Agency costs and tax planning when the government is a major Shareholder

In state owned enterprises (SOEs), taxes are a dividend to the controlling shareholder, the state, but a cost to other shareholders. We examine publicly traded firms in China and find significantly lower tax avoidance by SOEs relative to non-SOEs. The differences are pronounced for locally versus centrally-owned SOEs and during the year of SOE term performance evaluations. We link our results to managerial incentives through promotion tests, finding that higher SOE tax rates are associated with higher promotion frequencies of SOE managers. Our results suggest managerial incentives and tax reporting are conditional on the ownership structure of the firm.     

粤港澳大湾区创新生态系统内部耦合时空演化及空间收敛分析

在构建以国内大循环为主体、国内国际双循环相互促进的新发展格局下，高效协同的区域创新体系有助于将粤港澳大湾区三地建设成为具有全球影响力的科技创新中心。通过构建创新生态系统综合评价指标体系，采用耦合协调模型和空间计量模型，实证检验大湾区10个城市2007-2019年创新生态系统内部耦合协调水平、时空跃迁特征以及收敛性。研究发现，大湾区整体及各城市耦合协调度呈上升趋势，基本实现从失调衰退区到协调过渡区的转化，具体可划分为4个等级层次；大湾区创新生态系统协调耦合度存在显著的绝对β与条件β收敛趋势，即最终收敛于同一稳态水平，且城市间差距逐渐缩小。其中，经济发展水平、对外交流水平、人力资本水平对创新生态系统协调耦合度起显著正向作用。     

Evolution of FDI flows in the global network: 2003–2012

As one type of international capital flow, FDI maintains its important role in globalization. This article attempts to investigate the evolution of the FDI flows from a network perspective. Based on the bilateral FDI flows data between countries from 2003 to 2012, we construct the global FDI flows network for each year and thus quantify network measures (such as flow volumes and connections); further by analysing the tendency and changes of these network measures during the past 10 years, we delineate the features and dynamics of the FDI flows in the global network. We have the following findings: (a) the flows network changes during and after the crisis, i.e. flow volume fallen down and recovered, and flow connection restructured with more diversity; (b) the global FDI flows network is getting more loosely connected; (c) individual countries vary in different patterns.     

External regulation,independent director attendance,and governance effects

In this study we examine how the regulation of director attendance disciplines directors’ behavior, and consider the governance effect of such regulations. This examination exploits the differences between the requirements for director attendance at board meetings enacted by the Shanghai Stock Exchange (SHSE) and by the Shenzhen Stock Exchange (SZSE). Using a difference-in-differences model with a sample of A-share listed firms from 2006 to 2017, we document that the rate of meeting attendance by independent directors who serve with firms listed on the SHSE (SHIDs) has increased significantly since the exchange’s enforcement of the regulation on attendance. This positive effect has been more pronounced for independent directors with legal backgrounds. Further investigations find that the regulation of attendance plays a corporate governance role through the mechanism of enhanced monitoring. The attendance regulation increases the SHIDs likelihood of casting dissenting votes, and it leads to both better accounting performance and higher firm value. In addition, SHIDs are more likely to depart from firms listed on the SHSE, and to transfer their directorships to firms listed on the SZSE, which has a less constraining attendance requirement. Our findings provide evidence of how external regulation shapes director attendance and voting behavior in emerging markets.     

RCEP对中国金融业的影响

金融服务是RCEP成员重点谈判的内容之一,各方在RCEP中达成了统一适用的金融服务规则,为各方有序扩大金融开放创造了良好平台2020年11月15日,东盟十国、中国、日本、韩国、澳大利亚、新西兰等15个国家在东亚合作领导人会议上正式签署《区域全面经济伙伴关系协定》(RCEP)。RCEP的金融相关内容代表了中国在缔约实践中对外开放的最高水平,将为建设更高水平开放型经济新体制、构建“双循环”新发展格局提供巨大助力,为中资金融机构海外高质量发展带来新机遇。     

Cash transfer program and child underweight—Empirical evidence from a causal mediation analysis

Despite the existence of a voluminous literature on cash transfer programs, little is known about their impacts on the underweight of children. To fill the knowledge gap, this study uses a unique individual panel data set to analyze how participation in the Children Sponsorship Program (CSP) improves underweight status among needy children and adolescents in Taiwan. This study examines not only the program effect on children's underweight, but also underscores the potential pathways behind the program effect by employing a causal mediation analysis. Our analysis finds that exiting the CSP has a negative impact on the improvement of underweight status. Moreover, eating breakfast every day and receiving pocket money from parents can be two significant mediators that link the effect of exiting the CSP and the change in underweight status among children and adolescents.     

The inversion of married women's labour supply and wage: Evidence from Thailand

This study investigates the labour supply behaviour of married Thai women with reference to their own and their spouse's wages. Controlling for spousal education and number of children, the main findings indicate an inverse relationship between married women's labour supply and wages, contrary to the evidence from developed countries. The estimated own wage elasticity ranges from ?1.70 to ?2.40 and the cross elasticity ranges from ?0.16 to ?0.17, indicating that the impact of own wage on labour supplied is much larger than spouse's wage. The results from disaggregation classified according to different socioeconomic backgrounds also show negative elasticities between own and spouses' wage across all subgroups, except for those with university degrees and higher income.     

Cost-effectiveness analysis of utidelone plus capecitabine for metastatic breast cancer in China

Abstract

Objective: To estimate the cost-effectiveness of utidelone plus capecitabine therapy compared to capecitabine alone in patients with metastatic breast cancer (MBC) resistant to anthracyclines and taxanes treatment in the Chinese context and provide a reference for the marketing of utidelone in China.

Methods: A Markov model was developed based on the NCT02253459 clinical trial to simulate the clinical course of patients with metastatic breast cancer who had received taxanes and anthracycline therapy. The quality-adjusted life years (QALYs) and Incremental Cost Effectiveness Ratio (ICER) were then analyzed to evaluate the benefits. Two-parametric Weibull distribution was conducted to fit PFS and OS curves by using R. Sensitivity analyses were performed to evaluate the stability of the model designed.

Results: The addition of utidelone increased the cost and QALYs by $13,370.25 and 0.1961, respectively, resulting in an increased ICER of $68,180.78 per QALY. The most sensitive influential parameter on ICER was the price of utidelone. At the threshold of willingness-to-pay (WTP) of $24,380 (3 per capita GDP of China), the cost of utidelone per 30?mg of less than $18.5, $33.7, and greater than $48.8 resulted in a 100%, 50%, and 0% possibility of cost-effectiveness, respectively. The addition of utidelone was not cost-effective when it was $115.4 per 30?mg—the price of its analog paclitaxel. In consideration of varied economics levels across China, cost-effectiveness could be achieved with the price of utidelone ranging from $5.2 to $35.9.

Limitations: The survival curves extended beyond the follow-up time horizon, of which data were generated not from the real analyses but from our established two-parameter Weibull survival model.

Conclusion: It is recommended that the price of utidelone would be less than $18.5 per 30?mg in order to obtain cost-effectiveness for metastatic breast cancer patients resistant to anthracyclines and taxanes treatment in China.     

校企共建淀粉加工高职实训基地的问题与对策

文章论述了广西职业技术学院与广西明阳生化科技股份有限公司共建淀粉加工高职实训基地的建设过程与成效,分析了存在的主要问题与对策.     

浅析企业会计信息失真及其治理对策

会计信息是国家、投资人、债权人和相关方制定经济决策的依据;信息失真会影响决策的正确性,影响社会经济发展。文章从会计信息失真的表现及其危害入手,在分析会计信息失真原因的基础上,提出相应的治理对策。