探究非英语专业学生限时和不限时作文中写作策略的使用

本研究通过两份问卷调查,试图探讨英语写作策略在课上或考试中的限时写作和课下自由的不限时写作中的运用情况。以及英语写作中学生用词策略的特点。结果显示学生在不限时写作中使用写作策略的频次要远高于限时写作。并具备各自不同的特点。在写作认知策略中的词汇使用策略和作文选词问卷中的策略选择保持一致。了解写作策略在不同情形下的使用情况,以期作为英语学习策略教学和培训的有机补充,也希望它对于写作教学具有参考价值。     

中国货币政策与汇率政策冲突的成因及对策——基于国际协调的视角

探究开放经济条件下我国货币政策和汇率政策形成冲突的原因并寻求二者之间更好的协调机制是当前理论界的研究热点,也是我国货币当局迫切需要解决的一个重大现实问题。本文通过四个典型化事实证明,由于美元霸权的渗透和影响以及政策国际协调机制的不完善,导致我国在一系列政策国际协调中处于不利地位,并由此造成我国汇率政策和货币政策的经常性冲突,其中美元霸权的渗透和影响是关键性的。据此,本文提出了若干有针对性的政策建议。     

我国私人银行业务发展的现状、问题及对策研究

本文在分析私人银行特点的基础上,详细探讨私人银行在我国发展的必要性和紧迫性.通过对我国私人银行业务发展的现状进行分类描述,借以探讨我国私人银行业务发展的瓶颈：环境因素受限多、制度因素不健全、银行相关业务发展滞后。最后,结合我国实际情况,从发展环境和银行业综合素质两方面提出相关策略和建议。     

Does property rights protection affect corporate risk management strategy? Intra- and cross-country evidence

Recent studies in the law and finance literature have shown that property rights protection is central to corporate financing and investment decisions and economic growth at large. We extend this literature by examining the effect of property rights security on corporate risk management decisions — an important element of a firm's business strategy. Using a unique dataset covering over 55,000 Chinese firms and employing both institution- and firm-level measures of property rights security, we find that secure property rights lead to higher corporate demand for property insurance, suggesting that property rights security is an important determinant of corporate risk management decisions. The effect of property rights protection on insurance consumption is also validated by a cross-country analysis that uses data from 93 countries over the period 1995–2008. Our study sheds light on the importance of property rights protection to corporate risk management decisions.     

Internal corporate governance and the use of IPO over-financing: Evidence from China

In this paper, we describe how Shenzhen A-share listed companies used funds raised in over-financed IPOs during the 2006–2010 period. In exploring the relationship between internal corporate governance and the use of funds raised in over-financed IPOs, we find that the use of such funds to engage in severe over-investment behavior is prevalent among listed companies. Reasonable internal corporate governance mechanisms can effectively alleviate over-investment problems listed companies encounter in using funds raised in over-financed IPOs. However, the same individual serving as both chairman and CEO leads to funds raised in over-financed IPOs being over-invested. Moreover, executives driven by high levels of monetary compensation are more likely to use funds raised in such IPOs to engage in over-investment. We find that improving the balance of power between shareholders will help alleviate the over-investment of excess IPO funds. In addition, the over-investment problem is less severe in state-controlled listed companies than in their non-state-controlled listed counterparts. This study provides policy recommendations for Chinese securities regulators to ensure listed companies use funds raised in over-financed IPOs both rationally and effectively.     

Time-varying risk of rare disasters,investment, and asset pricing

We extend an equilibrium business cycle/asset pricing model of production and capital accumulation by introducing a time-varying risk of rare disasters. It predicts that investment is much more volatile than output, which provides theoretical support for the empirical data. Furthermore, the model-generated stationary distribution of the investment-output ratio fits the data remarkably well. Both of them exhibit negative skewness, which means that there is a small probability that this ratio can be very low. Given the observations of the investment-output ratio, we obtain the values of the jump intensity implicit in the historical data and find those recession periods coincide with a rapid increase in the probability of a disaster. Finally, the model shows that the existence of adjustment costs generates a procyclical price of capital and contributes to resolving the equity premium puzzle.     

消费税向地方税转型的改革研究

2019年9月26日国务院印发的《实施更大规模减税降费后调整中央与地方收入划分改革推进方案》明确了消费税的改革方案为"后移消费税征收环节并稳步下划地方"。本文以该方案为基础,讨论了消费税改革的理论争议与改革导向;利用《中国税务年鉴》《中国贸易外经统计年鉴》等相关数据测算分析了不同征收环节下消费税收入的地区分布,发现消费税后移征收环节及下划地方后会产生新的消费税收入分配不均衡问题;测算分析了"定基数、调增量"改革对地方财政收入的短期影响,发现短期内部分地区会出现"保基数"问题。基于此,本文提出了以完善央地间财政关系、健全地方税体系为导向的消费税转型改革建议。     

Reinsurance and corporate taxation in the United Kingdom life insurance industry

There are two main tax-related arguments regarding the use of reinsurance – the income volatility reduction and the income level enhancement arguments. The income volatility reduction argument contends that firms facing convex tax schedules have incentives to hedge in order to reduce the volatility of their annual taxable income and thereby lower expected tax liabilities [Smith, C.W., Stulz, R.M., 1985. Optimal hedging policies. Journal of Financial and Quantitative Analysis 19, 127–140]. The income level enhancement argument, advanced by Adiel [Adiel, R., 1996. Reinsurance and the management of regulatory ratios and taxes in the property–casualty insurance industry. Journal of Accounting and Economics 22, 207–240], is more specific to hedging via reinsurance. This perspective holds that reinsurance enhances current reported earnings via the receipt of reinsurance commissions and so increases tax liabilities. Consequently, insurance firms with high marginal tax rates should use less reinsurance than those with low marginal tax rates if tax matters. Prior studies using data on financial derivatives have produced mixed results on the validity of the first argument, while Adiel (1996) finds the second argument insignificant in his study of the use of reinsurance by a sample of United States (US) property–liability insurance firms. This study tests the two tax-related arguments using 1992–2001 data for a sample of United Kingdom (UK) life insurance firms. We find that UK life insurers with low before-planning marginal tax rates tend to use more reinsurance; in contrast, tax convexity is found to have no significant impact on the purchase of reinsurance and so the volatility-reduction argument is not supported.     

我国城市商业银行规模扩张的动机与效应研究

在对我国城市商业银行1998年到2007年的规模扩张情况的描述性统计分析基础上,本文利用年报数据对城市商业银行规模扩张的经济效应做了实证分析,剖析了城市商业银行规模扩张的行为动机与行为逻辑,得出了我国城市商业银行的规模扩张并非为了追求规模经济而是对现行环境和自身经营机制的被动适应的结论。因此,要引导我国城市商业银行理性扩张,必须同时解决好外部环境问题和自身经营机制问题。     

市场经济条件下我国造价咨询业竞争力提升研究

市场经济条件下,我们应理性分析造价咨询业现状及内在机理,结合竞争力和竞争优势理论,利用行业自身的优势来加快发展,同时也要认清行业的不足,探索与国际造价咨询业管理惯例接轨的途径,确立中国造价咨询业应有的社会地位,加强自身建设,形成有中国特色的造价咨询行业管理体系,促进行业健康有序发展.