城市房屋拆迁的制度分析

我国城市房屋拆迁制度是一项重要的公共政策制度。通过介绍城市房屋拆迁的研究现状,回顾中国城市房屋拆迁制度变迁的三个阶段,分析现行的拆迁制度存在的制度性障碍,有针对性地提出了通过事前公示制、补偿听证制、公开招投标、慎用行政性强制拆迁来规范拆迁市场的政策建议。     

Do Institutional Investors Enhance Accounting Earnings Attributes in the Korean Market?

This study examines whether the effectiveness of institutional monitoring depends on the economic conditions of emerging capital markets. We use trading volume data by investor type to compute a proxy for total institutional ownership. We then analyze the impact of the proxy variable on accounting earnings attributes and examine whether the association between the two depends on an expectation of market growth. We find that the effect of institutional monitoring decreases when market growth is expected to be low, implying that market growth may be a critical determinant of institutional investors’ long-term monitoring effectiveness in emerging capital markets.     

对小额贷款公司可持续发展的思考

在新农村建设的关键时期,不仅要从观念上重视小额贷款发展,而且要从运作机制上实现小额贷款发展的可持续。本文以山东省小额贷款公司为例,分析检验其经营发展的可持续性,并提出了促进小额贷款可持续发展的若干政策建议。     

The Main Determinants of the Use of the Cost Accounting System in Portuguese Local Government

Abstract: This paper explores the main determinants of the use of the cost accounting system (CAS) in Portuguese local government (PLG). Regression analysis is used to study the fit of a model of accounting changes in PLG, focused on cost accounting systems oriented to activities and outputs. Based on survey data gathered from PLG, we have found that the use of information in decision‐making and external reporting is still a mirage. We obtain evidence about the influence of the internal organizational context (especially the lack of support and difficulties in the CAS implementation) in the use for internal purposes, while the institutional environment (like external pressures to implement the CAS) appears to be more deterministic of the external use. Results strengthen the function of external reporting to legitimate the organization's activities to external stakeholders. On the other hand, some control variables (like political competition, usefulness and experience) also evidence some explanatory power in the model. Some mixed results were found that appeal to further research in the future. Our empirical results contribute to understand the importance of interconnecting the contingency and institutional approaches to gain a clear picture of cost accounting changes in the public sector.     

Do Foreign Investors Encourage Value-Enhancing Corporate Risk Taking?

This paper examines whether foreign investors in Korea affect incentives for firms to take risks in corporate investment. The short-term focus of foreign investors encourages managers to engage in conservative investment behavior. On the other hand, foreign investors encourage managers to focus on long-term value rather than short-term returns as active participants in corporate governance. These competing views are examined by testing for the association between foreign ownership and variations in corporate cash flow, a proxy for the risk of chosen investments. Furthermore, we examine whether risk taking is positively associated with firm growth, which is a primary concern in debates regarding the myopic behaviors of foreign investors. The results show that firms with high foreign ownership are less likely to avoid risk taking—and that risk taking is, in turn, positively associated with firm growth, implying that foreign investors perform a monitoring function in encouraging value-enhancing risk taking.     

债券市场改革与投资者风险意识研究——来自公司债券发行定价的证据

2015年1月出台的《公司债券发行与交易管理办法》建立了公司债券市场发行“注册制”的雏形。本文研究发现,该办法出台后,投资者风险意识显著提升,风险识别能力显著增强。我国债券市场实施“注册制”后,对证券监管部门、市场投资者等参与主体的权责进行重新定义和划分,参与各方各尽其责,投资者的专业能力和风险意识显著提升,债券市场健康有序发展。在债券违约常态化趋势下,为保证债券市场健康有序发展,监管部门一方面要强化市场约束机制,更加注重投资者教育,打破投资者的刚兑信仰;另一方面要强化投资者保护,健全违约善后机制。