Ethical Unit Trust Financial Performance: Small Company Effects and Fund Size Effects

Recent papers which have examined unit trusts have controlled either for a 'fund size effect' or for the 'small firms effect' in the investment portfolio. The contribution of this paper is an analysis of the 'small firms effect' whilst simultaneously controlling for the 'fund size effect'. We show that the ethical unit trusts have significantly greater exposure than general unit trusts to the 'small firms effect', and that net of this there is no significant evidence of over or under performance by ethical trusts using an adjusted Jensen measure. Using two cross-sectional approaches, we demonstrate that whilst a 'small firms effect' has a role to play in explaining unit trust performance, fund size is not correlated with the financial performance of unit trusts. This cross-sectional analysis also provides some evidence that ethical unit trusts may perform less well than general unit trusts.     

税收优惠对外商投资影响的研究综述

税收优惠是各国政府用来吸引外商投资的常用手段。但是,税收优惠如何影响外商投资历来就是一个充满争议的话题。早期国际上关于税收优惠对外商投资影响的经典理论主要有庇古的福利经济学理论、“双缺口”模型和邓肯的国际折衷理论,而近来也有不少国内外学者分别从区位选择、融资来源、投资类型和投资形式等角度论证了税收优惠的作用。     

从国际经济学理论视角看企业竞争优势——兼议国际经济学优势思想的演进

本文通过回顾和分析国际经济学中国际贸易理论和国际直接投资理论优势思想的发展和]进,说明了理论研究可以通过对各种市场结构的细分,把优势分析引入到企业内部,并通过对分工、市场结构与交易费用之间的矛盾关系的深入研究,探讨内生优势与外生优势之间的对立统一关系,而企业竞争优势的培育则是一个建立在企业自身独特能力基础上的、综合利用企业内外部各种比较优势的动态累积发展过程。     

个人教育投资的均衡分析

人力资本投资的关键形式是教育投资。文章认为,个人教育投资的均衡条件是边际成本等于边际收益。因为个人教育投资的边际成本递增,边际收益递减,所以必须采取多种措施刺激个人教育投资的积极性,才能促进我国教育事业的大发展。     

基于声誉机制的风险投资与风险企业博弈分析

在资本市场中，风险投资活动以风险投资家和风险企业的合作为基础。同时，风险投资与风险企业也存在着信息不对称，双方在相互寻找和选择的过程中进行着博弈。研究如何建立风险投资与风险企业之间的合作机制，抑制博弈过程中可能会出现的机会主义行为，将对风险投资活动起到重要的指导作用。     

Diversification Benefits of Japanese Real Estate Over the Last Four Decades

This paper studies the benefits of diversifying into real estate and other assets that typify the wealth held by Japanese investors. We examine movements in mean variance frontiers by employing spanning tests to assess the statistical significance of frontier shifts. We also investigate the impact of shifts in mean variance frontiers before and after the precipitous decline in Japanese real estate and stock market values that began in 1990. Spanning tests show that real estate, short and long-term bonds, and Japanese equity provide significant diversification benefits. We find that mean variance frontiers shift after 1990. Statistically significant shifts are also economically important as measured by Sharpe ratio changes. Although significant, the portfolio weights on Japanese real estate are relatively small compared to their composition found in surveys of Japanese household wealth.     

建设项目设计阶段的投资控制

针对近年来国内建设项目普遍存在“三超”现象，分析了造成严重投资失控问题的主要原因，指出在设计阶段进行投资控制对于全面控制建设项目总投资的重要性。研究了如何运用价值工程、推行优化设计、限额设计和标准设计等方法，达到在设计阶段有效地控制投资的目的。     

论如何加强设计变更控制

设计变更是工程变更的一部分内容，它关系到工程的进度、质量和投资控制。有效地对设计变更进行管理是确保工程质量和工期、控制工程造价的途径之一。在工程项目建设过程中需要加强设计变更的控制。从不同角度分析了设计变更出现的原因，提出应规范各参与单位的行为，提高变更管理水平。     

The impact of tax holidays on earnings management: An empirical study of corporate reporting behavior in a developing-economy framework

This study investigates whether foreign investment enterprises (FIEs) in China alter their corporate reporting behavior in response to a known schedule of tax-rate increases. The context of this investigation is a tax-incentive scheme that allows firms to pay taxes at a reduced rate for a limited period of time, and then at a higher rate when this period expires. If managers attempt to maximize firm value by minimizing tax costs, then the spread of tax rates in the periods surrounding the rate change may provide a substantial incentive for them to accelerate revenue and defer expenses. Consistent with this hypothesis, the empirical results indicate that firms report significantly higher discretionary current accruals for the years before tax-rate increases. The evidence, which indicates that firms manage earnings upward to take advantage of lower tax rates that are available in certain years, has important implications for tax policymakers.     

我国财政科技投入现状分析与调整策略

世纪之交,科技创新已经成为国际竞争的主导因素,科技竞争力将成为决定国家前途和命运的重要因素.科技创新的出现也必须有科技投入的后台保障.本文在比较工业化国家不同发展阶段科技投入水平的基础上,结合我国工业化进程发展所处的阶段,对我国的科技投入现状进行比较分析,认为:当前应加大政府对科技投入的支持力度,提高基础研究的投入比例,依据国情,实行有所为、有所不为策略,加大官、产、学、研结合,加速科技成果转化,抢占新世纪科技制高点.