Revisiting the labor supply effect of social security earnings test: New evidence from its elimination and reinstatement in Japan

We explore the labor supply effect of the social security earnings test in Japan on those aged 65–69 years through a combined examination of the elimination of the earnings test in 1985 and its reinstatement in 2002. We present evidence showing that the effects of changes in the earnings tests on the labor supply of the elderly are not symmetric, controlling for changes in the attributes of workers and firms. The repeal of the earnings test in 1985 did affect the earnings distribution of the elderly (especially for male), while its reinstatement in 2002 did not alter the earnings distribution.     

"杠杆"四象限调整搭配研究——基于稳健财务思想

以稳健财务思想为导向的企业可以形成较强的抗风险能力,保障企业的可持续发展。通过将财务杠杆与经营杠杆进行反向搭配,可以将总风险控制在适度的范围内,以利于企业获得稳健的盈利能力和可持续的增长速度,延长企业寿命。基于稳健财务思想,可以利用四象限法分析财务杠杆与经营杠杆的不同搭配方法,并在四象限中对财务杠杆和经营杠杆进行合理、适度的调整。     

An additional analysis of estimation techniques for the degree of financial leverage

This study compares three different empirical proxies for the financial leverage component of a systematic risk‐composition model employed in prior financial research. We consider one static accounting measure and two elasticity‐based measures. We find that the traditional static accounting measure of financial leverage provides statistically different estimates of financial leverage when compared to estimates from elasticity‐based measures of the degree of financial leverage. The findings are important because the elasticity‐based models for the degree of financial leverage have clear theoretical links to market‐based models of systematic risk, while the static accounting measure of financial leverage does not. Practitioners and researchers should carefully consider why they are estimating financial leverage and choose the appropriate method for doing so given the goals and potential consequences for biased estimation.     

利用“杠杆”搭配解决财务资源过剩——基于稳健财务思想

我国部分上市公司中存在着大量闲置的财务资源,流动性水平居高不下,致使资金效率降低,损害股东利益和公司的可持续发展。从稳健财务思想出发,通过财务杠杆和经营杠杆的适当调整与搭配,理顺上市公司财务资源合理配置路径,对我国上市公司解决财务资源过剩和资本结构优化具有积极意义。