“两税合一”对台湾上市公司股利税资本化的影响

本文以1994～2001年两税合一税制实施前后的台湾上市公司为样本，运用Harris-Kemsley股利税后收益模型，探讨所得税制改革对权益投资者收益的影响，以及两税合一税制的实施对股利税资本化的影响。实证结果表明：两税合一税制实施前，台湾上市公司的末分配盈余与其股利税资本化程度负相关，即股利税资本化效果存在；两税合一税制实施后，台湾上市公司的股利税资本化程度低于两税合一前的程度。     

企业资源资本化运行探析

通过对资源资本化演化进程分析和结构分析，有助于了解资源资本化的发展过程，理解资源资本化的意义和作用。通过对资源资本化的循环运行分析，有助于掌握循环运行技巧，探求企业资源资本化的奥秘。掌握资源资本化的基本方法，是提高资源资本化水平的需要，是提高企业竞争能力的需要。     

教育资本化视角下“学区房”空间布局研究——以天津市中心城区为例

当前各地积极推行义务教育学校“学区”制,旨在破解择校难题,追求公平教育。已有研究与实践经验表明学区制背景下教育资源“资本化”现象确实存在,并带来教育资源的内生性,强化了“学区房”空间分布的不均衡。基于此,阐述“学区房”内涵以及基础教育资本化实证经验,结合天津市中心城区“学区房”空间分布特征,探讨“学区房”不均衡分布的溢出效应,进而提出改善“学区房”不均衡布局的对策。     

市场化配置资源的科技体制改革研究

尽管我国科技体制市场化改革不断深入,但是由于政府采购科技成果背离市场原则以及依然非市场化配置科技资源给予企业和应用性科研机构,打乱了政府、科研机构、企业之间资源配置的市场化体制与机制。应确立“科技事业管理”与“应用技术市场”双轨运行机制：在科技事业管理中,重点推进“事业拨款”和“合同采购”双轨并行机制,纠正合同采购中的事业经费审核制度;在应用科技市场中,要建立和完善市场化配置资源的运行机制。     

乡村振兴背景下城郊融合村庄宅基地资产化可行路径研究 ——基于北京市房山区黄山店村案例分析

研究目的：探究城郊融合类村庄宅基地（含农房）资产化可行路径与实践运行策略,为推进同类村庄宅基地盘活利用提供经验借鉴。研究方法：理论分析法与单案例研究法。研究结果：（1）从生产功能主导向多功能协调转型与重构驱动了城郊融合类村庄宅基地资产化过程;（2）通过集中安置、腾退补偿、经营激励策略建立完备的宅基地资源自愿流转置换或有偿退出机制,同时基于对全域资源整体性考察与布局,合理开发利用原有宅基地资源促进全域资源价值实现,是城郊融合类村庄宅基地资产化的可行路径;（3）城郊融合类村庄宅基地资产化过程离不开村集体主导、统筹与多主体协同支撑。研究结论：乡村振兴背景下,城郊融合类村庄宅基地资产化的可行路径是将宅基地作为重要的资源要素,通过对村庄资源进行全面整合重构以显化宅基地财产权利,进一步以合理的集中安置、腾退补偿与经营激励策略协调农户自愿出让原有宅基地,在拓展村庄生产经营和生态价值转化空间的同时,实现宅基地从居住功能向经营功能转变,增加农户收入。     

Are female CEOs associated with lower insolvency risk? Evidence from the US property-casualty insurance industry

This paper investigates the relationship between female CEOs and insolvency risk of US property-casualty insurance companies. We show that female CEOs are associated with lower insurer insolvency propensity, higher z-score, and lower standard deviation of return on assets. These findings are robust to alternative econometric specifications to address potential endogeneity concerns and self-selection issues, including propensity score matching, the instrumental variable approach, and the difference-in-difference approach. Furthermore, we find that the impact of female CEOs on insurer insolvency risk is moderated by firm capitalization, the presence of female directors, and political conservatism of insurers' home states.     

金融分权对地方政府土地资本化形式选择影响研究

研究目的：剖析金融分权对地方政府土地资本化形式选择的影响机理。研究方法：联立方程模型。研究结果：（1）影响机理为：金融分权通过为相关行业和部门提供融资便利，影响地方政府对土地资本化形式的选择。（2）时间特征为：整体时段，金融分权主要促使地方政府选择土地金融；2012年之后，金融分权促使地方政府选择商住用地生租。（3）空间特征为：东部地区，金融分权促使地方政府选择商住用地生租，中西部地区金融分权则促使了地方政府选择土地金融。研究结论：金融分权不但是地方政府选择土地金融的关键影响因素，还是地方政府选择商住用地生租的重要推手，鉴于此，金融分权亦可被视为土地资本化的重要成因之一。     

The heterogeneous impact of house purchase limits policy on housing prices: Comparison between elite and non-elite school district houses

The effectiveness of housing purchase limits policies has aroused heated debate, yet few discussed its impact on educational capitalization. We examine the heterogeneous effect of housing purchase limits policy on the price of elite school district houses (ESDH) and non-elite school district houses. By exploiting second-hand houses data in Hefei China, we find that the price of ESDH has increased greatly after the limitation, compared with non-elite school districts. Further we discover that the ESDH have lower depreciation risks, and their price is higher in neighborhoods with smaller dwelling area. Our finding indicates that the limits policy may have exacerbated the educational capitalization.     

How to improve IFRS for intangible assets? A milestone approach

This study focuses on the decreasing relevance of financial information associated with current financial reporting standards for intangible assets. We summarize and compare three approaches to improving financial reporting standards for internally generated intangibles—the recognition approach, the fair value approach and the disclosure approach, among which we focus on the recognition approach. We investigate the impact of current International Accounting Standard 38 on the R&D capitalization policies of the high-tech industry, particularly among medical device firms in China. We conclude that the current recognition criteria are so stringent that they disincentivize firms from capitalizing their R&D investments. A large variation exists in capitalization timing within the medical device industry. Accordingly, we propose the milestone approach to revising financial reporting standards for intangible assets. We suggest that determining the capitalization criteria for intangibles based on the R&D cycle and capitalization timing should be moved forward.