习惯形成与最优税收结构

本文在新古典世代交迭(OLG)模型中引入"外部习惯"和"内部习惯"两种习惯形成的类型,考察最优的资本收入税与"现收现付制"社会保障系统的一次性税收之间的选择。研究发现,资本收入税与外部习惯呈正相关,当不存在外部习惯时资本收入税为0;在存在外部习惯的条件下,资本收入税与内部习惯呈正相关;对年轻一代的一次性税收(补贴)与内部习惯呈正(负)相关;对年轻一代的一次性税收(补贴)与外部习惯呈负(正)相关。考虑到外部习惯与内部习惯形呈的作用,具体的税收结构取决于人口增长、资本效率和经济发展的特定水平。     

Corporate Insurance and Debt: The Case of China*

Finance theorists have long argued that corporate purchases of property insurance can reduce the probability and hence the expected costs of financial distress. And by so doing, the corporate use of insurance can reduce borrowing costs and/ or increase debt capacity, reduce the overall cost of capital, and increase firm value. This article attempts to apply this argument to the case of publicly traded companies in China, which provides a particularly interesting environment given the significant presence of both foreign direct investment and state shareholdings in its corporate sector. From their study of several hundred Chinese companies during the period 1997‐2003, the authors report the following conclusions: Companies with higher borrower costs tend to purchase more property insurance, which in turn has the effect of increasing their debt capacity. Smaller companies are more likely than larger firms both to insure their assets and to purchase more property insurance (as a percentage of assets), reflecting their greater vulnerability to financial shocks and larger potential benefit from insurers' real advisory services (such as loss prevention advice). Companies with more and larger growth opportunities are more likely to purchase insurance, reflecting their higher expected costs of financial distress (from possible underinvestment) than firms with limited growth opportunities. Companies with higher levels of state ownership tend to insure their assets to a greater extent, suggesting that the managers of such companies insure to protect their job security, particularly as the availability of state subsidies to the Chinese corporate sector has declined since market reforms were initiated in 1978.     

从银行监管的视角看美国的次级债危机

美国次级债危机发生和处理为我国的金融监管提供了一次很好的学习和总结机会。本文以为:①我国监管当局要高度重视住房按揭贷款的风险;②要理顺监管体制,加强资产证券化业务的监管和指导;③金融当局要加强危机处理能力;④要稳步推进混业经营,规范商业银行金融创新中的信息披露。     

物流企业实习生培养研究

本文根据物流企业的行业特性和实习生的特点,深入探讨物流企业提高实习生物流实际操作技能、引导实习生发展的方法。本文所指的实习生,是高职高专毕业的物流管理专业实习生,目标是培养实习生独立开展工作的能力,使其毕业后能被物流企业正式录取。     

当前我国通货膨胀的成因分析及政策建议

我国CPI已连续13个月运行在6%以上,这意味着抑制通胀已成为我国政府亟待解决的问题。要有效抑制通胀,关键在于找到引起通胀的原因,再对症下药。本文首先简单介绍引起通胀的一般原因,然后,从我国经济管理制度演变的角度以及国际博弈的角度详细分析引起我国当前货币发行失控,进而引起我国持续通胀的原因。最后,对我国长期以来偏重外贸的经济发展战略和不合时宜的汇率制度提出改革建议,同时,这些建议也是控制我国当前通胀最为有效的措施。     

丰田与供应商的网络结构分析

近年来,企业间的合作关系成为众多学者研究的热点,而从网络这个全新的视角进行分析无疑具有重大的现实和理论意义。本文基于网络的视角,分析了丰田与其供应商之间的网络关系,以及由此带来的丰田的供应商在世界范围内的竞争优势的扩散,从而揭示企业网络对现代企业发展的重要意义。     

关于重构天津滨海新区产业群落的策略研究

区域经济的增长很大程度上依赖于产业群落的拉动作用,产业群落的聚集效应源自于产业群落的两个重要特征:积极的企业驱动力和良好的经济基础。天津滨海新区经过10多年的开发开放,经济建设取得了令人瞩目的成就,其区域经济发展被纳入了“十一五”国家发展战略中。在总结分析天津滨海新区产业群落发展优劣势的基础上,提出了重构产业群落、构筑高层次产业结构的设想。     

高校共青团工作应实现“六个转变”

社会的深刻变革和高教改革的不断深入，高校教育的环境、对象需求、内容等均发生了显著变化，这就要求高校共青团工作的理念、方法、手段也应与时俱进地进行转变。丈章系统阐述了高校团组织的职能、思想教育方法、工作载体、校园文化的建设力量、学风建设的引导性、基层组织建设六个方面的转变。     

How do policy and information shocks impact co-movements of China’s T-bond and stock markets?

We investigate the impacts of policy and information shocks on the correlation of China’s T-bond and stock returns, using originally the asymmetric dynamic conditional correlation (DCC) model that allows for the coexistence of opposite-signed asymmetries. The co-movements of China’s capital markets react to large macroeconomic policy shocks as evidenced by structural breaks in the correlation following the drastic 2004 macroeconomic austerity. We show that the T-bond market and the bond–stock correlations bear more of the brunt of the macroeconomic contractions. We also find that the bond–stock correlations respond more strongly to joint negative than joint positive shocks, implying that investors tend to move both the T-bond and stock prices in the same direction when the two asset classes have been hit concurrently by bad news, but tend to shift funds from one asset class to the other when hit concurrently by good news. However, the stock–stock correlation is found to increase for joint positive shocks, indicating that investors tend to herd more for joint bullish than joint bearish stock markets in Shanghai and Shenzhen.