好不同的情况下,这种机制恰恰可能解释了企业出口目的地选择的差异。文章使用中国微观企业贸易数据,进行实证研究发现：融资约束与企业出口低收入国家贸易占比成正向关系,此外融资约束与生产率之间存在着调节效应,生产率的提高可以缓解企业由于受到融资约束带来的影响。     

Sovereign credit spreads and the composition of the government budget

This paper investigates the relationship between sovereign credit spreads and the composition of the government budget. The key result of this paper is that governments that invest more and spend less on consumption have significantly lower sovereign credit spreads. This finding is in accordance with the endogenous growth theory, which predicts a positive impact of government investment and a negative impact of government consumption on the long-term growth rate. Finally, a broader tax base significantly reduces sovereign credit spreads. A possible explanation may be that governments with more tax receipts are less likely to have liquidity problems to finance their debt charges.     

Sovereign credit spreads and the composition of the government budget

This paper investigates the relationship between sovereign credit spreads and the composition of the government budget. The key result of this paper is that governments that invest more and spend less on consumption have significantly lower sovereign credit spreads. This finding is in accordance with the endogenous growth theory, which predicts a positive impact of government investment and a negative impact of government consumption on the long-term growth rate. Finally, a broader tax base significantly reduces sovereign credit spreads. A possible explanation may be that governments with more tax receipts are less likely to have liquidity problems to finance their debt charges.     

从积极信用到消极信用

小农经济和计划经济时期的信用是“积极信用”,市场经济时期的信用是“消极信用”,是市场经济促成了这一转变。实现从“消极信用”到“积极信用”的回归 ,政府和法制的作用是有限的 ,最终要从市场经济本身寻找答案     

On corporate philanthropy of private firms and trade credit financing in China

This paper examines the impact of corporate philanthropy on trade credit financing for listed private firms in China viewed from the heterogeneous perceptions of credit suppliers. A positive relationship is found between corporate philanthropy and trade credit financing, suggesting that in general firms donating more can obtain more trade credits. However, this relationship is significant only for those firms with positive free cash flows and no political connections. It is striking to find that such a relationship does not exist when firms have negative free cash flows or political connections. Moreover, the relationship between corporate philanthropy and trade credits is affected by the local social trust environment. A good social trust environment is amicable for firms to use corporate philanthropy in obtaining trade credits. The research findings have important policy implications. This paper makes valuable contributions to the current literature through highlighting the importance of supplier heterogeneous perceptions towards corporate philanthropy as well as the effect of the local trust environment on the effectiveness of philanthropy in trade credit financing of the Chinese listed private firms.     

The effects of credit lines on cash holdings and capital investment: Evidence from Japan

This study examines how credit lines affect corporate cash holdings and capital investment using a hand-collected data on publicly traded Japanese firms from 2006 to 2017. The study compares firms with and without credit lines to investigate the effects of credit lines. The empirical results are as follows: (1) Firms with credit lines hold smaller cash reserves than those without; (2) Firms with credit lines undertake more capital investment than those without; (3) The effects of credit lines are more amplified for financially constrained firms than their counterpart; (4) A close bank–firm relationship plays a positive role in the effect of credit lines on corporate activities.These empirical findings indicate that credit lines can improve firms’ financial flexibility and allow them to use cash holdings held for precautionary reasons to invest. The results also show that credit lines and the attendant implicit bank–firm relationships are complementary to each other. Moreover, having both credit lines and a close bank–firm relationship is important to Japanese firms for their corporate activities. Furthermore, the results imply that the use of credit lines is still relatively undeveloped in Japan, which may be a reason for the country's large corporate savings and lackluster investment.     

绿色信贷对内蒙古自治区产业结构优化影响的实证研究

内蒙古自治区在优化调整产业结构上,在实现碳达峰、碳中和目标上,仍面临着诸多困难和挑战。为研究绿色信贷政策的实施对内蒙古自治区产业结构优化升级的影响,在梳理国内学者研究的基础上,分别分析绿色信贷对产业结构优化升级的影响机理和内蒙古自治区产业结构和绿色信贷发展现状。基于自治区12个盟市面板数据,对绿色信贷与自治区产业结构之间的关系进行实证研究。结果表明：绿色信贷能够促进自治区产业结构优化升级,但对不同区域的促进作用有所差异;绿色信贷对第二产业、第三产业发展分别显现出正向促进和负向抑制作用。最后提出完善绿色信贷政策体制机制、加强金融机构绿色信贷融资机制、强化区域研发能力及技术创新机制的政策建议。     

农村民间自由借贷的正负效应分析

农村民间借贷在我国的发展已有很长时间,对我国农村经济的发展起到了巨大的推动作用。尤其是近几年来,农村民间借贷数额更是以惊人的速度增长。与此同时,其负面影响也越加明显。文章从正效应和负效应两个方面进行了分析,给我国农村民间借贷的进一步发展提供有益借鉴。