Municipal Finance in Poland,the Slovak Republic,the Czech Republic and Hungary: Institutional Framework and Recent Development

The recent process of political and economic transition in eastern European countries has not only contributed to the decentralisation of political structure but also significantly enhanced the fiscal autonomy of municipalities in these countries. In this context many similar types of public activities have recently been assigned to local governments, and some taxes were also declared to be local taxes. To be sure, this type of fiscal decentralisation has caused some additional problems, particularly for safeguarding the quality of publicly provided goods and services and for co-ordinating intergovernmental fiscal transfers between the central and local governments. For instance, some criticise that many small-sized municipalities in the transition economies have suffered from financial bottlenecks and have not been able to receive sufficient financial support from the central government. However, such a fiscal devolution trend appears to continue. This study primarily deals with issues surrounding the impact of national fiscal policy and the regulatory framework on local governments' expenditure behaviour and their ability to mobilise necessary revenues under the particular consideration of the institutional and administrative co-operation with the central government and of the less well-developed financial market in Poland, the Slovak Republic, the Czech Republic and Hungary.     

Form of Ownership and Financial Constraints:Panel Data Evidence From Flow of Funds and Investment Equations

This paper analyzes the effects of the form of ownership on the substitutability between internal and external sources of finance in Italy. In particular, we test whether financial constraints are more severe for independent firms compared to members of large national business groups and subsidiaries of foreign multinational corporations. The results obtained from flow of funds and investment equations estimated for a panel of Italian companies imply that independent firms face more severe financial constraints. In fact, not only members of national groups and subsidiaries of multinational corporations find it easier to substitute cash flow with external finance when the former falls but they do not display excess sensitivity to cash flow and debt in their investment decisions.     

Public Open Access and Private Timber Harvests: Theory and Application to the Effects of Trade Liberalization in Mexico

A common popular assertion is that trade liberalization encourages deforestation. But whether this is true depends on how trade policies affect the allocation of land among competing uses and how they influence illegal cutting of public forests. A model is presented that allows for forests to be either public or private, and public forests are divided into protected (or managed) and threatened categories. Effects of price changes are shown on each part of the forest. An empirical version of the model is applied to the case of Mexico with NAFTA. Most scenarios considered show that NAFTA will have positive long-run effects on forest cover in Mexico but that this is net of losses on private lands.     

中国工业发展的区域差异分析

本文采用主成分及聚类分析方法,通过对中国的２９个地域单元１９９６年人均工业产值和所有制结构状况进行分析,把中国工业发展划分为５个类型区,在此基础上,进上步分析了所有制结构对区域工业发展水平的影响。     

坚持和完善农民集体所有土地制度

实行农民集体所有土地制度是马克思主义中国化的伟大成果,是解决我国"三农"问题的关键。坚持和完善农民集体所有土地制度可以从根本上保障农民的主体地位和农民的经济、政治发展权益,可以有效促进整个社会的和谐发展。     

我国现行税制税权划分问题探析与对策

经济改革以来的20多年中,税权划分一直是中国政府间财政关系改革的焦点,目前的框架是在1994年财税改革基础上形成的集权色彩比较浓的分税制财政体制。如何科学、合理地划分中央与地方的税权,是我国财税体制改革需要解决的问题。本文从我国现行税制税权划分存在的问题和弊端入手,提出一些完善我国税权划的分基本思路和建议。     

混合所有制改革、国有股比例与企业价值

本文选取2014～2019年我国A股国有上市公司为研究对象,探讨了混合所有制改革与国有股比例对企业价值的影响.结果表明,实行了混合所有制改革的国有企业,其企业价值会显著提高,国有股比例与企业价值之间存在倒"U"型关系,进行混合所有制改革的国有企业的国有股比例存在阈值效应,且阈值为28.65％.因此,政府需继续鼓励非国有...     

我国地方政府债务问题：现状、成因及对策

地方政府债务问题一直是世界各国都比较关心的问题,虽然举债能够为地方政府的资本性支出提供资金来源,但地方政府债务的大规模存在会带来一系列的问题。本文从我国地方政府债务问题的现状出发,通过对引起地方政府债务的原因进行分析,提出相应的对策建议,以期能有效解决我国目前的地方政府债务问题。     

全球价值链理论与我国产业发展研究

随着生产和贸易全球化的不断深入,世界价值创造体系在全球出现了前所未有的垂直分离和再构。面对这一国际分工大转换的背景,本文旨在通过引入全球价值链理论对我国如何面对全球产业转移和竞争有一个由宏观到微观多层次多角度系统的认识。本文回顾了全球价值链理论20多年的形成历程,理清理论传承和主要研究思路;对全球价值链理论中的动力机制、治理结构、产业升级等诸多方面进行了概括性探究和由此引发的诸多发展启示;最后,给出了研究和应用全球价值链理论的一些总结和建议。     

The influence of relative values of outside director stock options on firm strategic risk from a multiagent perspective

Prior work has examined the effects of absolute levels of outside director stock option grants on risk behavior without recognizing that relative stock option values could differentially affect risk taking. Drawing from the house money effect perspective, we extend this literature by examining how positive deviation from prior outside director option grants values influences firm strategic risk. Additionally we draw from the behavioral agency model and the power literature to develop a multiagent contingency framework suggesting the effect of positive director pay deviation depends on the incentives and power of CEOs reflected in CEO stock ownership and CEO duality, respectively. Our empirical results indicate positive pay deviation has a positive effect on firm risk taking while high ownership and duality independently and jointly weaken this base relationship. Copyright © 2013 John Wiley & Sons, Ltd.