资产支持商业票据：中小企业融资新渠道

2005年资产证券化试点打开了证券化的空间，但试点证券化资产范围相对狭窄，没有触及中小企业的融资需求。资产支持商业票据提供了破题的一种选择。本文介绍了资产支持商业票据的发展概况、发展的市场动力、交易结构以及交易种类，并对一个具体案例进行了分析。     

法国公开要约收购制度的最新改革——以2006年《公开要约收购法》为中心

2006年3月31日，依欧盟转化《要约收购指令》之要求，法国颁布了《公开要约收购法》，对现有的公开要约收购制度进行了多方位、深层次的改革。从宏观上看，此次改革主要涉及四个方面，即金融证券管理局监管范围的改革、强制要约收购制度的改革、要约透明机制的改革以及反要约收购防御措施的改革。尽管改革的效果仍有待评估，但法国在此次改革中所体现的提高欧盟范围内企业竞争力的决心和表率作用无疑为欧盟经济一体化注入了新的活力。     

改进我国个人工资薪金所得税的思考

个人工资薪金所得税是我国个人所得税的主体。我国现行个人工资薪金所得税的税制设计,在一定程度上制约着其功能的发挥。建议在完善我国个人工资薪金所得税功能定位的基础上,结合我国城乡居民的实际收入状况,对个人工资薪金所得税做进一步改进。     

The Impact of SFAS No. 114 on the Linear Information Dynamic for Commercial Banks

Increase (decrease) in loan loss provisions would decrease (increases) bank earnings, but increase (decreases) regulatory capital. Previous studies have separately documented earnings and capital management behavior via loan loss provisions by commercial banks. However, it is difficult to isolate a bank's demand for increasing earnings from its demand for regulatory capital because earnings is a source of capital. Based on the objective bank function, this study investigates the impact of SFAS No. 114 on the information content of loan loss provisions in relation to both earnings quality and capital adequacy in a linear information dynamic framework. Test results show that the association between market value with loan loss provisions became significantly stronger for commercial banks in the post- than in the pre-adoption period. As a result, SFAS No. 114 is also found to positively affect the association of market value with both bank earnings and regulatory capital through the clean surplus relation because of the higher value relevance of loan loss provisions. The findings thus provide empirical evidence that SFAS No. 114 has significantly complemented banking regulations in enhancing (reducing) the (dispersion from the) accounting measurement construct of loan loss provisions.     

Reduced Tax Progressivity in Norway in the Nineties: The Effect from Tax Changes

The inequality in pre-tax income increased in Norway in the 1990s, while the concentration of taxes remained largely unaltered. This means that tax progressivity has decreased in the period, as measured by summary indices of tax progressivity. In this paper I analyze individual income data to ascertain whether tax changes in the period can explain the observed decrease in tax progressivity. As marginal tax rates at high income levels have been substantially reduced in the period, for instance through the tax reform of 1992, it is expected that tax changes may have influenced the degree of inequality in pre-tax incomes. This behavioral effect is examined by deriving estimates of the elasticity of gross income with respect to the net-of-tax rate, obtained from various panel data regressions. The tax changes may also have shifted the distributional burden of taxes for unaltered level of pre-tax income inequality. In order to identify this (direct) effect of tax-law alterations, the same fixed distribution of pre-tax income is exposed to various tax-laws in the period.     

Evidence on the efficacy of interest-rate risk disclosures by commercial banks

This paper documents evidence on the efficacy of maturity-gap disclosures of commercial banks in indicating their net interest income that is exposed to interest-rate risk. For the large sample of banks that filed call reports from 1990 to 1997, a period that includes a wide range of interest rate movements, we find that (i) one-year maturity gap measures are significantly related to the one-year- and three-years-ahead change in net interest income, (ii) fixed-rate and variable-rate instruments differ in explanatory ability, and (iii) the one-to-five-year aggregate gap measures also have some power in explaining three-year-ahead changes in net interest income. These findings hold after controlling for the ex post growth in assets as well as the amount of rate-sensitive assets and liabilities (a competing set of explanatory variables). Because the Securities and Exchange Commission (SEC)'s [Securities and Exchange Commission (SEC), (1997). Disclosure of accounting policies for derivative financial instruments and derivative commodity instruments and disclosure of qualitative and quantitative information about market risk inherent in derivative financial instruments, other financial instruments, and derivative commodity instruments. Release Nos. 33-7386; 3438223; IC-22487; FR-48; International Series No. 1047; File No. S7-35-95 (January 31, 1997), Washington, DC] tabular disclosures are finer than maturity-gap data, our findings mitigate concerns about the usefulness of the SEC's market-risk-disclosure requirements. Furthermore, they suggest contrary to the claims of certain banks that the omission of prepayment and early withdrawal risk from gap measures does not totally compromise the ability of gap data to indicate interest-risk exposures.     

The Landscape of Economic Growth: Do Middle-Income Countries Differ?

We review the growth experience of middle-income countries. Economic factors associated with growth appear to differ between middle-income and other countries. The efficiency of the financial system is importantly related to the growth rate in low- and middle-income countries, but appears to matter less as one moves up the income scale. Demographic variables also matter importantly in low-income countries. In middle-income countries, in contrast, measures of the financial system no longer appear to matter as importantly, as if inefficiencies in banking and financial systems are no longer as binding a constraint as at earlier stages of financial development; nor are demographic variables as important as before. At this point, other variables gain a growing role: these include whether the country experiences a banking or currency crisis, the extent of non-foreign direct investment capital inflows, and government debt as a share of gross domestic product.     

移民搬迁农户收入来源的区位差异研究

移民搬迁的迁入区条件有较大差异,致使移民户收入差距拉大。以宁夏为例,采用典型调查法选取"十二五"期间移民搬迁的若干具有代表性移民安置点,设计出反映地理位置、自然环境、经济条件等方面的指标进行Q型聚类分析,将不同安置点划分为4类,比较各类特点以及农户生计特点;对分布在四类安置点的农户进行抽样调查,用描述统计方法比较家庭收入的均值和标准差,反映不同迁入区移民户收入来源及其差异,并对差异原因分析。研究结果表明:(1)移民农户收入与地域有直接关系,各类地区由于自然条件、资源禀赋以及政策扶持差异而导致移民收入有较大差距。移民区公共投入建设的力度、政府组织培训、劳务输出对移民收入及来源有很大影响;各地的经济基础也直接影响到移民的收入水平;移民户个人因素也不容忽视。(2)移民区后期建设应区别对待,因地制宜,改善条件,加大资源条件差的安置区的基础建设投入力度;加强产业培育,引导致富;通过各种形式组织农民培训;重视移民区社会管理,健全管理体系,建设和谐新村。     

种植业内部贡献因素分解及对粮农收入增长 影响实证分析 ——以黑龙江省为例

该文基于1986～2010年全国和黑龙江省有关种植业数据,首先运用结构贡献因素分解模型分析 了”八五”到”十一五”时期黑龙江省种植业总产值增长的贡献因素,其次利用协整检验和VAR模型, 选取种植业总产值、种植业结构、粮食平均价格为解释变量计量分析了粮农收入贡献因素。研究结果表 明:从”八五”到”十一五”时期黑龙江省种植业单位面积产量和种植业结构调整对种植业产值增长的贡 献很小但有增强的趋势;价格对种植业总产值增长的贡献很大,是种植业产值增长的主要贡献因素,但有 起伏;总播种面积的贡献趋近于零。1986～2010年间黑龙江省种植业总产值、种植业结构调整对粮农收入 增加贡献较大,贡献分别为3.059 1和2.291 6,粮食价格对粮农收入增加贡献为-4.315 6。     

收入增长、饮食结构转变与食物系统碳排放——来自中国6省住户调查数据的证据

目的 食物系统碳排放在全球碳排放中的比重已达到30%。聚焦居民收入增长对食物消费结构变化的影响及其带来的碳排放效应,从饮食结构视角考察居民收入增长导致的食物系统碳排放变动。方法 文章从微观视角运用EASI需求系统模型分析不同收入增长模式下食物系统碳排放的可能增长路径。结果 （1）收入增长会使碳排放密集型的牛羊肉等动物类食物的消费量快速增长;（2）在不考虑收入分布变化的收入增长10%～50%的情景下,人均食物系统碳排放的变动在-5.23%～13.99%,收入差距缩小和中等收入群体壮大的收入增长模式则会使排放进一步增加;（3）在收入增长幅度低于30%时,农业减排技术进步可以有效中和食物系统碳排放增长,反映出农业减排技术进步对于减缓食物系统碳排放的重要性和有限性。结论 有必要制定依靠农业减排技术创新为核心的综合减排策略,进一步促进饮食的健康和环境协同增效,引导居民的饮食结构向果蔬等植物类食物及“低畜肉,高禽、蛋、奶、水产品”的动物类饮食结构转变。