控股股东“掏空”与“支持”:企业所得税的影响

源于企业所得税的征收,国家某种意义上是公司最大的“小股东”。本文将“国家股东”纳入控股股东与小股东间博弈行为的分析框架,检验企业所得税征收对控股股东“掏空”与“支持”的影响。结果表明,在“掏空”与“支持”的选择上,企业所得税会产生两方面效应:税率提高会增强控股股东“掏空”的倾向;而税收征管则能够抑制其“掏空”的倾向。区分“掏空”与“支持”两类情形,当控股股东试图“掏空”时,税率越高,税收征管强度越低,“掏空”程度越高;当控股股东试图“支持”时,税率越高,税收征管强度越高,“支持”程度越高。本文不仅提供了“掏空”与“支持”影响因素方面新的经验证据,且丰富了税与代理问题相关的学术文献。     

Risk management and reinsurance strategies in the Spanish insurance market (1880–1940)

Reinsurance allows insurance companies to diversify their risks. However, from this original role, insurance companies have developed various reinsurance strategies in order to expand their market share. From the last decades of the nineteenth century to the 1940s, Spanish insurance companies used reinsurance in a largely unregulated context. This article analyses the reinsurance practices and their adaptation to the singularities of the Spanish market, namely: the difficulties for the consolidation of a core of pure reinsurers; the management of reinsurance in the internationalisation process; and the use of reinsurance by mutual societies to overcome their lack of equity capital.     

The dynamic interactions among the stock,bond and insurance markets

This paper explores the lead–lag relationships and the dynamic linkages among stock, insurance and bond markets in the developed countries. This is the first empirical study which sheds light on the extent and magnitude of the association among these financial markets used by the Granger causality test of Toda and Yamamoto (1995), generalized impulse response approach, and generalized variance decomposition in a multivariate setting. Our empirical results illustrate that there are indeed various patterns of dynamic relationships. The direction of causality appears to differ across countries. While investigating these interactive relationships under unexpected shocks, there is a one-way significant influence between the life insurance premium and long-run interest rate. These empirical findings serve as valuable applications not only for investors to diversify their risk away as well as to earn the abnormal return, but also for policy-makers to allocate resources more efficiently.     

湘西民族地区保险业市场环境分析及发展战略

企业所处的行业及其竞争结构是影响企业竞争和发展的主要因素.本文通过迈克尔·波特的五种基本竞争力的行业环境分析,得出湘西民族地区保险行业面临的首先是新进入者的威胁和行业内现有企业的竞争,其次是替代品的威胁,最后是顾客的议价能力;并提出了建立有效的战略组织结构、拓宽保险分销渠道、提升服务质量、重视人才储备和培养、维护公司信誉和加强企业文化建设等发展战略.     

中国人口老龄化变化趋势及完善养老保险体制的研究

本文利用全国人口普查和经常性统计的有关资料,在不同的人口政策目标参数假设下,根据中国人口预测系统（CPPS）和人口生命表对今后45年中国人口老龄化的变化趋势进行了分析和预测。根据预测结果,通过较全面系统地分析中国社会养老保险体制的现状,指出了其存在的问题,特别是在中国人口老龄化快速发展趋势冲击下已经出现及可能出现的问题。在此基础上,提出了几点具有可操作性的改革和完善养老保险体制、退休及人口生育等方面的政策建议。     

寿险合同持续期的实证研究:一个契约的视角

本文将寿险合同持续期,作为研究的对象。以契约经济学的方法,分析保险合同,将影响持续期的因素分为:投保人特点、保险人行为以及契约外部环境。运用来自山东某人寿保险公司的保单数据,研究了各类因素对持续期的影响。极大似然估计的结果显示,三类因素对寿险合同持续期都有显著影响。其中,服务质量、职业风险以及定期存款利率对契约持续的影响最大。另外,收入、年龄、同业竞争,也对持续期有显著影响。     

重大保险风险测试及其对再保险定价的影响

2010年我国保险行业实施《企业会计准则解释第2号》后,在保费收入的会计确认上发生了重大变化,要求保险公司对签订的再保险保单进行重大保险风险测试。重大保险风险测试对再保险保单的影响重大,本文主要阐述重大保险风险测试问题的提出以及主要测试方法,并从实务角度出发,分析我国的重大保险风险测试规定对临时再保险、非比例合约再保险和比例合约再保险等再保险保单定价的影响。     

中国U型储蓄的分析

我国的储蓄率逐渐变为U型和国外的倒U型是相反的。退休后的储蓄率高于工作的人的储蓄率，出现了和生命周期理论相违背的现象。这种趋势从1995年开始，到2000年出现大的上升，到2005年趋势非常明显。     

年金保险危险选择策略研究

本文对年金保险危险选择保单挂起时点从最优、战略和实际三方面提出了解决方法,进行了学术探讨。     

Financial safety nets: reconstructing and modelling a policymaking metaphor

This paper explains that financial safety nets exist because of difficulties in enforcing contracts and shows that elements of deposit-insurance schemes differ substantially across countries. It shows that differences in the design of financial safety nets correlate significantly with differences in the informational and contracting environments of individual countries and that a country's GDP per capita is correlated with proxies for a country's level of: (1) informational transparency, (2) contract enforcement and deterrent rights, and (3) accountability for safety net officials. The analysis portrays deposit insurance as a part of a country's larger safety net and contracting environment. This means that there is no universal method for preventing and resolving banking problems and that the structure of a country's safety net should evolve over time with changes in private and government regulators' capacity for valuing financial institutions, disciplining risk taking and resolving insolvency promptly, and for being held accountable for how well they perform these tasks.