对我国农村金融体制变革滞后问题的若干思考

我国农村金融体制的变革大幅度滞后于农村经济体制的变革,是一个时期以来社会经济体制当中各种矛盾相互交织而造成的必然结果,这一格局严重制约着农村经济的进一步发展,威胁着农业的国民经济基础地位。因此,当整体经济转型由“增量调整”进入“存量调整”阶段之后,应当均衡布局农村金融的改革与发展。     

The Friday Effect in European Securitized Real Estate Index Returns

This study extends research on the day-of-the-week effect towards European real estate indices. We examine this anomaly for several European securitized real estate index returns between 1990 and 2003. Although the countries under analysis have unique country-specific patterns, we find that eight out of eleven European countries exhibit abnormally high Friday returns. Moreover, two different Europe indices also exhibit the Friday anomaly. The anomaly is robust with respect to extreme observations, alternative specifications and several well-known calendar effects.     

International lease-accounting reform and economic consequences: The views of U.K. users and preparers

In response to perceived difficulties with extant lease-accounting standards in operation worldwide, the G4+1 issued a discussion paper which proposes that all leases should be recognized on the balance sheet [ASB (1999). Leases: Implementation of a new approach, discussion paper. London: Accounting Standards Board]. Leasing is now on the active agenda of the IASB. A major difficulty faced by standard setters lies in overcoming the preparer/user lobbying imbalance and obtaining ex ante evidence on the likely impact of regulatory reform. This paper contributes to the ongoing international debate by conducting a questionnaire survey of U.K. users and preparers to assess their views on proposals for lease-accounting reform and on the potential economic consequences of their adoption. The results, based on 132 responses, indicate that both groups accept that there are deficiencies in the current rules, but they do not agree on the way forward and believe that the proposals would lead to significant economic consequences for key parties. The impact on respondents' views of familiarity with the proposals, level of lease usage, and company size, is also examined.     

当前我国国内横向税收竞争的实证分析

目前我国理论研究的不足阻碍了对现实生活中各类税收竞争问题的有效治理。为此,着眼于我国国内横向税收竞争的实践,对其进行总结和归类,剖析其背后的体制与制度原因,评价其经济效应,并由此提出促进我国国内横向税收有序发展的政策措施是必要的。     

乡镇财政自给能力分析

乡镇财政危机目前作为一个重要问题成为各界关注焦点,乡镇财政赤字和负债数额巨大,乡镇财政自给程度到底有多大,本文运用财政能力系数指标来定量探讨乡镇财政的危机程度,通过全国五级财政自给系数纵向对比、分省区四级财政自给能力纵向和横向对比以及两个乡镇个案的财政自给系数,来揭示乡镇财政危机的制度内涵.     

The Impact of Basel II on Lending to Small- and Medium-Sized Firms: A Regulatory Policy Assessment Based on Spanish Credit Register Data

The objective of this paper is to evaluate the impact on bank credit exposures to small- and medium-sized Spanish firms of the current proposal for reform of the 1988 Capital Accord using information from the Spanish Credit Register. Capital requirements for exposures to those firms, according to the various revisions of the proposed capital reform (from the January 2001 consultative document to the April 2003 one), are calculated to analyze whether the existing pattern of bank financing of small- and medium-sized firms might be altered. Finally, the incentives for individual banks to adopt the advanced internal ratings-based approach proposed by Basel II are evaluated.     

公路建设项目经济评价方法及应用

公路建设项目经济评价是可行性研究的重要内容，旨在评价拟建项目的经济合理性和可行性，为投资决策和方案比选提供依据。以北方某公路工程可行性研究中经济评价为实例，分析研究目前公路建设项目经济评价内容和方法。     

农村普惠金融发展空间差异与集聚效应

基于中国农村普惠金融发展的空间地理特征,依据2006-2015年30个省市相关数据,测算农村普惠金融水平;建立空间自回归模型(SLM)和空间误差模型(SEM)检验普惠金融发展空间集聚效应.结果发现:各省市农村普惠金融指数总体呈上升趋势,农村普惠金融发展空间相关性逐年增强,局部空间差异逐渐缩小.普惠金融集聚与农民收入变化之间存在正空间相关性,普惠金融水平的提高能够促进农民收入水平的提高.鉴此,应加强区域空间金融合作,提高保险业普惠度;加强地方政府之间交流合作,发挥普惠金融集聚辐射作用,推动农民收入水平进一步提高.     

供应链金融利益主体的多阶段博弈研究

现代经济中,金融在资源配置方面发挥的作用明显不足,出现严重的资源浪费和供需错配现象,加剧了中小企业面临的融资难问题.本文从供应链金融的内涵切入,建立以利益相关者为主体的融资量化模型,利用多阶段博弈理论对企业不同模式下的成本收益进行检验,结果表明:供应链金融在实现上、下游各利益相关者个体的最优化的同时,也可有效促使供应链整体的利益最大化、实现高效运作和价值增值,全面实现链上企业间的资源共享、互利共赢.     

Optimizing the credit term decisions in supply chain finance

We study a credit term determination problem in the context of a supplier-buyer supply chain. The supplier's credit term decision is simultaneously made with its production and inventory decisions, and most importantly, it is impacted by the buyer's order quantity. We present a new game-theoretic framework to model this problem, which captures the interaction between the supplier's credit term decision and the buyer's order decision in a multi-period setting. An exact method based on nonlinear programming is implemented to obtain the optimal solutions. We apply our methodologies on a real world case. The computational results show that our approach significantly outperforms the heuristics with fixed credit terms, and either a short or a long credit term can be sub-optimal for the supplier in profitability. Our work offers the first data-driven model and solution approach that assists purchasing and supply managers to make optimal dynamic credit term decision in conjunction with production, ordering and inventory decisions in a game-theoretic setting.