关于我国宏观税负与经济增长的思考

宏观税负是反映政府经济规模及政府干预市场能力大小的一个重要的宏观经济指标.本文从理论与实证两个角度对宏观税负之于经济增长的影响进行了分析,认为过高的宏观税负不利于经济增长,并针对我国目前预算内的宏观税负水平不高但实际宏观税负却比较沉重的情况提出了一系列建议.     

环境非政府组织透视

人类环境意识对环境质量的改善具有巨大推动力,环境非政府组织作为人类环境意识觉醒、公众广泛参与的标志,对我国环境保护将发挥一定的作用.在环境治理方面,环境非政府组织应扮演起国家和市场失效时的功能替代者以及国家与社会间承接者的角色,而它的演进、变迁和特征在一定程度上可以反映出这些情况的变迁轨迹.     

农业增长与环境污染的动态分析*——基于2006—2015年面板数据的验证

［目的］近年来,我国农业面源污染形势严峻,已经成为现代农业发展的瓶颈。文章主要分析农业面源污染与经济增长的关系,寻求解决农业面源污染问题的有效方法,在一定程度上为我国农业可持续发展和环境治理提出相关政策建议。［方法］选取2006—2015年全国31个省（省份、自治区）的面板数据,以农药、化肥、塑料薄膜流失量作为农业污染排放的主要指标,建立简约式模型考察农业环境的库茨涅茨曲线特征。［结果］（1）农业环境库茨涅茨曲线在我国基本得到支持。化肥流失量、农药流失量、塑料薄膜残留量与农业总产值间均存在显著的倒U 型曲线关系,除了山东、河南部分年份达到了农药、塑料薄膜污染方程的拐点之外,其余所有省份农业总产值均低于拐点值。（2）在方程中加入控制变量不影响模型的显著性,只是改变了转折点的出现。（3）城镇化水平的提高会减少农药、化肥的使用量但却增加了塑料薄膜的使用量。农业机械化拥有量系数不显著,农业技术进步环境效应并未得到充分发挥。［结论］十三五时期我国农业整体污染程度还会进一步加深,要想真正达到农业产出增长与环境相互协调的目的,必须同时从农业污染和农业要素投入两个方面着手。     

基于非期望产出的柑橘生产效率及其时空差异

［目的］研究基于非期望产出的中国柑橘生产效率及其时空差异,旨在为提高环境约束条件下的柑橘生产效率提供理论参考。［方法］采用基于非期望产出的非径向、非角度的数据包络分析模型测算了面源污染约束下2008—2017年我国柑橘生产效率并分析了其时空变化特征和损失原因。［结果］华中和华东区柑橘生产效率较高,华南和西南区较低。各省效率损失原因如下：用工投入冗余主要发生在广东和湖南两省,资本投入冗余主要发生在湖北、江西和福建,多数省份都存在化肥投入冗余和一定增产空间。此外,总氮和总磷流失量过高是各省份柑橘生产效率降低的普遍原因。［结论］我国柑橘生产效率有一定损失,且存在省际间和年际间差异,总氮和总磷流失量过高、化肥投入冗余、单产不足等是生产效率损失的主要原因。因此,应通过品种改良、柑橘生产管理技术改进来提高单产,通过水肥精细化管理提高肥料利用率,通过增加植被覆盖度、改进耕作方式和减少化肥用量来降低总氮和总磷流失量。     

中国土地经济密度动态变化及其影响因素时空非平稳性分析

［目的］掌握2005—2016年我国主要省份（不包括港澳台等地区）土地经济密度的动态变化及其影响因素的时空非平稳性。［方法］ESTDA GTWR研究框架,包括空间马尔科夫、LISA时间路径、LISA时空迁跃、地理时空加权回归模型。［结果］（1）我国主要省份土地经济密度整体稳定,逐级递增,空间非均衡性增强,且在高邻域水平下具有均质性,低邻域水平下具有异质性,在高区域水平下较为稳定,中低区域水平下更易变动,整体受邻域影响较小。（2）土地经济密度局部空间结构动态性较弱,动态强度降低,高动态强度省域数量增加; 局部空间依赖方向较为稳定并趋向更稳定,波动重心由北向南转移。（3）土地经济密度局部空间凝聚力较高,存在路径依赖或锁定特征,只有青海省发生了时空迁跃。（4）人均GDP、货运量、土地出让金、二、三产业产值比重以及地形起伏度对土地经济密度整体影响为正,城市化率、城市规模对土地经济密度整体影响为负; 在研究时点中,所有影响因素的时空非平稳性都有所增强,在空间上表现出收缩、稳定、位移、集聚、扩散以及极化等特征,在强度上则存在增强,减弱,稳定的变化趋势。［结论］要实现土地经济密度局部空间格局的跃升存在难度,未来应制定具有弹性的土地管理政策,促进土地经济密度均衡增长。     

Enhancing Market Valuation of ESG Performance: Is Integrated Reporting Keeping its Promise?

This paper studies the effectiveness of a firm's strategy to report on its ESG activities with regard to the extent and direction in which the firm's ESG performance is valued by capital market investors. It is the first to disentangle the moderating effects of different types of ESG reporting on market valuation of ESG performance and to analyze whether following the current integrated reporting trend is worth the effort. Results indicate that ESG performance is valued more strongly and in the (desired) positive direction when firms publish an ESG report, irrespective of its type (stand‐alone or integrated). Furthermore, integrated reporting is associated with superior outcomes compared with a stand‐alone report for composite ESG and corporate governance performance. Our findings are important for corporate managers, as they help to understand market valuation of ESG performance in dependence on the reporting type and provide guidance for formulating and evaluating the reporting strategy. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment     

Do Banks Price Litigation Risk in Debt Contracting? Evidence from Class Action Lawsuits

Class action lawsuits can be detrimental to debtholders because they deteriorate defendant firms’ financial position and lower these firms’ value. This study examines whether banks price their borrowers’ litigation risk in debt contracting. We find that banks charge 19% higher interest spreads on loans to lawsuit firms after litigation. In addition, banks monitor lawsuit firms more closely by using tighter non‐price terms. The results are robust after correcting for possible endogeneity issues using the propensity score matching approach. We further find that the effects of lawsuit filing are more pronounced for firms with weaker corporate governance. Following a lawsuit in the industry, banks also perceive an increased likelihood of litigation for industry peer firms and adjust price and non‐price terms accordingly. Finally, we find that the magnitude of the lawsuit filing effect is greater for firms with lower ex‐ante litigation risk. Taken as a whole, our findings suggest that banks, as informed stakeholders, perceive litigation risk to be detrimental and price this risk in debt contracting.     

Fostering Stakeholder Engagement: The Role of Materiality Disclosure in Integrated Reporting

This paper studies the determinants of materiality disclosure among International Integrated Reporting Council (IIRC) Pilot Program companies implementing the IIRC Framework. In other words, it studies which variables influence the way in which such companies provides information about their materiality determination process. In order to test our hypotheses we performed a number of statistical analyses on a unique hand‐collected dataset including IIRC and non‐IIRC Pilot Program companies for the 2012 and 2013 fiscal years. Our results indicate that industry and some firm‐level characteristics (board size and diversity) do play a significant role in the determination of materiality disclosure, whereas the legal environment in which companies operate does not. Also, we found that IIRC Pilot Program companies disclosed more information about materiality than their competitors that did not join the program. This paper provides interesting insights for policy makers (in particular, the IIRC) and extends previous academic literature on integrated reporting. Copyright © 2016 John Wiley & Sons, Ltd and ERP Environment     

对资产管理公司(AMC)不良资产证券化必要性的反思

从界定资产证券化概念入手，深入分析要成功实施资产证券化必须满足的4个核心条件，作者从政策、法律、市场等多维度对我国资产管理公司能否通过资产证券化方式有效地处理从国有商业银行剥离出的不良资产问题进行概括和总结，并从资产证券化产生的内在原因出发，结合我国资产管理公司的现实情况，对不良资产证券化的必要性进行反思，认为资产管理公司没有必要运用资产证券化处置不良资产。