International Capital Competition and Environmental Standards

This paper examines the welfare effects of capital taxation and environmental standards with and without a government spending constraint or international tax credits. This analysis delineates the intricate linkages of the two policy measures to both private income and government welfare. Loosening environmental control leads to more capital tax revenue for the government. The optimal capital tax rate may be of any sign, depending upon the ranking of the weights of government objectives and private utility. The same criterion also applies in determining how stringent the optimal environmental standards should be.     

The Choice Among Long-Term Financing Instruments for Public Utilities

This study examines the decision of regulated utilities to raise new financing via common stock, debt, or preferred stock offerings. We develop several logit models to test how a set of relevant variables affects the issuing choice. These variables include the level of insider ownership, regulatory climates, measures of aggregate market conditions, bankruptcy risk, deviations from the long-and short-term target ratios, asset composition, etc. In addition, this paper tests whether the cross-sectional level of debt ratio is related to some of these same factors. Our findings indicate that U.S. electric utilities are not influenced by market timing when making a choice among long-term financing instruments. However, our results do show that ownership structure variables, such as the number of directors and officers, seem to have a significant negative influence upon the choice of common stock, thus lending support to Friend and Lang's finding. In addition, capital structure seems to matter for utilities.     

Public Sector Pricing,Capital Mobility and National Income: A Two‐Sector General‐Equilibrium Analysis

Abstract This paper examines the resource allocation and income effects of public‐sector pricing. During the short run, raising public‐sector prices leads to a worsening in public‐sector efficiency, causing a decline in GNP. In the intermediate run, the policy begins to improve public‐sector efficiency and, hence, increases GNP. At the outset of the transition to a steady state, the pricing policy continues to improve efficiency. Nevertheless, efficiency and GNP remain invariant across steady states in the long‐run equilibrium. The implications of the pricing policy are also discussed.     

上海汽车集团总公司股改前后的风险绩效评估

股权分置改革是中国股票市场的一场革命,它能够推动资本市场的改革,通过选取具有代表性的已实施股权分置改革的上海汽车集团总公司,对其股改前后的股票收益序列建立了合适的GARCH模型。模型的结果显示股改后上海汽车的收益水平有很大的提高,而且股票价格波动对信息的反映更加灵敏,我国股票市场有效化程度显著提高。     

我国企业债券融资、财务风险和债券评级

影响我国债券评级的决定因素有以下三点:(1)影响债券评级最关键的因素是发债企业总资产的规模,即企业资产规模越大,其评级越高;(2)政府政策对该发债项目或行业支持与否时债券评级有正的影响,即发债项目或其所在行业是有国家政策明确支持的,其评级可能越高;(3)企业的财务风险如资产负债率和长期负债比率等对债券评级没有显著的影响,企业的绩效如资产收益率对债券评级也没有显著的影响.目前评级机构的评级不能反映企业财务风险与绩效的好坏,债券上市后评级的动态调整也几乎不存在.这说明我国目前企业债券市场的信用风险评级与欧美的债券市场存在极大的差异.     

基金经理选股及择时能力研究——来自中国开放式基金市场的新证据

基于Ward分类方法的四指标修正选股择时模型对不同投资类基金经理选股择时能力的差异,以及证券市场行情对基金经理选股择时能力的影响和持续性所作的实证分析,结果表明:股票型基金经理的选股择时能力较强;证券市场行情好时,基金经理的选股择时能力显著提高,并且选股能力表现出一定的持续性.     

投资、技术进步与中国经济增长

中国宏观经济运行暗含着不同于发达国家的基本前提假设,这决定了我国经济增长的基本特征。在我国引进式技术进步方式下,存在投资的潮涌现象和经济的结构性高速增长。     

我国矿产资源开发利用的环境影响分析及对策研究

矿产资源是社会经济发展的物质基础,但矿产资源开发过程又会对生态环境产生一定程度的污染和破坏作用。在总结我国经济发展中矿产资源消耗和环境污染状况的基础上,具体分析了区域矿产资源开发利用的系统运行过程,研究和探讨了区域矿产资源开发对周围生态环境影响和作用的方式和途径,并从资源开发的总体规划、资源开发利用的技术进步、资源开发的生态经济园区建设、资源开发生态环境的恢复和治理等方面提出了具体的建议和对策。为区域资源开发与环境保护的协调运行和管理,提供了可操作性的参考依据。     

豫龙镇畜牧业生产及污染源情况调查分析

<正>畜牧业是农业和农村经济中传统的基础性产业,在农村中有着不可替代的位置。随着农村经济的不断发展和国家对养牛、养猪直补政策的不断推进,"兴牧"已成为豫龙镇优化农业结构、增加农民收入的战略重点。今年一     

论劳动债权与有担保债权在破产程序中的清偿顺位——兼论新破产法第132条

新破产法第132条对在破产程序的清偿顺位上,劳动债权相对有担保债权的优先受偿性采用"新老划断"的态度,即2006年8月27日以后形成的劳动债权将丧失优先性。这样的立法取向有背福利国家基本的人道主义精神和实质正义标准以及各国立法上对弱势群体愈来愈倾斜保护的历史趋势。文章从法制度比较说起,立足于社会保障制度,以动态的视角审视立法价值取向的偏差,得出劳动债权在破产程序中的清偿顺位必须优先于担保债权的结论。