Employee Stock Options, Corporate Taxes, and Debt Policy

We find that employee stock option deductions lead to large aggregate tax savings for Nasdaq 100 and S&P 100 firms and also affect corporate marginal tax rates. For Nasdaq firms, including the effect of options reduces the estimated median marginal tax rate from 31% to 5%. For S&P firms, in contrast, option deductions do not affect marginal tax rates to a large degree. Our evidence suggests that option deductions are important nondebt tax shields and that option deductions substitute for interest deductions in corporate capital structure decisions, explaining in part why some firms use so little debt.     

“三权分置”下宅基地资格权实现的法治保障

[目的]文章通过对我国宅基地“三权分置”中宅基地资格权实现困境的分析,提出合理完善建议,实现对资格权实现的法治保障,推进宅基地“三权分置”改革的深入发展。[方法]实证分析法、政策内容分析法、文献分析法、逻辑分析法。[结果]我国的现行立法尚未对宅基地资格权的内涵以及制度构造做出明确规定,宅基地资格权的性质目前还存在关于“分配请求权说”“用益物权说”“剩余权说”“成员权说”的争议,宅基地资格权的主要权能也并不清晰。同时,现阶段宅基地资格权在实现上存在主体认定不明确、登记制度不健全、行使制度不具体、救济制度不完善等现实困境。[结论]基于对宅基地资格权来源和宅基地改革政策目标的分析,应将其界定为成员权。通过对试点地区实践经验的总结,建议将宅基地资格权主体认定为“集体成员”,采用“三权三证”模式进行确权登记,明确资格权的分配请求权、成员获益权、管理参与权、退出补偿权4种主要权能,探究资格权多元化的救济途径,切实保障农民的宅基地合法权益,全面推进乡村振兴。     

Political uncertainty and firms' information environment: Evidence from China

How political uncertainty affects the supply of value relevant information about a firm is an important but unresolved question. Using an emerging market setting where political leaders are expected to exert significant influence on economic activities, we examine the effect of political uncertainty caused by turnovers of local government leaders on a firm’s information environment. We find that during periods of political uncertainty, the total amount of idiosyncratic information about a firm that is available to the market is reduced. The adverse effect on information supply is manifest in firms that are more politically dependent and stronger when uncertainty is more severe. Further, we provide evidence suggesting that firms react to political uncertainty by reducing the amount and the quality of information provided to investors. We find that information intermediaries such as financial analysts and the media have a moderating effect on the information environment as they increase the production of information during periods of political uncertainty. However, these intermediaries do not negate the net loss of information.     

Bargaining and the observability of contractual commitments via third parties

This paper analyzes a two-stage model of bilateral bargaining where one of the agents has the option to delegate. A first approach is to assume that the contract between the agent and his representative is perfectly observable and can be renegotiated. Commitment effects arise although renegotiation is possible. Then, perfect observability of the contract is weakened to observe it with certain probability. Commitment effects as pure-strategy equilibria exist if this probability is sufficiently close to 1, in contrast to Bagwell's [1995] findings that imperfect observability undermines commitment. Considering the realistic case of the actual agreement between two parties being private information, the commitment value as equilibrium outcome disappears since having closed a renegotiation-proof contract offers costless self-insurance against strategic misunderstandings. The author is grateful for helpful comments from Vasco Santos, participants at the International Atlantic Economic Conference, October 7–10, 1999, Montreal, Canada, an anonymous referee, and David M. Aadland.     

混凝土路面修补技术

文章根据混凝土道桥修补工程的需要,论述了道桥快速修补商品混凝土制备技术,提出了该特种混凝土在拌制、运输及浇筑施工中的技术要求,实现了水泥基快凝快硬类混凝土由现场搅拌到商品供应的转变.     

城市品牌生态系统特征与机制分析

运用生态学和复杂性科学前沿理论,研究城市品牌生态系统协同演化问题,是城市品牌理论和实践的全新视角。本文基于生态学理论,提出了全新的城市品牌与城市品牌生态系统概念,运用CAS理论,阐释了城市品牌生态系统的特征和机制。     

中国转型期投资效率下降的所有制结构解析

上世纪90年代末以来,伴随着宏观投资效率的下降,我国出现了国有经济的投资效率在边际增长上表现较为强劲而非国有经济的投资效率却呈逐年下降趋势的特殊现象.本文通过构建投资效率的所有制结构模型对该问题进行了系统性的解释.笔者认为,我国特有的所有制结构便是解开该谜局的一把钥匙.     

英语教学应注重文化知识的导入

语言是文化的载体 ,文化是语言的底座。语言与文化的这种不可分割性 ,决定了学习语言必须同时学习文化 ,因而语言教学过程就是文化教学过程。本文简略分析了在英语教学中导入文化知识的重要性 ,强调了在英语教学中教师要有意识地加强文化知识的导入 ,以提高学生的交际能力 ,增强教学效果。     

中美贸易失衡的原因、影响与政策建议

2005年,美国贸易赤字再创新高,其中,对华贸易逆差占其总贸易逆差的25．8％。自2001年中国取代日本成为美国最大贸易逆差来源地以来,中美贸易失衡日益扩大,并成为愈演愈烈的中美贸易摩擦的主要原因。与此同时,中美贸易额又在不断扩大。由此可见,中美贸易失衡尽管是中美贸易摩擦的主要原因,但并没有构成中美贸易发展的主要障碍。尽管如此,中美贸易失衡仍然对中国经济的发展和中美关系产生诸多不利影响,我们应当及时进行政策调整,从而减少贸易失衡带来的成本。