化解国有企业过度负债的措施

本文针对国有企业过度负债问题,提出了三方面的解决措施。     

The Recognition and Timing of Deferred Tax Liabilities

Abstract:   This paper examines the characteristics of firms that account for deferred tax liabilities related to government investment grants under an extended adoption timing period. Not only the recognition but also the timing decision is associated with changes in future performance and changes in the debt structure. Recognisers outperform non‐recognisers in the future, while early recognition is related to post recognition performance but only for those firms that currently perform well. Changes in the balance sheet structure are also related to both decisions. Firms with recent increases in the debt level tend to postpone recognition, while currently well‐performing firms that increase their future debt level are less likely to recognise deferred taxes.     

债务融资的治理效应:理论分析与实证检验

首先就西方财务学关于债务治理效应的理论进行了综述，然后采用中国上市公司的经验数据，对债务融资比例与企业绩效指标的关系进行了检验，得出了债务治理效应不佳的结论。这一结论似乎与西方财务学对债务治理效应的主流分析不符。通过分析其中的现实原因，就如何改善中国企业的债务治理效应，提出了相应的政策建议。     

政府或有负债的产生及其风险防范

现阶段我国政府或有负债的产生既有客观原因如公共风险的存在,也有主观原因如财政调整过程中的政府机会主义行为。不仅如此,政府或有负债的产生还受制于政府的内部财政能力约束和外部财政压力约束,而预算编制中的收付实现制为政府或有负债的产生大开制度之门,使得政府能够以政府担保为主要载体来进行间接融资,导致政府或有负债的过度积累。     

A bioeconomic model for estimating the optimal level of deer and tag sales

This paper presents a dynamic model that determines the optimal number of deer hunting permit sales, subject to the objective of maximizing the discounted economic benefits stream from both the consumptive and nonconsumptive uses of deer. This bioeconomic model integrates economic benefits estimated using the dichotomous choice contingent valuation method with biological growth constraints on deer. Using a hunting zone in California as a case study, the model found that the optimal levels of buck hunting permits sold should change on a rotational basis over time and that the current practice of not selling doe hunting permits for that zone is non optimal.     

试论我国地方政府债务及其风险控制

地方政府债务是指地方政府承担的,所有需要其在将来运用资产或其它经济资源偿还的义务。它具有以下几个特点:首先,地方政府债务是一种综合性的债务。它可能由多种因素诱发产生,或由其它形式的债务(例如金融债务)转化而来。其次,地方政府债务具有较大的隐蔽性。某些形式的地方政府债务并不直接表现在政府资产负债表上,可能直到需要偿还时才会最终暴露出来。第三,作为最终需要地方财政偿还的债务,地方政府债务一般由地方财政实施控制。     

创业企业资本融资:相机治理的研究视角

由于创业企业的信息不对称,易产生逆向选择,导致创业资本市场低效率,因此创业企业融资难众所周知。本文从相机治理的角度,通过一套制度安排,实现了创业投资家对创业企业家的激励与约束,成功地解决了创业投资家与创业企业家之间的委托代理问题,使创业企业获得了创业资本的支持。     

Real options and contingent convertibles with regime switching

We consider a firm with no assets in place but an option to invest in a project. The investment is irreversible but delayable in a regime-switching economy. The firm issues equity, straight bonds (SBs) and contingent convertibles (CoCos). We provide the closed-form prices for the firm׳s securities and the pricing and timing of the option. Our numerical analyses discover that issuing CoCos instead of SBs induces much less agency cost of debt. The agency cost is higher in a boom economy than in recession but the difference is small. There is a unique CoCos׳ conversion ratio such that the agency cost arrives at the minimum value zero. The inefficiencies arising from asset substitution and debt overhang are much more significant in recession than in boom. Only if the conversion ratio is not too small, the two inefficiencies disappear during boom periods. While the effects of the conversion rate on optimal capital structure and firm value and those of supervision and jump intensity on optimal CoCos׳ coupon are ambiguous and weak, the stricter the supervision or the longer the economy remains in recession, the less the option value and the optimal SBs׳ coupon.     

矿产开发产生的负债与核算

鉴于负债的确认和核算是自然资源资产负债表编制的重点和难点,文章以国内外矿产资源资产负债的存在及其表现为线索进行分析与探讨,研究矿产资源开发产生负债运行机理和负债核算范围及内容等,揭示出矿产资源在其负外部性作用下形成负债的机理,并根据负外部性效应将矿产资源开发产生的负债划分为耗竭性负债、生态环境负债和安全负债,同时将耗竭性负债、生态环境负债和安全负债的核算范围与现有法律法规相衔接,提高负债核算的可操作性和可推广性,为自然资源资产负债表编制和维护国家所有者权益提供技术支撑。     

The impact of firm-provided training on productivity,wages, and transition to regular employment for workers in flexible arrangements

This paper examines the incidence and density of firm-provided training for workers in flexible work arrangements – i.e., non-regular employees who are working part-time or with fixed-term employment contracts – and analyzes the effect of this training on skills, productivity, and wage growth, using a unique survey of Japanese workers. Among non-regular employees, those who work on a full-time basis are found to receive a higher density of both on-the-job training (OJT) and off-the-job training (Off-JT). Participation in firm-provided training is shown to improve job skills and productivity, but does not appear to impact the wage growth of non-regular workers. However, training participation is shown to make the transition from non-regular to regular employment in the current occupation more likely, enhancing the probability of future wage increases.