钢铁上市公司财务绩效评价与对策分析

采用主成分分析法对我国钢铁上市公司2006年的财务绩效进行了综合评价,并分析了引起绩效优劣的动因。研究表明：2006年钢铁上市公司的综合财务绩效整体较好,仅个别企业表现不佳;大部分企业的财务核心能力接近,两端企业差异较大;财务管理的目标呈内外两极分化。同时,提出了钢铁上市公司提高财务绩效的对策。     

The effects of domestic rice market interventions outside business-as-usual conditions for imported rice prices

The Philippine government intervenes in the domestic rice market through the imposition of import tariffs and the provision of producer and consumer subsidies. While policymakers are aware that these programmes come with allocative efficiency costs, they justify the programmes on the grounds that they insulate the domestic economy from unexpected price spikes in the international rice market. An interesting matter for policy evaluation is to quantify the insulation benefit that the programmes provide in circumstances of sudden severe import price spikes. To examine this question, we undertake a dynamic computable general equilibrium (CGE) simulation in which the Philippines is subject to an external rice price shock. We find that the insulation benefit of the support programmes under a 2008-like event is worth approximately 0.10% of real consumption. However, the cost of insuring against these price spikes is significant. We estimate the annual cost of the rice market interventions at approximately 0.40% of real consumption.     

Institutions for private sector development and pro‐poor growth: Evidence from Vietnam

Using the Vietnam Household Living Standards Survey 2008, we explore the differences in pro‐poor growth performance in provinces in Vietnam according to the quality of the provinces’ institutions that support private sector activity. We exploit the localized and varying effect of French colonial legacy across Vietnamese provinces to address the endogeneity of institutions. We find strong and robust evidence of a positive effect of good‐quality institutions that support private sector activity on pro‐poor growth and that enhanced working hours and hourly wage and extended income from non‐farm self‐employment play critical roles in this outcome.     

上市公司资产负债率行业影响的实证研究--对已有研究结论的质疑

文章从行业的角度对沪深A股上市公司的资产负债率进行了较为深入的研究。与国内一些学者的研究结果不同,文章研究发现:(1)行业对资产负债率具有显著影响,但这种影响的力度相当微弱;(2)资产负债率的行业差异并不具有普遍性;(3)同一行业内的资产负债率并不具有相似性,且行业内的差异要大于行业间的差异;(4)上市公司并不存在最优的行业资产负债率;(5)大部分行业的资产负债率与其行业特性不符。     

我国保险公司绩效影响因素的实证研究

本文根据核心竞争力理论,结合我国实际,选取了25家保险公司作为研究样本,应用实证研究方法,探讨了影响我国保险公司绩效水平的因素,结果表明:赔付率、经营区域、保费收入增长、公司规模等是影响我国保险公司绩效的重要因素,并提出了相应建议。     

粮食直接补贴面临的问题及对策研究

粮食直接补贴是我国2004年粮食流通体制改革的主要内容之一。直补经过四个阶段的探索和改革,在增加农民收入、保障国家粮食安全等方面取得良好效应。但改革是对政府、企业、农民三者之间利益关系的重大调整,在补贴方法、标准、资金等制度设计和操作过程中还存在很多需要研究的问题。因此,进一步深化改革,尤其是建立产销区间的直补资金转移机制非常重要。     

OPTIMAL MONETARY POLICY WITH THE STICKY INFORMATION MODEL OF PRICE ADJUSTMENT: INFLATION OR PRICE‐LEVEL TARGETING?

I investigate the optimal monetary policy in a New Keynesian macroeconomic framework with the sticky information model of price adjustment. The model is solved for optimal policy, and welfare implications of three alternative monetary policy regimes under this optimal policy are compared when there is a cost‐push shock to the economy. These monetary policy regimes are the unconstrained policy, price‐level targeting and inflation targeting regimes. The results illustrate that optimal policy depends on the degree of price stickiness and the persistence of the shock. Inflation targeting emerges as the optimal policy if prices are flexible enough or the shock is persistent enough. However, the unconstrained policy or price‐level targeting might be preferable to inflation targeting if prices are not very flexible and the shock is not very persistent. The results also show that as prices become more flexible, the welfare loss usually gets bigger.     

Migration,self‐selection and income distributions

Self‐selection in rural–urban migration is examined using three datasets from rural and urban China in 2002. We construct a migrant sample including both migrants who converted their hukou status from rural to urban (permanent migrants) and those who did not (temporary migrants). We find a strong positive selection for permanent migrants, but the selection for temporary migrants is ambiguous. We reach these conclusions by comparing migrants' counterfactual wage densities, assuming they are paid as rural local workers, to actual wage densities of rural local workers. Our results imply that permanent migration has negative effects on rural human capital accumulation and income levels.     

“Moving” land across borders: spatial shifts in land demand and immiserizing effects

The rush for land acquisition has attracted considerable attention from the scientific community, although actual research on the topic remains thin. This paper attempts to break new ground by studying the potential effects of land deals in the context of a small open economy subject to exogenous shocks. In particular, it makes three main arguments: first, an increase in world prices of the agro-business sector causes skewed effects in the subsistence sector; second, an attractive premium offered by hosts to lure investors may have immiserizing effects; and third, technological efforts will have favorable effects if host countries adopt policies to revitalize agriculture.     

不确定性、融资约束与企业投资新特点——基于上市公司的实证研究

利用我国证券市场制造业2001-2006年的数据,在考虑现有上市公司特点和证券市场及其他经济环境特点的基础上,对不确定性和融资约束与中国企业投资关系进行检验,结果显示:加速模型对企业投资行为有较强的解释作用;内部现金流和不确定性对企业投资有明显影响,且两种因素对投资的影响具有相互加强的作用;规模和国有股权比例高未必有利于企业融资;国有股比例越高,企业规模越大,投资对不确定性敏感性越大.因此,应该营造公平的融资环境和稳定的经济环境,尤其是短期市场的稳定性;应注意现阶段大型企业和国有股份程度高的企业的反直觉特点.