论奥巴马的新税政策对我国个人所得税制改革的启示

奥巴马新税政策的主要目的是通过拓宽税基,让富人成为主要的纳税主体,从而缩小社会收入差距,维护中、低收入家庭利益,减少贫困。它带给我国个人所得税制改革的启示,是在理念上一定要树立起让富人更多纳税的观念,通过调整税制结构,增加个人所得税比重,发挥个税在调整社会收入差距中的作用;通过拓宽税基,抬高个人所得税起征点,让富人成为主要纳税主体,从而实现税负公平,减少社会贫困,最终实现社会公平和正义。     

发行高新技术企业高收益债券的探讨

发行高新技术企业高收益债券有利于培育和发展战略性新兴产业、解决技术创新融资困境、深化金融改革、丰富科技和金融结合的内涵。目前我国发行高新技术企业高收益债券的条件已经具备,时机已经成熟,建议适时推出。与此同时,我国还需要在发行和交易规则、配套制度建设以及推动形成规范统一的债券市场等方面给予前瞻性关注。     

论科学发展中国特色审计

当前,国家审计机关学习贯彻落实党的十七大精神,就是要紧密围绕十七大精神,紧密联系审计实际,大力推进中国特色社会主义审计科学发展。本文围绕贯彻科学发展观树立中国特色审计科学思想、围绕坚持中国特色道路创立中国特色审计理论体系、围绕实现小康目标要求确立中国特色审计发展策略、围绕促进经济好快发展探索中国特色审计监督新路、围绕发展政治文化社会发挥中国特色审计职能作用、围绕推进党建伟大工程强化中国特色审计队伍建设等方面进行粗浅探讨,以此期能对科学发展中国特色审计事业起到积极促进作用。     

Dynamical macroprudential stress testing using network theory

The increasing frequency and scope of financial crises have made global financial stability one of the major concerns of economic policy and decision makers. This has led to the understanding that financial and banking supervision has to be thought of as a systemic task, focusing on the interdependent relations among the institutions. Using network theory, we develop a dynamic model that uses a bipartite network of banks and their assets to analyze the system’s sensitivity to external shocks in individual asset classes and to evaluate the presence of features underlying the system that could lead to contagion. As a case study, we apply the model to stress test the Venezuelan banking system from 1998 to 2013. The introduced model was able to capture monthly changes in the structure of the system and the sensitivity of bank portfolios to different external shock scenarios and to identify systemic vulnerabilities and their time evolution. The model provides new tools for policy makers and supervision agencies to use for macroprudential dynamical stress testing.     

Assessing adaptive capacity of water management organizations. The case study of the municipality of Tomave (Bolivia)

Climate change is only one of several pressure and drivers, such as natural disasters, improvements in technologies and changing customers’ behaviors that water organizations have to relate and adapt to. This places new challenges (e.g. dealing with increased exposure, vulnerability, and uncertainty) to water management and require water organizations to change their perspective on how to deal with water issues. This paper builds on a literature review to identify dimensions and criteria of adaptive capacity and presents a conceptual framework to assess organizational adaptive capacity. The developed framework has been tested within the Municipality of Tomave (Bolivia). The paper results emphasize the incapacity to transform routines as the context is changing leads to the construction of barriers and to the inability of an organization to support the process of change of the society. In addition, the study emphasis that the development of a working system based on cooperation requires first that an organization acquires skills and adapt its routines to the new working system. Furthermore, the development of a participatory process of planning and implementation of policies would help to reduce the trade-offs and conflicts related to water management. Linked to this, the development of a system for monitoring and evaluation of policies implemented organization can contribute to build an iterative mechanism so to allow a redefinition and improvement of such policies.     

Unleash innovation in foreign subsidiaries

In multinational corporations, growth-triggering innovation often emerges in foreign subsidiaries from employees closest to customers and least attached to the procedures and politeness of the home office. But too often, heavy-handed responses from headquarters squelch local enthusiasm and drive out good ideas--and good people. The authors' research into more than 50 multinationals suggests that encouraging innovation in foreign subsidiaries requires a change in attitude. Companies should start to think of foreign subsidiaries as peninsulas rather than as islands--as extensions of the company's strategic domain rather than as isolated outposts. If they do, innovative ideas will flow more freely from the periphery to the corporate center. Basing their arguments on a rich array of examples, the authors say that encouraging such "innovation at the edges" also requires a new set of practices, with two aims: to improve the formal and informal channels of communication between headquarters and subsidiaries and to give foreign subsidiaries more authority to see their ideas through. The challenge for executives of multinationals is to find ways to liberalize, not tighten, internal systems and to delegate more authority to local subsidiaries. It isn't enough to ask subsidiary managers to be innovative; corporate managers need to give them incentives and support systems to facilitate their efforts. The authors suggest four approaches: give seed money to subsidiaries; use formal requests for proposals as a way of increasing the demand for seed money; encourage subsidiaries to be incubators for fledgling businesses; and build international networks. As part of the last approach, multinationals also need to create roles for idea brokers who can link entrepreneurs in foreign subsidiaries with other parts of the company.     

The Rhetoric of Modernization and the Labour Government's Pay Agenda

The modernization agenda is central to New Labour's desire to improve public services and reforming public sector pay is argued to be a fundamental requirement to delivering such improvement. This article argues that both the modernization agenda and pay reform have a rhetorical function. The authors analyse some short extracts of text from the NHS Agenda for Change on pay reform and show that much of the text requires unstated assumptions and premises to be added by the reader to render the arguments of the text to be fully coherent. Reaction to these unstated aspects of the Government's rhetoric are central to whether modernization is approved of or not.     

Dividend Surprises Inferred from Option and Stock Prices

This paper introduces a new method to measure the unexpected component of dividend announcements. While measures used previously were based on various arbitrary models of dividend expectations, our suggested method compares the reaction of stock and option prices to dividend announcements. Our measure is compared to commonly used model-based measures, to a Box-Jenkins time-series-based measure, and to a Value-Line Investor Survey-based measure of dividend surprises. The new measure is more highly correlated with the market's reaction to the announcements than are alternative measures of dividend surprises. The new measure is also shown to be insensitive to the extent to which the options used to identify unexpected dividend announcements are in- or out-of-the-money.     

体育教育发展的新趋势——发展和完善学生的个性

坚持"健康第一"的指导思想,激发和培养学生的运动兴趣,重视学生的主体地位,关注学生的个体差异和不同需求,重视学生个性的发展,是新课程《体育与健康》的基本理念。本文通过在体育教学改革中,教师有意识地激发学生的兴趣;培养学生的能力,满足学生个体差异和不同需求,达到发展学生个性的目的。     

True and Fair — An Imaginary View

The recent collapses of major Australian corporations and the human and economic consequences have emphasised the need for a new approach to auditing in Australia to fix the culture of complacency. The challenge is to continue to persuade directors, auditors and ASIC to better understand what the law requires, and to pressure government to create the conditions to ensure that ASIC undertakes appropriate enforcement.     

注册体制下商标使用意图要件检视

商标使用意图要件是使用体制国家转向注册体制的关键,对在注册体制下维持和强调发挥商标作用所必需的使用义务以及对相对具体规则进行有效补充等方面具有不可替代性。据此,我国为规制频发的恶意注册和囤积行为,在商标法中增加了使用意图要件的规定,禁止缺乏使用意图的商标注册,并允许就此提出异议和申请无效宣告。然而,本次修改为保证商标法体系的稳定性而过于简略,很容易出现使用意图要件地位不明、意图认定困难、规则适用冲突等问题。对此,有必要在明确商标法注册体制下宣示性与规则性相结合条款与兜底性绝对无效理由条款的法律地位的基础上,吸收国内外实践和立法经验,细化完善意图声明审查、兜底性适用顺位、实际使用豁免无效以及由实际使用衔接注册审查与无效宣告等具体规则,从而增强我国使用意图要件的可操作性并使其发挥应有作用。     

营业准入制度的国别效应分析

营业准入制度的国别效应是指国际资本、跨国投资、国际产业分工和全球贸易对不同国家或地区营业准入制度设计、调整和变化的反应程度.以国际资本的流动为例,从静态来分析,表现为营业准入限制国的资本挤出效应和营业准入开放国的资本集聚效应;从动态来分析,则表现为营业准入限制国因制度调整而创造的投资洼地效应和营业准入开放国因制度供给过剩而产生的资本溢出效应.对欠发达国家和营业准入限制国来说,适度地对其营业准入制度进行有效的调整,选择自由、开放型营业准入制度,可以解决营业准入方面的制度不公和制度供给不足问题,进而以营业准入制度优势来换取国家竞争优势.     

振兴东北老工业基地对策研究

老工业基地改造是中央重振东北的战略性举措,是东北经济发展的新机遇。老工业基地改造有三大要点:注重制度因素;抓住改造重点;推进民营经济。重新振兴东北不仅限于老工业基地改造,而是一个综合性的社会发展目标,其要旨为:重视新区建设,拓展发展空间;发展循环经济,实现资源转化;推进民营银行,拓宽融资渠道。     

Trade Credit Management and the Decision to Use Factoring: An Empirical Study

This paper examines the firm's decision to use factoring amongst a cross-sectional sample of 655 manufacturing companies using a rich firm-level database. The paper develops and tests hypotheses that explain this particular choice of credit and financial management policy. We find strong evidence of a 'financing demand' explanation for the use of factoring, and also some support for theories which relate the decision to use a factor to the firm's product characteristics, to market characteristics and to the preferences of the factor (supply constraints). The motivation to use factoring, however, appears to be related more to a demand for asset-based finance from small companies than to firm-level choices about organisational structure.     

Informations- und Beratungspflichten des Versicherers nach der VVG-Reform

The insurer’s duty to enable the customer to come to an appropriate decision, providing advice and information, is a central topic of the reform of the German insurance contract law. The obligations of intermediaries given by the Directive 2002/92/EC on insurance mediation are transferred to insurers and thereby enlarged in some aspects. The duty to give advice in §6 I 1 VVG depends on the objective circumstances of each individual case depending upon either the complexity of the insurance contract and problems in understanding its terms, or the characteristics and situation of the customer. Therewith, the regulation both refers to former jurisdiction and exceeds it by implementing a duty for the insurer to ask for the demands and the needs of the customer. Without reason in the special case the customer has to disclose his need for advice to obtain it. During the term of the contract the insurer is only obliged to give advice if he knows or — acting diligently — could know the needs of the policy-holder. On a European level further duties to inform and advise could help to achieve an effective internal insurance market.     

The Volatility and Price Sensitivities of Managerial Stock Option Portfolios and Corporate Hedging

We use estimates of the Black–Scholes sensitivity of managers' stock option portfolios to stock return volatility and the sensitivity of managers' stock and stock option portfolios to stock price to test the relationship between managers' risk preferences and hedging activities. We find that as the sensitivity of managers' stock and stock option portfolios to stock price increases, firms tend to hedge more. However, as the sensitivity of managers' stock option portfolios to stock return volatility increases, firms tend to hedge less.     

Reawakening your passion for work

All of us struggle from time to time with the question of personal meaning: "Am I living the way I want to live?" For millions of people, the attacks of September 11 put the issue front and center, but most of us periodically take stock of our lives under far less dramatic circumstances. This type of questioning is healthy; business leaders need to go through it every few years to replenish their energy, creativity, and commitment--and their passion for work. In this article, the authors describe the signals that it's time to reevaluate your choices and illuminate strategies for responding to those signals. Such wake-up calls come in various forms. Some people feel trapped or bored and may realize that they have adjusted to the frustrations of their work to such an extent that they barely recognize themselves. For others, the signal comes when they are faced with an ethical challenge or suddenly discover their true calling. Once you have realized that it's time to take stock of your life, there are strategies to help you consider where you are, where you're headed, and where you want to be. Many people find that calling a time-out--either in the form of an intense, soul-searching exercise or a break from corporate life--is the best way to reconnect with their dreams. Other strategies include working with a coach, participating in an executive development program, scheduling regular time for self-reflection, and making small changes so that your work better reflects your values. People no longer expect their leaders to have all the answers, but they do expect them to try to keep their own passion alive and to support employees through that process.     

旅游扶贫发展的本质及其影响因素

＂贫困问题＂始终是一个世界性的难题,威胁着人类的生存与发展,而消除贫困是人类面临的共同任务。随着旅游业的蓬勃发展,它对社会经济的拉动作用逐渐凸显,人们逐渐开始把寻求解决贫困问题的目光投向旅游业,期望借助旅游业的带动作用找到解决贫困问题的方法。只有真切理解旅游扶贫发展的本质,在旅游扶贫发展实践中才会有的放矢。旅游扶贫发展的对象首先体现在旅游扶贫发展的目标地区方面,其次体现在旅游扶贫发展的目标人口方面。旅游扶贫发展在培育经济增长点,探索脱贫致富新路等领域具有积极意义,但是旅游扶贫发展作为一种特殊的开发、开放扶贫方式,它需要具备一定的发展因素。     

THE LEGALITY OF THE SHAREHOLDER RIGHTS BY-LAW IN DELAWARE: PRESERVING THE MARKET FOR CORPORATE CONTROL

Just as some lawyers almost killed the takeover market with the invention of the poison pill in the 1980s, others are now about to reinvigorate it with another legal invention. The “shareholder rights bylaw,” which promises to be the next major legal battleground in the market for corporate control, aims to eliminate the current ability of target company boards of directors to block changes of control by keeping their poison pill defenses in place. The new bylaws require the poison pill (and other defensive measures) to expire automatically whenever the firm receives an allcash offer for 100% of the firm's stock at a price at least 25% above the prebid market price. The firm can keep its poison pill, but only if shareholders vote to keep it after receiving the offer. Although the legality of the share-holder rights bylaw has been challenged as an undue infringement on boards of directors' power to run companies, this article argues that their legality will be upheld for three reasons:

• ? First, shareholder rights bylaws merely reinforce the corporate manager's responsibility to manage the firm to maximize shareholder value.
• ? Second, Delaware and most other jurisdictions give shareholders the specific right to amend the bylaws of a corporation; and the shareholder rights by-law is a straightforward exercise of this explicit right granted to shareholders.
• ? Third, the adoption of shareholders rights by-law does not prevent the board of directors from advising share-holders to vote to reject a takeover bid, nor does it prevent shareholders from giving management the authority to use defensive mechanisms such as the poison pill.

As the article concludes, upholding this right of shareholders to choose whether a poison pill is used to block a takeover is critical to the vitality of the takeover market and, hence, to the preservation of the agency relationship between directors and shareholders. Upholding this right may also prove critical to Delaware's ability to maintain its predominance in the market for corporate chartering.