R&D资本化选择动机与影响因素——来自高新技术行业的经验证据

随着企业R&D投入的不断增长,R&D支出会计选择的经济后果变得重要。我国新会计准则由R&D费用化政策转为可选择的有条件资本化政策,面对会计政策的变迁,研究上市公司管理层R&D资本化选择的动机与影响因素成为首要问题。选取2007～2010年高新技术行业公司为样本,研究发现,大规模企业、国有控股公司、机构投资者持股比例越高的公司管理层倾向于选择资本化R&D政策,"四大"审计并未抑制R&D资本化,而债务融资约束不能解释R&D资本化选择动机。我国上市公司管理层选择资本化R&D会计政策既有提高和平滑利润的盈余管理动机,亦有向市场传递研发信号的动机。     

推进知识产权质押融资在实体经济中的应用研究——基于河南省知识产权质押融资发展现状与国内外经验比较分析

当今社会科技和经济高速发展,知识产权已经成为企业发展的核心竞争力之一。在产权市场上,涉及产权的挂牌交易、意向融资项目逐渐增多。金融机构也纷纷试水开展产权质押受信业务。随着知识产权市场的发展,知识产权融资正逐步成为实体经济发展中的常见现象。特别是知识产权融资机制是科学技术货币资本化的具体表现形式。在开放条件的市场经济体制下,探索和构建有效的知识产权、股权质押融资机制,对完善我国的融资模式,解决中小企业尤其是中小科技企业的融资困难具有重大的现实意义。     

浅析资本弱化与外资避税

随着现代资本结构理论的发展,国内外企业都在学习如何在实务中对其加以灵活应用,使企业价值最大化.资本弱化就是这样一种应用,其目的在于企业通过资本结构安排,改变其纳税义务,起到避税的作用.目前,来自发达国家的外资企业在这一避税手法的使用上已达到了十分成熟的阶段,再加上我国现行税制框架尚未对资本弱化进行识别、规范和控制,造成了我国大量的税收利益流失.另外,在我国已逐渐认识到问题的紧迫性的情况下,如何进行监管和控制也是一个很大的技术难题.     

确权、交易、资产化：对大数据转为生产要素基础理论问题的再思考

大数据是数字经济的基础性、战略性资源,是后疫情时代经济发展的重要生产要素,但社会各界对大数据的理论认知仍落后于其应用实践,而且大数据确权、交易定价、资产化问题也存在诸多争议,这对大数据产业和数字经济的持续健康发展形成潜在隐患,也成为制约大数据向生产要素正常转化并参与社会大生产的关键。文章在对大数据概念、属性重新认识的基础上,综合财经、法律等理论观点和实操技巧,阐述了大数据如何从商品流通要素演变为社会生产要素的市场逻辑以及使用价值如何注入大数据的资产化过程,并从实践视角提出大数据确权的法理基础和大数据交易所生态下交易定价模型。同时提出以数据税来弥补大数据采集环节个人和企业放弃的小微权利,将私权转化为社会公共产品,为大数据产业和要素市场发展提供新的借鉴。     

海峡两岸居民财产资本化之金融机制探讨

以居民为市场主体,以居民财产资本化为视角,着重探讨财产资本化进程中金融机制的铺垫、推动、保障作用,并将海峡东西两岸的金融机制加以比照对鉴,从中发现有益的历史教训和现实经验,为两岸金融合作,推动居民财产资本化及财产收入增长提供有益的对策思路。     

农地使用权证券化、资本化与农地金融

我国农地金融的制度基础是农地的所有权与使用权的分离,并赋予农地使用权物权的法律地位.在此基础上,通过农地使用权的证券化和资本化,可以丰富农地金融产品,促进农地金融市场的机制建设,并使农地金融的参与者获得更多的筹资渠道和资产管理手段.     

Capitalization and Community Size

Studies often show taxes and public services capitalized into house prices, but no one has tested whether the rate of capitalization depends on community size. The theoretical model of W. H. Hoyt (1999, Regional Science and Urban Economics, 29, 155–171), predicts that capitalization occurs, but that the rate of capitalization is weaker in large communities. Hoyt's model is tested empirically using a house price hedonic framework. The tax capitalization results are less clear, but the school quality and crime results firmly support the model's predictions. Using both school districts and municipalities to measure communities, larger communities weaken the rate of capitalization.     

制度创新——国有企业劳动力资本化

我国对国有企业实行的股份制和民营化的产权改革不能从根本上解决监督激励和效率流失的问题,而劳动力资本化是一项可行的制度选择。劳动力资本化改革是国有企业股份制改革的一项制度补充,是对社会主义公有制的发展和完善。     

Financial Insecurity in a World of Plenty

Abstract

The U.S. economy is addicted to the simulative impacts of household borrowing. Household debt has grown dramatically since the 1990s and has served to mitigate the detrimental effects of stagnant household wages. The accumulation of this debt has also had the macroeconomic impact of stimulating the economy, pushing it closer towards full employment. However does full employment stimulated by household indebtedness actually represent economic progress? It is argued that even the poorest citizen in a modern industrialized society is better off than a king of feudal Europe, yet in the United States such material prosperity is often tied to social insecurity thanks to debt. The growth of this debt has been enabled by a financial system that has evolved dramatically over the past forty years. The U.S. financial system’s primary role is no longer to finance investment but is rather a tool that enables a separation of ownership from use. Debt has fueled corporate profits which have enriched the shareholding class while at the same time the system has reduced the financial security of the majority of workers. This article crystalizes these issues by analyzing the differentials in financial circumstances faced by workers and shareholders in several major U.S. firms.     

Does bank capitalization matter for bank stock returns?

We examine US bank capitalization and its association with bank stock returns, and find that the book- and market-based capital ratios show different patterns. Fama-MacBeth regressions and portfolio analyses suggest that banks’ market-based capital ratios are negatively associated with banks’ stock returns during the (tranquil) 1994–2007 period while book-based capital ratios are positively associated with banks’ stock returns during the (turbulent) 2008–2014 period. These results suggest that the effect of bank capitalization on bank stock returns depends on the capital measure used and the period considered.