学术论文

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  • 张成思——《中国金融》:楼市上涨的逻辑是商品金融化

    近年来,世界范围内的经济金融危机频仍,全球经济复苏历程缓慢而艰辛。受到外部经济环境不景气的影响,中国经济增速也出现明显放缓态势。在此背景下,世界各国量化宽松政策频出,我国虽然没有出现像2008年那样的大规模集中投资,但近年来中央以及地方配套投入的资金规模也相当可观。与此同时,伴随去产能和去库存政策的实施,金融资本在相应行业受到挤压,开始寻找新的投资目标。

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    近年来,世界范围内的经济金融危机频仍,全球经济复苏历程缓慢而艰辛。受到外部经济环境不景气的影响,中国经济增速也出现明显放缓态势。在此背景下,世界各国量化宽松政策频出,我国虽...[点击详情]

    2016-10-28
  • 郑志刚,邹宇,崔丽——《中国工业经济》:合伙人制度与创业团队控制权安排模式选择

    伴随新兴产业的快速发展,阿里创业团队在进行以业务模式创新为特征的人力资本投资时同时面临信息不对称和合约不完全问题。基于阿里合伙人制度的案例研究,本文研究表明,阿里借助合伙人制度事实上完成了创业团队与外部投资者之间从短期雇佣合约到长期合伙合约的转换,实现了阿里创业团队与外部投资者之间的信息共享和风险分担,节省了交易成本。合伙人制度由此不仅成为信息不对称下外部投资者识别阿里独特业务模式的信号,而且成为合约不完全下激励创业团队进行人力资本投资的重要控制权安排实现形式。与此同时,"长期合伙合约"下的马云创业团队事实上成为阿里"不变的董事长"或"董事会中的董事会",实现了"管理团队事前组建"和"公司治理机制前置",使交易成本进一步节省。但缺乏双层股权结构从B股转为A股的退出机制、依靠文化和价值观形成的"软"约束,以及创始人独一无二不可替代的作用都会为未来合伙人制度的执行带来某种不确定性。

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    伴随新兴产业的快速发展,阿里创业团队在进行以业务模式创新为特征的人力资本投资时同时面临信息不对称和合约不完全问题。基于阿里合伙人制度的案例研究,本文研究表明,阿里借助合伙人制度...[点击详情]

    2016-10-24
  • Liu, Y.——International Tax and Public Finance: Do Government Preferences Matter for Tax Competition?

    This paper explores how government preferences a ect the choices of capital tax rates in the presence of tax competition. We develop a model in which governments, di erentiating in their preferences for economic development and regional equality, compete for mobile capital over corporation taxes. The key prediction of the model, borne out in data from OECD countries over the years 1990-2007, is that countries emphasizing more on economic development tend to choose lower level of corporate income tax rates than the counterparts that stressing more on regional equality. Our result contributes to the tax competition literature by advancing a new element, heterogeneous government preferences, as another potential source of asymmetric tax policy responses that is widely observed across countries.

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    This paper explores how government preferences a ect the choices of capital tax rates in the presence of tax competition. We develop a model in which governments, di erentia...[点击详情]

    2016-10-23
  • Liu, Y., J. Alm ——Journal of Housing Economics: "Province-Managing-County" Fiscal Reform, Land Expansion, and Urban Growth in China

    The central government of the People's Republic of China enacted a fiscal reform known as the “Province-Managing-County” (PMC) fiscal reform in the early 2000s. This reform eliminated the prefecture city government as the intermediate layer between the province and the county, and was intended largely to improve administrative efficiency and to lessen the fiscal stress of county governments. We apply a difference-in-difference method using a panel data set of 263 cities nationwide over the period of 1999–2011 to examine how the introduction of the PMC fiscal reform affects the economic growth of the cities. Our results show that on average implementing the PMC fiscal reform moderately increases city GDP growth by around 1 percentage point. We argue that this unexpected positive growth effect of the reform is induced by the expansion of land supply of the reformed cities, which in the post-reform period have faced the need to look for revenues outside the budget system, mainly extra-budgetary funds in the form of leasing land. Our analysis provides evidence on this argument, and reveals that the reformed cities tend to expand land leasing at a rate that is 14% higher than the non-reformed cities. Furthermore, we show that the impacts of the reform tend to be strengthened over time following the introduction of the reform. Our results are quite robust to alternative estimation methods.

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    The central government of the People's Republic of China enacted a fiscal reform known as the “Province-Managing-County” (PMC) fiscal reform in the early 2000s. This refor...[点击详情]

    2016-10-23
  • Zhu, W., J. Yang——Journal of Banking & Finance: State Ownership, Cross-Border Acquisition, and Bank Risk-Taking

    Does state ownership breed risk-taking behavior in commercial banks? This paper examines this issue using a panel of Chinese banks. We find that state-ownership is in general associated with higher risks. In addition, we find that banks controlled by the central government have the highest credit risk, while those owned by local governments have the lowest capital adequacy ratio and liquidity ratio. By compiling a complete list of cross-border acquisitions in China’s banking sector, we investigate the impact of foreign acquisition on state-owned banks’ risk-taking using differences-in-differences and matching estimators. We find that foreign acquisition has a reducing effect on state-owned banks’ risk-taking and this effect is particularly significant for banks that are controlled by central or local government. We also find that this risk-reducing effect depends on the percentage of foreign ownership, the local business involvement of the foreign investors, and the number of foreign members on the banks’ boards of directors.

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    Does state ownership breed risk-taking behavior in commercial banks? This paper examines this issue using a panel of Chinese banks. We find that state-ownership is in genera...[点击详情]

    2016-10-23
  • Zheng, Z., LA. Zhou, Y. Sun , C. Chen——Review of Development Economics: Executive Compensation and Legal Investor Proction

    This paper seeks to relate the increases in executive compensation observed in China to improvement of the legal environment. We build a simple model and demonstrate that improvement in legal investor protection reduces the manager's private benefits of control; in order to make the managerial incentives compatible, some of the forgone private benefits have to be compensated in the form of increased executive pay. Using a large dataset on Chinese listed corporations, we find strong evidence that improvement of the legal environment is significantly associated with both the rise in executive compensation and the reduction in agency costs, which is consistent with our model predictions.

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    This paper seeks to relate the increases in executive compensation observed in China to improvement of the legal environment. We build a simple model and demonstrate that im...[点击详情]

    2016-10-23
  • Gang, J., Z. Qian ——Emerging Markets Finance and Trade: Risk-Adjusted Performance of Mutual Funds

    In this article, we evaluate the performance of mutual funds in China between 2006 and 2014. We first estimate time-varying abnormal returns of each mutual fund using an active peer benchmark-augmented factor pricing model. An index of riskiness is then estimated and used to calculate the augmented performance measure (APM). By construction, the APM separates the managerial premium of the fund from systematic risk premium, so it is better than the economic performance measure. The APM incorporates information beyond the first and second moments of the distribution of fund abnormal return; therefore, it is more informative than the Sharpe ratio.

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    In this article, we evaluate the performance of mutual funds in China between 2006 and 2014. We first estimate time-varying abnormal returns of each mutual fund using an act...[点击详情]

    2016-10-23
  • 马勇,冯心悦,田拓——《国际金融研究》:金融周期与经济周期

    本文通过构建综合性的金融周期指数,对金融周期和经济周期之间的关系进行了系统的实证分析,并在此基础上探讨了金融周期、货币周期和信贷周期在经济周期中的不同影响和作用机制。实证结果表明,金融周期不仅与经济周期密切相关,而且对经济周期具有良好的预测能力。同时,与传统的货币周期和信贷周期相比,金融周期变化不仅成为货币周期、信贷周期、金融周期和经济周期的关键驱动因素,而且成为宏观经济波动的重要来源。本文的实证分析结论不仅使得"金融-实体经济"内生关联的命题得到了进一步验证,同时也为后续同时关注金融和实体经济稳定的政策实践提供了部分理论依据。

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    本文通过构建综合性的金融周期指数,对金融周期和经济周期之间的关系进行了系统的实证分析,并在此基础上探讨了金融周期、货币周期和信贷周期在经济周期中的不同影响和作用机制。实证结果...[点击详情]

    2016-10-12
  • Ma, Y., J. Zhang——International Journal of Finance & Economics: Financial Cycle, Business Cycle, and Monetary Policy

    Economists used to think that financial factors are not important in the business cycle, but the 2008 global financial crisis has made it apparent that financial cycle plays a much larger role in macroeconomic dynamics than anticipated. Against this background, economists endeavor to introduce financial factors into macroeconomic models. In this paper, we incorporate financial cycle into a four-equation model to study the linkages and interactions between financial cycle, business cycle and monetary policy. The results suggest that financial cycle plays a significant role in the business cycle, and that financial cycle shock has become a main driving force for macroeconomic fluctuations, especially during times of financial instability. In addition, by comparing the performance of the finance-augmented Taylor rule with that of the conventional Taylor rule, we find that both the financial system and the real economy will be better stabilized under the finance-augmented Taylor rule. This result adds new evidence to the argument that monetary policy has an important role in safeguarding the financial system and that financial stability should be adopted as a target for monetary policy. Copyright [c] 2016 John Wiley & Sons, Ltd.

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    Economists used to think that financial factors are not important in the business cycle, but the 2008 global financial crisis has made it apparent that financial cycle plays...[点击详情]

    2016-10-11
  • 贾俊雪,应世为——《中国工业经济》:财政分权与企业税收激励

    本文以2000—2008年中国规模以上工业企业和地级市数据为基础,测算了企业有效平均税率和有效边际税率,以此刻画企业税收激励,考察了财政分权对企业税收激励的影响。研究表明,样本期内企业税收激励不断减弱,不同所有制企业存在税收差别待遇,民营企业的有效税率最高。财政收支分权对企业有效平均税率具有非对称影响:收入分权会促使地方政府运用低税负竞争策略,加大企业税收激励;支出分权则导致地方政府更多运用高支出竞争策略,削弱企业税收激励。收支分权对企业有效边际税率的影响很弱,表明地方政府税收竞争进而税收激励的着力点在于吸引企业进入,对企业边际投资关注较少。纵向财政失衡会促使地方政府通过公共池渠道转嫁支出成本,导致企业有效平均税率下降,但对有效边际税率的影响很弱。地方政府针对不同所有制企业的税收竞争行为存在较大差异,对民营企业具有明显的政策歧视。

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    本文以2000—2008年中国规模以上工业企业和地级市数据为基础,测算了企业有效平均税率和有效边际税率,以此刻画企业税收激励,考察了财政分权对企业税收激励的影响。研究表明,样本期内企业...[点击详情]

    2016-10-06