企业剩余分享及其产权机理

企业剩余由资本所有者独享向其他要素所有者共同分享的演进是现代企业治理结构发展的一个重要趋势。本文对剩余和剩余分享进行了界定,分析了剩余分享的几种情形,阐释了剩余分享的内在产权机理及其主要途径。     

Progression and revenue effects of income tax reform

Usually, only initial revenue effects of personal income tax reforms are considered. However, a tax reform characterized by base broadening in exchange for rate reduction can reduce the income elasticity of tax revenue. In that case, the increase in revenue after income growth will be relatively smaller: the tax reform has a negative effect on revenue in the second period. Using the microtax model of the Central Planning Bureau we simulated the effects of the Dutch Oort reform 1990 on revenue elasticities and, consequently, on tax revenue. The income tax revenue elasticity declined by 17 percent which caused an additional revenue loss of 0.6 percent in 1990, rising to 3.8 percent in 1993.     

我国政府非税收入体系的基本特点分析

本文从公共财政理论入手对我国非税收入体系的基本特点进行了分析,并在这一分析的基础上对有关非税收入的不同认识进行了相应的讨论.文章认为我国非税收入体系和税收收入体系共同构成了我国政府的收入体系,并具有自己的基本特点.     

关于社会保险的深层次思考

正确认识社会保险税并非一般意义上的税，而是介于税费之间，从而跳出了目前的费改税之争，对当前我国社会保障制度的构建具有重要的指导作用。关于社会保险模式的选择，结合我国实际，针对不同群体可选择“并列型和个人主导型”。运用收支两条线和提高社会保障立法层次构建起社会保障运行的制约机制。同时，要在工会的参与实施下，通过制度规则建企，构建社会保险的补充形式，如企业保险、社区互助等。     

我国推行住房抵押贷款证券化的税收政策设计

推行住房抵押贷款证券化是我国金融体制创新的重要目标方位。本通过对住房抵押贷款证券化运作过程中税收环节的分析，在充分借鉴国外关于住房抵押贷款证券化运作经验的基础上，结合国内金融体制创新的实际情况，对我国推行住房抵押贷款证券化的税收政策设计进行了分析与论述。     

个人教育投资的均衡分析

人力资本投资的关键形式是教育投资。文章认为,个人教育投资的均衡条件是边际成本等于边际收益。因为个人教育投资的边际成本递增,边际收益递减,所以必须采取多种措施刺激个人教育投资的积极性,才能促进我国教育事业的大发展。     

我国金融发展与经济增长关系的区域差异分析——兼论分税制改革对金融发展与经济增长关系的影响

本文利用1979-2003年的省级面板数据，将我国分为东、中、西三大区域，考察了金融发展对经济增长的影响，结果表明：把国有商业银行贷款占GDP的比例作为金融发展的衡量指标对三大地区人均GDP均具有显著的正相关性，金融发展促进经济增长的理论在我国同样成立；但金融发展与实体经济部门之间均不存在良性互动的关系，其对经济增长的贡献仅仅停留在增加资本积累上，对资本配置效率的改善作用不大；1994年的分税制改革对金融发展促进经济增长的作用造成了显著的负面影响。因此，我国的金融体制改革需要将金融体制改革、国有企业改革、财税体制改革和政府体制改革纳入同一个分析框架中进行。     

基于风险的银行绩效评价方法

随着全球经济一体化程度的加深,银行之间的竞争日趋激烈.如何做好银行的绩效评价工作直接关系到银行未来的发展.传统的银行绩效评价工作多数侧重于静态的财务指标分析,这种分析方法最大的缺点在于无法对银行面对的瞬息万变的金融市场的风险情况及银行未来发展能力进行有效的预测及评价.RAROC绩效评价法是对传统银行绩效评价方法的改进.这种方法将风险带来的未来可预计损失量化为当期成本,直接对当期盈利进行调整,衡量经风险调整后的收益大小,并考虑为可能的最大风险做出资本储备.该方法将银行的收益与银行所承担的风险相结合考核银行的经营效绩,缩小了管理者与出资人之间的目标差距,对改进我国商业银行的绩效评价方法具有积极意义.     

Revenue Sharing versus Expenditure Sharing in a Federal System

Problems of intergovernmental policy coordination can take many forms and are becoming increasingly important with continuing economic integration. In this paper we focus on the fiscal competition problem where the non-cooperative choice of taxes and transfers among governments typically leads to a suboptimal outcome. We look at the effect of two widely used corrective policies: revenue sharing and expenditure sharing (or intergovernmental matching grants). Our main result is that these two corrective policies have opposite effects depending on the form of competition between governments, namely whether governments compete in taxes or expenditures. More precisely, for any form of competition, revenue sharing is desirable exactly when expenditure sharing is not and vice versa. The implication is that the choice of the optimal corrective policy requires a complete understanding of the underlying non-cooperative behavior among governments. Our second main result is that neither revenue sharing or expenditure sharing can be sustained as a Nash equilibrium among governments, although all governments would benefit from one of these two corrective policies. Central intervention is therefore inevitable unless governments can pre-commit to the optimal corrective policy before setting their fiscal policies.     

The composite iteration algorithm for finding efficient and financially fair risk-sharing rules

We consider the problem of finding an efficient and fair ex-ante rule for division of an uncertain monetary outcome among a finite number of von Neumann–Morgenstern agents. Efficiency is understood here, as usual, in the sense of Pareto efficiency subject to the feasibility constraint. Fairness is defined as financial fairness with respect to a predetermined pricing functional. We show that efficient and financially fair allocation rules are in one-to-one correspondence with positive eigenvectors of a nonlinear homogeneous and monotone mapping associated to the risk sharing problem. We establish relevant properties of this mapping. On the basis of this, we obtain a proof of existence and uniqueness of solutions via nonlinear Perron–Frobenius theory, as well as a proof of global convergence of the natural iterative algorithm. We argue that this algorithm is computationally attractive, and discuss its rate of convergence.