农技推广投资不足分析及对策建议

农技推广投资中政府投资和民营资本投入都是不足的。论文从总量、人均数量和基层农技推广机构获得的财政支持三个方面分析了政府投资不足的现状,民营资本投入不足主要表现为民营投资主体经营规模偏小和融资困难。在此基础上,提出了相应的政策建议。     

Economic Effects of the 2003 Partial Integration Proposal in the United States

On January 7, 2003, President George W. Bush proposed a significant change in capital income taxation in the United States. In the context of a jobs and growth package, the President proposed to reduce substantially the double taxation of corporate-source income by eliminating investor-level taxes on dividends paid from earnings on which corporate tax had been paid. In addition, the Presidents proposal would have reduced the tax on retained earnings by allowing a basis adjustment for accumulated previously taxed retained earnings. Taken together, these proposals would have moved the U.S. income tax much closer to an integrated tax system along the lines outlined by the Treasury Department in President George H.W. Bushs administration a decade earlier.Putting together the impacts of the Presidents proposal on economic activity through greater capital accumulation and improved calculation, I estimate that the proposal, if it had been enacted in its original form, would yield a permanent increase of 0.48 percent in the U.S. economys potential output. This estimated gain does not include any gains made possible by improved corporate financial policy.At the time of the integration proposal, the author was Chairman of the Council of Economic Advisers.     

The impact of nonprofit taxes on foreign direct investment: evidence from German multinationals

This paper provides an empirical analysis of the impact of taxes other than profit taxes on both investment and location decisions of multinationals. Besides effects of corporate income taxes, the results confirm significant adverse effects of nonprofit taxes such as property taxes, sales taxes and VAT, and import duties on the level of FDI. However, once country-specific fixed effects are included, most of the effects of nonprofit taxes vanish. This is supported by the analysis of location decisions, where taxes other than corporate income taxes are not found to exert any adverse effects on the location probability in a setting with country-specific fixed effects.      

资本投向与控制权私有收益攫取的实证研究

文章基于资本投资形成控制性资源,为获取控制权私有收益创造基础的理论阐述,以2005—2007年在沪深两市A股市场的公司为样本,对我国上市公司投资决策中资本投向与控制权私有收益的关系进行了实证检验。研究结果表明：（1）不同投向的资本投资与控制权私有收益攫取水平正相关。（2）就固定资产、股权并购、无形资产三种资本投向而言,股权并购方式取得控制权私有收益的代价较低,但控制性股东占有被并购公司控制权私有收益的比例也较低。（3）不同投向下的资本投资,在形成控制权私有收益的同时并没有通过提高公司业绩而增加控制权共有收益,很大程度上是形成控制权私有收益的自利行为。     

对我国利率市场化的投资效应分析

利率市场化改革对经济增长的主要贡献在于两个方面，一是它增加了储蓄，因而可投资数量增加；二是而且是更为重要的原因，它改进了投资质量。利率市场化这两方面的功能能否发挥直接关系到我国利率改革的成效。本在此认识基础上，通过对我国利率市场化过程中的投资数量和投资质量两方面的分析，得出金融堵塞和资金逆配置问题是影响我国利率场化传导机制的制约因素，并针对这一问题提出政策化建议。     

Leverage adjustment after mergers and acquisitions

Australian firms have leverage targets. Speeds of adjustment to a target capital structure are higher than previously published estimates when there are major disruptions to firms’ leverage ratios. Firms exploit company‐specific characteristics to achieve these targets. Profitability and cash levels are important drivers of the speeds of adjustment. Firms, which have lower profitability or higher cash levels, appear to adjust faster.     

温州民间投资的发展特点与运作机制研究

温州民间投资在全国颇有影响。文章总结了温州民间投资的发展历程,分析了其运作机制,剖析了其存在的问题,对进一步规范发展温州民间投资,发挥其积极作用提出了政策建议。     

控制权冲突、资本配置决策与投资组合选择

本文以长期股权投资和固定资产的投资组合选择为研究对象,从控制权私利的视角探讨了大股东自利性动机对资本配置决策的作用机理,并进行了相应的数值模拟。研究发现：（1）固定资产投资规模与长期股权投资高状态收益存在负相关关系,而长期股权投资规模则与其高状态收益概率正相关;（2）大股东自利性动机驱使下的资本配置决策偏离了分散持股时的资本配置水平,偏离程度会随着现金流权与控制权分离度的增加而展现出非线性变化态势。上述研究结论为当前有关加强上市公司大股东财务决策监管的政策导向提供了重要的经验启示。     

改进我国银行业人力资本投资与使用的思路设计

我国银行业人力资本投资及使用状况不甚理想,当前应从投资意识、投资方式、个人投资激励机制、人力资本使用等几方面进行改进。     

How Much Tax Coordination in the European Union?

This paper examines the trade-offs between tax autonomy and fiscal neutrality that the Member States of the European Union face in coordinating their taxes on consumption, labor and capital. One of the main messages is that in many cases tax reform should precede tax harmonization, mainly because the costs of distortions within Member States may be greater than the gains from reducing intergovernmental tax competition.     

环境税制比较研究及其对中国的借鉴

环境税制的完善有助于环境友好型、资源节约型社会的形成。作为一项重要的经济法律制度,环境税制的国外理论和经验值得我们学习和借鉴。因此,追溯环境税制的理论基础和演变历程,分析国际环境税制的设计方法,总结国际环境税制的设计经验,可以给我国环境税制的设计提供原则、目标、实施路径的参考。     

Capital gains tax and the capital asset pricing model

This paper develops a version of the Capital Asset Pricing Model that views dividend imputation as affecting company tax and assumes differential taxation of capital gains and ordinary income. These taxation issues aside, the model otherwise rests on the standard assumptions including full segmentation of national capital markets. It also treats dividend policy as exogenously determined. Estimates of the cost of equity based on this model are then compared with estimates based on the version of the CAPM typically applied in Australia, which differs only in assuming equality of the tax rates on capital gains and ordinary income. The differences between the estimates can be material. In particular, with a high dividend yield, allowance for differential taxation can result in an increase of two to three percentage points in the estimated cost of equity. The overall result obtained here carries over to a dividend equilibrium, in which firms choose a dividend policy that is optimal relative to the assumed tax structure.     

Provincial preferences in private equity

This paper identifies a strong tendency for Canadian private equity investors to finance entrepreneurs that reside in the same province. For all types of investors and entrepreneurial firms, in terms of the number of investments (13,729 transactions), 84.42% of investments were intra-provincial. In terms of the total value of these transactions ($20,193,896,909 in 1997 dollars), 61.15% of the investment value was intra-provincial. We provide evidence that both agency costs and information asymmetries systematically give rise to differences in the frequency of inter- versus intra-provincial investments, and compare the importance of agency versus institutional factors leading to home bias.      

英国分割资本信托研究

英国分割资本信托通过对基金份额进行结构化分级,从而赋予其不同份额以不同的权益安排,最终满足了投资者的多样化需要。但是在上世纪末,激进的资本结构、广泛的交叉持有以及不完善的信息披露促成了分割资本信托危机的产生,并给投资者带来惨重损失。我国分级基金应当借鉴英国分割资本信托,使得分级结构更加多样化,以满足丰富市场现有的投资产品。但是,相关的监管机制必须进一步完善,以防止对杠杆型基金产品的监管出现真空。同时,我们应当审慎地把握金融创新,避免误导销售,从而保护中小投资者利益。     

激活保定民间投资政策措施研究

近几年来保定市的民间投资得到了迅速发展,呈现出勃勃生机的状态,但与沿海经济发达的地区相比,还是存在着行业准入受限、融资难、税收政策限制、投资领域窄等问题,本文针对激活保定市民间投资政策措施展开探讨,以求促进保定市民间投资的进一步发展。     

Nordic dual income taxation of entrepreneurs

The paper shows how entrepreneurial taxes interact with the career choice of individuals, the quality of entrepreneurs, and their investment behavior. It is particularly relevant to differentiate the early effects on start-up enterprises with substantial uncertainty from the tax effects on mature firms where the uncertainty is resolved. Conditions are derived for the Nordic dual income tax to be neutral and they are found to be stringent. Profit expectations matter. The Nordic dual encourages (discourages) the establishment of new enterprises by entrepreneurs who anticipate high (low) profitability.     

促进广西民营企业对东盟投资,打造中国-东盟自贸区“升级版”

2013年9月,中国提出打造中国-东盟自贸区“升级版”倡议,东盟将成为中国对外投资的优先方向.而民营企业已经成为广西投资东盟的主要主体.本文分析了打造自贸区“升级版”对广西民营企业投资东盟带来的机遇,并在分析广西民营企业投资东盟的优势和劣势基础上,从进入方式、产业选择、风险防范和境内外融资等方面提出相关建议.     

民间资本进入金融领域问题研究——以松原市为例

随着我国经济的不断发展,民间资本的实力不断发展壮大。为正确引导其健康发展,国家出台了很多相关的政策法规。民间资本对我国的经济发展有着重要的作用,其中,民间资本进入金融领域,发挥其灵活、多样的特点,既有利于经济发展,也有利于其自身的壮大。本文分析了松原市民间资本在金融领域的发展现状及特点,指出了存在的问题,并针对问题提出了对策建议。