政府收支分类改革是构建公共财政的基础

公共财政是与市场经济相适应的政府收支活动，构建公共财政体系的核心是改革政府预算管理制度，政府预算面临的基本问题包括两个方面：一是体制问题，二是程序问题。体制涉及收支划分，程序涉及收支预算的编制、执行与总结（决算），二者都要求对政府的收支分类进行规范。因此，规范政府收支分类是改革预算管理制度的基础，也是构建公共财政的基础。     

关于政府收支分类改革的探究

2007年1月，国家将全面实施政府收支分类改革。这一改革直接关系到政府预算的公开透明，关系到政府职能的合理转换，关系到公共财政体系的建立和完善，是创建民主高效的预算管理制度体系的必然要求。为此，本文将对推进此项改革的意义和改革的内容等方面进行简要论述。     

公共经济学视角下的政府预算绩效管理改革思考

政府预算绩效管理是公共财政预算管理制度改革的理论探索与实践创新,其身后具有深刻的公共经济学理论背景,深入分析政府预算绩效管理与其公共经济学理论基础间的逻辑关系,必将对我国开展政府预算绩效管理改革产生积极影响。     

政府审计与绩效预算管理

政府审计与绩效预算管理关系密切，政府审计既是推动绩效预算管理改革的重要力量，同时，实行绩效预算管理必将对政府审计产生深远的影响，本文拟对政府审计与绩效预算管理之间的关系，特别是政府审计机关如何在推动绩效预算管理改革中发挥作用，以及如何适应绩效预算管理的要求，在政府预算管理和推动政府改进管理提高绩效方面发挥其应有的作用进行讨论。     

政府收支分类改革问答

为进一步改革和完善政府预算管理制度，建立和完善公共财政体制，推动源头上治理腐败和促进社会主义民主政治 建设，经国务院批准，政府收支分类改革定于2007年全面实施，为了配合这项改革的顺利实施，我刊从本期开始开设“收支分类改革”栏目，与大家共同学习，探讨有关政府收支分类改革的相关知识和问题。[编者按]     

我国政府会计改革的几点思考

当前我国政府会计改革正处于积极酝酿之中,理论界借鉴国外成功的政府会计改革经验提出了不少宝贵的建议并在不断完善中。文章从我国公共财政体制改革、政府职能转变、国际大环境三个方面介绍了影响我国政府会计改革的因素,从会计基础、会计对象、会计信息质量要求(财务报告质量)方面分析了当前政府会计的三个问题,并提出了相应的建议:预算管理制度改革暴露出了政府会计的一些问题,可以通过对政府会计基础要素的修改,完善政府会计,以发挥我国预算管理制度的最大效用。     

健全政府预算体系 深化部门预算改革 努力提高财政资金管理绩效

近年来,宝鸡市以科学发展观为统领,按照构建公共财政体制的要求,积极深化预算管理改革,夯实各项基础性管理工作,提高部门预算管理水平,逐步建立适应社会主义市场经济和公共财政要求的预算管理制度,促进了经济社会协调发展。经过一年的改革实践,部门项目支出预算的透明度和约束力明显提高,财政支出执行进度进一步加快,政府性债务管理和预算信息公开工作取得新的进展,健全政府预算体系、深化预算管理改革初见成效。     

对下级政府财政决算审计思路的转变与工作重点的定位

对下级政府的财政、财务收支审计监督的思路创新与工作重点的重新定位，是为适应公共财政体制的建立、政府职能转变，弥补各级审计机关“同级审”所存在的缺陷，实现财政审计在财政支出改革不断深化条件下有所作为的现实要求。对下级政府财政决算审计的深入研究，是实现财政和预算执行审计战略突围的切入点之一，目的在于形成各级政府、各预算执行单位规范管理的长效机制。[第一段]     

本级政府预算执行审计之我见

本级政府预算执行审计是指各级审计机关根据审计法的规定，每年对本级预算执行情况的真实、合法、效益进行的审计监督。在新的历史发展时期，本级政府预算执行审计具有推进和完善公共财政体系建设，促进地方经济快速发展．发挥审计“免疫系统”功能的重要作用。笔者就近几年在预算执行审计工作学习与实践，整理归纳，谈几点认识。     

地方政府非税收入征收管理问题及改进

温家宝总理在《政府工作报告》中指出,要加快公共财政体系建设,完善财政转移支付制度,改革预算管理制度,制定全面实施增值税转型方案和措施,建立规范的政府非税收入体系。为健全财政经济     

股指期货投资策略与技巧

随着股指期货的渐行渐近,人们对股指期货的关注程度也在日益提高。作为中国内地第一个金融期货产品的沪深300指数期货,有其与其他金融产品不同的投资方法,并且有一定的复杂性。沪深300指数期货的主要用途有两个:利用沪深300指数期货对股票投资组合进行风险管理以及进行套利活动来获取无风险利润。正确认识股指期货并且能熟练掌握股指期货的投资策略对于投资者而言是十分重要的。文章阐述了股指期货两种投资用途的投资策略与技巧。     

关于我国推行股票指数期货的可行性分析

随着金融体制改革的不断深入,资本市场法律法规体系的建立健全和证监会监管能力的提高熏我国已具备了一定的推出新的金融衍生产品的市场条件,文章结合股指期货的功能和作用与我国股票市场的实际情况,分析了目前在我国开展股指期货交易的可行性。     

浅析我国推出股指期货的功能与作用

股指期货作为一种新型的金融衍生工具即将在我国推出,必将成为我国证券市场发展的一个里程碑.文中介绍了股指期货的概念及特点,并分析了股指期货的功能及其作用.     

Cross-region risk spillover between the stock and stock index futures markets under exogenous shocks

By integrating the stock and futures markets of mainland China and Hong Kong into the same financial system, we explore the cross-region risk spillovers between the stock market and stock index futures market under the impact of exogenous events. We find evidence of significant risk spillovers between the two stock markets, and confirm that exogenous shocks, including the adjustments of regulatory policies of mainland China and 2019 Hong Kong Protest, can significantly affect the volatility spillover across assets and markets. Our findings can potentially help regulators and investors understand the cross-region risk conduction and assess portfolio risk after exogenous event.     

Position limit for the CSI 300 stock index futures market

The aim of this study was to find the optimal position limit for the Chinese stock index (CSI) 300 futures market. A low position limit helps to prevent price manipulations in the spot market, and thus keeps the magnitude of instantaneous price changes within the tolerance range of policymakers. However, setting a position limit that is too low may also have negative effects on market quality. We propose an artificial limit order market with heterogeneous interacting agents to examine the impact of different levels of position limits on market quality, measured as liquidity, return volatility, efficiency of information dissemination, and trading welfare. The simulation model is based on realistic trading mechanisms, investor structure, and order submission behavior observed in the CSI 300 futures market.Our results show that on the basis of the liquidity status in September 2010, raising the position limit from 100 to 300 could significantly improve market quality and at the same time keep the maximum absolute price change per 5 s below the 2% tolerance level. However, the improvement becomes only marginal if the position limit is further increased beyond 300. Therefore, we believe that raising the position limit to a moderate level can enhance the functionality of the CSI 300 futures market, which should benefit the development of the Chinese financial system.     

The effect of short-sale restrictions on the information transmission of extended index futures trading

During the global financial crisis, two types of short-sale restrictions, i.e., the uptick restriction and the naked short-sale ban, were introduced in the Taiwan Stock Exchange (TWSE). This provides an opportunity to examine whether these two types of short-sale restrictions reduce the speed at which the overnight spot returns and the trading period spot returns adjust to the bad news revealed through the index futures returns during the post-close and pre-open extensions. The results of the threshold GARCH(1,1) model show that only the short-sale ban significantly reduced the speed at which the overnight spot returns react to the bad news revealed by the futures returns of the TWSE index during the pre-open extended session     

城市幸福指数及其测评指标体系

城市幸福指数测评指标的构建,有助于用量化的方法对幸福城市的建设进行监测与评估。对城市幸福指数构建的意义进行了理论分析,在对国内外现有相关研究进行系统总结与分析的基础上,提出了我国城市幸福指数测评指标构建的指导原则及指标体系,并对城市幸福指数测评运用中需要注意的问题进行了探讨。     

A threshold error-correction model for intraday futures and index returns

Index-futures arbitragers only enter into the market if the deviation from the arbitrage relation is sufficiently large to compensate for transaction costs and associated interest rate and dividend risks. We estimate the band around the theoretical futures price within which arbitrage is not profitable for most arbitragers, using a threshold autoregression model. Combining these thresholds with an error-correction model, we show that the impact of the mispricing error is increasing with the magnitude of that error and that the information effect of lagged futures returns on index returns is significantly larger when the mispricing error is negative. © 1998 John Wiley & Sons, Ltd.     

Availability and settlement of individual stock futures and options expiration-day effects: evidence from high-frequency data

This study examines whether the expiration-day effects of stock options traded in Australian Stock Exchange on return, volatility, trading volume, and temporary price changes of individual stocks vary with the availability and the settlement method of individual stock futures contracts. Using transaction data of the stocks that have both options and futures contacts from 1993 to 1997, we find that options expiration has significant effects on return and volatility of the underlying stocks in absence of individual stock futures. After introduction of a cash-settled stock futures contract, the effects decrease notably. However, the switch of a futures contract from cash settlement to physical delivery promotes the expiration effects on return and volatility and boosts temporary price changes on expiration days. Finally, options expiration has little effect on trading volume. Trading activity tends to behave normally regardless whether stock futures contracts are available or not.     

The role of oil futures intraday information on predicting US stock market volatility

This study investigates the role of oil futures price information on forecasting the US stock market volatility using the HAR framework. In-sample results indicate that oil futures intraday information is helpful to increase the predictability. Moreover, compared to the benchmark model, the proposed models improve their predictive ability with the help of oil futures realized volatility. In particular, the multivariate HAR model outperforms the univariate model. Accordingly, considering the contemporaneous connection is useful to predict the US stock market volatility. Furthermore, these findings are consistent across a variety of robust checks.