通道费的避税效应与规制

收取通道费在我国已成为零售企业的一种盈利模式,而零售商向供应商滥收通道费引起我国当前工商矛盾尖锐化。本文分析了我国通道费的概念和构成,发现零售商收取通道费具有避税效应,这是我国通道费盛行的原因之一。由于通道费构成的复杂性,解决通道费问题不宜硬性取消或强制采取控制的规定,政府可以采用征收通道费税的办法予以规制。本文通过模型设计,得出调节通道费的控制变量,设计了针对通道费的征税机制,为政府规制零售商收取通道费行为提供了依据。     

When Out-of-Stock Products DO Backfire: Managing Disclosure Time and Justification Wording

We investigate how stock-outs influence decision satisfaction and repatronage intentions for online purchase situations and how these responses vary with disclosure time and justification wording. We manipulate the disclosure time of the products’ unavailability (ex ante vs. ex post) and the justification given to consumers (firm-related vs. firm-unrelated). We find that, overall, stock-outs produce negative reactions, but that the main effects of timing and wording can sum up: ex ante, firm-related communication effectively offsets the damage caused by stock-outs. Retailers should employ real-time tracking to promptly inform consumers of product availability, and accept the responsibility for any outages.     

Financial safety nets: reconstructing and modelling a policymaking metaphor

This paper explains that financial safety nets exist because of difficulties in enforcing contracts and shows that elements of deposit-insurance schemes differ substantially across countries. It shows that differences in the design of financial safety nets correlate significantly with differences in the informational and contracting environments of individual countries and that a country's GDP per capita is correlated with proxies for a country's level of: (1) informational transparency, (2) contract enforcement and deterrent rights, and (3) accountability for safety net officials. The analysis portrays deposit insurance as a part of a country's larger safety net and contracting environment. This means that there is no universal method for preventing and resolving banking problems and that the structure of a country's safety net should evolve over time with changes in private and government regulators' capacity for valuing financial institutions, disciplining risk taking and resolving insolvency promptly, and for being held accountable for how well they perform these tasks.     

互联网金融特质性风险及监管政策研究

互联网金融作为金融业融合互联网衍生形成的一种新型金融模式,其具有技术 性、技术与制度二重性以及认知性等特质性风险。本文在分析互联网金融特质性风险的基础 上,对已颁布的监管政策进行梳理,揭示目前监管政策的缺陷,提出监管政策改进建议：健全 和完善互联网金融监管的规章制度;引入监管沙盒试点,紧扣“四个核心”的监管沙盒机制来 助推金融创新;从政府、企业与行业协会三方着手,构建市场准入与退出机制;加强互联网金 融消费者权益保障。     

西方结构型通货膨胀理论及其对我国的启示

我们正面临西方国家曾经出现并已解决的结构型通货膨胀,我们需要认真研究西方结构型通货膨胀产生的历史背景、成因及其对策,借鉴发达国家治理结构型通货膨胀的对策与措施:实行紧缩性的货币政策、价格管制政策、供给管理政策、根据国际收支和国际市场的具体情况灵活变动汇率等。     

信息披露质量与市场流动性

本文以深交所A股上市公司为样本．研究上市公司的信息披露整体质量是否影响公司股票在市场上的流动性。基于分笔高频交易数据．检验集中于流动性的两个关键方面：市场宽度和市场深度。采用稳健的非线性两阶段最小二乘法来克服信息披露的自选择特点所引起的内生性问题。实证结果显示,公司高质量的信息披露能有效提高其股票的市场流动性,这种影响主要是通过缩小市场宽度来达到．而对市场深度的影响不显著。利用市场微观结构的价差分解方法的研究发现．高质量的信息披露提高市场流动性的机制在于有效减轻市场上信息不对称程度。     

中国证券市场有效性研究

本文对有效市场理论进行了简单的阐述,研究了我国证券市场有效性的现状,对中国证券市场有效性的实证研究及检验成果进行了总结评述,分析了中国证券市场有效性欠佳的主要原因,提出了增强证券市场有效性的对策和建议。     

混业经营趋势下的金融协调监管

在混业经营的趋势下,金融协调监管显得尤为重要。本文从金融协调监管的必要性出发,分析了我国金融协调监管中存在的问题,并在此基础上提出如何来构建我国的金融监管协调机制。