基于公平与效率均衡的城乡和谐

已有的对城乡和谐发展问题的研究大多将注意力集中在城乡和谐发展的途径方面,却忽视了对城乡和谐衡量标准的研究.本文从公平与效率统一(均衡)的视角来解析城乡和谐的标准以及城乡和谐演进的机制,并构建了一个基于公平与效率均衡的城乡和谐发展模型.该模型揭示,城乡和谐是公平与效率均衡的函数,市场机制与政府制度的相互配合共同促进城乡和谐发展.     

完善我国上市公司治理结构的路径选择

本考证了两种典型的公司治理模式的特征，效率和演变趋势，结合我国上市公司的股权结构分析了公司治理结构，并得出结论：现实的国情和西方公司治理的演变趋势决定了完善我国上市公司治理结构的路戏只能是首先完善公司内部治理结构，未来应朝着以内部治理的主、外部治理为辅的博采众长的混合模式的方向发展。     

股权分置改革对流通股股东补偿问题的研究

股权分置改革是当前我国资本市场的热点问题，实施股权分置改革试点上市公司的股权分置改革方案的出台，更引起了广泛的关注。本文运用量化分析模型对股权分置改革中有关流通股股东的补偿问题进行了研究，得出了补偿的合理性是影响流通股股东对方案认可的重要因素这一结论，并结合实施股权分置改革试点上市公司所推出的具体方案进行了验证。     

股市新文化理论初探

长期以来,我国资本市场理论的研究落后于资本市场发展的实践。当前我国股市面临的一个突出问题是股市基础理论探讨严重匮乏。解决这一问题,需要从两个环节入手:第一是在社会主义市场经济条件下,对股市的基本功能进行探讨;第二是建立股市新文化和股权文化。     

论新形势下收入分配中"效率与公平"关系

“效率与公平”是收入分配中一对永恒的矛盾。应当根据不同时期经济社会发展的形势采取不同的指导方针,作者根据当今社会经济发展的新形势,提出了调整收入分配上的“效率优先”原则,改行效率与公平并重,实现效率与公平的统一。     

会计信息披露的产权结构研究

本文对会计信息披露的产权结构进行了分析,发现会计信息披露实质是由信息支配权所有者向信息要求权所有者提供会计信息的过程.会计信息要求权的形成是与企业性质分不开的,而会计信息支配权的形成则取决于信息披露过程中的交易费用是否最小化.     

环境危机--一个现实问题的实质探究

日趋严重的环境问题已成了制约我国经济、社会可持续发展的极大障碍，要实现全面建设小康社会的目标，就必须正视环境危机，探询问题的实质，以便寻找到解决问题的良策。     

The Capital Tax and Welfare Effects from Asymmetric Information on Equity Markets

This paper explores the implications of informational asymmetries between domestic and foreign investors for optimal capital tax rates and welfare. It adopts a model in which asymmetric information implies a home bias in equity. The paper finds that asymmetric information may raise capital tax rates by reducing the marginal cost of taxation. Furthermore, it shows that investors may gain from informational asymmetries. Although asymmetric information increases the uncertainty as perceived by investors, it may also increase tax rates and allow for a higher consumption of public goods. This reflects that asymmetric information may reduce the distortionary effects of competition among governments.     

Seasoned Equity Issues in a Closely Held Market: Evidence from France

This paper examines seasoned equity offerings in France.Even though a rights offering is the primary flotation method, French companies are increasingly usingthe relatively expensive public offering method. We show that the market reaction to the announcementof seasoned equity issues is significantly negative for rights issues and insignificantly negative forpublic offerings. Our results suggest that the adverse selection effect is greater for rights issues thanfor public offerings, due to stronger underwriter certification for the public offerings. We find that theshare price effect is positively related to blockholders take-up renouncements for firms with priorconcentrated ownership. For these firms, the favourable ownership dispersion effect offsets the adverse selection effect.     

The pricing of U.S. IPOs by seasoned foreign firms

We examine the pricing of U.S. initial public offerings (IPOs) by foreign firms that are already seasoned in their domestic countries. Presumably, these equity offers have less downside risk for investors than typical IPOs since domestic share prices can be used to help establish a preoffer value for the firm's equity. In spite of the presumed diminished downside risk, we find that offers by firms from countries that impose foreign ownership restrictions and capital controls are on average underpriced, experiencing an average first-day return in the United States of 12.7%. This result stems in part from the underwriter's failure to price the issue to fully reflect the postoffer premium that often arises for the U.S. shares. In contrast, offers by firms from countries without ownership restrictions have an average first-day return of 0.0%.