审计报告改革对权益资本成本的影响研究

传统审计报告的模式化披露无法满足投资者价值信息获取需求,“审计期望差距”问题日益严重。基于2016年12月颁布的新审计报告准则,选取A+H股上市公司为研究对象,考察审计报告改革对上市公司权益资本成本的影响。结果表明,审计报告改革会显著降低权益资本成本。进一步发现,关键审计事项披露数目越多,权益资本成本越低;审计报告改革降低权益资本成本的效应在信息不对称程度高、内部控制水平低、媒体环境差以及代理冲突高的公司中更为明显。这不仅为审计报告改革的经济后果提供了证据,而且对于提高投资者决策效率以及维护资本市场秩序也具有一定的现实意义。     

卖方分析师佣金解绑改革与中国实践--基于MiFIDⅡ的思考

卖方分析师利益冲突问题损害了投资者利益以及市场稳定性。为提高分析师独立性,欧洲2018年出台的《欧盟金融工具市场指令Ⅱ》首次拆分了分析师的分仓佣金与研究费用。研究发现,该举措实施后,伴随着卖方研究质量提升、低质量分析师退出市场,分析师利益冲突问题得到缓解,促进了卖方服务内部化转型、买方研究加速形成以及投资者交易透明度的提升,但同时也带来了研报价格恶性竞争、市场信息环境受损、人才非优流动等负面影响。我国分析师佣金制度存在披露透明度不足、研究服务界定不明、佣金分配缺乏有效监管等问题,现阶段完全解绑佣金可能引发潜在风险,应采取相对柔性的改革思路。监管机构宜推动改革基金管理费用,塑造市场激励机制;券商应提升综合研究能力,推进业务模式转型,探索差异化发展之路。     

Carbon Taxes and Joint Implementation. An Applied General Equilibrium Analysis for Germany and India

Germany has committed itself toreducing its carbon emissions by 25 percent in2005 as compared to 1990 emission levels. Toachieve this goal, the government has recentlylaunched an environmental tax reform whichentails a continuous increase in energy taxesin conjunction with a revenue-neutral cut innon-wage labor costs. This policy is supposedto yield a double dividend, reducing both, theproblem of global warming and high unemploymentrates. In addition to domestic actions,international treaties on climate protectionallow for the supplementary use of flexibleinstruments to exploit cheaper emissionreduction possibilities elsewhere. One concreteoption for Germany would be to enter jointimplementation (JI) with developing countriessuch as India where Germany pays emissionreduction abroad rather than meeting itsreduction target solely by domestic action. Inthis paper, we investigate whether anenvironmental tax reform cum JI providesemployment and overall efficiency gains ascompared to an environmental tax reformstand-alone. We address this question in theframework of a large-scale general equilibriummodel for Germany and India where Germany mayundertake JI with the Indian electricitysector. Our main finding is that JI offsetslargely the adverse effects of carbon emissionconstraints on the German economy. JIsignificantly lowers the level of carbon taxesand thus reduces the total costs of abatementas well as negative effects on labor demand. Inaddition, JI triggers direct investment demandfor energy efficient power plants produced inGermany. This provides positive employmenteffects and additional income for Germany. ForIndia, joint implementation equips itselectricity industry with scarce capital goodsleading to a more efficient power productionwith lower electricity prices for the economyand substantial welfare gains.     

Economic liberalization and welfare in a model with an informal sector

The paper reexamines the conventional results relating to inflow of foreign capital, removal of protectionism and structural reform programmes, in a small open economy in terms of a two-sector general equilibrium model with an informal sector. The paper shows that in the presence of labour market distortion and a protectionist policy, inflow of foreign capital may be desirable irrespective of the pattern of trade of the economy due to its favourable impact on welfare. But the welfare implications of tariff reductions and/or structural adjustment programmes, such as deregulating the formal sector labour market, depend crucially on the economy's trade pattern. The paper provides an answer to the question as to whether in a developing economy labour market reform and tariff reform should go hand-in-hand or whether one should precede the other for welfare improvement.
JEL classification: F10, F13, F21, O17.     

我国财产税制度存在的缺陷及其改革构想

财产税不仅是一种历史悠久的税收形态，而且是当今各国税制体系的重要组成部分，具有其他税种难以替代的作用。我国现行财产税制度在改革开放后虽然有所发展，但仍存在着税种缺失、税制老化等诸多问题，亟待改革。     

农村税费改革中存在的问题及对策

农村税费改革后,农民的负担减轻了,但税费改革中新出现的一些问题严重影响了税费改革的进程和效果。我国农村税费改革存在着城乡之间、城区与非城区农民之间负担不均衡、农村义务教育投入严重不足、村级经费短缺等亟待解决的问题。为此,应采取加大农村政府机构改革的步伐和力度、加大对农村义务教育的投入、加大中央和省级两级财政转移支付力度等措施,进一步完善农村税费改革。     

我国经济体制改革的回顾与展望

我国经济体制改革已有28个年头,取得了四大成就:一是市场经济引进多元化竞争;二是经济高速增长;三是人民生活水平普遍提高;四是中国的国际影响力和竞争力在提升.我国在深化改革中面临诸多的体制性障碍和结构性矛盾,可归纳为四大滞后:一是政府职能转变滞后;二是产权制度改革滞后;三是配套改革滞后;四是经济增长方式的改革滞后.我们要清楚地认识当前的形势,解放思想,坚定信心,做深化改革的促进派.     

Pensions reforms,workforce ageing and firm-provided welfare

This paper investigates the impact of an exogenous increase in the legal retirement age on the firms’ propensity to provide welfare services voluntarily to their employees. To this purpose we exploit a unique information derived from the Rilevazione su Imprese e Lavoro (RIL), a survey conducted in 2015 on a large and representative sample of Italian firms. Applying different regression models we show that firms which were forced to give up previously planned hirings because of the Law 201/2011 (the so-called ‘Fornero pension reform’), increased the probability of providing welfare services at workplace. By referring to the sociological, human resource management and economic literature we then argue that a sudden increase in the legal retirement age may motivate the employers to establish welfare schemes as a way to cope with an ageing workforce. Our findings also hold when propensity score matching methods are used in order to control for sample selection issues.     

黑龙江省普通高校开设滑雪课的可行性分析

笔者通过对黑龙江省普通高校开设滑雪课必要性、制约因素的研究以及可行性分析,可以看出,滑雪运动作为我国的一个新兴的体育项目,在高校的发展虽处于起步阶段,有种种制约因素,但通过调动一切积极因素,更新观念,在黑龙江省普通高校开设滑雪课是切实可行的。     

中国企业人力资本产权变革三次浪潮评析

人力资本股权化是现代企业产权制度变革的基本逻辑和大趋势.如何在实际操作层面解决"两权分离"悖论,不仅是现代公司制度运作和发展的主题,也是中国企业人力资本产权制度变革的逻辑起点、核心问题和主要矛盾.1992年以来,中国企业人力资本产权变革经历了三次浪潮.目前,对于中国企业来说,实现人力资本股权化、稚行股权激励计划,已经不是什么"理论"问题而是如何实际"行动"的问题.基于人力资本产权制度变革积极推行股权激励计划,是未来中国企业必然而明智的战略选择.