浅谈特困职工医疗救助资金体系建设

自开展特困职工医疗救助工作以来,我市逐步构建起顺应特困职工需求的医疗救助资金保障体系。现结合医疗资金保障体系运行中的问题谈一些看法。     

基于科技园平台的科技企业与市场资金结合模式研究

科技园作为区域经济发展的重要载体,越来越多地得到地方政府的大力引导、鼓励和扶持,但政府资金的公益性和有限性特征决定了科技企业必须调动市场资金参与投入,市场资金才是科技企业的投入主体。本文以科技园为中介平台,分别从科技企业与风险投资结合、与银行信贷结合的模式和策略角度,探讨了科技企业与市场资金有机结合的途径。     

政府行为对风险投资回报率影响研究

国际上西方主流观点认为,风险投资最好是由民间资本为主,政府不应该操纵风险投资,而中国现在的风险投资大多是由政府主导的资金对政府感兴趣的公司进行投资,风投公司大多是政府主导建立的,民营上市公司参与风投的比例较低,民间资本创立的风投机构更是少之又少。而通过对四类风险投资公司的分析,初步探究出中国政府应该:第一,转变政府在风险投资中的干预职能和行为方式,放宽进入门槛,建成风险投资的多元性投资主体。第二,要利用其所掌握的管理权资源和政策制度引导,通过适当的政府行为选择指引,将大部分精力放在风险投资需要的外部环境建设、制度的制定与完善上。第三,提升政府在风险投资发展中的决策水平。政府应根据风险投资运行的本质规律,建立科学的经济决策程序和决策体系。     

Regional capital mobility in China: Economic reform with limited financial integration

This paper assesses the changes in the regional capital mobility in China during the period of economic reform in 1978–2008 by employing a panel time varying coefficient (TVP) model. This approach is much more suitable to model China's evolution in the regional capital mobility than a standard structural break model as China's reforms took place gradually and were often implemented over several stages. Using the TVP model, we find that (1) China's provincial capital mobility demonstrated a moderate improvement over the sample period, but worsened temporarily between 1994 and 1997. This is probably due to the government's effort to combat inflation which reduced the investment and transfers to regions; (2) regions with the most developed and least developed provinces experienced higher degree of capital mobility improvement than those in the middle.     

Several major issues on deepening state-owned enterprises reform

This paper evaluates the situations that state-owned enterprises (SOEs) reform in the new round are likely to be happened, proposes theoretical innovation will play an essential role in the current deepening SOEs reform; and emphasizes several important issues that need to be taken to help ensure the success, including: clear objectives and important tasks; exploring different ways of implementing SOEs reform; to further improve the state-owned capital management system, and so on.     

我国人力资本投资对经济增长作用的实证研究

我国作为世界上的大国,拥有世界1/5的人口,但是资源的稀缺约束着我国的发展。不过,我国所具备的充裕人力劳动资源是不可忽视的优势,若能将人力资源转化为人力资本,必定会推动我国经济进一步发展。通过计量经济学分析模式,剖析了我国人力资本投资对经济增长的贡献作用,阐明了人力资本投资对经济增长的促进作用。并就如何加强我国人力资本投资与建设提出了建议。     

品牌资本共生规律及其经济学价值

品牌之间的关系，主要有共生与竞争两类，并且是此消彼长的。在不存在城市关键资源尤其水资源瓶颈的条件下，品牌资本的存在与发展具有空间结群性，即每一品牌资本往往是同一城市（地区）其它品牌资本存在和增长的有利条件，这就是品牌资本共生规律。品牌资本共生的有利条件，是区位优越、人口较多的城市，而不是人口较少、布局分散的小城镇，这就决定了人口密度较小的广大中西部地区，必须抛弃小城镇战略。品牌资本共生规律的经济学价值，在于迫使人们重新思考我国城市化的路径，纠正招商引资的价值取向。     

人力资本不平等与人力资本投资的生育率机制--基于面板数据联立方程模型的分析

人力资本不平等对人力资本投资有着重要的影响。分析了人力资本不平等通过生育率影响人力资本投资的机制。通过构建面板数据联立方程模型对我国省际数据的实证研究，发现人力资本不平等与人力资本投资之间存在很强的负相关。实证结果表明，当其他条件都相同时人力资本不平等程度越高的地区居民的生育率越高，而高生育率反过来阻碍人力资本投资，即生育率机制是显著的。     

A Test of Strategic Trade Policy in the Semiconductor Industry: The Impact of Japanese Policy on U.S. Firms

This paper analyzes a multinational corporation that may use tax evasion and profit shifting as a means to minimize tax liabilities. Our main finding is that profit shifting may occur even when tax rates are the same across countries. This will be the case whenever there is a tax differential in effective tax rates resulting from differences in tax enforcement. In this context, profit shifting occurs to enable tax evasion in a country where tax enforcement is less harsh. Moreover, for a given differential in tax rates, differences in tax enforcement may either accentuate or dampen profit shifting. Importantly, the predictions regarding the direction of profit shifting that would result in our set-up may contrast sharply with those of the preceding literature.     

PRICING AND HEDGING OF DERIVATIVES BASED ON NONTRADABLE UNDERLYINGS

This paper is concerned with the study of insurance related derivatives on financial markets that are based on nontradable underlyings, but are correlated with tradable assets. We calculate exponential utility‐based indifference prices, and corresponding derivative hedges. We use the fact that they can be represented in terms of solutions of forward‐backward stochastic differential equations (FBSDE) with quadratic growth generators. We derive the Markov property of such FBSDE and generalize results on the differentiability relative to the initial value of their forward components. In this case the optimal hedge can be represented by the price gradient multiplied with the correlation coefficient. This way we obtain a generalization of the classical “delta hedge” in complete markets.