从美国次贷危机看金融危机形成机理

对美国次贷危机形成的内在机理和金融危机形成过程中各利益相关者动机的分析发现:形成机理是金融机构误导房地产消费者和证券投资者,进而误导美联储,美联储的救市措施又进一步将次贷的风险及代价分摊到了全球金融市场;房地产商、金融机构、投资银行、特别载体、基金都属于得益者,受到损失的则是政府(中央银行)和投资人;次级贷款的资产证券化实际上在房地产业和证券业之间构架了一个桥梁,将风险从一个市场扩散到另一个市场.总之,美国次贷危机形成的关键点在于不良资产证券化,而政府不可能通过金融监管来防范资产证券化这一金融工具被机构错误地使用,因此中国在进行资产证券化试点的过程中一定要慎重.     

绿色食品全程质量控制体系理论探索与实践

从绿色食品基本理念、科学内涵和工作特点来看,绿色食品目前已经具备了全程质量控制的基础。随着社会公众对优质农产品的需求升级,有必要对绿色食品全程质量控制体系的理论进行总结和归纳,并对该体系进行深入、系统地分析。从农产品全程质量安全控制体系的定义出发,总结提炼绿色食品全程质量控制体系的定义、基本特征和内涵,建立相应的理论体系。将绿色食品全程质量控制体系划分为以产地环境、生产过程、产品质量、包装储运等为内容的全程质量控制技术体系和以制度设计、法律依据、产业基础和管理体系为内容的全程质量控制保证体系;以江苏省水产类绿色食品企业的全程质量控制的生产实践,分析了现有的绿色食品全程质量控制体系存在的问题,并对绿色食品全程质量控制体系的完善提出建议。     

真实公允的资产计量观--对资产减值会计定位及未来的思考

资产减值会计是界于历史成本会计模式与公允价值会计模式之间的一种特殊会计,是联系两者的桥梁,要真实公允反映资产价值的根本途径是全面采用公允价值会计模式.     

论风险投资激励机制的税收环境

和谐社会的目标之一是构建创新型国家,一个国家乃至民族、组织、个人等,离开创新则意味着停滞.创新的用武之地主要在高科技尖端领域,而高科技攻关如果没有风险投资的鼎力相助则无法尽释其活力.因此,营造风险投资的环境就成为必需,税收是其中重要的环境变量.政府可针对风险投资的不同时期,在税种、税式支出方面为风险投资提供有效的税收环境.     

都市圈政策浅析

都市圈在处于体制转型的中国迅速发展 ,既有机遇也有挑战 ,文章从政策对都市圈形成、发展的作用出发 ,将都市圈政策进行划分 ,随后论述了在全球化的背景下 ,各类都市圈政策面临的挑战和对策     

西安率先在中国城市中打造城市主题文化

西安率先在中国城市中提出打造东方神韵城市主题文化。这说明西安在城市文化立市上已经和世界最前沿的城市主题文化发展理念接轨,这说明西安在解决城市特色危机面前和文化立市方面已经走在了中国城市的前列,并以此为中国的城市率先做出样板。     

渐逝资产定价问题探析

针对需求有时大于、有时又小于生产能力的一类渐逝资产,从控制资产流逝价值的目标出发,以列车卧铺为例,提出使需求接近生产能力的基本原则,引入二级差别定价方法。将该定价措施的实施效果与常规的固定价格法进行比较,分析运营收益、消费者剩余、社会福利、资产流逝价值的变化,证明新方法能够将渐逝资产的价值转换为企业收益和消费者剩余,提高了资产利用率,优于常规的固定价格法。     

The degree of IPO underpricing in China

This paper studies the IPO underpricing in the emerging stock market of China. The empirical results reveal that in China, the degree of IPO underpricing measured by first-day return is more than 100%, which is a prevailing phenomenon for almost all IPO firms, regardless of the IPO time and the industry of the firm The degree of IPO underpricing in China is larger than the IPO initial returns documented in almost all the other countries. This considerable underpricing in China can hardly be explained by the information asymmetry theory and agency theory.     

GENDER EARNINGS DIFFERENCES IN CHINA: BASE PAY,PERFORMANCE PAY,AND TOTAL PAY

We utilize a data set that has not been used in literature—the Life Histories and Social Change in Contemporary China (LHSCCC)—to provide new evidence on male‐female pay differences in China. The data set not only enables us to control for a wide range of pay‐determining characteristics but also is the first to enable an analysis of the different components of pay (e.g., base pay and performance pay) as well as for total pay. We find: (1) Women receive about three‐quarters of male pay for each of the dimensions of base pay, performance pay, and total pay, before adjusting for the effect of different pay‐determining factors; (2) Approximately two‐thirds of the gap reflect the fact that females tend to be paid less than males for the same wage‐determining characteristics (often labeled as discrimination), while about one‐third reflects the fact that males have endowments or characteristics that tend to be associated with higher pay, especially supervisory responsibilities, general labor market experience, occupational skills, education, and membership in the Communist party; (3) Marriage has a large positive effect on the earnings of women in China (and none for men), but childcare responsibilities for children under the age of 6 have a large negative effect on the earnings of women although these are offset almost completely if an elder family member is present, highlighting that childcare responsibilities disproportionately fall on women unless an elder family member is present; (4) Pay premiums for higher level skills and higher supervisory ranks are remarkably small for both males and especially females; (5) With respect to the unexplained or “discriminatory” portion of the gap, females get a huge pay penalty for simply being female, but a substantial portion of this gets offset by the higher pay premium they receive for such factors as Han ethnicity, being married, and education. This suggests that discrimination tends to occur in the form of a pay penalty for simply being female and not from lower returns to the same endowments of pay‐determining characteristics. (JEL J3, J7, M5)     

女性董事对企业经营绩效影响的实证研究——基于2000~2009年中国证券市场A股上市公司样本

以2000~2009年中国证券市场A股上市公司为研究样本,实证检验了女性董事对于经营业绩的影响。在控制了女性董事与经营业绩之间的内生性关系后,研究发现总体上女性董事显著降低了企业经营业绩。当进一步将女性董事区分为女性非独立董事和女性独立董事后,经验证据显示,女性非独立董事损害了经营业绩,而女性独立董事有助于经营业绩的提升。无论在国有企业还是民营企业,这一结论均成立。