关于智力资本出资的法学思考

智力资本是智力资源资本化的成果,是知识经济时代企业的核心竞争力。智力资本与股本具有同质性,可以作为资本出资。但是智力资本出资目前还存在制度上的障碍,包括立法上我国尚未承认智力资本,智力资本的会计核算存在诸多困难等。要改变这种状况,必须突破传统的“资本”概念的外延,提升智力资本的价值。     

制度变迁对中国汽车工业增长贡献的实证分析

中国汽车工业增长是粗放型的，技术的贡献极低，而制度变迁贡献的潜力非常大。为此，一方面，要加快汽车工业的技术创新进程；另一方面，要深化汽车工业领域的市场化的制度变迁进程，以推动汽车工业走上高效、集约武增长之路。     

Do specialized board committees impact the transparency of corporate political disclosure? Evidence from S&P 500 companies

This study examines how the specific attributes of one type of voluntary corporate governance mechanism, a specialized political contribution committee, improves the transparency of corporate political disclosure (CPD). The results demonstrate that the existence of a committee that establishes and reviews key political activities and disclosure policies, particularly one composed entirely of outside directors, significantly enhances the transparency of corporate political disclosure, and reveal that an under-studied board committee, the political contribution committee, effectively improves CPD transparency. The results are consistent with agency theory and further support the more generalizable idea that specialized governance mechanisms (e.g., a political contribution committee) and fully independent committees lead to more transparent disclosure. Finally, the results suggest that the existence of a political contribution committee and committee independence are channels to improve CPD transparency. Public-policy makers and regulators seeking to enhance CPD transparency might consider implementing regulations that mandate or recommend these governance mechanisms as best practice.     

Economic contribution of essential air service flights on small and remote communities

The Essential Air Service Program (EAS) has attracted considerable criticism and has been a target for either modification or complete termination almost since its inception through the Airline Deregulation Act in 1978. Although its opponents emphasize the program's inefficiency, its supporters claim that the program is crucial to accessing small and remote communities, which helps them develop economically and socially. This paper demonstrates the economic contributions of EAS flights to small and remote communities. Using a two-stage least squares estimation, the major findings indicate that a 1% increase in air passenger traffic in EAS airports with a minimum annual air passenger traffic of 1000 likely leads to a 0.12% increase in per capita income of the community served by that airport. Our results also suggest that EAS communities that are able to sustain their subsidized flights experienced higher per capita income growth in the 1999–2011 period than did ex-EAS communities that lost their flights as a result of non-eligibility.     

Integrating corporate ownership and pension fund structures: A general equilibrium approach

This paper studies pension fund design in the context of investment in the debt and equity of a firm. We employ a general equilibrium framework to demonstrate that: (i) the asset location ‘puzzle’ is purely a partial equilibrium phenomenon, conceived in a risk neutral setting, that disappears with the introduction of sufficient risk aversion; (ii) the inability of policy makers to manage an economy with multiple firms yields a mixed equilibrium, where bonds are observed in both taxable and tax-deferred accounts; and (iii) the Pareto-efficient pension plan comprises of a defined benefit plan.     

Is working capital management value-enhancing through alleviating financial constraints? Evidence from Chinese non-listed firms

Financial factors have been found highly important in influencing firms’ real activities and in promoting aggregate growth. Yet, the linkage between finance and firm-level total factor productivity (TFP) has been overlooked in the literature. I fill this gap using 147,310 non-listed Chinese firms over the period 1999–2007 to estimate a TFP model augmented with working capital. I find that TFP is strongly and significantly associated with working capital for private and foreign firms, but not for SOEs. More specifically, an increase in working capital has a negative (positive) effect on TFP in firms with positive (negative) working capital. Furthermore, highly external financial constrained, highly internal financial constrained, under-developed institutional regions and small size private and foreign firms are more sensitive to working capital.     

Tax collection,the informal sector,and productivity

An important determinant of informality in a country is its tax enforcement capacity, which some authors argue further distorts the decisions of firms and creates inefficiency. In this paper, I assess the quantitative effect of incomplete tax enforcement on aggregate output and productivity using a dynamic general equilibrium framework. I calibrate the model using data for Mexico, where the informal sector is large. I then investigate the effects of improving enforcement. I find that under complete enforcement, Mexico's labor productivity and output would be 19% higher under perfect competition and 34% higher under monopolistic competition. The source of this gain is the removal of the distortions induced by incomplete enforcement of taxes. These distortions affect the economy in three ways: by reducing the capital–labor ratios of informal establishments; by allowing low-productive entrepreneurs to enter; and by misallocating resources towards low-productive establishments. As a result, TFP and capital accumulation are reduced, and hence output. I decompose the gains following the guidelines of five leading papers in the literature of resource misallocation across plants. I isolate the effects of pure factor misallocation, distorted occupational choices, capital accumulation, and complementarities. I also study marginal improvements in enforcement and find that there is an inverted-U relationship between the size of the informal sector and output. This reflects the fact that improving enforcement entails a tradeoff: more taxes vs. fewer distortions.     

去工业化、技术差距与产业转移的技术溢出效应

中西部承接产业转移缺乏显著的正向技术溢出效应，成为2000年后区际技术差距持续扩大以及近年部分地区过早去工业化的关键影响因素之一。利用2001~2017年全国30个省（市）面板数据研究证实，各地区技术水平与工业增加值在地区生产总值中的份额之间存在显著正相关性；中西部在2005~2014年承接了较大规模产业转移，而区际技术差距却持续扩大，技术溢出效应显著为负。在相对偏低的技术水平条件下，中西部地区在十余年的产业承接中主要依赖于廉价的要素成本优势，其自主创新能力、创新资源积累已不足以抵御本地消费升级、要素成本上升与国际需求疲软等负面因素的叠加影响。最终，技术差距、商品及服务净输出赤字的扩大至少加快了部分欠发达地区的去工业化。     

Personalized goal-based investing via multi-stage stochastic goal programming

In this paper, we propose a goal-based investment model that is suitable for personalized wealth management. The model only requires a few intuitive inputs such as size of wealth, investment amount, and consumption goals from individual investors. In particular, a priority level can be assigned to each consumption goal and the model provides a holistic solution based on a sequential approach starting with the highest priority. This allows strict prioritization by maximizing the probability of achieving higher priority goals that are not affected by goals with lower priorities. Furthermore, the proposed model is formulated as a linear program that efficiently finds the optimal financial plan. With its simplicity, flexibility, and computational efficiency, the proposed goal-based investment model provides a new framework for automated investment management services.     

The contractionary effects of tax shocks on productivity: An empirical and theoretical analysis

I analyze the effects of tax policy changes on US Total Factor Productivity. VAR estimates show that permanent and exogenous tax increases have strong, permanent, and negative effects on TFP which represent about 80% of change in output following the tax increase. I then build a DSGE model which has learning-by-doing and endogenous TFP evolution. The benchmark model is able to replicate the empirical impulse responses. However, when I calibrate the model as in the literature, the effect of taxes on TFP is substantially less elastic than in the data. I argue that this divergence may arise because tax changes labeled as exogenous can give spurious results or because of a mis-specified model.