金融摩擦、收入风险与财富不平等

本文通过构建带有职业选择的两部门异质模型,探讨了个体面临的金融摩擦和收入风险对财富分配的作用机制。结果发现,经济中存在的金融摩擦会通过职业选择、自我保险和自融资来影响个人的财富积累,从而导致财富的集中和不平等。对模型模拟的结果表明:降低金融摩擦在总体上会降低财富不平等程度,但对不同财富阶层的影响不同,其在大幅减少前1%和前10%阶层财富份额的同时,虽然也会在一定程度上提升后50%阶层的财富份额,但提升幅度并不大,过高或过低的企业家收入风险,都会加大财富不平等程度,因而存在一个使经济中财富不平等程度最低的适度企业家收入风险水平;虽然金融摩擦和收入风险都会影响经济中的财富不平等,但收入风险本身对财富不平等程度的影响较小,其主要是通过金融摩擦放大了经济中财富不平等的程度。     

住房财富对中国城镇家庭消费的影响

在构建以国内大循环为主体,国内国际双循环相互促进的新发展格局下,把握扩大内需这一战略基点,激发居民消费潜力,是推动经济高质量发展的关键之一。住房已经成为中国家庭财富的重要组成部分,一方面可通过财富效应促进家庭消费,另一方面也可能由于“房奴效应”降低家庭消费。因此,住房财富对家庭消费的影响方向并不确定。本文基于2013-2019年中国家庭金融调查数据,研究了住房财富对家庭消费的影响,并检验了住房财富影响家庭消费的可能渠道。研究发现,住房财富对城镇家庭消费有显著促进作用,并显著改善了家庭消费结构,住房资产具有财富效应。进一步研究发现,住房财富能够缓解流动性约束,从而提高家庭消费水平。异质性分析表明,住房财富对不同类型的消费具有不同的促进作用,不同地区和拥有住房数量的差别均会对住房财富产生不同影响。根据本文研究,在控制风险的前提下,可发挥既有住房财富对平滑家庭消费的积极作用,促进家庭消费增长,改善家庭消费结构,进一步推进家庭消费升级。     

论主权财富基金的监管及对中国的借鉴

主权财富基金作为外汇保值增值、促进经济发展的有效工具,正在得到越来越多国家的认可与发展。但是引入主权财富基金的东道国因担心其冲击国内经济秩序,战略性地破坏国内经济发展,纷纷要求对主权财富基金进行监管。这种监管分为引导主权财富基金流向的一般性监管和限制主权财富基金进入的严格监管两种。IMF、世界银行等国际组织也对此表示了关注。在庞大的外汇储备压力下,成立主权财富基金成为我国的必然选择,如何适应对主权财富基金的监管,成为中国主权财富基金发展的重中之重。     

The Significance of an 'Orientation Postulate'

Until the 1930s, the 'orientation postulate' was a popular means of rationalizing bookkeeping practice. This was during a period when the balance sheet was the focal point of reporting and inductive theory formulation was popular in accounting. However, after the 1930s, the balance sheet was no longer the focus of financial reporting. By the 1960s accountants sought a deductive mode of theory formulation and the 'orientation postulates' were abandoned. Evidence adduced suggests that an 'orientation postulates'can be useful in addressing income statement as well as balance sheet issues, and is also useful in diminishing chaos and promoting logical and cohesive theory formulation. If a discipline has a common orientation, then less ad hoc principle formulation is likely to occur.     

中国主权财富基金海外投资的风险防控

本文对中国主权财富基金的海外投资风险进行了分析,并对中国应采取的风险防范与安全措施提出了自己的建议。     

人民币升值带来的财富幻觉探讨

本文从我国现有的外汇管理制度和面临的特殊发展阶段及发展背景出发,指出人民币对外升值对内贬值将是我国现阶段和未来所面临的一种重要现象。人民币升值及其升值预期将带来我国外汇储备快速积累,在结售汇制度下发生货币倍增效应,给我国带来明显的财富效应;人民币对内贬值即通货膨胀扩大了我国GDP的规模和国际排名,也给我国带来了财富效应。本文指出人民币对外升值对内贬值带来的财富效应在一定程度上是一种财富幻觉,并对这种情况下的宏观经济政策提出了对策建议。     

业绩承诺背后的财富转移效应研究

业绩承诺已成为我国上市公司并购重组的基本特征,但在这一热潮下,违约现象也屡有发生,促使人们思考业绩承诺背后的真实动机。本文基于我国资本市场的高频交易数据,从财富转移与信号传递两个视角辨析了并购重组中业绩承诺对机构和个人投资者在资金流向与投资收益方面的影响。研究发现,业绩承诺信息公告后,小投资者会更多买入并购企业股票,其投资收益为负并遭受了较大损失;而大投资者则显著降低其持仓,投资收益显著为正,财富效应在大小投资者之间转移明显。进一步的研究还发现,财富转移效应在业绩承诺违约、自愿性业绩承诺的并购重组中的差异更大,这表明业绩承诺更多以保护机制之名行信息优势之实。而深层次的分析发现,信息透明度较高、对投资者利益保护较好的公司,其财富转移效应差异程度会得到较好抑制,大投资者的信息优势和知情交易行为有所收敛。本文的研究发现佐证了业绩承诺机制背后财富转移效应的存在,其结论启示我们,不断提高公司信息透明度、合理设定业绩承诺发生违约时的赔偿额和加大对业绩承诺违约的处罚力度仍是业绩承诺发挥真正保护机制的重中之重。     

中小股东积极主义对债券持有人财富的溢出影响——基于网络投票数据的实证研究

互联网降低了中小股东获取和使用信息的成本,也方便其借助网络进行投票表决。本文借助2008—2018年深交所上市公司的股东大会网络投票数据,基于公司债券持有人视角,理论分析和实证检验了中小股东积极主义的溢出效应。实证结果表明:中小股东主观上基于自身利益的积极主义行为,客观上能够显著增加所在公司的债券持有人财富,即存在正向溢出效应,并且该正向效应在统计和经济意义上均具有高度显著性。在控制内生性影响后,该作用依然存在。进一步探究其内在机理发现,中小股东积极主义通过提升公司业绩和增强财务稳健性,进而增加其所在公司的债券持有人财富。该溢出效应在较差的内部治理环境、投资者学习效应和畅通的外部信息渠道下更为显著。     

The Impact of the Definition of Inflation on the Effectiveness of Inflation Accounting Adjustments

In tests of inflation accounting methods, inflation is generally seen as a simple phenomenon: the prices of all elements change at the same rate. The example presented here deals with a different case: inflation is characterized by changes in the structure of prices. In particular, prices of articles bought and articles sold do not vary at the same rates.
In this context, it is observed that three types of adjustments are not effective, i.e. they do not have the potential to report real or nominal rates of return. This result should be considered as a criticism of the coherence of inflation accounting methods.     

The poor are twice cursed: Wealth inequality and inefficient credit market

This paper investigates the role of unobservable wealth differences on credit market equilibrium, given there is also asymmetric information concerning effort preferences and choices. In equilibrium, poor but able entrepreneurs may subsidise the rich and incompetent or be excluded. As a result, investment may exceed or fall short of the optimal level. Low inequality may deliver conditions for perfect screening and an efficient level of investment. The equilibrium with cross subsidisation is consistent with otherwise puzzling empirical observations.     

中国上市公司参与银行理财产品市场投资特征

本文对参与银行理财产品市场的中国A股上市公司进行了统计分析和模型检验,分析了其参与时的数据特征及申购动机。研究发现,中国上市公司参与银行理财产品市场的深度与其最新一期现金余额及等价物规模、净资产大小成显著正相关关系。就整体及平均水平而言,上市公司属于深圳证券交易所的中小企业时,参与银行理财产品市场越深入,不论中央国企还是地方国企,参与深度都高于私人企业,相对于地处东部沿海城市的企业,处于中西部地区的上市公司参与银行理财产品的深度较大。相对于私人企业和地处东部沿海城市的企业,公司为地方国有企业并处于中西部地区时,上市公司参与银行理财产品的弹性较低。同时,银行理财产品的收益率显著影响上市公司参与理财市场的深度和弹性。     

The Royal Mail Case: A Legal Analysis

This paper examines the legal issues raised in the celebrated Royal Mail Case and the implications of the case for the practice today. It is argued, contrary to the literature, that the case was not about the utilization of secret reserves, but about the non-disclosure of repayments by the Inland Revenue of overprovisions for tax and that defence counsel for the auditor succeeded because of the weak factual case presented by the prosecution. The paper then argues that whilst the factual basis of the prosecution's case was extremely weak, they had missed three fundamental points: the going concern concept, the materiality concept, and the point at which an overprovision for taxation should be recognized. Various minor issues in the case are also analysed, together with the effect they had on the outcome of the case. The implications of the case are then examined and in particular, the duties of auditors where compliance with statutory disclosure provisions conflicts with the requirement to show a true and fair view and whether cases involving technical accounting issues should be heard by specialist judges and assessors.     

The Politics of Rule Development: A Case Study of Australian Pension Fund Accounting Rule-Making

Describing the politics surrounding accounting rule development may provide greater insights to such processes than analysing written submissions to rule-making bodies. Over a twenty-year period a rule-making contest evolved between the accounting profession and an alliance of pension industry interest groups over the introduction of different forms of regulation (accounting standards versus legislative-backed rules) relating to pension fund accounting. From the perspective of government, the debate about pension fund accounting reflects the outside-initiative model (Cobb and Elder, 1972; Cobb et al., 1976). Issues were created by the (accounting and actuarial) professions, expanded in the relevant (pension and life insurance) industry and then gained entrance to the formal agenda of both regulatory and government deliberations. In this case the accounting profession failed to gain acceptance of its professional rule-making activities. Alternative possible explanations as to why the alliance of interest groups eventually prevailed over the accounting profession are explored.     

金融资产财富效应的形成机理研究

本文借助消费函数理论、行为金融理论分析了金融资产财富效应的形成机理,并将金融资产财富效应的传导机制归纳为实际收入效应、预期收入效应、流动性约束效应、信心效应、托宾q效应、替代效应等六种效应。除替代效应是负的财富效应外,其它效应均为正的财富效应,而金融资产财富效应的差异性既是上述各效应综合作用的结果,也是不同国家在不同时期影响金融资产变动的因素存在差异的结果。     

主权财富基金信息透明度问题研究

主权财富基金已经成为国际金融市场上不可忽略的力量,但大多说主权财富基金的透明度却非常低是不争的事实,并已成为国际金融市场安全以及母国资金保全的诟病。但透明度低并非主权财富基金与生俱来的特征。主权财富基金信息透明化,应本着维护母国公民利益,保护东道国金融安全以及维护金融市场稳定等目标的基础上,遵循自愿披露原则,来披露相关投资信息。     

The Treatment of Non-Recurring Items in the Income Statement and their Consistency with FASB Concept Statements

This study provides evidence on the consistency of Accounting Principles Board Statement No. 30 (APB, 1973) classification criteria with the objectives of the Financial Accounting Standards Board's Concept Statements Nos 1 and 2 (FASB, 1978, 1980). It is hypothesized that the current APB 30 requirement to classify items of a non-recurring nature in the operating section of the income statement decreases the predictive ability of income before extraordinary items. A random sample of 50 firms with non-recurring adjustments to income, which were included in the operating section of the income statement, was selected from Standard and Poor's Corporation Records. Naive models were used to generate earnings per share forecasts for the year in which the adjustment to income occurred, the prior year and subsequent year.
The results indicate a statistically significant decrease in the predictive ability of earnings per share before extraordinary items associated with the year that the adjustment occurred and a significant increase in the variability of earnings per share. Also, differences in predictive ability were noted between small and large firms and firms with positive and negative adjustments to income.
The results of this study also imply that the managers of most firms with negative adjustments to income are not using the adjustments to smooth income for either the purpose of decreasing the variability of earnings or increasing predictability. The results are more consistent with the 'big bath' theory. These conclusions appear to be more relevant for smaller firms than larger firms.     

论加强金融理财产品监管的制度建设

金融理财产品监管在我国是一个较新的监管领域。对于效果导向型监管、将理财产品纳入宏观审慎监管范畴、将标准化理财产品视为金融工具以及设立独立的理财投资者保护机构等问题,在我国还未形成监管共识。因此,相关监管和立法机构需要在监管目标、监管原则、监管范围、行业治理、违法行为惩戒、投资者保护和教育等方面加强合作和规范。     

Related Party Transactions: A Preliminary Evaluation of SFAS 57 and IAS 24 Using Four Case Studies

Transactions between related parties have been the subject of increasing concern in recent years. Corporate scandals, overseas and local, have typically involved non-arm's length transactions contrived between the reporting entity and related companies or affiliates. These scandals provided catalysts for the relatively recent development of accounting standards on related party transactions.
This paper considers whether the application of the new pronouncements, particularly the Financial Accounting Standards Boards' statement 57 and its international equivalent, International Accounting Standard 24, is likely to overcome the problems highlighted in several major scandals. The methodology adopted involves the hypothetical application of the two pronouncements to the pertinent facts in four case studies: (1) Continental Vending, a U.S. criminal court case; (2) Penn Central, a U.S. Securities and Exchange Commission investigation case; (3) Tarling (Haw Par), a Singapore criminal court case; and (4) Stanhill, an Australian case investigated by a government appointed Inspector.
In each hypothetical application, the resultant presentation is compared with the stated expectations found in the relevant findings of the case. In all cases, SFAS 57 and IAS 24 are found to be deficient.
While four case studies may not be sufficient for drawing general conclusions about either SFAS 57 or IAS 24 the conclusions of this study represent preliminary evidence for evaluating those standards.     

Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally

Research has shown that accounting follows different patterns in different parts of the world. There have been claims that national systems are determined by environmental factors. In this context, cultural factors have not been fully considered. This paper proposes four hypotheses on the relationship between identified cultural characteristics and the development of accounting systems, the regulation of the accounting profession and attitudes towards financial management and disclosure. The hypotheses are not operationalized, and empirical tests have not been carried out. They are proposed here as a first step in the development of a theory of cultural influence on the development of accounting systems.