对日本介护保险的SWOT分析

千禧年初,日本颁布《介护保险法》促使护理保险制度的强制性推行。经过多年运行与不断完善,日本介护保险制度已日趋成熟。本文通过对日本介护保险的SW O T分析,总结该制度的优劣之处以及未来发展面临的挑战和机遇,结论发现该国的护理保险制度虽并非尽善尽美但相较于欧美等发达国家的相同制度更具东方特色,对我国建设长期护理保险制度有着现实借鉴和学习意义。     

REITs折溢价与风险影响因素分析

不动产投资信托基金(REITs)发行与交易中的折溢价现象在境外市场中广泛存在,其背后揭示了REITs产品独特的风险逻辑。本文的理论分析指出,REITs特异性的多层委托代理结构、底层资产与宏观经济的联动性以及金融投机行为所产生的风险可以帮助理解REITs的折溢价问题。基于此,本文选取和境内市场较为相近的中国香港与新加坡REITs市场为主要样本,构建了多元回归模型,对影响REITs一级和二级市场折溢价的潜在风险因素进行了实证分析。最后,本文还对比分析了目前境内REITs市场折溢价现象的特殊之处,并针对上述风险,为当下蓬勃发展的我国REITs市场提出了相应的政策建议。     

IPO二级市场高溢价影响因素分析

针对新股二级市场高溢价现象,从一级发行市场和二级市场两个方向选择了若干解释变量,并通过主成分分析法从一级发行市场变量中提取了4个因子,结合二级市场解释变量对近3年上海证券交易所IPO的158家公司上市后的超常收益进行了实证分析。发现机构申购报价、每股净资产、发行比以及次新股板块收益率4个因素是导致新股高溢价的主要原因,即机构在申购时的行为和普通投资者的非理性行为加剧了新股高溢价现象。     

日本介护保险制度十五年回顾与展望

日本介护保险制度自2000年实行以来整整走过了十五个年头,本文在梳理该制度十五年间三次重大变革背景、目标与举措基础上,分析了该制度的主要内容、运行成效及面临的挑战,认为未来日本介护保险制度还需在平衡财务收支、完善运营机制、强化权益保护等方面进一步完善,最后得出对我国今后探索介护保险的启示。     

上市公司股权资本成本影响因素分析——以河南省9家公司为例

以河南省9家上市公司的具体情况为例,在MM模型与资本资产定价模型的基础上,对影响股权资本成本的各种因素进行理论研究;并通过建立回归模型,进行单因素与多因素分析,研究哪些因素对股权资本成本的影响较为稳定与深远。具体来说,主要包括三个方面的内容:一是分析研究河南省上市公司资本成本的现状;二是对各影响因素归类,并进行理论与实证分析;三是在研究结论的基础上,从降低企业股权资本成本的角度出发,提出如下相应对策:扩大公司规模、降低企业风险、提高股票流动性与经营能力等,以降低股票资本成本。     

日本医疗、介护一体化改革经验及启示

医疗与介护是老年人的两个主要刚性需求,也是社会保障费用的重要支出方向。日本从社会保障费用支出效率化的角度出发,于2000年建立了介护保险制度,并进行了医疗、介护一体化改革。这项改革经历了医疗和介护分离、结合、融合三个阶段。设立独立的介护保险制度,完善相应的法律法规,提供专设的资金支持,确保医疗、介护人员的数量和质量,建立完善的医疗、介护服务网络,促进多主体之间协作是日本医疗、介护一体化改革实践中积累的优秀经验。但该国未来仍可能面临医疗、介护从业人员不足,介护保险费收支失衡风险加大等挑战。日本的实践经验在制度建立、配套法律、人员保障、服务体系、协同机制等方面为我国发展医养结合提供了重要启示。     

数字经济、人口红利与城市工资溢价

基于2014—2019年中国地级市数据,探究了数字经济发展、人口红利下降与城市工资溢价间的关系。研究表明,数字经济高速发展加剧了城市工资溢价程度,其边际效用递增;数字经济通过增加城市技术创新能力,进而提升城市工资溢价程度,其中核心技术创新能力是城市工资溢价形成的主要机制,高技能劳动者聚集享有更高的工资溢价;数字经济还通过促进企业聚集提升了城市工资溢价水平;数字化学习使得劳动者在大城市的工作中获得更多延续性的额外价值,从而正向调节了数字经济和城市工资溢价间的关系。在大城市中数字经济发展有利于缓解人口红利下降所带来的劳动力供需失衡和增长性矛盾,以维持大城市较为稳定的工资溢价。此外,政府治理水平、就业结构改善和人力资本优度均有利于提升城市工资溢价水平。     

可转债上市首日定价的影响因素分析

对影响上市公司发行的可转换债券上市首日定价的有关因素如上市公司行业背景、公司情况、发行可转换债券的规模、期限、票面利率和利息补偿、初始溢价幅度等因素进行详细的分析；然后结合我国上市公司可转换债券样本，进行相关实证分析。     

学区房溢价的影响因素:教育质量的视角

优质教育资源可能形成于学校的教育质量,也可能来源于生源质量。房地产的市场化定价机制为探讨优质教育资源的背后形成机制提供了便利。本文利用北京市二手房成交数据,采用特征价格模型和边界固定效应法,估算了学区房溢价。在此基础上,利用学校层面的教育质量信息,探讨了教育质量对学区房溢价的解释力。实证结果表明,以学校物质资本和教师人力资本所表征的教育质量是学区房溢价,即优质教育资源的主要来源,解释了总体学区房溢价的64.71%,这种解释力在考虑了潜在的内生性问题后依旧稳健。进一步通过量化北京市的三个教育强区(西城区、东城区和海淀区)中教育质量的解释力,发现优质教育资源既可形成于优质生源集聚,也可形成于教育经费投入长期累积所带来的教育质量的提升。义务教育均衡化改革,推动优质公共投入的公平供给,是平抑高企的学区房价格的有效手段。     

Appointing and Remunerating Insolvency Practitioners in Japan: The Roles of Japanese Courts

Japanese courts play an important role in appointing and remunerating insolvency practitioners. This article examines the roles of courts on the basis of academic and practitioner literature, judicial decisions and interviews with practitioners and former and current judicial officers. First, the article focuses on the methods used to appoint practitioners and the evolution of the system at the Tokyo District Court, Japan's busiest insolvency jurisdiction. Second, the article examines the courts' roles in reviewing and setting practitioners' remuneration through another case study from the Tokyo District Court. Practices trialled and developed in Tokyo are often adapted for local purposes around Japan. The article argues that the courts' involvement has helped to keep the cost of resolving corporate insolvency in Japan down. The review and setting of remuneration deserves particular attention with the increasing prevalence of pre‐packaged and informal restructuring that prima facie appears to allow for greater freedom to set remuneration as between the practitioner and debtor‐client. The article uses a case study to demonstrate that pre‐packaged restructuring is still influenced by the court, however, arguing that the relationship between the court and practitioners remains important. Finally, the article suggests that changes in Japanese insolvency practice and external factors may require the courts and the profession to revisit approaches to appointing and remunerating practitioners. Copyright © 2017 INSOL International and John Wiley & Sons, Ltd.     

会计师事务所人力资本与薪资对其经营绩效之影响

知识经济时代,人力资本与薪酬诱因设计是影响会计师事务所经营绩效的关键因素。人力资本与薪酬诱因设计是否随着会计师事务所经营环境竞争日益激烈,而更有助于经营绩效的提高,目前仍缺乏相关证据。有鉴于此,本研究采用2004至2007年「会计师事务所服务业调查报告」之普查资料,探讨会计师事务所人力资本、薪资与经营绩效三者间之关联性。实证发现:实证结果显示,会计师事务所人力资本越高,则薪资水平越高;会计师事务所薪资水平越高,则经营绩效越好;会计师事务所人力资本越高,则经营绩效越好;员工薪资在人力资本与经营绩效间之间扮演着中介之角色。在审计市场环境日益艰困情况下,研究结果可提供会计师事务所的经营者在决策时一个有用之参考。     

财产保险费率市场化的生成机制研究

我国财产保险费率市场化经历了管制——解除管制——管制三个阶段,目前,费率市场化的生成机制仍未形成。本文从财产保险定价的特殊性出发,探讨财产保险费率市场化应具备的特殊条件,以及促使上述条件得以生成的机制,并对费率市场化的两种生成机制进行比较分析,提出我国下一步费率政策改革的建议。     

Factor pricing in commodity futures and the role of liquidity

This paper empirically investigates the pricing factors and their associated risk premiums of commodity futures. Existing pricing factors in equity and bond markets, including market premium and term structure, are tested in commodity futures markets. Hedging pressure in commodity futures markets and momentum effects is also considered. This study combines these factors to discuss their importance in explaining commodity future returns, while the literature has studied these factors separately. One of the important pricing factors in equity and bond markets is liquidity, but its role as a pricing factor in commodity futures markets has not yet been studied. To our knowledge, this research is the first to study liquidity as a pricing factor in commodity futures. The risk premiums of two momentum factors and speculators’ hedging pressure range from 2% to 3% per month and are greater than the risk premiums of roll yield (0.8%) and liquidity (0.5%). The result of a significant liquidity premium suggests that liquidity is priced in commodity futures.     

基于异方差调整的粮食单产风险分布对保险费率厘定的影响研究

粮食单产风险分布是费率厘定的重要依据。本文基于单产趋势估计中异方差现象对单产风险分布及费率的影响,构建了基于异方差的调整系数估计模型和区域产量保险费率测算方法,并利用1963~2017年全国27省主要粮食作物保险进行实证检验。结果发现:放松异方差假设对我国粮食单产风险分布及费率厘定具有显著影响,13个省份的一种或多种粮食作物存在趋势异方差现象,且分布具有集聚特征。其中,小麦和水稻的单产风险随产量具有缩小趋势,费率受异方差影响较大,玉米单产风险随产量略有增大,费率受异方差影响较少。研究结果对于粮食单产风险分布、风险区划及保险费率的调整具有重要意义。     

信贷损失准备计提的理论分析

本文在预期损失与损失准备概念的基础上,通过对贷款价值、预期损失与违约升水之间关系的分析提出了信贷损失准备计提的理论与方法,指出基于未来现金流量折现法的信贷准备计提方法更能反映贷款的真实价值。最后结合银行信贷损失准备计提的实践,对理论方法与实践中的作法进行了简要的评析。     

The bias of tests for a risk premium in forward exchange rates

The pure expectations theory of unbiased forward exchange rates predicts that the slope coefficient in a regression of the change in the spot rate on the difference between the current forward and spot rates should equal unity. In the recent empirical work by Fama, the estimates of this coefficient turn out to be negative in all regressions for nine major industrialized nations. This paper demonstrates that under the expectations theory, the sampling distribution of the regression estimator of this coefficient is upward-biased relative to unity and strongly skewed to the right. The likelihood of negative values is essentially zero. Thus, the estimator is biased in a direction opposite to what is observed. Since the observed estimates lie far out in the thin left-hand tail of the estimator's sampling distribution, the evidence against the hypothesis of unbiased forward rates is much stronger than previously believed.     

中国上市公司高管学术经历对企业现金持有的影响

依据沪深A股上市公司2008-2017年数据,考量高管学术经历对企业现金持有的影响。结果表明：高管学术经历通过风险特质和创新活动影响现金持有水平;高管学术经历与现金持有水平正相关,行业竞争的缓和会削弱二者的正相关关系;相对于国有企业,高管学术经历对非国有企业现金持有水平的影响更显著。     

The Impact of Computer-Assisted Learning on Academic Grades: An Assessment of Students' Perceptions

Abstract

This study examines student perceptions of the usefulness of Computer-Assisted Learning (CAL) packages in learning accounting concepts in terms of the influence on academic performance. Various additional factors affecting academic performance [such as gender, prior studies of accounting, and computer systems, together with entry background] are incorporated in the development of a multiple regression model, together with perceptions of CAL. The study uses a sample of 280 second-year undergraduate accounting students from an Australian university to test the model. In contrast to prior studies (e.g. Lane and Porch, 2002, Accounting Education: an international journal, 11(3), pp. 217–233), this study showed that positive perceptions of the usefulness of CAL significantly influenced performance. Additionally, it was found that international students, many of whom enter university at the second year level having obtained advanced standing credits, had significantly poorer performance than local students. The findings show that gender, prior studies of accounting and computing systems were not significant influences on academic performance. Overall, the results have implications for accounting educators utilising CAL in courses as a means of improving students' understanding of accounting concepts and academic performance.