中国区域财政横向均衡制度研究

本文基于区域协调发展与公共服务均等化的要求,主张将东、中、西“三大部”纵向区域,转变为横向划分的泛珠三角、泛长三角和大环渤海“三大块”区域,并在此基础上构建中国区域财政横向均衡制度。依托“三大块”财政经济规模基本相当、发展条件基本均衡的区域平台,做到区域平等竞争的起点公平,实行“取之同等、予之等同”的区域政策确保竞争过程的公平与结果公平,从而形成在促进效率的前提下实现社会公平的区域发展机制。     

定向增发公司盈余管理研究

文章按照定向增发公司发行对象分组,分析了各组公司在发行前后共计11个季度的盈余管理情况。发现公司只对大股东发行股份时,发行前没有操纵利润,但发行后存在较强盈余管理;当机构投资者参与定向增发时,企业在发行前后都进行了盈余管理,发行后盈余管理的程度有所降低。机构投资者参与定向增发的程度越大,企业在增发过程中盈余管理的持续性和程度都越大。盈余管理的动机可能是为了保证企业承诺业绩的实现。     

构建“以人为本”的现代市场体系

"以人为本",就是要把人民的利益作为一切工作的出发点和落脚点,不断满足人们的多方面要求和促进人的全面发展。在现代市场体系中,一切经济行为的最终目的都是为满足人的种种需要而进行的,离开了人的最终需要就既无意义,也成为无源之水、无本之木。而当前我国市场体系中,人性化     

土地征收法律中的公众参与机制研究

研究目的：以公众参与理论为基础,分析我国土地征收法律制度中公众参与机制的不足,借鉴国外经验提出进一步完善的建议。研究方法：比较法和演绎法。研究结果：土地征收决策要充分吸纳公众参与,利害关系人和其他公众的参与程度应当不同;目前我国土地征收中的公众参与不足主要体现在未能充分听取公众意见和进行专家论证,听证方式适用范围狭窄及具体规定不明确,成片土地征收中的协商内容局限,以及社会稳定风险评估中的公众参与方式不明确。研究结论：我国土地征收公众参与机制完善的重点是充分听取公众意见,加强专家论证,加强听证方式的作用并进一步明确规定,将协商方式扩展应用到成片土地征收中的补偿安置决策,并在社会稳定风险评估中建立明确的公众参与制度。     

YXZX—JY型管线自动取样器在原油管道的具体应用

结合中国石化管道储运公司所属十二个输油处、油库与相关炼化企业、码头进行原油交接的工作实际,着重介绍了一种新型管线自动取样器原理、结构和性能优势特点,自动取样器是输油气、成品油管道与最终用户作为交接计量用的主要设备．为此还提出了操作和维护建议,同时还就设备运行中出现的一些常见故障进行了分析,可为设备管理人员、维护人员提供参考。     

MENA stock market volatility persistence: Evidence before and after the financial crisis of 2008

The global financial crisis began with a financial meltdown in the United States in early 2008 and then it had spread to the rest of the world. In this paper we test whether the MENA equity market volatility presents a different behavior before and after the financial crisis of 2008. Using long range dependence techniques we test for long memory in the returns, absolute and squared returns of the MENA equity markets. We subject the series to unit root tests that allow for structural breaks and use the Bai and Perron (1998, Econometrica, 66, 47; 2003a, J. Appl. Econometrics, 6, 72; 2003b, Econometrics J., 18, 1) to test for multiple breaks in the mean returns. The results indicate that the volatility measures represented by absolute and squared returns show evidence of long memory for the full and subsample periods, while the returns show a weak evidence of long memory. Considering the shift dates and corresponding to the 2008 financial crisis, the returns and volatility measures display less evidence of long memory in the after crisis period as opposed to the before crisis period. The change in the returns and volatility dynamics of these markets was due to financial and economic conditions that took place in the MENA region after the crisis.     

Cross-market information transfers of ADR firms: An investigation of emerging market economies

Level II and III ADRs permit issuers to be listed on the major U.S. exchanges with the stipulation that they comply with extensive SEC disclosure requirements. Foreign private issuers are compelled to file a set of audited financial statements prepared in accordance with U.S. GAAP, or alternatively, IFRS or Home Country Accounting Principles with attendant reconciliation to U.S. GAAP prior to 2008. Although the Form 20-F reconciliation is discontinued in 2008 for IFRS filers, non-U.S. issuers are required to satisfy other Form 20-F stipulations such as expanded Item 17 and Item 18 disclosures. We conjecture that non-U.S. firms choosing to be listed on the major U.S. exchanges will incur the added costs associated with the supplemental disclosure requirements in order to attract sufficient investor attention as to have the disclosures impounded in the home country equity share price in the manner described by Fishman et al. (1989). Because a prominent attribute of ADR firms is that they benefit from multiple-market trading, we investigate whether the Form 20-F disclosure cross-market information transfers are associated with emerging market economy status. We employ models of the cross-market ADR and equity security share returns and trading volume controlling for the emerging economy status and incremental firm-specific SEC Form 20-F accounting principles disclosures. Preliminary results indicate that (1) U.S. listed ADR firms from emerging economies experience greater cross-market information transfers associated with the SEC Form 20-F filing, and (2) that the increased cross-market information transfers associated with the SEC Form 20-F filing are proportional to the difference in quality of accounting principles employed for home country reporting purposes vis-à-vis the accounting principles employed for SEC Form 20-F reporting purposes. Results are consistent with a feedback process through which the new information disclosed by the SEC Form 20-F reporting requirements in the ADR market attenuates the price discovery process in the home country equity market when the difference in information environment quality is large.     

Motives for and Effects of Asset Revaluation: An Examination of South Korean Data

Examining a sample of South Korean firms, of which 201 revalued assets and 899 did not during the period 2008–2009, we find that the average debt cost, equity cost, and weighted average cost of capital (WACC) are higher among the firms that revalued. Firms with higher equity costs and leverage are more likely to revalue and the propensity has a negative relationship with profitability, cash flow, and Tobin’s q. Firms that engage in revaluation experience reductions in all capital costs from year ?1 to +1, comparable to those among firms that did not revalue. Our results support both the information hypothesis and the debt-cost hypothesis.     

Who Gets More of the Pie? Predictors of Perceived Gender Inequity at Work

Gender inequity is prevalent in the workplace. It violates the principle of equal treatment for all employees, and often leads to problems with retention, morale, and performance. Individuals, however, may have different perceptions of gender inequity. In this study, we examined the relationship between individual and organizational level variables and perceived gender inequity for a sample of church workers. Regression analysis was used to test several hypotheses informed by social psychological theories. The results showed that (1) individuals perceived gender inequity in the workplace; (2) organizational level variables had more effect on perceived gender inequity than individual level variables; and (3) compared to men, women perceived greater gender inequity favoring males. Discussion, limitations, and suggestions for future research are provided.