国有企业负债与预算软约束

本文分析了作为所有者的政府、最大债权人的国有银行对国有企业预算软约束的状况。试图从这个角度 ,为国有企业高负债型的资本结构提供一个解释。     

预算软约束下国有商业银行激励机制博弈分析

本文通过建立非对称信息博弈模型,讨论了在国有商业银行政策性负担引起的预算软约束下,作为固定报酬和剩余索取权两种激励方案对作为银行代理人的基层行长的作用。研究发现固定报酬方案并不能对预算软约束下基层行长的经营行为产生激励作用,而剩余索取权方案科学与否的关键是确定考虑政策性负担在内的剩余收益分配比例。     

预算软约束理论下关于我国高校债务问题的分析

高等教育作为准公共物品有着明显的外部性,它在我国的教育事业中占据着重要的位置,而我国高校中普遍存在着预算软约束的问题,其潜藏的债务隐患极可能带来严重的财务危机,将影响社会公共财政的稳定以及经济的正常运行,因此,有必要分析我国高校中普遍存在的预算软约束问题,并提出合理的治理建议.     

预算软约束与政府关联性实证研究

本文以民营上市公司2008-2010年的数据为样本,实证研究了预算软约束与政府关联性之间的关系.研究结果显示:具有政府关联性的民营企业,尽管承担较多的雇员负担,也会获得较多的政府补助,从而产生预算软约束现象;当民营企业承担相同的雇员负担时,具有政府关联性的民营企业则会获得更多的政府补助.     

金融发展、预算软约束与企业投资

本文利用上市公司的数据,实证检验了在我国转型经济的特殊制度背景下,金融发展促进经济增长的微观传导机制是否存在并发挥作用以及影响这种作用发挥的制度性因素。研究结果发现金融发展水平的提高能够减轻企业的融资约束,降低企业投资对内部现金流的依赖性。但是,预算软约束的存在扭曲了国有企业面临的真实的融资约束,使得其投资对内部现金流的依赖程度要明显低于民营企业,并且这种软约束的存在还减弱了金融发展对国有企业所带来的积极作用,产生了“漏出”效应。本文的启示为:在我国转型经济的特殊制度背景下,如果要真正地减轻企业的融资约束,降低市场交易的成本,促进经济的发展,必须从提高金融发展水平和硬化预算约束同时入手。     

政策性负担、预算软约束与大型涉农金融机构激励机制设计

本文应用多任务委托代理模型,分析政策性负担下大型涉农金融机构的预算软约束问题。通过求解政府和代理人(经营者)的动态均衡,提出分离政策性业务和商业性业务、明确商业性涉农金融业务不补贴政策、加强监督等措施,可有效激发代理人的努力程度。     

试论软预算约束对我国银行业不良资产形成的影响

所谓软预算约束是社会主义制度下的一个基本的激励机制问题.国内外学者对此已有比较详尽的研究.     

政府干预、预算软约束与绿色信贷失效

政府为了治理伴随着我国经济发展所出现的生态环境问题,采取了诸多规制措施来遏制生态恶化和环境污染.绿色信贷作为相关政策的重要一环,其实施效果却欠佳.文章对绿色信贷困境所进行的研究表明:地方政府干预、预算软约束,导致面临晋升竞争的地方政府官员和国有银行经理均缺乏激励实施绿色信贷,金融资源未能按照社会福利最大化的方式配置,出现了资源误配,从而使得政策失灵.基于上述结论,文章提出改革政府和国有银行绩效考核机制,进一步推进市场化改革等政策建议.     

电子商务环境下中间商嬗变的经济学分析

中间商的出现和发展是社会分工和专业化的必然结果,并带来专业化收益和交易成本下降的双重效应。在电子商务环境下,中间商的传统功能被不断弱化,且随着电子商务的进一步发展,制造商与消费者直接交换所需的交易成本也在不断上升,从而迫切要求能够节约交易成本的各种新型中间商的协同配套发展。电子商务环境下,中间商依然有其存在的巨大意义和价值,新型中间商有着广阔的发展空间和前景。     

行为金融视野下的资本结构研究

资本结构理论是现代金融理论的重要基石之一。经典的资本结构理论以有效市场和理性人假设为基础，而一直忽视了对人心理活动及行为模式的研究，造成了理论与实际的背离。本文从行为金融角度出发，在一个全新的视野下，研究资本结构决策与非理性行为之间的关系。公司内部和外部行为阻碍对资本结构产生重要影响，在此基础上对我国公司技融资行为和股票市场实践有重要的现实意义。     

高校非经济类专业经济学课程教学中存在的问题及其对策研究

我国很多高等院校的非经济类专业也陆续开设了西方经济学课程,但教学的效果并不理想,这与功利心理的存在而导致非经济类专业的学生学习该课程时热情不高有一定关系,但其主要原因还是面向非经济类专业的西方经济学课程的教材、教学方式和考核机制方面存在问题,非经济类专业的西方经济学课的教学迫切需要改革。今后除了要加快适合非经济类专业的西方经济学课程教材的建设与引进外,还要逐步完善该课程的教学质量评价体系,以促进任课教师不断改进教学方法,并进一步调整针对非经济类专业学生的课程考核机制。     

The IFS Annual Lecture: Economics of Education Research and Its Role in the Making of Education Policy

This paper is based on my 2013 IFS Annual Lecture and it explores the reasons for the substantial interest that economists currently have in education research. To do so, it sets the economics of education field in its historical context, and explores a number of reasons why the research area has grown by so much in recent years. The role of economic research in the making of education policy has also increased through time, for some of the same reasons, and this has played a significant part in the use of evidence‐based policy in a range of areas of education.     

Budgetary Reforms in the Non-profit Sector: A Comparative Analysis of Experiences in Health Care and Higher Education in the Netherlands

This study reports on budgetary reforms in the Dutch health care and higher education sector in the last twenty years. Comparisons between the two sectors reveal that not all reforms adhere to the principles of New Public Management. New budget systems in both sectors are mixed systems, with university budgets developing from input to more output based systems and hospital budgeting systems from output to more input oriented systems. More output-based budget systems appear to stimulate production, contradicting government's policy of cost reduction. The most effective reform measures turn out to be those who are best aligned with opinions and attitudes of medical and academic professionals.     

Budget Development and Use in Small‐ and Medium‐Sized Enterprises: A Field Investigation

We examine the process by which operating budgets are developed and how they are used for control, evaluation, and reward purposes in small‐ and medium‐sized enterprises (SMEs). SMEs (i.e., fewer than 500 employees) represent the dominant organizational form in North America but surprisingly little research has examined how these companies develop and use management controls. Our study focuses on a key element of the management control system, operating budgets, because prior research on SMEs indicates this as an important and commonly used control tool in such companies. Prior research on budgeting practices, while extensive, has almost exclusively examined larger companies. We conduct in‐depth field interviews at 12 participating SMEs to address four theory‐based research questions intended to provide insights regarding the development and use of budgets by SMEs. Our first question examines how budgets are developed, top‐down versus collaborative. Our second, third, and fourth research questions examine, respectively, whether budgets are used tightly or loosely for results control, performance evaluation, and reward purposes. As a first step in providing a deeper understanding of budget development and use in SMEs, our results have implications for practice, theory development, and management accounting education.     

公平竞争视野下的平台型企业政府补贴：困境、边界与优化

平台型企业相较于传统企业具有特殊性,挑战现有政府补贴政策的有效性与公平性,极易人为塑造市场势力和扭曲市场公平竞争,亟待优化。因此,公平竞争视野下的平台型企业政府补贴应有明确行为边界,即政府补贴平台型企业必须能够带来市场不能自我实现的物质改善,必须能够达到矫正市场失灵、维护公共利益、促进区域公平的目的。并应从优化规范配置、强化刚性约束和突出动态调整等路径来完善基于公平竞争理念的平台型企业政府补贴制度。     

融资约束对企业出口影响的Heckman验证-基于银行信用风险的视角

基于中国工业企业数据库1998-2014年7032家企业的平衡面板数据,从银行信用风险内部评级的视角,研究融资约束对企业出口的影响.结果表明:银行信贷融资约束与企业的出口决策及出口强度间有显著负相关关系.同时,使用Heckman二阶段模型研究发现:不同形式的商业信用对企业出口决策及出口强度的影响和作用机制会因企业所处供求端位置的不同而存在差异.其中,需求端的商业信用仅与企业出口决策显著正相关,而与出口强度的相关性并不显著;供给端的商业信用则与企业出口强度显著负相关.     

A Note on “Risk Reduction in Large Portfolios: Why Imposing the Wrong Constraints Helps”

This note corrects an error in the proof of Proposition 2 of “Risk Reduction in Large Portfolios: Why Imposing the Wrong Constraint Helps” that appeared in the Journal of Finance, August 2003.     

A change in market microstructure: the switch to electronic screen trading on the New Zealand stock exchange

The New Zealand Stock Exchange (NZSE) switched from open outcry trading to an electronic screen trading system on June 24, 1991. The change was made by the members of the exchange to improve the trading system and to reduce costs. This paper investigates empirically whether improvement was achieved through a reduction in transaction costs. The tests and results focus on order-flow migration to the exchange from alternative execution locations and changes in bid-ask spreads. On balance, we conclude that transaction costs have declined.