基于EVA我国上市公司资本结构与经营绩效关系的实证研究

选取了我国沪市制造类,水电煤气供应类,交通运输、仓储类,信息技术类,批发零售类和综合类等六类共648家上市公司,以其2004～2006年连续三年年报数据为依据,基于EVA对其资本结构与经营绩效的关系进行实证分析。研究表明,除水电煤气供应行业外,资本结构与企业绩效为显著负相关关系;企业规模与企业绩效有显著相关关系;股权集中程度与企业绩效无关。     

Housing Allowance and the Rent of Low‐income Households

This paper analyses the effect of a housing allowance programme on the rent paid by assisted low‐income households. The data consist of 12,000 rental households in the free‐market and municipal sectors. The effect is estimated using the programme reform of 2002 as an instrument. The reform increased the allowance of the assisted households depending on housing characteristics, but it had little effect on the eligibility. Results suggest that in the private sector, one additional euro of allowance increases the rent of claimants by 60–70 cents. The effect is zero in the municipal sector, as rents are tied to the housing costs.     

Intertemporal Equity and Efficient Allocation of Resources

Competitive paths which are efficient are shown to satisfy a terminal cost minimization condition, thereby providing a continuous-time counterpart to the discrete-time result due to Malinvaud. Using this result, competitive paths which are equitable and efficient are shown to satisfy Hartwick's investment rule, which states that the value of net investment is zero at each date. Our result indicates that Hartwick's rule can help to signal inefficiency of competitive equitable paths. Journal of Economic Literature Classification Numbers: C61, D90, O41.     

保费收入随机化条件下的保险公司破产概率模型研究

保费收入是保险公司破产概率的重要影响因素。传统的保险公司破产概率模型常将保费收入过程看作连续的确定性过程,然而在现实中,保费收入过程却是一个离散的随机过程。本文用复合泊松过程描述保费收入,从而将确定性保费收入条件下的破产概率模型拓展到随机化保费收入条件下的破产概率模型,在此基础上模拟计算了保险公司破产概率,并比较分析了不同的保险资金投资模式对破产概率的影响。     

和谐社会目标下中国社会保障体系中的政府责任

中国经济持续快速增长,社会急剧转型,经济快速增长的同时各种社会矛盾凸显和深化,社会和谐成为我国经济实现可持续发展的重要前提。和谐社会目标下公平的、全社会共享的社会保障制度建设意味着政府责任的加强,而增加财政投入、加强和提高财政的公共性是优化我国社会保障体系与和谐社会建设的重要保证。     

商店环境、购物价值与零售商品牌权益的关系研究

将消费者购物价值作为中间变量纳入商店环境与零售商品牌权益的关系模型中,并以超级市场为对象进行了实证分析,结果发现:设计因子和氛围因子只对享乐型价值有显著影响,社会因子对功利型和享乐型价值均有显著影响,其中,社会因子对购物价值的影响程度最大。同时,功利型和享乐型价值对零售商品牌资产的形成均有显著直接影响,但享乐型价值的影响程度更大。     

湖北省油菜保险纯费率比较研究——基于不同单产分布下的实证研究

在农作物保险费率厘定当中,期望损失是影响纯费率准确性的关键因素,因此在不同的产量分布下会出现不同的纯费率,本文使用四种参数方法与一种非参数方法,共五种分布对湖北省78个县市①的油菜单产保险纯费率进行厘定,发现不同分布下厘定的费率明显不同,并采取定性与定量相结合的方法对五种分布拟合的效果做出评价。     

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。     

Learning for Innovation and the Skill Premium

The computer revolution took very long to pay off in productivity growth in the computer-using sectors. The relative wage of skilled workers, however, has risen sharply from the early days of the computer revolution onward. As skilled workers wages reflect their productivity, the two observations together pose a puzzle.This paper provides a micro-based explanation for the long diffusion period of the computer revolution. The general equilibrium model of growth zooms in on the research process and provides an explanation for sluggish growth with booming relative wages of the skilled. Technological progress in firms is driven by research aimed at improving the production technology (innovation) and by assimilation of ideas or principles present outside the firm (learning). A new General Purpose Technology (GPT) like the computer revolution generates an initial slowdown in economic growth and an increase in the skill premium.Acknowledgement I am indebted to Theo van de Klundert for suggestions and encouragement. Suggestions by Jan Boone, Bas Jacobs, Patrick Francois, Henri de Groot, Lex Meijdam, Niek Nahuis Sjak Smulders, Harald Uhlig and anonymous referees have contributed to the paper.     

Risk Aversion, Intergenerational Equity and Climate Change

The paper investigates a climate-economy model with an iso-elastic welfare function in which one parameter measures relative risk-aversion and a distinct parameter measures resistance to intertemporal substitution.We show both theoretically and numerically that climate policy responds differently to variations in the two parameters. In particular, we show that higher but lower leads to increase emissions control. We also argue that climate-economy models based on intertemporal expected utility maximization, i.e. models where = , may misinterpret the sensitivity of the climate policy to risk-aversion.