Political Connections and Government Subsidies: Evidence from Financially Distressed Firms in China

Previous studies report mixed evidence regarding the effect of political connections on firm value. We seek new evidence in China, an important emerging market with a hallmark of a relationship-based economy. Using financially distressed firms (special treatment or ST firms) as a unique sample, we identify a direct channel through which political connections enhance firm value by showing that politically connected firms receive more government subsidies. Moreover, such effect becomes stronger for state-owned enterprises (SOEs), for firms with a better chance of survival, and after the government implemented a new policy to more strictly enforce the delisting in 2012.     

New development: Local government ethics in England: how is local ownership working?

With the abolition of the Audit Commission and the Standards Board for England, and the emphasis in the Localism Act 2011 on local ownership in England for standards, research was undertaken into a group of councils to assess their legislative compliance arrangements and the development of organizational ethical cultures. The research argues that the delivery of the former is a work-in-progress and that there is little evidence of the latter.     

基于政府参与情形的混合巨灾债券设计与实证分析

我国是属于自然灾害多发的国家,但由于保险市场与资本市场相对落后,目前对于巨灾的管理仍然主要依靠政府事后的财政拨款与民间捐赠。本文借鉴并改进了国内外相关研究结论,构建了由保险市场、资本市场以及政府所组成的巨灾风险分担模型。在该模型的基础上,以熵测度为准则,设计了一种有政府参与的混合巨灾债券,这种债券是传统的简单巨灾债券与...     

The Interaction of the IFRS 9 Expected Loss Approach with Supervisory Rules and Implications for Financial Stability

This paper examines the interaction of the International Financial Reporting Standard (IFRS) 9 expected credit loss (ECL) model with supervisory rules and discusses potential implications for financial stability in the European Union. Compared to the incurred loss approach of IAS 39, the IFRS 9 ECL model incorporates earlier and larger impairment allowances and is more closely aligned with regulatory expected loss. The earlier recognition of credit losses will reduce the build-up of loss overhangs and the overstatement of regulatory capital. In addition, extended disclosure requirements are likely to contribute to more effective market discipline. Through these channels IFRS 9 might enhance financial stability. However, due to the reliance on point-in-time estimates of the main input parameters (probability of default and loss given default) IFRS 9 ECLs will increase the volatility of regulatory capital for some banks. Furthermore, the ECL model provides significant room for managerial discretion. Bank supervisors might play an important role in the implementation of IFRS 9, but too much supervisory intervention bears the risk of introducing a prudential bias into loan loss accounting that compromises the integrity of financial reporting. Overall, the potential benefits of the standard will crucially depend on its proper and consistent application across jurisdictions.     

二元经济结构、政府行为与城乡金融结构演化

本文对二元经济结构、政府行为与城乡金融结构演化关系进行了理论分析,并对改革开放以来经济结构、政府行为对我国城乡二元金融结构演化的影响进行了实证研究。研究发现：无论是在长期还是短期,城乡二元经济结构强度和政府行为始终是我国城乡金融结构增强的主导因素;城乡投资差异对城乡二元金融结构的增强在长期内有显著影响、短期内影响不明显。因此,要促进我国城乡金融协调发展,需要减少政府干预、推动农村金融深化。     

我国政府审计质量的实证研究——源于审计署特派办审计结果执行情况的经验数据

自2003年"审计风暴"以来,审计机关的工作受到社会各界的高度重视,公众在期待审计结果公告的同时,也越来越关注审计机关的审计质量。我国政府审计质量不仅取决于审计报告的质量,还取决于审计结果的执行情况,其中审计调查出的主要问题情况是衡量审计报告质量的关键因素。受到可获取数据完整性的限制,本文仅选取审计署特派办2002～2008年审计处理结果的执行情况进行研究,分析了审计结果执行情况与审计处理情况之间的关系。结果表明:司法机关对违规人员的处理能够起到很好的震慑作用;审计结果的执行效果会对政府审计质量产生显著的正面影响。     

中国式财政分权影响资本配置效率研究

高度集中的政治管理体制下的财政分权使得中国财政分权对地方政府行为所产生的激励与西方国家不同。使用2002～2009年数据,对中国财政分权与资本配置效率进行理论研究与实证分析,结果表明:财政分权程度的提高对资本配置效率产生了阻碍作用,中国式分权所引致的地方政府规模扩张等行为扭曲是导致财政分权与资本配置效率负相关的主要原因。为此,应改革政绩考核指标、完善税收体系、调整财权分配制度。     

基于政府信息公开视角的档案信息化建设研究

近年来,随着计算机网络的不断发展,档案管理工作也必须实现信息化,从而才能跟上时代前进的步伐,不断提高档案工作的效率。文章基于政府信息公开视角,通过对于我国当前档案信息化存在的问题研究,为我国今后档案信息化工作的进一步发展和完善提供相关的对策建议。     

我国证券纠纷调解机制的完善和金融申诉专员制度合理要素的借鉴

我国新修订的《证券法》于2020年3月1日正式施行。作为资本市场根本法规,《证券法》新增第六章"投资者保护"可谓亮点之一,其中第94条规定"强制调解制度"在诉讼和仲裁之外为投资者提供了新的维权路径,加强对投资者的事后保护。但目前我国证券纠纷调解机制仍有诸多问题,例如法律条文碎片化、调解协议刚性不足、调解衔接机制不完善、调解机构体系混乱、监督机制不力等,这些弊病从根本上严重影响证券纠纷调解机制的制度设计和程序运行。本文拟通过分析英国金融申诉专员制度的成熟经验,为我国证券纠纷调解机制的完善和发展提出优化路径。     

Government contracts and US bond yield spreads: A study on costs and benefits of materialized political connections

In a 1991–2013 sample of bonds issued by US public firms, we find that the cost of debt (yield spread relative to comparable Treasuries) of suppliers to government agencies is contingent on the strategic importance of the supplier's industry. The yield spreads for strategically unimportant government suppliers are higher than for firms that are not government suppliers. If government contracts serve as tangible evidence of political connections, these higher yield spreads indicate that weaker corporate governance as a cost of political connections outweighs the benefits of said connections. For the subsample of government suppliers from strategically important industries, where the benefits of implicit bailout guarantees and revenue stability outweigh the corporate governance problems, the cost of debt is lower than for firms that are not government suppliers. The higher (lower) cost of debt for strategically unimportant (strategically important) suppliers is confined to contracting with the federal government. Our findings are robust to alternative variable and sample specifications, and to endogeneity concerns.