我国城乡收入差距的库兹涅茨效应识别与农村金融政策应对路径选择

本文首先选取1985年至2009年各省的数据,构建Panel Data模型实证检验了我国城乡收入差距的变化趋势,结果表明存在明显的库兹涅茨效应,即我国的城乡收入差距随着经济的增长,呈现先扩大再缩小的变化趋势,印证了我国过去属于先增长,后分配的经济发展模式。随后,基于全国的整体样本以及按照农业产值在全国农业总产值中所占比重划分的农业大省和非农业大省的数据样本,检验了各种农村金融政策的有效性,结果显示并非所有的政策手段都能够达到预期效果,甚至还有一些政策的结果事与愿违。因此,在发展农村金融,改善城乡收入差距的政策选择方面,必须审时度势和因地制宜,才能够达到事半功倍的效果。     

The Empirical Research on Financial Development to the Simultaneous Development of Industrialization, Urbanization and Agricultural Modernization in China

金融作为现代经济的核心,作用于经济的深度和广度日趋明显,没有金融的持续推动,经济就不可能持续向前发展。本文运用中国1992～2009年的省际面板数据,实证分析了金融发展的规模扩张、结构调整及效率变化三个方面对城市化、工业化和农业现代化产生的影响。研究发现,金融发展规模、结构和效率从整体上并没协调推动我国的城市化、工业化和农业现代化进程;金融发展正面临金融部门储蓄一投资转化率不足,资金利用效率低下,结构失调的多重瓶颈;各产业之间的发展不均衡,有“各自为战”的倾向,彼此之间没有起到相互促进的作用。在此基础上,本文就金融发展促进“三化”协同推进提出了简要的政策建议。     

Forward-neutral valuation relationships for options on zero coupon bonds

This paper extends the literature on Risk-Neutral Valuation Relationships (RNVRs) to derive valuation formulae for options on zero coupon bonds when interest rates are stochastic. We develop Forward-Neutral Valuation Relationships (FNVRs) for the transformed-bounded random walk class. Our transformed-bounded random walk family of forward bond price processes implies that (i) the prices of the zero coupon bonds are bounded below at zero and above at one, and (ii) negative continuously compounded interest rates are ruled out. FNVRs are frameworks for option pricing, where the forward prices of the options are martingales independent of the market prices of risk. We illustrate the generality and flexibility of our approach with models that yield several new closed-form solutions for call and put options on discount bonds.     

个人所得税、城镇居民收入与消费关系实证研究

运用动态计量方法对个人所得税和城镇居民收入对城镇居民消费的影响进行的实证分析表明:长期来看收入是影响城镇居民消费行为的主要因素,但由于平滑消费倾向、收支预期的不确定性,在短期城镇居民收入增加对消费的促进作用较小;在现阶段,由于个税相对规模、征收范围、征收率、纳税方式的制约,个人所得税并未真正成为制约城镇居民消费的因素;在长期城镇居民消费表现出棘轮效应。     

我国公共投资对城乡收入差距的影响

基于2003-2012年我国省级面板数据,利用虚拟变量、单位根检验、协整检验和回归模型等,对我国公共投资城乡收入差距效应进行实证研究。结果表明：我国城乡公共投资差距缩小或收敛会促进城乡收入差距的缩小,中部、西部地区这种正向关系非常显著,但东部地区这种正向关系不很明显。     

Bank Managers' Heterogeneous Decisions on Discretionary Loan Loss Provisions

This study examines bank managers' three major motivations for discretionary behavior with respect to loan loss provisions: signaling, income smoothing, and capital management. To do so, it utilizes a bank-specific time-series regression approach that captures heterogeneity in the banks' priorities and strategies for alternative motives and compares the results to those from alternative model specifications. The statistical tests and results presented in this study lead to three conclusions. First, significant results for the income smoothing hypothesis are robust to the various model specifications. Second, average signaling coefficients estimated from bank-specific regressions are systematically larger than corresponding coefficients from pooled time-series cross-sectional regressions and are statistically significant. Finally, bank managers appear to use loan loss provisions to manage their regulatory capital levels by comparing them with the minimum ratios specified by regulators rather than with a time-series bank-specific ratio or pooled time-series cross-sectional mean ratio.     

Subjectivity in fair-value estimates,audit quality,and informativeness of other comprehensive income

This study empirically examines whether difference in audit quality is reflected in the pricing of other comprehensive income (OCI). Specifically, we first investigate whether OCI measures of Big 4 clients are more value-relevant than those of non-Big 4 clients. Considering different degrees of subjective management judgment involved in the OCI reporting process, we then explore whether the differential valuation effect of OCI between Big 4 and non-Big 4 clients is more pronounced for more subjective OCI components (e.g., minimum pension liability and foreign currency-translation adjustment) than a less subjective component (e.g., marketable securities adjustment). We predict that the aggregate OCI of a Big 4 client is more value-relevant than that of a non-Big 4 client. We also hypothesize that the differential valuation effect between Big 4 and non-Big 4 clients can be attributed to the amount of subjective assumption and judgment required in estimating OCI. Consistent with our predictions, we find that aggregate OCI audited by a Big 4 auditor has incremental information content over earnings, compared to OCI audited by a non-Big 4 auditor. More interestingly, our results also show that the differential valuation effect between Big 4 and non-Big 4 clients is stronger for OCI components of a more subjective nature. Our results are robust even after controlling for self-selection bias, the potential effect of the financial crisis, and other related effects.     

吉林省农民专业合作社现状、问题及发展对策

农民专业合作社是中国农村继家庭联产承包责任制后生产组织方式的又一次重大变革。近年来吉林省农民专业合作社获得了快速发展,在带动农户增收方面成效显著,但同时也存在发展资金短缺、人力资源匮乏、组织结构不稳定、管理体制不顺畅、内部管理不规范等问题。应从政策制定、资金扶持、人才培养、体制机制等方面采取相应的措施,促进吉林省农民专业合作社健康发展。     

中部崛起与西部开发的财政收支分析

本文研究表明，在西部开发进程中，国债投资占有较大比重，中部崛起需要充分调动地区的积极性；中部、西部与东部相比，地方企业上缴税收的能力相对不足；中部、西部对于行政收费和农业税收依赖较重，取消农业税后需要开辟新的财政收入渠道；优化中部、西部地区的财政收支状况，关键在于调整地方财政的收支结构。     

浅谈个人所得税纳税筹划

21世纪,经济飞速发展,人们的收入水平也在不断的提高.但是,作为一名纳税义务人,依法纳税是我们必须遵守的,收入的提高也就意味着要多缴税,这样一来,原来增长的一部分收入由于要缴纳税金又剩下不多了.于是合理的进行个人所得税的纳税筹划越来越成为人们迫切的要求之一.本文的主要内容就是通过介绍纳税筹划的概念、内容及方法来研究和探讨个人所得税的筹划方法,其中包括避税筹划、节税筹划和转税筹划.指导我们如何在不违反国家税法规定的情况下,合理、有效、持续的节约个人所得税费用,达到收益最大化的目的.