新疆油气资源税改革全国推广的借鉴意义

已经运行半年多的新疆油气资源税改革使油气企业的税负增加,地方财政增收效应显著,初显税改的目标定位。但在试点中暴露出来的计税依据不规范、综合减征率递减以及内外资企业税负不统一的问题,亟需在全面推开资源税改革方案时予以综合考虑,除此之外,还应适当提高现行税率,处理好资源税收入在各级政府间的分配,并在现行体制下同步推进资源税费改革,以此设计具体的改革方案和路径。     

A MCGP decision aid for homebuyers to make the best choice

This study adopts a new approach, the multi-choice goal programming (MCGP), to evaluate houses in order to help homebuyers to find better house based on the residential preferences. According to the function of MCGP, homebuyers can set multiple housing goals with multiple aspiration levels. This increases the flexibility to find a suitable house. Compared with other classical methods such as checklist and analytic hierarchy process, MCGP is more efficient, especially while considering a lot of housing criteria and house alternatives. In order to demonstrate the usefulness of MCGP decision aid for housing selection, a real case study is then provided. Furthermore, ten volunteers are invited to participate in the empirical experiment. The results also validate the effectiveness and efficiency of MCGP decision aid.     

Institutions and the route to reform of the European Union’s budget revenue, 1970–2017

Using process tracing, this paper charts the history of the changes in the EU’s revenue since 1970, including package deals and the unforeseen consequences of change, comparing the positions of the Council to those of the European Commission and European Parliament. Those revenue decisions allowed European integration to proceed though without a fully autonomous budget as Member States became more careful to calculate their net benefits or costs in relation to the budget. In December 2013, the European Union’s institutions established a High Level Group to recommend changes to the revenue base of the EU’s budget. This reported in January 2017, proposing to resolve the effect of sub-optimal revenue and budget decisions made by the European Union over many years, to reduce direct national contributions, to minimise the risk of unforeseen consequences, and to combine revenue flows with steering effects to discourage certain forms of economic behaviour in line with the wider policy agenda of the European Union.     

Pricing double barrier options under a volatility regime-switching model with psychological barriers

The prices of lots of assets have been proved in literature to exhibit special behaviors around psychological barriers, which is an important fact needed to be considered when pricing derivatives. In this paper, we discuss the valuation problem of double barrier options under a volatility regime-switching model where there exist psychological barriers in the prices of underlying assets. The volatility can shift between two regimes, that is to say, when the asset price rises up or falls down through the psychological barrier, the volatility takes two different values. Using the Laplace transform approach, we obtain the price of the double barrier knock-out call option as well as its delta. We also provide the eigenfunction expansion pricing formula and examine the effect of the psychological barrier on the option price and delta, finding that the gamma of the option is discontinuous at such barriers.     

International automotive production networks: how the web comes together

This paper aims to provide empirical evidence for the connections between new trade theory and the spatial distribution of economic activities, considering the results obtained by the literature on New Economic Geography as a starting point. To do this, we apply Social Network Analysis specifically to the World Automotive Trade Network. We explore the structural features of the auto network for the years 1996 and 2009 using data on trade flows for 172 countries. Our findings suggest that the auto network has become denser, more extensive and more integrated over time, depicting a center-periphery structure in which regional clusters play a prominent role. In this configuration, strong agglomeration forces generated by companies’ desire for large and rich market access with minimum transportation costs are balanced by the search for new high-potential markets.     

Implications of the Dual Banking System in the US

This paper examines the differences in characteristics of federal and state chartered banks by using individual commercial bank’s data sets from 1984 to 2006. The findings indicate significant differences between these two groups of banks in terms of their asset and liability management strategies. In line with these differences, credit channel of monetary policy is found to work differently for state and federal banks. Federal banks are found to be more responsive to monetary policy changes.     

Inter-firm collaboration in new product development in Chinese pharmaceutical companies

High-tech firms increasingly rely on inter-firm collaboration (IFC) in new product development (NPD). While there is a growing research interest in exploring the economic rationale of IFC through the transaction cost economics (TCE) and the resource synergy of IFC through the resource-based view of the firm (RBV), little attention has been given to the institution-based view (IBV) that also has important implications for firms’ choice of IFC. In particular, how national institutional environment affects IFC in the NPD process remains under-researched. This study aims to contribute to the literature by extending our understanding of the role of IFC in firms’ NPD process, taking into account transactional, resource, and institutional factors. Based on a case study of two firms: a state-owned and a private pharmaceutical firm in China, our research identifies three key forms of IFC, which are dynamic at different stages of NPD and contingent upon an array of institutional, resource, and transactional rationales underpinning firms’ choice of different forms of IFC. Our study is the first one that investigates the role of IFC in the NPD process bringing together the IBV, RBV, and TCE perspectives.     

市场结构内生变迁与产能过剩治理

本文构建了一个市场需求不确定性情况下的企业动态性模型,发现当行业发展前景相对确定但市场需求存在较大不确定性时,高效率企业为规避风险会谨慎投资,从而为大量低效率企业留下市场空间,市场集中度和产能利用率较低。而随着行业成熟和不确定性减少,优势企业会不断扩大规模,逐步淘汰劣势企业,最终形成较合理的市场结构和产能利用率。因而,我国一些重要行业在早期发展阶段出现大量企业涌入的现象,不应片面视为市场失灵,也不能一概归因于地方政府的产业扶持政策。本文以我国家电和钢铁产业为例,说明治理产能分散和过剩问题,根本办法是建立和维护公平竞争的市场环境,让市场内生的产能集中机制更好地发挥作用,而不是"以扭曲去对付扭曲"。