地方金融变迁中的制度供给有效性分析

在中国渐进式二元制经济改革中,地方金融作为体制外经济增长重要变量,其作用日益凸现。在中央政府、地方政府、地方金融机构三者的博弈中构建一个有效的制度供给的地方金融变迁制度就显得极为重要。     

Regional Decentralization, Fiscal Incentives and Privatization of Public-Owned Enterprises

I. IntroductionThe regional decentralization reform, which was initiated in China in the early 1980s, hasgreatly heightened the enthusiasm of local governments to develop the local economy.This is mainly because decentralization transferred some of the power from the centralgovernment to local governments, which, as a result, began to shoulder the function oflocal economic management. The central government is also restricted from too muchintervention in local economic affairs. Meanwhile, the…     

论新农村建设中的资本要素缺失

我国政府已明确提出建设社会主义新农村的发展战略,而农村金融作为当代农村经济发展中至关重要的资本要素配置的相关制度安排,其作用日益凸显.当前,我国农村金融市场存在不均衡状态,为此应做到:尽快明确中国农业银行商业化改革的目标定位;拓展农业发展银行业务范围;加快农村信用社改革;民间融资合法化;建立农业保险体系;开辟农村资本市场,拓宽农业企业融资渠道.     

我国服务型政府建设的对策探讨

服务型政府的建设是政府改革的目标。本文在分析、总结了服务型政府的内涵的基础上，提出服务型政府建设的框架在于伦理自觉性和伦理制度建设；加快政府职能转变；制定统一的基本公共服务标准；建立一套公共服务的保障机制；公共财政体制建设。     

关于中国农业政策性金融体系的探索

农业政策性金融在目前中国农村经济发展中起着无法替代的作用,但商业化改革趋势及其带来的问题使之作用发挥受到了限制。文章在借鉴其他国家建立政策性金融体系经验的基础上,分析中国农业政策性金融应该采取的融资方式、业务范围、所有制形式和监管方式,提出完善中国农村政策性金融体系的对策建议。     

Has Fiscal Federalism Worked for Macroeconomic Purposes？ The Chinese Experience 1994-2003

China＇s central government undertook major tax regime reform in 1994 that was characterized by fiscal federalism. In hindsight, this reform might be viewed as being more emphatic towards the revenue side than the expenditure side. The reform has resulted in certain success both for revenue shifting and inflation fighting purposes. However, the reform and its subsequent follow-ups have not addressed some fundamental issues pertaining to China＇s government finance system, such as the overhauling of the function of government finance and redrawing lines between the central and regional governments with regard to their fiscal responsibilities and duties. Moreover, fiscal federalism might have actually increased fiscal burden on the economy, especially on domestic sectors of the economy. However, coupled with enhanced policy support for China＇ s external development, fiscal federalism might have helped to further accelerate resource shifts toward the external sector, thus resulting in an unprecedented rapid expansion in China＇ s exports since the mid1990s.     

Separation of ownership and control for Chinese listed firms: Effect on the cost of debt and the moderating role of bank competition

This research investigates the effect of the separation between firm ownership and control on the cost of debt, with attention to the moderating role of state ownership and bank competition. We make use of a sample of 1744 Chinese A-share firms for the years 2011–2017. We find that separation between ownership and control is positively associated with the cost of debt. This is consistent with the view that separation of control from ownership allows controlling shareholders to engage in tunneling and other behaviors that increase the risk of default. State ownership weakens this positive link because government debt guarantees mitigate the risk of default. Greater competition in the banking industry generally reduces the cost of debt for non-state enterprises while having no effect for state enterprises. At the same time, greater bank competition amplifies the positive effect of ownership and control separation on debt cost for non-state enterprises as banks must still cover the higher default risk. Finally, the global financial crisis raised the cost of debt for non-state enterprises but had no effect for state enterprises.     

基于契约执行机制视角下的民间金融监管

作为一种非正式制度安排，基于隐性担保、重复博弈、关联博弈的私人契约执行机制，民间金融具有自我执行的内在机制，这种机制的作用力很强但有一定的范围限制，因此，政府想通过正规金融来收编民间金融是不可取的，而是应构建一种以行业协会自律性监管为主，政府监管为辅的民间金融监管模式：     

我国政府预算制度的改革取向

为克服传统政府预算制度的弊端,近年来我国相继实施了多项预算改革措施。但应看到,我国的政府预算制度改革尚处于初始阶段.与公共财政的要求仍有较大差距。根据公共财政框架的构建进程和我国的预算管理实际,今后的预算改革应着重于进一步加强预算控制,增强预算的透明度,确保预算的合规性。在此基础上,逐步借鉴国际先进经验,引入绩效管理因素,提高预算资金的使用效益以及提升政府部门的施政绩效。     

基于城乡公共服务一体化行政体制改革的理论分析与模式探讨

实现城乡公共服务一体化是我国城乡一体化的必然发展。文章认为,基于城乡公共服务一体化的行政体制改革在理论上需解决改革的目标、实质、条件和制约因素等基本问题,在实践上有上海功能区域改革和浙江“强镇扩权”两种模式。改革的主要思路是,以浙江模式为基础借鉴上海模式的优势,重点解决阻碍体制改革的制约性因素。具体建议包括合理划分城乡公共服务的供给和管理职责、公共财政从重视城市发展转变为城乡协调发展、统一城乡公共服务机构等。     

试论民族地区财政制度的完善

民族地区的财政在财政范围、财政权限和财政职能上的特殊性决定了民族地区财政管理的特殊性。财税体制改革对民族地区产生了一些不利的影响,为进一步完善对民族地区的财政政策,需调整中央政府与地方政府的事权与财权,逐步建立合理的转移支付制度,逐步采用因素法核定收支基数。     

Is there any gain from social security privatization?

Increasing calls for a social security reform of switching from the pay-as-you-go (PAYG) system to a funded system has been seen in recent decades. This paper examines the effect of this reform on capital accumulation and the welfare of each generation. Three methods are used to finance the pension debt, government debt financing, tax financing, and government asset financing. With government debt or tax financing, the market equilibrium remains unchanged and all generations are as well off in the new system as in the PAYG system. Thus, switching from the PAYG system to a funded system is neutral. With government asset financing, the interest rate will decrease, private capital will increase, but the total output may either increase or decrease. The welfare effect is also ambiguous in general, depending on the rate of return of government assets. With plausible parameters, our simulation shows that the reform will lower the interest rate, increase private capital, and lower government capital in the short run, but raise government capital and increase output in the long run.     

论服务型政府的公共财政制度建设

努力建设服务型政府是我国政府近期确立的政府改革目标。服务型政府的成功建设始终离不开公共财政制度作保障。必须加快以公共化为取向的财政体制变革,改革公共收入制度、公共支出制度,并逐步理顺公共服务供给中各级政府财权事权划分。     

中国财政改革:政府层级、事权、支出与税收安排的思路

深化我国财政体制改革应考虑从1994年财税配套改革的成果出发,按照建立公共财政框架的方向,在适当简化政府层级的前提下,依照“一级政权、一级事权、一级财权、一级税基、一级预算、一级产权、一级举债权”的原则构造完整的多级财政,同时改进和完善中央自上而下的财力转移支付制度。     

Land reform: Lessons for South Africa from the Republic of China on Taiwan

Before the implementation of land reform in 1949, the skewed distribution of land ownership and the unhealthy tenancy system in the Republic of China on Taiwan was of great concern to the Kuomitang Nationalist government. Apart from hindering economic development, it also threatened the social and political stability of the island. Taiwan is today regarded as one of the newly industrialized countries. Its remarkable economic achievements are to a large extent closely linked to the successful execution of a land reform programme. Faced with similar problems of an unhealthy distribution of land ownership, policy makers and those who have influence on policy in South Africa can learn a great deal from the Chinese experience.     

Cost X-efficiency in China's banking sector

Employing the stochastic frontier approach, this paper investigates cost X-efficiency in China's banking sector over the period 1985–2002. The objective is to assess whether different ownership types and banking reforms affect X-efficiency. A two-stage regression model is estimated to identify the significant variables influencing X-efficiency. Overall, the results show that banks are operating 40–60% below the X-efficiency frontier. On average, the joint-stock banks are found to be more X-efficient than the state-owned commercial banks, but individual scores present a far more complex picture. It appears that X-efficiency was higher during the first phase of bank reform. Recent policies aimed at increased privatisation, greater foreign bank participation, and liberalised interest rates should help to improve the cost X-efficiency of China's banks.     

Financial Determinants of Corporate R&D Investment in Korea

This paper investigates the relationship between corporate investment in R&D and finance. By using panel data on Korean manufacturing firms between 1999 and 2008, we find that R&D investment is sensitive to fluctuations in internal cash flow and that debt is more important than equity in financing R&D expenditure. This empirical result supports the traditional theory of financing hierarchy. In relation to equity ownership, the empirical result shows that ownership concentration and foreign ownership positively affect R&D investment, but institutional ownership does not show any significant effect on investment. This study synthetically analyzes the relation between finance and investment by simultaneously considering corporate finance, equity ownership structure, macroeconomic environments and the institutional setting of Korea.     

产权制度、管理体制与收入分配的内在机理

对权力结构与收入分配内在关系与机理的分析证明,改革开放至今,国家和社会资源(包括资产和资本)在所有权、管理权和使用权之间的二次分离是我国市场经济的主导经济体制和管理模式。在这样的制度结构下,国家和社会公民的公权力与所有权被演变转化为政府行政管理权和资本控制权,即社会和市场经济活动的实际控制权。它们决定着国家资源和社会权利的初始分配,也决定着生产和社会收入的再分配。权力结构决定着分配结构,经济权利的分配是最根本的分配;强化国家公权和确定全体社会成员的民权是解决收入分配问题和实现社会稳定的必要条件;没有权力结构的平衡就不可能有收入分配的均衡。     

土地供给、分配机制与地方财政风险防范

在快速城市化背景下,我国与土地相关的财政收入呈现超常规增长趋势,此现象引起学术界、政府部门和民众的广泛关注并成为争论的焦点。土地财政可持续的治理方式在于遏制土地低价供给的途径以缓解地方政府"卖地赚钱"的冲动,并通过建立合理的土地收益分配机制稳定地方政府的土地预期收益,同时辅之以政绩考核制度改革和政府财政风险防范机制的增强。     

社会主义市场经济要求政府体制改革什么

“十一五”规划强调行政管理体制改革要以继续推进“政企分开,政经分开,政事分开”为主要内容。政府兼有作为“政治实体”和“经济实体”两重身份和两种职能,乃是“政企不分”、“政经不分”的体制根源。这种体制是建国初期从前苏联学来的,长期成为计划经济的源头,现在成为建立社会市场经济的严重障碍。为此,必须让政府从两重身份和两重职能中脱身,仅只具有“政治实体”身份和“公共服务”职能,统辖提供公共产品和公共服务的国企;另在政府之外设置一个作为经济实体的国家载体(如“人大”),统辖经营性竞争性国企。首先分清和分开两类职能不同的国企,即财政账户项目类国企和资本账户项目类国企,应该退出经营性竞争性行业和领域的是政府而不是国企。再循此理顺中央与地方的关系,应是产权明晰,分级所有,可相互参股或控股。政府行政管理体制改革最需要体制创新。