国外公共财政支出向“三农”倾斜的经验及启示

文章主要对部分发达国家财政支农的经验进行梳理和归纳,虽然国外与我国的国情不同,但他们的一些做法仍可以为我国农村制度创新提供一些经验及启示。     

Risk and Capital Structure in the Regulated Firm

This paper studies the role of capital structure in a regulated firm. We show that it affects the prices set by the regulator, the expected price being lower the higher the proportion of debt finance. However, when debt is increased beyond a certain level, the benefit of lower expected prices is offset by their increased variability. We also study the socially preferred capital structure. This is such that consumers carry some risk, in the form of higher prices in adverse economic conditions.     

山东科技金融绩效评价——基于主成分分析的DEA研究路径

本文以主成分分析方法进行指标蕴含信息的整合,重新组合一组线性无关的综合性指标,运用数据包络分析方法(DEA)对山东省科技金融投入进行效益评价。研究结果表明,山东省2000—2010年的金融投入重数量、轻质量,重速度、轻基础,呈现出DEA无效状态。基于此,山东省科技金融发展应转变发展方向,走可持续、集约化的发展路径。     

Asymmetric effects of housing wealth on college enrolment

We investigate the impact of housing wealth, credit availability and financial distress on college enrolment decisions. We find that housing wealth is negatively related to enrolment in public schools and positively related to enrolment in private schools. This evidence suggests that, on average, students substituted away from private schools towards public institutions during the recent financial crisis.     

中国银行业与国际银行业贷款分类比较分析

本文的研究目的在于通过对中国银行业与国际银行业贷款分类的比较分析,指出中国银行业贷款分类存在的差距,并提出改进的建议。文章指出目前中国银行业贷款分类技术无论在基本思路、客户细分、行业、规模、区域、国家风险方面,还是统计技术和方法的应用方面都存在较大差距。针对上述差距作者提出了改进的思路和方法,对于中国银行业改进现行的分类技术,缩小与国际同业的差距提供了有价值的参考依据。     

中国上市公司债务期限结构分析

对我国上市公司债务期限结构影响因素进行检验的结果表明,我国上市公司债务期限结构的影响因素较为稳定,内生性对其不构成显著影响.我国上市公司的债务期限与企业规模正相关,与企业财务实力、资本结构负相关,与其他因素没有显著关系.对债务期限和成长性关系的检验结果表明,我国企业应对成长机会变化的工具是财务杠杆而不是债务期限.代理成本理论不能解释我国上市公司债务期限结构的选择行为.     

Firm listing status and the investment home bias

Are public firm investment rates more sensitive than private firm rates to new investment opportunities? We offer a new explanation for differences in public and private firm investment sensitivities: investment sensitivities differ because the type of investments favored by firms varies with their listing status. Specifically, we consider the geography of investment opportunities and find that private firms have a much stronger investment home-bias than similar public firms which makes their investment decisions more sensitive to local investment opportunities than public firms. Controlling for local investment opportunities explains four-fifths of the differential sensitivity between public and private firms not explained by more traditional measures of investment opportunities.     

基于价值链的我国金融服务外包研究

服务外包是在经济全球化的背景下,企业为追求低成本、高回报而实现的一种战略联盟关系。从基于价值链的我国发展金融服务外包的优劣势分析来看,我国金融服务外包具有营运成本、劳动力资源、潜在与现实市场需求、行业成熟度提升、商业环境、政策导向和基地集聚等优势;同时,也存在高级技术人才短缺、法律对数据保密性要求低、政府官僚主义作风和语言障碍等劣势。因此,我国金融服务外包的战略选择是,建立独立的技术研究部门,狠抓自主创新;积极利用联盟关系,深入学习,伺机反向收购;加大业务流程精细化水平,整合服务型企业的外包能力。为此,政府和金融企业都要有一个清醒的认识,及早采取应对之策。     

地方高校金融学专业教学改革浅析

近年来,随着我国金融市场的不断开放,金融市场化程度越来越高,衍生金融产品交易日趋活跃,传统的金融理论知识已不足以支撑现代金融发展的需求,并且,随着地方金融中心的崛起,区域金融的发展也对金融人才提出了新的要求,因此,转变地方高校金融专业的教学理念,创新教学方法与实践迫在眉睫。     

Grants-in-aid and election outcomes in recipient jurisdictions: The impact of EU funds on mayoral elections in Poland

We analyze the impact of EU funds on the outcomes of Polish mayoral elections in 2010 and 2014. We employ an instrumental variable approach to account for the endogeneity of EU funds. Our instruments approximate the availability of EU funds. The first instrument builds on the alignment of the local electorate with the regional donor government. The second instrument uses the funds spent in municipalities in the same sub-region dropped from the sample because the mayors do not run again. We do not find convincing empirical evidence in favor of the notion that EU funds increase the vote shares of mayors. We go on to test whether the electoral effect of EU funds is conditional on the attitude towards the donor institution among the population in the recipient population. This conditional factor is under-researched and politically virulent – given citizens’ skepticism towards the EU that Krastev (2017) describes for Central and Eastern European EU members. Our results are affirmative. EU funds increase the vote shares of mayors in municipalities where Krastev (2017) predicts the degree of EU skepticism to be low while they are not found to do so in municipalities where EU skepticism is predicted to be widespread. These results suggest that citizens’ attitudes towards the donor of vertical grants determine the political gains of recipients from using them.