油气勘探等高风险行业支出资本化问题研究——基于资产定义的微观经济学视角

《企业会计准则第27号-石油天然气开采》（CAS27）对油气勘探资产计价问题进行了规定,选择了对成功勘探支出进行资本化,其余费用化的成果法。基于资产定义的经济学视角,CAS27采取成果法而完全放弃完全成本法。忽略了类似于正常存货损失的“正常勘探失败支出”,不完全符合资产的定义。     

Canceling the admission priority of private schools enlarges housing price gap in public school districts: Evidence from Shanghai's new admission policy

In 2018, Shanghai implemented an admission policy that canceled the admission priority of private schools to promote education equity. Since this policy is a unique measure for adjusting private and public school competition and discouraging private school choice priority, little is known about the policy effects. In this research, to examine the impact of the new admission policy on the capitalization of public education quality, we apply boundary fixed effect and Difference in Differences (DID) analysis to housing transaction records before and after the policy. The admission policy on average led to an additional 2% housing price premium for every standard deviation increase in public school quality. However, this average increase in premium was mainly driven by elite (top 5%) school districts, where an additional 8.6% housing price premium was generated by the policy. Housing prices in nonelite school districts, on the other hand, demonstrated no significant changes. These results indicate that the policy enlarges the housing price gap among school districts with different education quality. Thus, rather than promoting education equity, this policy may overall worsen the housing affordability in good public-school districts and make access to quality education more exclusive.     

Political patronage in Ukrainian banking1

This paper empirically investigates the link between political patronage and bank performance for Ukraine during 2003Q3–2005Q2. We find significant differences between politically affiliated and non‐affiliated banks. The data suggest that affiliated banks have significantly lower interest rate margins and increase their capitalization. Furthermore, we show that the level of activity of affiliated deputies in parliament has a positive (negative) impact on banks’ capitalization ratio (interest rate margin). Our findings imply, in line with the related literature, that political affiliation has important effects on banks’ behaviour.     

浅谈资本弱化及其税制

资本弱化既是一个国际问题也是一个国内问题。造成资本弱化的原因有经济发展的不平衡、制度的缺陷和差异以及经济人的功利性等。综合诸多因素,笔者认为我国应建立相对完备的资本弱化税制,但应暂缓在中西部地区执行。     

S国铜矿项目在建期间利息资本化降低经营压力

S国铜矿项目是A公司重大海外资源开发项目,其在建期间利用利息资本化降低经营压力。文章对利息资本化方案进行了详细探讨。     

土地还原率的误差传播

由于土地还原利率在理论和计算上的复杂性,往往不可避免地出现混乱定值,使得收益法评估在评估地价时失效,这就有必要对其精度进行评定。本文用定量的方式,采用误差传播律,分别对综合还原利率、租价比方法、安全利率加风险调整法、复合投资收益率法、投资收益率排序插入法的土地还原率求取进行精度评估,得出衡量还原率精度的指标。其作用在于对评估过程进行全程质量估计和控制,有利于约束和规范评估方法。     

资本弱化税制的国际比较与借鉴

资本弱化税制旨在避免纳税人通过人为提高债务融资比例、规避纳税义务。发达国家在防范资本弱化避税方面积累了成功的经验,建立了比较完善的资本弱化税制。借鉴他们的经验,结合我国当前资本市场的状况,我国有必要引入安全港规则,从规范关联方定义、确定合理的债务/权益比率等方面入手,建立较为完善的资本弱化税制。     

A trade-off theory of ownership and capital structure

This paper determines the optimal ownership share held by a unit into a second unit when both face a tax-bankruptcy trade-off. Full ownership is optimal when the first unit has positive debt, because dividends help avoid its default. Positive debt is, in turn, optimal when its corporate tax rate exceeds a threshold, and/or thin capitalization rules place an upper limit on the debt level in the second unit, and/or the Volcker Rule bans bailout transfers to the second unit. Full ownership is no longer optimal only if there is a tax on intercorporate dividend. This theory rationalizes observations on multinationals, financial conglomerates, and family groups.     

农垦国有农用地资本化中粮食安全风险的法律防控

研究目的：通过对农垦国有农用地资本化引发粮食安全风险的因素进行分析,为防范农垦国有农用地资本化过程中可能出现的粮食安全风险提供法律制度建议。研究方法：法解释学、法经济学。研究结果：（1）农垦国有农用地资本化最大的风险是对粮食安全的不利影响,主要表现之一是土地“非农化”“非粮化”,即土地用途管制被突破;二是土地被过度利用或者被污染后土地生产能力下降,修复治理责任难以追究。（2）风险的主要成因在于农垦国有农用地资本化后权利主体多元化,以及现行法律对各权利主体的权利、义务规范的不清晰。研究结论：在法律制度中,应创设新的权利模式,区分“国有农用地所有权行使人”、“国有农用地使用权人”和“国有农用地经营权人”,明确权利指代及各方在农垦国有农用地资本化风险防控中的权利和义务;此外,增设农垦国有农用地开发权,探索建立农垦国有农用地开发权交易制度,均衡国有农用地权利人的经济利益。     

杨凌区“土地银行”实践运作及其满意度测评

研究目的:测评陕西省杨凌国家级农业高新技术产业示范区"土地银行"满意度,提出建设并完善"土地银行"的政策建议。研究方法:通过建立"土地银行"农户满意度评价指标体系,对杨凌国家级农业高新技术产业示范区"土地银行"实施绩效进行实证分析。研究结果:杨凌"土地银行"农户满意度指数为2.5839。其中农户对制度的认知度为2.6064,农户对制度设计的满意度为2.0810,农户对制度实施的满意度为2.8386,农户对"土地银行"服务质量满意度为2.4173。研究结论:杨凌国家级农业高新技术产业示范区"土地银行"实施绩效的农民满意度处于中等偏下水平,需从政策指导、监督考核以及人才队伍建设等方面着手,全面提高杨凌"土地银行"的绩效水平。