Analysis of Credit Risks in Asset-Backed Securitization Transactions in Singapore

Asset-backed securitization (ABS) is a relatively new financial instrument in Singapore's capital market, which has been accepted by developers (originators) as an alternative source of financing. Credit assessment and rating requirements have not been imposed on the ABS bond issues. Default-risk evaluation has also been understated, if not omitted, in the process of structuring ABS deals. This is the first study that applies a theoretical default-risky swaps valuation model to evaluate credit risks in ABS bonds in Singapore. The Monte-Carlo simulation results, based on the Century Square shopping mall ABS case, show significant effects of the changes in rental volatility and default-free interest rate volatility on the default-risk premium of swap. More specifically, an increase in the rental volatility reduces the default-risky swap values significantly. However, an increase in the instantaneous default-free interest rate volatility increases the default-risk premium of swaps, and this effect is only observed in the high default-free interest rate volatility regime (above 20 percent). The results suggest that the rental dynamics of the securitized real estate are critical in determining the default risks of ABS deals. The fixed-rate (coupon yield) and floating-rate (rental cash flows) should therefore be adequately determined to reflect the default risks, which may be caused by the rental dynamics of the securitized real estate.     

正确认识与开展税务服务

本期刊发了东北财经大学马国强教授《正确认识与开展税务服务》一文。文章认为:税收管理的目的是为了促使纳税人依法纳税,其内容包括税收服务、税收监控、税收保卫和税收救济。税务服务是税务机关为了为满足纳税人需要,促使纳税人依法纳税而提供的税务方面的服务。税务服务包括税收宣传和税收咨询两大方面的内容,前者主要是实施税收教育,向纳税人灌输税收知识。后者主要是通过直接接触、信函、电话等联系方式,回答纳税人提出的问题;建立税收信息网站,供纳税人随时查阅税收信息。文章通过严谨的论述,澄清了一些模糊认识,颇具启发性。     

英国房地产税制简介

房地产税是英国最主要的税种之一,包括住宅税和营业税。营业税自1990年起划为中央税种,税款上缴中央财政专户,作为支付转移资金,最终专项返还地方财政。     

对统一会计年度问题的思考

长期以来,我国实行统一的会计年度,所有单位的会计年度均自公历1月1日至12月31日止。在市场经济条件下,这种一刀切的会计年度不利于企业加强会计核算,政府加强监管,是造成会计信息失真、质量不高的重要原因之一,应尽快加以改革。现行统一会计年度存在的主要问题     

A Reexamination of Housing Price and Household Consumption in China: The Dual Role of Housing Consumption and Housing Investment

It is important to investigate the correlation between housing price and household consumption to gain an understanding of the behavior of the economy and effectively handle the consequences of economic development. In the last two decades, the accumulation of housing wealth by Chinese households has not been effectively transmitted to their final consumption. We discovered that the sustained increase in household wealth and housing-ownership rate in China has been accompanied by a decrease in consumption rate. We also identified a negative correlation between housing price and household consumption for both the homeowners who own one housing unit and those who own two units of housing. We investigated this phenomenon in China both theoretically and empirically by capturing the dual nature of housing as a consumption good and an investment vehicle. We found that the demand for second housing units is motivated by increasing housing consumption demand rather than pure investment needs. To explain the mechanisms that drive household-consumption behavior, we also explored the effects on household consumption of China’s educational system, marriage market and ageing society, as well as future housing-market uncertainty. The implications of government intervention in the housing market are discussed.     

House Price and co-Residence with Older Parents: Evidence from China

Numerous Chinese families choose to reside together with their elderly parents due to the considerable impacts of conventional values such as filial duty in Chinese society. However, as house prices rocketed up in major Chinese cities over the past decade, this arrangement is facing a sizeable challenge, therefore also raising new research question about it. This paper attempts to investigate the phenomenon of co-residence of adult children with their elderly parents in China. Using the 2013 data of China Household Finance Survey (CHFS), we document that house price is indeed a significant determinant for the pattern of intergenerational co-residence. Our empirical results can provide interesting insights into the important implication of rising house price for household residential arrangements in this country.     

可行能力视角下农户参与农地整理规划的意愿与影响检验——基于安徽寿县4个典型镇的实证分析

[目的]提升农户参与的意愿与探寻有效参与机制。[方法]文章以安徽省寿县4个典型镇的147户农户与4个项目为调查对象,从农户的可行能力视角出发,运用Logistic模型研究农户参与农地整理规划意愿的驱动因素,运用ArcGIS10.0的空间分析功能检验农户参与对规划的影响。[结果]非农业收入比例、农地整理政策了解度、排灌沟渠布局、田间道路密度及公众参与机制等5类因素有显著推动作用;对规划的影响表现在较大程度优化了规划方案,提高了农地生产率等,但耕作田块扩大效应不显著、排灌沟渠存在空间集聚现象、偏好生产路建设及轻视田间林网工程建设等弊端制约了农业规模化经营、忽视规划全局性与环境效应等。[结论]可通过强化农地整理政策宣传力度、完善引导农户式的公众参与机制及基于农户可行能力视角构建农地整理规划效果的衡量尺度以提升农户参与的意愿与探寻有效参与机制。     

集体建设用地土地级别评定探讨  ———以新野县为例

该文从集体建设用地定级特点出发,分析了定级中存在的双重差异和定级单元划分中存在的问 题,构建了宏观趋势指标与微观差异指标共存的指标体系,分析了采用差异单元格的优点,并以新野县为 例进行了实证研究。结果表明:采用宏观趋势指标与微观差异指标共存的指标体系和差异单元格进行集体 建设用地级别评定,其结果符合研究区域实际,具有较强的操作性。研究结论:宏观趋势指标与微观差异 指标共存的指标体系和差异单元格可用于集体建设用地土地级别评定。     

农地经营规模对农村生态环境的影响机理与实证检验——基于农业要素投入的视角

目的 有关农地经营规模影响的研究主要集中在农业增效和农民增收等经济影响方面,文章基于农业要素投入的视角,就农地经营规模对农村生态环境的影响机理进行系统分析和实证检验,对我国建设宜居宜业和美乡村具有十分重要的理论和现实意义。方法 理论分析法、空间动态面板模型和综合评价法。结果 （1）农地经营规模对农村生态环境影响的总效应显著为正。（2） 从影响路径看,农地经营规模对农村生态环境影响的直接效应显著为正,中介效应为负;（3） 在农地经营规模对农村生态环境的间接影响中,资本中介效应显著为负,而劳动中介效应与要素组合中介效应并不显著,农地经营规模对农村生态环境的间接影响主要通过资本中介效应表现出来。结论 要大力发展农地适度规模经营,同时也应采取措施,降低这一过程中资本要素投入大量增加对农村生态环境造成的负面影响,实现经济效益和生态效益的双丰收。     

县域农业土地利用适宜性评价与优化研究以山西省原平市为例

目的 通过对原平市农业产业适宜性的定量评价,并结合土地利用的角度对原平市农业产业进行布局优化。方法 文章基于GIS空间分析和AHP方法,建立农业适宜性评价指标体系,刻画原平市农业产业适宜性指数的空间分布格局,得出适宜性分级图,进一步叠加原平市土地利用数据,进行农业优化布局分析。结果 原平市农业适宜性水平整体较低,只有14.82%的区域适宜和非常适宜农业生产,集中分布于中部平原地区;53.21%的地区基本适宜农业生产,主要分布于东部丘陵和西部山区;31.97%的地区不适宜农业发展,主要分布于西部山区;同时,在不适宜农业生产的地区中约有15.3%的土地被开垦为耕地,限制了该市整体农业生产效率的提高。结论 与传统的土地适应性相比,该研究嵌入了社会经济因子和管理水平的影响分析,使得研究结果更贴合实际。如何进一步挖掘更全面表征气候、生态、社会经济等影响因素,构建更加全面的适宜性评价指标体系,制定区域有别、因地而异的评价体系标准,是加强农业土地适宜性评价科学性和准确性的有利保障。