存款准备金率、铸币税和通货膨胀福利成本

本文在一个简化的Eckstein and Leiderman（1992）模型中加入银行部门,讨论铸币税和通货膨胀福利成本的性质;并基于中国的数据,应用GMM计量方法估计模型参数,进而考察存款准备金率和货币供给这两种货币政策对铸币税和通货膨胀福利成本的影响。我们发现,政府要得到高的铸币税收入,单纯依靠发行货币制造通货膨胀是难以实现的,还需要存款准备金率这一货币政策的配合,并可以通过存款准备金率来对铸币税与通货膨胀福利成本进行权衡;我国处于铸币税与通货膨胀福利成本权衡曲线的平坦部分,所以通过提高存款准备金率而增加的铸币税收入会非常有限;在通货膨胀率比较低的国家,通过提高存款准备金率来抑制通货膨胀,对居民福利的增加要大于铸币税收益的损失。     

资源约束理论与作业成本计算在成本事前控制中的整合

成本事前控制作为决策和规划中的成本控制,致力于企业资源的优化配置,以实现成本控制的战略目标。成本事前控制的有效性主要取决于对成本动因、成本习性分析判断的正确性以及成本决策和规划所依赖成本信息的相关性与可靠性。作为管理控制的可选工具,作业成本计算和资源约束理论分别从不同的角度帮助管理者正确认识生产过程并为资源配置决策提供信息。它们各自都是很有价值的管理控制技术方法,二者各具优势,各有缺点,但在本质上存在很强的互补性。二者可在多个不同的层面进行整合,从而提高成本决策和规划的科学性,为企业带来更大的利益。     

人民币汇率回滞问题的供求分析及SUR检验

人民币汇率是否存在回滞的问题关系到我国汇率政策的效果。本文在国內 外相关研究的基础上,对汇率回滞问题从理论和实证两方面进行了拓展。在理论上建立了供求分析框架,尝试更系统地分析汇率回滞对汇率传导机制的影响;在实证上应用了SUK 模型,运用多国数据分两阶段间接检验人民币是否存在回滞。检验结果表明,人民币汇率存在回滞,这表明2005年7月21日后的人民币小幅升值对我国出口贸易不存在很大的影响,同时也为我国的汇率传导机制的深入研究、贸易结构调整和出口企业的贸易行为提供了很有价值的参考。     

Arguments in Favour of Tax Neutral Cost Allocation

When considering corporate taxes in a cost allocation context a trade‐off is generated for shareholders. On the one hand, accelerated depreciation increases the value of a project due to the depreciation tax shield. On the other hand, accelerated depreciation most likely does not induce robust goal congruency between managers and shareholders when utilizing residual income as an incentive system and, as a consequence, over‐ or underinvestment could result. In this context, the literature suggests the application of particular allocation rules. When extending the relative marginal benefits cost allocation rule (Reichelstein, 1997; Rogerson, 1997) to include corporate taxes we find it to be tax neutral and to maintain its properties of generating robust incentives. As a consequence the over‐/underinvestment problem is solved, but the depreciation tax shield is often not maximized. However, we illustrate that in competitive markets shareholders ought to prefer a tax neutral allocation scheme over an accelerated depreciation schedule. Thus, we show that shareholders as well as regulators have—for different reasons—a preference for tax neutral cost allocation.     

Multiple corporate governance attributes and the cost of capital – Evidence from Germany

This paper investigates the extent to which corporate governance affects the cost of debt and equity capital of German exchange-listed companies. I examine corporate governance along three dimensions: financial information quality, ownership structure and board structure. The results suggest that firms with high levels of financial transparency and bonus compensations face lower cost of equity. In addition, block ownership is negatively related to firms' cost of equity when the blockholders are other firms, managers or founding-family members. Consistent with the conjecture that agency costs increase with firm size, I find significant cost of debt effects only in the largest German companies. Here, the creditors demand lower cost of debt from firms with block ownerships held by corporations or banks. My findings demonstrate that a uniform set of governance attributes is unlikely to satisfy suppliers of debt and equity capital equally.     

商用飞机项目盈亏平衡点快速分析法研究

盈亏平衡分析是商用飞机项目经济可行性论证的重要内容,本文基于参数法估算新型商用飞机项目的成本和收益,建立了一种适用于项目立项阶段、快速有效的评估商用飞机项目盈亏平衡点的方法,可为项目决策提供参考依据。     

我国中小型寿险公司显性交易成本研究

近几年我国人身保险业务收入增速大幅度降低,与此同时,保险公司的手续费及佣金、业务招待费用等交易成本增长明显,保险公司的市场扩张仍然是粗放型模式.粗放型的增长方式对于资金能力相对较弱、销售渠道较窄的中小型保险公司来说缺乏市场竞争力.所以,控制好交易成本费用将是中小型保险公司提升竞争力、实现可持续发展的重要途径.本文从显性交易成本的角度,分析我国中小型寿险公司费用控制的现状、原因及其存在的问题,并提出完善我国中小型寿险公司成本控制的建议.     

Is transcatheter aortic valve implantation (TAVI) a cost-effective treatment in patients who are ineligible for surgical aortic valve replacement? A systematic review of economic evaluations

Objectives:

Health Technology Assessment (HTA) agencies often undertake a review of economic evaluations of an intervention during an appraisal in order to identify published estimates of cost-effectiveness, to elicit comparisons with the results of their own model, and to support local reimbursement decision-making. The aim of this research is to determine whether Transcatheter Aortic Valve Implantation (TAVI) compared to medical management (MM) is cost-effective in patients ineligible for surgical aortic valve replacement (SAVR), across different jurisdictions and country-specific evaluations.

Methods:

A systematic review of the literature from 2007–2012 was performed in the MEDLINE, MEDLINE in-process, EMBASE, and UK NHS EED databases according to standard methods, supplemented by a search of published HTA models. All identified publications were reviewed independently by two health economists. The British Medical Journal (BMJ) 35-point checklist for economic evaluations was used to assess study reporting. To compare results, incremental cost effectiveness ratios (ICERs) were converted to 2012 dollars using purchasing power parity (PPP) techniques.

Results:

Six studies were identified representing five reimbursement jurisdictions (England/Wales, Scotland, the US, Canada, and Belgium) and different modeling techniques. The identified economic evaluations represent different willingness-to-pay thresholds, discount rates, medical costs, and healthcare systems. In addition, the model structures, time horizons, and cycle lengths varied. When adjusting for differences in currencies, the ICERs ranged from $27K–$65K per QALY gained.

Conclusions:

Despite notable differences in modeling approach, under the thresholds defined by using either the local threshold value or that recommended by the World Health Organization (WHO) threshold value, each study showed that TAVI was likely to be a cost-effective intervention for patients ineligible for SAVR.     

Burden of venous leg ulcers in the United States

Objective:

To estimate the annual incremental per-patient and overall payer burden (2012USD) of venous leg ulcers (VLU) in the US.

Methods:

Beneficiaries with and without VLU were identified using two de-identified insurance claims databases: aged 65+ from a 5% random sample of Medicare beneficiaries (2007–2010: n?～?2.3 million); and aged 18–64 from a privately-insured population (2007–2011: n?～?8.4 million). The index date was selected as the date of a VLU claim with no other VLU diagnoses in the preceding 12 months for the VLU cohort and as the date of a random medical claim for the non-VLU patients. These groups were matched using propensity scores to account for differences in demographics, comorbidities, resource utilization, and costs in the 12 month pre-index period. Medical resource use and costs incurred during the 12 month follow-up period were calculated for both payers. Drug costs and indirect work-loss due to disability and medically-related absenteeism were estimated for the privately-insured sample only. Annual VLU incidence rates were also estimated for both payers.

Results:

Data for 58,672 matched VLU/non-VLU pairs of Medicare and 22,476 matched pairs of privately-insured patients were analyzed. Relative to matched non-VLU patients, VLU patients used more medical resources and incurred annual incremental medical costs of $6391 in Medicare ($18,986 vs $12,595), and $7030 ($13,653 vs $6623) in private insurance ($7086 including drug costs). Compared with non-VLU patients, privately-insured VLU patients had more days missed from work (14.0 vs 10.0), resulting in 29% higher work-loss costs (comparisons significant at p?Limitations:

Findings did not account for out-of-pocket payments or other indirect costs (e.g., lost productivity), and relied on accuracy of diagnosis and procedure codes contained in claims data.

Conclusion:

These findings suggest an annual US payer burden of $14.9 billion.     

Cost minimization analysis of beta-blocker at the time of CT imaging for suspected of coronary heart disease in Japan

Objectives:

To conduct a cost-minimization analysis of landiolol for CT diagnosis of coronary heart diseases in patients with tachycardia in Japan.

Methods:

A decision-tree model was constructed to analyze costs from the healthcare payer’s perspective. Drug costs and diagnosis costs, computer tomography coronary angiography (CTCA), and coronary angiography (CAG), are adopted to the model. Landiolol is administered only to slow the heart rate to take CT images appropriately. Since some trials proved that there was no difference between landiolol and placebo in terms of efficacy and safety, this study conducted cost-minimization analysis. Of those suspected of coronary heart diseases, 22.5% are thought to be taking beta-blockers. The success rates for CT scanning for landiolol and placebo, derived from domestic trial data, were 81.4% (96/118, 77.8–84.9%) and 54.2% (64/118, 49.7–58.8%). Patients who failed to take a CT image were thought to take CAG. The healthcare cost was derived from a Japanese fee schedule. Costs of landiolol, CT imaging, and CAG are JPY2634 (USD1?=?JPY100, as of November 20, 2013), JPY38,116, and JPY101,322, respectively. The positive rate for CAG, derived from domestic trial data, was 37.1% (33/89, 32.0–42.2%). Various sensitivity analyses, both univariate and probabilistic ones, were conducted.

Results:

In the base case analysis, expected costs per patient for landiolol and placebo were JPY78,956 and JPY82,232, respectively. In budget impact analysis, 81,062 patients are eligible for landiolol and it can save JPY266million for whole patients. Sensitivity analyses suggested the robustness of the results.

Limitations:

This study did not consider any adverse effects in the decision-tree model. This model was developed especially for measuring the cost-saving effect of landiolol, through decreasing the number of patients who require CAG, due to imaging failure.

Conclusions:

Landiolol for CTCA diagnosis in patients suspected of coronary heart disease with tachycardia is thought to be cost saving.