内外生双重约束下农村外生与内生金融的融合

我国二元的农村金融结构,面临着内生外生双重约束及其交互作用,表现为均衡和非均衡的双重信贷配给,导致了供需失衡和有效供求的双重不足。应降低农村金融市场的进入壁垒,完善农村正规金融机构改革,逐步放宽利率约束,以消除外生约束,增加有效供给;通过内生金融与外生金融的联合来降低内生性约束,同时大力提升农村内生性发展动力,真正释放农村真实有效的信贷需求;从而实现农村金融的总供求均衡。     

Professionals inside the board room: accounting expertise of directors and dividend policy

Directors’ personal attributes have significant impacts on governance effectiveness. We study whether directors’ accounting expertise affects corporate financial policy and investigate dividend in specific. We construct a dataset of audit committee directors’ accounting expertise for Standard & Poor 500 firms from 2005 to 2012. We first verify directors’ monitoring roles by showing that firms with accounting expert sitting on their audit committees demonstrate stronger accounting conservatism. In our main tests, we find that these firms maintain lower dividend payment level, which are less sensitive to earnings volatility. This suggests directors’ advisory roles in financial policy. We further show that our accounting expertise cannot be subsumed by management ability. In additional test, we further examine the baseline results conditional on analyst forecast error. Our findings highlight the importance of directors’ professional expertise in fulfilling their governance roles.     

长三角与珠三角发展模式的比较制度分析

为了对区域经济发展模式差异性进行考察,本文构建了一个具有双重企业经营目标的古诺模型,基于长三角和珠三角地区进行了比较制度分析,弄清楚了在什么情况下长三角地区更占优势,在什么情况下珠三角地区更占优势。具体来说,由于市场工资水平的提高会对企业竞争力产生不同的影响,长三角地区形成了相对珠三角地区的"赶超效应"。如果市场工资水平低于由企业的非利润目标权重和两个企业的技术水平共同决定的临界值,那么珠三角地区更有优势;如果市场工资水平等于这个临界值,那么两个地区不分上下;如果市场工资水平高于这个临界值,那么长三角地区更有优势。本文还发现,企业的非利润目标权重的变化和技术进步会对这种"赶超效应"产生一定的影响。     

Reducing agency conflicts through bank dividend payout decisions: the role of opacity and ownership structure

We empirically examine whether banks’ dividend decisions are influenced by their degree of opacity and ownership structure. We find that banks with concentrated ownership structure pay lower dividends when they have high degrees of opacity, in line with the hypothesis that majority shareholders pay lower dividends to extract higher levels of private benefits. We do not observe such expropriation behaviour from managers in widely held banks. Further analysis shows that higher levels of shareholder protection and stronger supervisory regimes help to constrain opportunistic behaviour of majority shareholders. Our findings have critical policy implications for the Basel 3 implementation of restrictions on dividend payouts.     

China's Path to Overcoming the Double Middle‐income Traps

China is at a crucial stage of overcoming the middle‐income trap, with the factors that drive economic growth having undergone significant changes, and domestic consumption playing a more important role in economic growth. It is necessary, at this point, to promote mass consumption by expanding the middle‐income group. The present paper puts forward the concept of the “double middle‐income traps.” This refers to the situation in which an economy's per capita output stagnates and the size of the middle‐income group is unable to expand for an extended period of time. These two factors are closely related. Based on data from the Chinese Social Survey conducted by the Institute of Sociology at the Chinese Academy of Social Sciences, the present paper analyzes the scale and development of middle‐income groups, and the relationship among middle‐income groups, the middle‐class and middle‐class identity. The marginal consumption propensities of middle‐income groups are also considered. The findings of the paper indicate that the expansion of the middle‐income group plays an important role in promoting mass consumption, maintaining continuous and stable economic growth, and overcoming the double middle‐income traps.     

零股利不能带来公司与高管的双赢——来自中国上市公司的证据

以2007年中国上市公司中零股利政策的公司为样本,考察零股利①状态下高管薪酬与公司价值之间的关系,结果发现：公司价值对高管薪酬有显著的负影响,公司当期业绩对高管薪酬有正影响但不显著,与激励理论并不相符;同时,零股利公司高管薪酬与公司的规模和持续零股利的时间没有显著性相关,与管理费用的增加水平呈同向变动但统计上没有显著性意义,而与现金持有水平高度显著性相关。研究表明：零股利公司高管与公司价值之间没有达到双赢,存在高管为了最大化个人利益而损害公司价值的可能;零股利政策下的现金流并非完全是为了进行有ft．1项目的再投资;零股利公司的高管薪酬政策,对高管来说安全性太高,而风险激励不足,存在激励不相容。     

“双主体”税制结构模式优势

2008年美国的次贷危机发展成美国的金融危机,然后蔓延成百年一遏的全球性金融风暴。面对此次金融危机,我国注重税制结构的调整,实行“双主体”的税制结构模式是最优选择。     

公司治理与股利政策

以2004年至2007年沪深两地上市公司作为研究样本,探讨产品市场竞争程度在上市公司股利政策中的治理效应,可以说明,上市公司行业竞争对公司财务决策有益,也有益于资本市场健康、有序地发展。这一探讨可为提高我国市场竞争的公司治理效应提供参考经验。     

基于USB的GPS数据采集系统

介绍了一种基于USB的GPS数据采集系统软硬件设计方案,以FPGA为该系统的控制 核心、CY7C68013为USB接口芯片实现FPGA与上位机之间的数据传输。针对FLASH中的坏块问 题,提出了一种FLASH坏块检测及管理方案。采用双缓冲技术,解决了采集系统中的数据丢 失问 题。该系统实时传输速率达4 Mbit/s,而且可支持更高的传输速度。     

2013年中国A股市场分析

本文分析了2013年影响中国A股市场的主要因素。2013年影响A股市场的主要因素有：一、宏观经济短期企稳,上市公司盈利改善;二、改革预期带来的风险偏好上升;三、中国经济转型带来的压力。经济短期企稳、上市公司盈利改善以及对改革的良好预期将有助于提升市场信心,从而推动Ａ股市场估值水平回升。但中长期来看,受制于中国经济的转型压力,改革的力度和效果仍有待观察,Ａ股市场反弹高度受到限制。2013年Ａ股市场面临两个主要风险：一是通货膨胀涨幅超预期;二是日本经济政策效果有待观察。