大熊市背景下的中国上市公司股利政策现状反思

上市公司的股利政策直接影响公司的运营及发展前景,同时也影响到股东的直接利益。中国上市公司在大熊市(2007-2012年)背景下,需要权衡各种利弊,在各方压力中寻找利益的平衡点,制定合理的股利政策,更好地发挥股利政策应有的重要作用。     

Option Implied Dividends Predict Dividend Cuts: Evidence from the Financial Crisis

We employ the forward‐looking implied dividend information contained in option prices to predict dividend cuts and omissions during the recent financial crisis. The large number of dividend cuts and omissions during the 2008–09 financial crisis period provides the opportunity to study the predictability of dividend cuts in a controlled environment. Implied dividends and implied volatility, based on put–call parity and computed from put and call option prices, prove to be effective in predicting those cuts, especially compared to only using the equity market and accounting variables conventionally used for this purpose. Options‐derived variables (implied dividends and implied volatility) enhance the ability to identify firms more likely to reduce or omit dividend payments.     

环境税“双赢”效应及其对我国税制改革的启示——一个基于OECD国家视角的研究

环境问题在西方发达国家上百年工业化过程中分阶段出现过,而目前在我国则集中出现,我国已进入污染事故多发期和矛盾凸显期.国外环境税的征收情况、环境税在经济合作与发展组织中的“双赢”效应,对我国环境税的设计都具有一定的借鉴作用.     

绿色税收作为政策工具使用的微宏观分析

绿色税收的出现是治理污染外部性的政策工具之一,它可以产生双红利的效应,包括总福利和就业双红利两类。对于绿色税收是否是较好的政策工具,包括微观和宏观两个层面,即外部性和双红利的分析。实证检验比理论推理更复杂,条件的变化会极大地影响结果,但是可以肯定绿色税收的效果是好的,虽然离预期有一定距离。     

加工贸易、FDI与中国国际收支不平衡

自1994年我国实行汇率并轨制度以来,中国国际收支一直面临着经常项目与资本和金融项目双顺差的结构,产生这种结构的原因是多方面的,本文从以加工贸易为主的贸易特征和由于对外资优惠而吸收的大规模外商直接投资(FDI)这两方面入手,分析他们对中国国际收支不平衡产生的影响。     

浅议一般贸易顺差增长及影响因素

近年来，贸易顺差过大和外汇储备增长过快已成为影响我国国际收支平衡的主要矛盾；而一般贸易由逆差转为顺差并呈现较快增长势头，已成为我国贸易顺差的重要组成部分。该文以辽宁为例，在深入调研的基础上，对一般贸易顺差的构成及其影响因素进行了综合分析，并提出了促进一般贸易腱康发展和实现国际收支基本平衡的几点建议，以期对相关政策的调整提供参考。     

Corporate Dividend Policy: The Views of British Financial Managers

Abstract:   Using a survey approach, this paper examines the importance and relevance of the various theories of dividend policy for UK companies. Further, it evaluates the extent to which corporate characteristics such as size and industry influence managerial responses to the survey. In general, the results support dividend hypotheses relating to signalling and ownership structure, in preference to those about capital structure and investment decisions and agency issues. At a more detailed level, the cross sectional analysis reveals important differences between managers' responses, based on company size, industry sector, growth opportunities, ownership structure and information asymmetry.     

A Stochastic Extension of the Miller-Modigliani Framework1

This paper deals with the problem of the financial valuation of a firm and its shares of stock with general financing policies in a partial equilibrium framework. the model assumes a time-dependent discount rate and a general stochastic environment in a discrete-time setting. the fundamental valuation approach under the assumption of risk neutrality is used to obtain the time path of share price, the number of outstanding shares, and the value of the firm. These are shown to be the unique conditional expectations of certain stochastic processes. A broad class of firms for which the solution formula yields finite-valued solutions is characterized. the results are extended to the non-risk-neutral case. A regularity condition, which is both necessary and sufficient for the share price to equal the capitalization of future dividends accruing to the share, is obtained. As a mathematical aside, it is shown in the appendix that in the absence of this condition, the so-called stream of dividends approach is meaningless in the sense that it does not yield any financial valuation.     

A Note on Green Taxes and Double Dividends

Two highly influential articlesin the literature on green taxes and double dividends are Bovenbergand de Mooij (1994) and Goulder (1995). Goulder's primary concernis whether or not green tax reforms may increase welfare definedexclusive of environmental quality, while Bovenberg and de Mooijprimarily focus on the employment effects of such reforms. Unfortunately,Goulder misinterprets Bovenberg and de Mooij's results in takingthe sign of the uncompensated wage elasticity of labour supplyas being the decisive factor for whether or not welfare exclusiveof environmental quality rises under a green tax reform. Thiserror is pointed out and corrected in this note.