股利政策告示效应的成因分析

公司的净利润主要有两个用途，一是作为股利发放给股东，二是留在公司进行再投资。股利政策就是以公司发展为目标、以股价稳定为核心、在平衡企业内外相关利益团体利益的基础上，对于净利润在提出了各种公积金后，如何在发放红利和再投资二者之间进行分配而采取的基本态度和方针政策。适当的股利政策不仅可以树立良好的公司形象，而且还能激发广大投资者对公司持续投资的热情，从而使公司因此获得长期、稳定的发展条件与机会。股利政策一般涉及股利支付率的高低、股利支付的具体形式的选择、股利支付率增长政策、股利发放率政策以及股利发放程序策划等5个方面。在非对称的信息条件下，公司发布股利政策将给投资者传递一定的信息。投资者可以从股利政策中解读到关于该公司的财务状况，发展前景等方面的信息，     

Terms of Trade and Welfare for a Developing Economy with an Imperfectly Competitive Sector

The effect of terms of trade on the welfare of a small open economy is analyzed. It exports a homogeneous good and imports some brands of a differentiated good. It also produces some brands of the differentiated good which are not traded. A terms-of-trade deterioration causes resources to move to the nontraded, import-competing sector. The economy's income rises and the price index for the differentiated good falls, resulting in higher welfare. This accords well with the experience of developing economies of East and Southeast Asia.     

柳州君武森林公园旅游开发SWOT研究

本文运用SWOT分析法对柳州君武森林公园所处的环境和形势进行深入的分析,以便充分认识、掌握、利用和发挥柳州君武森林公园的有利条件和因素,控制或化解不利因素和威胁,从而扬长避短,实现最好的旅游开发结果。     

中国省域经济综合效率分析——基于三阶段DEA模型的研究

本文运用Friedetal(2002)所提出的三阶段DEA分析法,在此基础上引入空间地理变量,修正了环境变量与随机干扰等因素的影响,对2003～2007年间我国30个省级区域经济增长效率进行了实证分析。研究发现,近几年东部地区经济继续保持高速稳定发展,西部地区和中部地区的经济也有了较好的转变,整体层面上我国经济发展的综合效率逐渐趋同。我们应着眼当前经济发展的特点,在保持东部地区经济稳定增长的同时,加大对中西部地区经济发展的投入,以解决我国区域经济发展的不平衡问题。     

马来西亚经济转型计划的实施与成效

国际经济环境的持续动荡和自身经济发展的瓶颈,促使马来西亚政府于2010年10月推出经济转型计划。2011年,随着启动计划等一系列具体措施的落实,马来西亚的经济转型计划全面展开并初见成效。可以预见,未来几年内,经济转型计划将是决定马来西亚经济走势的主导力量。     

公证核实下的自由心证

自由心证是公证活动中不可缺少也极为重要的一部分,公证员的自由心证主要体现在公证核实的启动和判断标准之上。公证核实是由证明材料向待证事实的过渡,是事实与价值建立关联的过程,其复杂性、隐蔽性,甚至欺骗性都要求公证员的自由心证。同时,公证核实下的自由心证也并非绝对,一定程度的规制是十分必要的。     

Trade Policies in Southeast Asia in the Wider Asian Perspective

This paper takes stock of trade policies in Southeast Asia after the Asian crisis and in the wake of the current global economic crisis. It compares trade policies in individual Southeast Asian countries; places them in the context of regional and global economic integration; and particularly draws implications for the region from the rise of China and India. The first section looks at recent trade and FDI patterns in Southeast Asia. Then follows an overview of key trade‐policy trends, in the region overall and in individual countries. The next sections examine ASEAN countries in international trade negotiations and agreements: first in the WTO, especially in the Doha Round; then within ASEAN; and finally on cross‐regional FTAs. The paper concludes that ASEAN countries cannot rely on external tracks ‘from above’ for meaningful trade policy reform. Since the Asian crisis there has been a slowdown of reform momentum, and too much reliance on trade negotiations – especially FTAs. Rather, countries in the region have to rely on themselves –‘from below’ as it were. The engine of liberalisation and regulatory reform has to be home‐driven – as it was before the Asian crisis – with governments taking unilateral measures in response to internal and external conditions.     

Human Development and Economic Sustainability

This paper attempts to integrate the concern for human development in the present with that in the future. In arguing for sustainable human development, it appeals to the notion of ethical “universalism”—an elementary demand for impartiality of claims—applied within and between generations. Economic sustainability is often seen as a matter of intergenerational equity, but the specification of what is to be sustained is not always straightforward. The addendum explores the relationship between distributional equity, sustainable development, optimal growth, and pure time preference.     

中国的土地财政与宏观经济波动研究——基于贝叶斯估计的DSGE模型分析

利用贝叶斯方法估计模型参数,定量分析土地财政的宏观经济效应。研究表明：土地的出让收入构成了地方政府财政主要收入来源;土地出让冲击最高可解释34.21%的土地价格波动,土地需求冲击可解释超过50%的投资波动,并带来消费、投资及产出的正向响应,说明土地市场的供求关系是导致宏观经济波动的重要原因,而地方政府的土地财政行为通过影响土地价格传导至实体经济,放大了宏观经济波动。因此,改革分税制度、完善土地市场机制、制定科学的长期供地计划、加快土地市场改革进程,有助于避免供地行为本身对经济波动的影响。