Simulation Analysis of Public Debt and Fiscal Deficit in Austria – Optimal Economic Policies for the Past and the Future

The macroeconometric simulation model AMOD1 and the optimization algorithm OPTCON are used to evaluate fiscal policies for Austria since the late seventies. In particular, the question of optimal (debt stabilizing) fiscal policies for the past and for the future is analyzed within the framework of a medium-scaled simulation model. The first set of optimization experiments aims to assess optimal fiscal policies for debt stabilization for the historical period 1978–2000 while trying to maintain reasonable growth rates of approximately 2 percent of real GDP. Optimal values of the instruments and the targets are compared to empirical data for Austria. A second set of simulations calculates optimal paths for the fiscal instruments for the period 2001-2010, particularly with respect to the criteria of the Stability and Growth Pact, which is mandatory for member states of the Euro zone.     

国债税收平滑路径、我国国债与税收关系背景和取向分析

本分析了税收平滑在我国的适用情况，通过我国国债和税收政策的演变和背景，我们认为税收平滑在我国一直没有存在的可能性，因此，当期不能简单地将国债增发和减税作为积极财政政策的两个互为补充手段。我国税收征收空间分析应侧重税收经济效应自身，财政税收政策的调整可平稳过渡为国债税收平滑路径的建立做准备。     

积极财政政策的可持续性分析

本文分别从当前宏观经济形势、我国政府债务风险和公共部门投资的挤出效应三个方面考察了我国积极财政政策的可持续性。认为我国当前的经济形势下 ,积极财政政策的淡出还为时尚早 ;我国单纯的国债风险并不高 ,但是我国政府的综合债务风险却相当大 ,控制我国综合债务风险的关键是控制存量 ;我国公共部门对民间投资的挤出效应不明显 ,当前民间投资不活跃的主要原因是另一种“挤出效应” ,即对民间投资的歧视和限制 ,要改变这种情况的主要方法是改革     

内部审计在中小企业改革中的作用

在国企改革中，发挥审计作用是确保改革成功的一项必要措施，本介绍了审计工作如何介入改革发挥作用。对建筑企业的审计有一定的借鉴意义。     

Stock Index‐linked Debt and Shareholder Value: Evidence from the Paris Bourse

French banks and non‐financial companies issue index‐linked debt whose value at maturity is indexed to the CAC 40 or to a basket of European indices. This paper examines stock announcement effects associated with these bonds on three dates: the date the issuer's General Assembly decides future capital needs, the publication in the journal of the COB (the stock market board), and the issue date. We find the issuance of index‐linked debt has significant positive announcement effects on the issue date, which we attribute to its market‐completion property. In order to examine further whether market completion is at play, we decompose the value of the bond at issue into its straight bond and option values. We determine that the bonds are overvalued again supporting market completion.     

Trade-off Model of Debt Maturity Structure

In this paper, we suggest the trade-off model to explain the choice of debt maturity. This model is based on balancing between risk and reward of using shorter-term loans. Shorter-term loans have cost advantage over, but incur higher refinancing and interest rate risk than longer-term loans. Using the Compustat data, we show that the principal components of financial attributes are financial flexibility and financial strength. Therefore, only firms with greater financial flexibility and financial strength can use proportionately more short-term loans. We also document that financially strong firms take advantage of lower interest rates of short-term debt. They use proportionately more short-term loans when the term premium is high. The results of our study also provide evidence supporting the agency cost hypothesis, which is strongly supported by current literature.     

Debt and Equity Characteristics of Mandatorily Redeemable Preferred Stock

Abstract. This study examines whether mandatorily redeemable preferred stock (MRPS) is priced more like debt or equity by (1) investigating its debt and equity characteristics and (2) specifying conditions under which one characteristic would dominate the other. Based on a sample of 113 nonconvertible MRPS issued during 1970 to 1990, our results are consistent with the view that MRPS has both debt and equity characteristics. The debt (equity) feature is more pronounced among nonutility (utility) issues. Within the utility group, we find high (low) rated MRPS issues to be more debt (equity) like. Our results appear to support current MRPS disclosure rules.     

中国地方政府债务权责划分:实践探索与改革建议

地方政府债务权责划分是一国分级财政体制的重要内容。实现中国地方政府债务的合法化已经成为解决当前地方政府债务问题的前提条件。地方政府债务的合法化不仅是债务融资权的界定问题,更是管理责任的归属问题。近年来中国某些地方已经开始自发地探索地方层面上的政府债务权责划分的方法。国家应尽快制定统一的法规,赋予地方政府合法举债权,但应严格控制债务规模、界定使用范围。应在财政部和省市县财政部门设立债务管理机构,明确地方政府的债务偿还及风险管理责任,加大债务监督力度。     

上市公司利用减值准备进行盈余管理的实证研究--以吉林省上市公司为例

上市公司于2001年1月1日起开始执行新的企业会计制度,新的会计制度与原会计制度相比最显著的变化就是在原来四项资产减值准备计提的基础上又增加四项减值准备。这八项减值准备的计提,充分体现了谨慎性原则对历史成本原则的修正,目的是为了挤出上市公司资产中的水分,保护所有者和债权人的利益,从而化解其投资风险。通过对吉林省上市公司八项资产减值准备计提情况的分析,可以反映出吉林省上市公司利用减值准备进行盈余管理的实际情况。     

税务行政处罚的法理探析

法学意义上的税收是一种金钱给付关系。关于税收的法律关系性质有权利关系说和债务关系说两种观点,不同观点之下对于税务行政处罚的法理有不同的分析。事实上,国家和纳税人之间是一种公法意义上的债权债务关系,税务行政处罚是国家对纳税人不按时履行税收合约的一种惩罚。