The Political Economy of Chinese-Style Privatization: Motives and Constraints

The paper examines how the privatization of Chinese state-owned enterprises (SOEs) can be successfully triggered and completed. By identifying the motives of local government leaders and the constraints that face them during transition, we conclude that: first, whether local governments are motivated to privatize their SOEs, depends on if the ownership transfer is expected to stimulate sufficiently high growth of local tax revenues without sacrificing the bureaucrats private control benefits. Second, a specific privatization program can succeed only if it manages to satisfy the managerial cooperation constraint, the workers compensation constraint, and the bank-debt-servicing constraint. The motives-cum-constraints political economy approach offers an important explanation for the pace and scope of the ongoing Chinese-style privatization.     

试论中国地方政府的竞争及其规范

从财政关系、权力关系、公共行政关系三个方面入手,并结合中国社会结构转型的实际总结了中国地方政府竞争的特点。由于目前中国经济和政治体制还很不完善,所以过度的地方政府竞争导致了一些消极后果,必须采取有效的措施来规范地方政府竞争     

优化地方财政支出结构--以北京、上海、重庆和成都为实例

首先对优化地方财政支出结构进行简要的理论分析,进而以北京、上海、重庆和成都为实例,以1998年到2002年为时间段,通过四个重要财政支出子项目即基本建设支出、教育事业费、科学事业费和行政管理费占财政总支出的比重,对四个城市的财政支出结构的实际情况进行考察和比较研究,进而针对研究发现的问题提出进一步优化其财政支出结构的建议.     

PORTFOLIO INSURANCE AND VOLATILITY REGIME SWITCHING

A new equilibrium model of portfolio insurance is presented in order to study the volatility effects of dynamic insurance strategies. While prior research has focused on the relationship between portfolio insurance and the overall level of market volatility, this article shows that the salient feature of portfolio insurance is volatility regime switching. Regime switching is shown to be a necessary condition for portfolio insurance, which provides a new explanation for the pervasive volatility clustering effect that is found in most equity markets. The equilibrium involves a free boundary and the local time of the equilibrium price process at the free boundary plays an important role in solving the model.     

产业集聚现象的政策含义

文章在对解释产业集聚现象的相关理论进行归纳与分析的基础上,结合中国沿海地区产业集聚的发展状况总结了产生产业集聚效应的经济机理,进而提出了产业集聚的政策含义和对地方政府推进产业发展的建议.     

苏轼当涂行踪交游考

中国历史上的文化巨匠、北宋文坛巨擘苏轼曾与当涂古邑有过不解之缘.通过苏轼有关诗文的考察,钩稽出苏轼一生曾三过当涂,并与当涂籍著名诗人郭祥正等多有交往.研究苏轼在当涂的行踪交游,无疑对研究苏轼生平及当涂的历史文化具有重要意义.     

论地方政府在区域合作过程中的行为--以重庆与长江上游其他省市关系为例

区域合作在很大程度上是基于地理位置临近的需要。尽管在地理位置方面没有关系的区域之间也可以有区域合作。但更多地表现为企业行为而不是政府行为。重庆与长江上游其他区域之间有地理上的密切关联，并且具有悠久的历史，政府在推动区域合作优化方面具有不可推卸和难以替代的责任。中央政府可以对这种区域合作发挥重要作用，但是，相比之下，地方政府在其中更有积极性也更适合来扮演推动这种区域合作的主角。     

PPP如何影响地方财政风险*——来自债券市场反应的证据

政府与社会资本合作（PPP）的倡导者认为PPP能够为地方政府分担财政压力，分散投资风险，提高资源配置效率；其反对者则认为PPP背后隐藏着政府的隐性担保和补贴、腐败和寻租，预算内的财政压力减小只是一种财政幻觉，反倒无形中累积了系统性风险。本文利用中国2015—2020年间的债券发行数据以及PPP在各地的落地信息，以地方政府债券为实验组，以国债和金融债为控制组，构建双重差分模型，检验PPP集中落地是否增加了地方财政风险，进而抬升了地方政府债券的发行成本。实证结果表明，2016—2017年左右的PPP集中落地使得地方政府债券发行受到来自市场的利率惩罚，5年期地方债发行利率的风险溢价为67个基点~297个基点，10年期地方债发行利率的风险溢价为21个基点~41个基点，且这种效应在PPP项目较多和较少的地区之间存在异质性。更换控制组、推后PPP项目对地方财政的实际冲击时间、假设虚假的实验组等一系列稳健性检验证明这一发现具有可信性。此外，本文还讨论了这一实证结果背后的可能原因，并提出促进PPP良性发展的措施。     

Intergenerational Equity: Treatment of Infrastructure in New Zealand Local Government Financial Planning

This paper examines how local government authorities plan and financially provide for infrastructure while considering the needs of current and future communities. In New Zealand the Local Government Act 2002 provides a mandate for local authority planning through the requirement to publish Long Term Council Community Plans (LTCCPs). Our content analysis of the LTCCPs, annual plans and annual reports of five New Zealand local authorities reveals that these local authorities make conscious decisions about infrastructure that reflect concern for matters of intergenerational equity. They do so despite problems in relation to valuation, depreciation, deferred maintenance and financing of infrastructure assets.     

对地方金融风险的研究：文献综述视角

地方金融风险问题越来越受到学术界的关注,但很多方面尚未达成共识。本文试图对相关文献梳理和提炼,并对当前研究热点剖析,希冀掀起新的研究热潮。