论企业财务管理目标

财务管理目标是财务管理的前提和基础,目前存在着“产值最大化”、“利润最大化”、“股东财富最大化”等理论。本文分析了各种理论的优点和缺点,提出了所支持的观点－股东财富最大化,详细论述了“股东财富最大化”的理论基础和具体的实现指标。     

The national wealth of Sweden, 1810–2014

This study presents a new database, the Swedish National Wealth Database, which contains annual data on private, public, and national wealth and sectoral saving rates in Sweden over the past two centuries. The paper reviews previous investigations of national wealth, compares their estimates with the ones presented here and discusses method approaches and measurement problems. The main results from data series are presented for assets and liabilities and their subcomponents, for the private and public domestic and foreign sectors. By complementing the past literature with its traditional focus on economic flow variables to understand long-run economic developments, this new database offers potentially new perspectives on a number of important issues in Sweden's economic history.     

An historical wealth assessment – measuring the Swedish national wealth for the nineteenth and twentieth centuries

This article provides historical account of wealth accumulation and composition in Sweden during the nineteenth and twentieth centuries. A detailed account on capital formation during the industrialisation process shows that produced capital grew faster than natural capital from the 1850s. Natural capital was changing from a predominance of forest towards crop land as the main asset in the early twentieth century. Produced capital was largely bounded in the agriculture sector up till the second half of the nineteenth century. Heavy investments in the infrastructure sector and later in the manufacturing section changed the produced capital structure and thereby lowered transport costs and return of investment in manufacturing and services; providing incentives for accumulating the stock of produced capital and enhance consumption and living standard. The return on capital was dispersed from the outset of the period but has converged over time.     

Human capital in Britain, 1760–2009

Human capital can be defined as the knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic well-being. It is arguably one of the most important determinants of economic growth. In general, human capital has been calculated with two different approaches: (1) retrospective method through the expenditures on education, (2) prospective through the discounted sum of the wages it would receive over the expected number of remaining working years. In this paper we use the prospective method to calculate human capital in the UK from the mid-eighteenth century to the present, providing the by far longest estimate for human capital for any country. To overcome the problems related to the scarcity of historical data, we developed a method which is able to make the most efficient use of the scarce data available for the eighteenth and nineteenth centuries. Our calculations show a 112-fold increase of human capital, and a 13-fold increase of human capital per worker and per capita from 1760 to 2009. Using cumulative schooling expenditures from 1833 to 2000, we examine whether increased spending on schooling explains this phenomenal growth in human capital.     

How Much Will China Save? Projecting China's National Savings Through 2040*

This paper projects China's national savings through 2040 based on China's national account data, demographic data, and data on rural and urban life‐cycle income and consumption. Our baseline projections show that China's national saving in 2040 will be 16 times the current national saving. The annual growth rate of wealth will decline from 16.3 percent in 2012 to 9.5 percent in 2040. Lowering the growth rate of wealth accumulation to the current rate of return to wealth increases consumption through 2040; lowering the growth rate of wealth further may increase consumption more in the short run, but less in the long run.     

终极产权、股权制衡与投资

本文以我国上市公司2002年-2007年的数据为样本,实证检验了股权制衡在企业投资决策方面的治理效应。结果发现,并没有证据表明制衡的股权结构在抑制企业非效率投资行为方面起到了监督大股东的作用,反而有更多的证据表明股权制衡加剧了企业过度投资和投资不足问题,并且在非国有控股企业中这种现象更为严重。     

定向增发、控制权变动及其信号传递效应

 当公司再融资引起股权结构显著变动时,其必然会对公司控制权配置、竞争和转移产生重要影响,这种影响传递到资本市场会使公司股价发生相应波动。这种效应在股权高度集中公司更为明显,因为大股东是公司的实际控制人,大股东股权进而公司控制权变动传递了公司经营管理的内部信息。采用事件研究法,本文研究发现定向增发在我国具有正的公告效应;但是,定向增发对大股东控制权的影响不同其公告效应也不同：使得大股东控制权发生转移的定向增发其AAR和CAR最大,控制权强化类定向增发居次,控制权弱化类最后。可见,我国上市公司定向增发传递出了明确的公司控制权变动信号,彰显了大股东控制在上市公司中地位突出的治理角色。     

农户社会阶层对土地流转行为的影响——基于财富资本与声望资本的视角

研究目的：依据韦伯的社会分层理论与可持续生计理论，探讨农户社会阶层与土地流转行为之间的整体性关系与多维度关系，以丰富既有的土地流转行为研究，为农户社会分层背景下土地资源的优化配置提供政策启示。研究方法：双向固定效应模型。研究结果：（1）在城镇化进程中，农户内部的社会阶层不断动态调整，社会分层现象愈发凸显。（2）农户社会阶层对土地流转行为具有正向影响，且这种影响具有一定的滞后性。（3）农户财富资本而非声望资本正向影响土地流转行为，且财富资本的影响远高于社会经济地位指数。研究结论：农户社会阶层尤其是财富资本的提升有助于土地流转行为的发生，这对于推动农村土地流转市场发展，提升土地资源配置效率具有重要意义。     

空间均衡导向下的生态产品价值实现路径及演进 ——基于改进四象限模型的理论分析

研究目的：测度2015—2020年全国31省的物质和生态财富价值变化，探讨生态产品价值实现的空间均衡框架，为不同区域的实践探索提供参考。研究方法：改进四象限模型、归纳总结法和案例分析法。研究结果：（1）2015—2020年全国31省GEP和人均GEP分别增长了19.35%和16.80%，但空间不均衡的格局差异愈发明显。（2）以物质和生态财富的均衡状态构建基于改进四象限模型的空间均衡框架，将31省划分为6个象限分区，各分区生态产品的供需强度存在相对势差。（3）处于不同象限的地区应在生态修复整治、生态保护补偿、生态权益交易、生态产业开发、产业生态转型5种主要路径中因地制宜进行匹配组合，并朝着物质与生态财富协同的理想均衡线演进。研究结论：剖析物质与生态财富的协同关系及生态产品供需强度对生态产品价值实现路径的指导依据，探索价值实现的空间均衡方向和路径演进策略，有利于实现区域间“富绿”协同。