宁夏隆德县村级集体经济发展问题及对策建议

[目的]集体经济是农村经济的重要组成部分,发展壮大村级集体经济是新时期推进农业现代化、实现农民增收、提高农村公共服务能力的重要举措。[方法]文章以宁夏隆德县为研究对象,通过实地调研和问卷调研,采取定量及定性分析相结合的方法,总结分析了隆德县村级集体经济发展的现实情况及问题,提出该县村级集体经济发展的对策措施。[结果]隆德县村级集体经济发展具有收入以财政拨款和补贴为主,政策引领、政府推动作用显著,产权制度改革稳步推进,"村集体+合作社"的股份经营模式初步形成的特征。总体看,村级集体经济发展处于起步阶段,发展较为滞后,存在对集体经营信心不足、发展缺乏造血功能、人力资本短缺、集体经济组织形式和管理制度发育不全、缺乏持续有效的政策供给等问题。[结论]隆德县应注重人才培育与引进,探索集体经济发展多种模式,加快集体经济组织机制创新,以特色优势产业带动农业全产业链发展,加大政府政策支持以促进村级集体经济发展。     

The rise of UK Seasoned Equity Offerings (SEOs) fees during the financial crisis: The role of institutional shareholders and underwriters

This paper investigates the increase in underwriting fees for UK SEOs since the beginning of the financial crisis in mid-2007. We develop and test a number of hypotheses related to the role of institutional shareholders and underwriters involved in the issuing process. We find that the rise in fees is related to the strengthening of the relative negotiating position of a specific underwriter in comparison to a specific issuer and to the growing influence of institutional shareholders with short-term investment horizons. Our evidence suggests that there may be reasonable grounds for considering potential conflicts of interest due to the dual role of institutional shareholders as investors and sub-underwriters. On the other hand, the ownership size of large shareholders and the reputation of underwriters have a moderating effect on fees, while the nationality of the institutional shareholders, the concentration of the investment bank industry and the experience of corporate issuers are not related to underwriting fees.     

Rights Offerings and Expropriation by Controlling Shareholders

We investigate rights issues and open offers in Hong Kong. We observe that the greater the severity of firms’ management‐agency problems, the more unfavourably shareholders tend to react, leading to more negative cumulative abnormal returns or rights forfeiture. Controlling shareholders do not forfeit rights, and may increase their percentage ownership at deep price discounts by underwriting rights offerings. Our results suggest that, although certain rights offerings can be described as value‐enhancing, many other rights offerings closely resemble the expropriation activities of controlling shareholders.     

DEA efficiency in agriculture: Measurement unit issues

The selection of inputs and outputs in DEA models represents a vibrant methodological topic. At the same time; however, the problem of the impact of different measurement units of selected inputs is understated in empirical literature. Using the example of Czech farms, we show that the DEA method does not provide consistent score estimates, neither a stable ranking for different popular measurements of labour and capital factors of production. For this reason, studies based on DEA efficiency results for differently measured inputs should be compared only with great caution.     

信托方式处置不良资产存在的法律问题与完善

不良资产处置是影响经济可持续发展的重要课题。当前我国对信托处置不良资产的相关立法是框架性的,尚存在一些不足。针对存在的一些问题加以改进,并应建立信托税收法律制度、信托财务会计制度、外汇信托业务管理制度和信托监管体系等。     

Innovation Success and Capital Structure

This paper analyzes the relationship between firms’ innovation success and their capital structures. I hypothesize that firms’ innovation success reduces the extent of information asymmetry facing them in the equity market, leading to a greater propensity of firms to issue equity rather than debt to raise external financing. Supporting these hypotheses, I show empirically that firms with higher levels of innovation success have lower leverage ratios and a greater propensity to issue equity rather than debt. Further, these firms face a lower extent of information asymmetry in the equity market. I establish causality using instrumental variable analyses, instrumenting for patent grants with patent examiner leniency.