An Analysis of the Structure of Interest Rates in Taiwan: An Application of the Vector ARIMA Model

The structure of interest rates in Taiwan is analysed through the vector ARIMA approach using monthly and quarterly data from 1978 to 1989. These rates are the regulated bank interest rate and unregulated money market interest rates in the formal financial market and the kerb rate in the informal market. The results show that the adjustments in the bank interest rate follow that of the money market interest rate. Furthermore, the time lag has been shortened from one quarter in the early stages of interest rate liberalization in Taiwan to only one month in the later stages. Increases in the money market interest rate might be followed by an increase in the kerb market interest rate because of partial market segmentation. In periods when there is excess supply of funds in the banking sector, an increase in the bank rate might be followed by a decrease of the kerb rate. The interest rates structure of Taiwan is relevant to developing countries which have an informal financial sector.     

WTO争端解决机制公平性分析

争端解决机制被认为是以规则为导向的WTO体系的最重要的支柱。发展中国家期望新的争端解决机制能有助于强化WTO各项协议所规定的权利与义务,这对它们这些弱小的贸易成员是有利的。实际上,很多人认为对一个有效的争端解决机制所设想的这些好处,是一些发展中国家同意签署乌拉圭协议的一个主要原因。虽然新的争端解决机制在一定程度上增加了争端解决的效率和可预见性,但它对发展中国家的实际作用远低于原先的设想,它不能被发展中国家公平、有效地利用,在某些方面甚至对发展中国家的利益不利,因此亟需进一步的改进。     

An Empirical Investigation of Audit Fees,Nonaudit Fees,and Audit Committees*

This study examines the association between audit committee characteristics and the ratio of nonaudit service (NAS) fees to audit fees, using data gathered under the Securities and Exchange Commission's (SEC's) fee disclosure rules. Issues related to NAS fees have been of concern to practitioners, regulators, and academics for a number of years. Prior research suggests that audit committees possessing certain characteristics are important participants in the process of managing the client‐auditor relationship. We hypothesize that audit committees that are independent and active financial monitors have incentives to limit NAS fees (relative to audit fees) paid to incumbent auditors, in an effort to enhance auditor independence in either appearance or fact. Our analysis using a sample of 538 firms indicates that audit committees comprised solely of independent directors meeting at least four times annually are significantly and negatively associated with the NAS fee ratio. This evidence is consistent with audit committee members perceiving a high level of NAS fees in a negative light and taking actions to decrease the NAS fee ratio.     

制度质量与利率市场化——来自跨国数据的实证研究

本文采用16个发展中国家和经济转轨国家24年的跨国数据,运用面板数据模型检验了制度质量在利率市场化中的作用,结果发现:那些制度改革比较成功的国家,其利率市场化改革的绩效较好;而那些没有进行产权制度改革,或者产权制度改革不成功的国家,其利率市场化改革的绩效较差。本文认为,这一发现可以为中国的利率市场化改革提供重要启示。     

Market Structure and Audit Fees: A Local Analysis*

This study conducts a local analysis of the relation between market structure and audit fees. The research question of interest to us is how audit fees are determined by each practicing local office, after taking into account the auditor's own position in a local market and the influence exerted by his or her clients. Appealing to the economic theories of monopoly and monopsony power, we hypothesize a positive audit fee‐concentration relation, and a negative audit fee‐client influence relation. Results indicate that auditor market concentration is positively associated with the non‐Big 6 audit fees but is unrelated to the Big 6 audit fees. Evidence is mixed concerning the client influence hypothesis. When this construct is proxied by the number of rival auditors operating within a geographic area centered on the municipality, the prediction of negative audit fee‐client influence relation is strongly supported for both groups of auditors. Results are much weaker using measures developed based on the relative importance of a municipal client to its auditor's audit portfolio. The issues addressed in this study are important at a time when the Canadian municipal sector is undergoing major changes because of municipal amalgamation, altering the underlying market structure for audit services and the bargaining position of a municipality vis‐Ã‐vis its auditor. More broadly speaking, our analysis implies that when assessing an auditor's report for signs of client pressure, the professional oversight bodies and regulatory authorities need to consider the relative, rather than the absolute, bargaining position of the client in question.     

对团体贷款高还款率的解释:一个社会担保模型

团体贷款相对于个人有限责任贷款有更高的还款率的一个重要原因在于连 带责任所导致的社会担保,但是现有研究在解释社会担保对还款率的作用时,大多 将其作为假设前提而没加以证明,或者在强硬的假设前提下建立了复杂的模型。本 文假设产出在团体成员之间是均匀分布的,并建立了一个社会担保模型,在并不强 硬的假设下对社会担保提高团体贷款还款率的作用给予了一个精炼的解释,并对其 他影响因素进行了探讨,从而使我们对于团体贷款的内部运行机制有了一个更深刻 的理解。     

我国有效税率结构的经济增长效应：基于SVAR模型的实证研究

通过测算我国劳动、资本和消费的有效税率,以反映我国劳动收入、资本收入和消费支出的真实税收负担情况,并在此基础上构建SVAR模型来考察有效税率结构冲击对经济增长的动态影响。结果表明：消费支出有效税率和劳动收入有效税率的提高有利于投资率和经济增长率的提高,长期累积效应为正;对资本收入征税,无论在短期还是长期都不利于投资率和经济增长率的提高,长期累积效应为负。研究我国有效税率结构的经济增长动态增长效应,对政府税收政策的制定和实施时机的选择有一定的参考意义。     

Signaling Firm Performance Through Financial Statement Presentation: An Analysis Using Special Items*

This paper investigates whether managers’ presentation of special items within the financial statements reflects economic performance or opportunism. Specifically, we assess special items presented as a separate line item on the income statement (income statement presentation) to those aggregated within another line item with disclosure only in the footnotes (footnote presentation). Our study is motivated by standard‐setting interest in performance reporting and financial statement presentation, as well as prior research investigating managers’ presentation choices in other contexts. Empirical results reveal that special items receiving income statement presentation are less persistent relative to those receiving footnote presentation. These results are consistent across numerous alternative specifications. Overall, the findings are consistent with managers using the income statement versus footnote presentation to assist users in identifying those special items most likely to differ from other components of earnings — that is, for informational, as opposed to opportunistic, motivations.     

权变:构筑企业的持久竞争力

21世纪是一个充满变数的新时代。面对日益复杂多变的经营环境,企业要想实现永续经营,关键在于构筑自身的持久竞争能力。本文运用权变的思想,从权变缘由、权变思想渊源及现代观点、权变的管理实践三个方面,对企业如何应对新世纪的管理挑战,构筑持久竞争能力进行了阐述。     

Auditor Independence and Fair Value Accounting: An Examination of Nonaudit Fees and Goodwill Impairments

Inadequate testing of fair value accounting estimates, including goodwill, is often cited as an audit deficiency in PCAOB inspection reports, and, in some cases, these deficiencies have led to enforcement actions against the auditor. As a result of these issues, the PCAOB recently proposed a new auditing standard for fair value accounting. While these regulatory actions suggest that auditors are challenged by the fair value regime of accounting for goodwill, they also highlight an area where the auditor could be influenced by their financial ties to a client. In this study, we test whether nonaudit fees are associated with goodwill impairment decision outcomes. Our results indicate that the nonaudit fees a client pays are inversely related to the likelihood of impairment in settings where goodwill is likely to be impaired. Additional examinations suggest that the negative relation between nonaudit fees and auditor independence is driven by clients who are most incentivized to exert their influence over the auditor.     

企业数字化转型与审计收费关系的实证研究

企业数字化转型在推动企业高质量发展、产业变革等方面发挥着重要作用,同时对信息使用者产生了影响。利用沪深A股上市企业2011—2020年相关数据为研究样本,通过Python爬虫工具进行文本分析构建数字化转型程度衡量指标,以此分析企业数字化转型对审计收费的影响方向。研究结果表明,企业数字化转型程度与审计收费存在显著的正相关关系。进一步异质性分析发现,非国有企业进行数字化转型对审计收费的正向影响显著,在国有企业中不显著;在非国际“四大”审计的企业中两者的正相关关系才显著,在国际“四大”中不显著。为企业的数字化转型及会计师事务所的审计收费提供一定的理论依据和决策支持。     

An Empirical Analysis of the Stochastic Behaviour of Short-Term Interest Rates in Singapore

This paper examines the stochastic behaviour of short-term interest rates in Singapore. We consider the following models of interest-rate structure: the lognormal model, the stable Paretian model and the mean-reversion model. Data on the three-month interbank rates are analysed. The mean-reversion model with conditional heteroscedasticity appears to fit the data adequately.     

货币市场利率的跳跃行为及影响因素实证分析

中国货币市场短期利率存在明显跳跃行为，本文采用Gaussian-jump-GARCH和Vasicek修正形式等跳跃扩散模型，对银行间市场和交易所市场的7天期利率进行实证检验，并采用边界蒙特卡罗模拟方法显著拒绝了非跳跃模型。结论说明新股申购能够显著的解释利率的跳跃行为：新股申购日之前的三天内，利率跳跃概率已经显著提高，并产生向上跳跃；中购日之后，利率又发生显著的向下跳跃，申购日之后第一天的向下跳跃最为显著。通过新股中购微观效应和股市宏观经济效应等渠道，股票市场影响货币市场利率的跳跃行为。     

中国的经济周期:一个AD-AS模型的视角

这篇论文首次尝试用正式的分析框架,即联立VAR模型来研究中国的经 济周期。研究表明:(a)需求冲击是导致宏观经济波动的主要因素,而供给冲击在 一段时间后则显示出更大的重要性;(b)在第一个经济周期———1985-1990年中, 需求冲击的推动力量是消费和固定资产投资,但是,在第二个周期———1991-1996 年和1997年以后的通货紧缩时期中,推动力量则是固定资产投资和世界需求;(c) 宏观经济政策并没有在引发或阻碍周期性波动中发挥重要的作用。     

征税还是收费：政府的选择

税收及收费是政府收入的两种来源，二者都是政府为其提供的产品或服务而索取的补偿。从市场的角度看，政府应该采用“谁使用、谁付费”的方式，向其产品或服务的使用者合理地收费。然而，考虑到征收税费的各种交易费用，用一定程度的价格体系扭曲为代价换取交易费用的节约，或者说用税部分地替代费，可能是有效率的。进一步，两种方式的使用程度则依赖于各自交易成本的权衡。