国内外节能减排政策研究综述

伴随着经济持续快速增长,我国的能源与环境问题也日渐突出。当前,节能减排已成为保持我国社会经济可持续发展的必然选择。本论文从市场手段和行政手段两个方面,综述国内外已经开展的节能减排政策研究,并在此基础上指出利用CGE模型开展节能减排政策研究具有广阔的应用前景。     

货币政策工具对资产价格动态冲击的识别检验

文章以不同的货币政策手段在资产价格波动的不同阶段所表现出的作用效果为出发点,通过SVAR模型,识别出不同货币政策工具的单独动态冲击,并分别分析了膨胀阶段和低迷阶段的资产价格对货币政策冲击响应的程度,以解决针对不同阶段资产价格波动的货币政策调控手段和时机的选择问题。结果表明,货币政策对资产价格的作用具有有效性,在价格膨胀阶段可在一定时期内采取利率手段对资产价格波动进行微调,当出现价格泡沫时控制货币供应量会收到即时效果;而在资产价格低迷阶段,以利率调节资产价格具有明显和相对持久的作用。     

高端科学仪器的创新特性与产业发展思路

高端科学仪器具有全局性的战略意义,但目前对其创新规律缺乏必要的研究.从与科学的共生关系、研发的异质集成性、性能改进的高频迭代、市场采纳的马太效应、价值创造的服务化、创新扩散的团簇型市场等6个方面归纳高端科学仪器的创新特性.提出促进中国高端科学仪器产业创新发展的思路,包括鼓励"中国首创"、引导"科学-商业"接力创新、支持应用迭代、重视跨国技术并购、挖掘服务化创新机会、加强高等教育改革.     

Solving and Testing for Regressor-Error (in)Dependence When no Instrumental Variables are Available: With New Evidence for the Effect of Education on Income

This paper has two main contributions. Firstly, we introduce a new approach, the latent instrumental variables (LIV) method, to estimate regression coefficients consistently in a simple linear regression model where regressor-error correlations (endogeneity) are likely to be present. The LIV method utilizes a discrete latent variable model that accounts for dependencies between regressors and the error term. As a result, additional ‘valid’ observed instrumental variables are not required. Furthermore, we propose a specification test based on Hausman (1978) to test for these regressor-error correlations. A simulation study demonstrates that the LIV method yields consistent estimates and the proposed test-statistic has reasonable power over a wide range of regressor-error correlations and several distributions of the instruments. Secondly, the LIV method is used to re-visit the relationship between education and income based on previously published data. Data from three studies are re-analyzed. We examine the effect of education on income, where the variable ‘education’ is potentially endogenous due to omitted ‘ability’ or other causes. In all three applications, we find an upward bias in the OLS estimates of approximately 7%. Our conclusions agree closely with recent results obtained in studies with twins that find an upward bias in OLS of about 10% (Card, 1999). We also show that for each of the three datasets the classical IV estimates for the return to education point to biases in OLS that are not consistent in terms of size and magnitude. Our conclusion is that LIV estimates are preferable to the classical IV estimates in understanding the effects of education on income. JEL Classification: C12, C13, C21, J3, M3     

Strategies and Instruments for Organising CSR by Small and Large Businesses in the Netherlands

This paper analyses the use of strategies and instruments for organising ethics by small and large business in the Netherlands. We find that large firms mostly prefer an integrity strategy to foster ethical behaviour in the organisation, whereas small enterprises prefer a dialogue strategy. Both large and small firms make least use of a compliance strategy that focuses on controlling and sanctioning the ethical behaviour of workers. The size of the business is found to have a positive impact on the use of several instruments, like code of conduct, ISO certification, social reporting, social handbook and confidential person. Also being a subsidiary of a larger firm has a significant positive influence on the use of instruments. The most popular instrument used by small firms is to let one member of the board be answerable for ethical questions, which fits the informal culture of most small firms. With respect to sectorial differences, we find that firms in the metal manufacturing and construction sectors are more actively using formal instruments than firms in the financial service sector and retail sector. The distinction between family and non-family firms hardly affects the use of instruments.     

中国金融衍生品问题研究

本文认为,我国发展金融衍生品市场的条件正在逐渐具备,目前面临的主要困难是投资者的无知和偏见、政府部门职能转变滞后与专业人才缺乏。文章提出,我国发展金融衍生品,要根据经济发展的需求、监管的能力及其他条件成熟的程度,稳步培育市场,逐步推出产品,成熟一个,推出一个,巩固一个,并依法、公正、适度地对金融衍生品市场进行监管,同时注意不断促进金融工具和金融制度创新,大力培养德才兼备、既懂理论又有实际操作经验的金融衍生品专业人才。     

中小企业融资探索——基于金融创新角度

中小企业是国民经济中一支重要的力量。融资难的问题一直是制约我国中小企业发展的障碍。解决这个问题需要从社会经济各个方面着手。从金融创新的角度出发,分析中小企业的资源、信用和风险状况,得出融资难的深层原因。根据金融创新的原理,针对不同类型的中小企业,分别设计了创新的金融工具,来拓展融资渠道。     

政策工具视角下中国高校思政教育

基于2012年11月以来的97份中国高校思政教育数字化政策为样本,构建X-Y二维分析框架,分析相关政策的政策工具分布及政策实施。研究发现,文件类政策较多,法规类政策较少;发文机构单一,协同类政策不多;政策工具体系初成,政策工具结构失衡;政策工具的应用持续向好,政策工具与政策实施的默契不足。最后,从强化法律法规支撑、加大政策协同力度、优化政策工具结构、提升政策工具与政策实施的匹配度等四方面提出优化建议。     

Are financial derivatives related to intra-entities' tax aggressiveness? UK evidence

This study investigates the effect of hedged versus nonhedged financial derivative instruments on the intra-entities' tax aggressiveness. Our findings provide evidence that multinational enterprises manage derivatives instruments to avoid their tax expenses aggressively. Specifically, nonhedged derivatives are an excellent determinant of the tax aggressiveness practices of corporate groups. Besides, this study speaks to the central role of governance quality in mitigating this aspect of tax aggressiveness and provides practical guidance to tax authorities and regulators for establishing new policies for governing financial derivative instruments and preventing tax aggressiveness from negatively affecting firms and society.     

新金融工具准则对私募股权投资企业财务管理的影响探析

2017年财政部为了适应新时期经济发展的需要,规范企业金融工具的会计处理,全面提高其会计信息的质量,陆续发布了《企业会计准则》第22、23、24和37号文件。论文对比了新旧金融工具准则的区别,根据私募股权投资企业的特点,分析其对私募股权投资企业财务管理的影响,并对新金融工具会计准则应用于私募股权投资企业财务管理提出建议。