关于我国证券交易印花税制度的若干思考

尽管我国证券交易印花税在获取财政收入、调节证券市场方面具有一定的作用,但其制度本身还存在许多缺陷,如:征收缺乏法律依据、职能错位、征收范围狭窄、双向同率征收、调节力度欠佳等。为了让印花税名至实归,本文认为应当改革我国现行的证券交易印花税,同时完善证券市场上的其他税种。     

Security Choice, Information Effects and Firm Characteristics: A Factor Analytic Approach

Abstract:   We examine the marginal choice between debt and equity securities using a factor analytic approach. This data reduction property eliminates the need to select the one best variable to proxy for a particular theoretical construct. Our results reinforce numerous existing findings using traditional methods and suggest both static tradeoff and asymmetric information based considerations are relevant in determining security choice. Two new results are presented related to the accounting liquidity of the firm. First, the preference for equity is increasing with liquidity as suggested by the window of opportunity hypothesis. Secondly, the market response to equity issuance announcements is inversely related to the liquidity of the firm. Profitability and growth measures support Jensen's (1986) agency cost of free cash flow as a potential explanation for the second finding.     

新时期我国金融安全面临的挑战及对策

金融全球化、自由化、电子化三大发展趋势,一方面是金融业务高速增长的重要动力,另一方面是金融风险不断增大的主要诱因.由于国内金融体系的薄弱环节较多,国际金融规则存在严重缺陷,新时期我国金融安全面临的挑战相当严峻.为此,我国必须深化金融机构体制改革,改进金融监管体制,构建多层次的金融市场体系,适度控制金融市场开放的进程,完善金融监管法律体系.     

What determines early exercise of employee stock options in Australia?

Employee stock options (ESOs) are a popular way of remunerating employees. We analyse factors at the firm and option level affecting the employee's decision to exercise ESOs before they mature. Exercises over the period 1998–2004 are analysed and the key factor influencing early exercise is found to be dividends. Exercises frequently occur well before maturity, but in most cases little time value is sacrificed. Our findings have implications for the ‘fair’ valuation of ESOs in companies’ financial statements, as required by the relevant Australian accounting standard, AASB 2.     

An assessment and ranking of barriers to doing environmental business with China

The transfer of environmental goods and services to China will increasingly be of importance to developed nations as the demand for environmental management services increases in China. A review of the literature on technology transfer to China revealed a range of well recognized and commonly known constraints to transferring technologies to China. There were gaps in the literature in relation to the concerns that environmental professionals have regarding technology transfer to China, as there is limited information on the transfer in environmental goods and services to China. A survey of the non‐trade barriers and their practical impact on the transfer of environmental technologies and goods and services to China, focusing on Australian suppliers, was undertaken to address these gaps. The survey, which was developed from barriers to technology transfer already described in the extensive research addressing the wider issues of technology transfer to China, targeted environmental professionals but also included other professionals with interests in transferring environmental goods and services to China. From the survey, the highest priority barriers to transferring environmental goods and service to China were identified, and those that are most likely to limit Australian vendors of environmental goods and services in their technology transfers to China were protection of intellectual property (IP), limitations of the rule of law, fragmentation and bureaucracy of the Chinese government and establishing appropriate level of ownership (of environmental goods and services providers in China). Examples of Australian experience were also examined, which confirmed these barriers to providing the needed technology and innovation to manage China's increasing environmental impacts. The research also shows that the barriers identified do not appear to be unique to transfer of environmental goods and services but rather generic to the transfer and adoption of Australian technology into China. Copyright © 2007 John Wiley & Sons, Ltd and ERP Environment.     

构建铁路客站治安防控体系刍议

本文在对当前铁路客站治安防控现状进行分析的基础上，提出了加强“五大能力、六大机制”建设这一构建科学、高效的客站治安防控体系的架构支撑，实现由事后处置为主向超前防范为主、由重治标向重治本的转变，是从更深层次和领域研究解决火车站地区治安问题的一次探索。     

The unintended consequences of grouping in tests of asset pricing models

We identify a number of unintended consequences of grouping when the capital asset pricing model is true and when it is false. When the model is true, grouping may cause fundamental problems with the most basic capital asset pricing and cross-sectional regression relationships. For example, with traditional grouping, the market portfolio is super-efficient––unless securities in each group are value weighted. Yet, when the model is grossly false, grouping may cause the model to appear to be absolutely correct. Ironically, the only way this can occur is when securities in each group are value weighted. To make matters worse, when the model is false, the slope of a cross-sectional regression of expected returns on betas fitted to grouped data may be either steeper or flatter than when the regression is fitted to ungrouped data. In other words, grouping may exacerbate the very problem it was meant to alleviate.     

How warm is the corporate response to climate change? Evidence from Pakistan and the UK

In response to growing consensus among scientists and governments to act fast to avoid dangerous impacts of climate change, many industries have started to prepare for a carbon‐constrained world. However, this response is far from being uniform. Often action is predicated on economic, technological, organizational and institutional drivers and barriers, which vary between countries and across industrial sectors. In order to understand the effectiveness of industry response, it is therefore important to analyse corporate response across different sectors in different countries. Focusing on the nine most energy‐intensive and greenhouse gas (GHG) emitting industrial sectors, this paper compares corporate responses to climate change in Pakistan and the UK. By analysing the divergence of strategies adopted by industries across different sectors in two countries, the paper examines the key factors influencing corporate adoption and implementation of GHG reduction and energy‐efficiency strategies in Pakistan and the UK. Copyright © 2007 John Wiley & Sons, Ltd and ERP Environment.     

关于建立环境污染健康保障基金的构想

现代社会在发展经济的同时也在以前所未有的速度破坏着人类赖以生存的环境,环境破坏又反过来影响人类的生存和发展,于是环境与健康成为了人们关注的焦点。环境污染危害了人类健康,建立与此相适应的健康保障基金,可以缓解社会矛盾,解决受害人群在日常生活与看病就医时资金不足与短缺问题,有利于和谐社会的共建。     

对大陆传媒“市场化”发展问题的反思

在纪念改革开放三十年的今天，大陆新闻媒介应该如何发展仍然是一个富有争议的问题。本文通过对过去二十多年大陆新闻媒介“市场化”研究的评析；通过重新认识最早“市场化”经营的媒体广告在媒体发展中的地位与作用；通过对所谓媒介“市场化”问题的批判的评析，澄清人们对新闻媒介“市场化”发展认识上的一些谬误和误解。