论宏观财政政策的选择与运用

一、把握财政政策自身的特点是正确选择的前提财政政策是政府把财政作为国民经济运行的均衡要素来运用的政策,时下已成为政府谋求经济稳定的重要工具。它是一个系统,由处于不同层次的若干具体政策所构成。不同层次的政策其灵敏度、松紧度、透明度和时滞效应以及调节程度是各不一样的,要选择恰当的财政政策,不能不考虑这些特点。在作出实质性选择之前。

美国专家谈“智慧资产”

智慧资产是什么?知识经济时代,知识与智慧将成为企业经营的重要因素,有些管理学者甚至认为它将会替代组织变革,成为下一世纪管理科学的重要内容。它与传统资产负债表有何不同?具有哪些内涵?又该如何衡量?管理上有哪些原则?美国加州大学伯克利分校教授麦克·吉柏思博士有如下说法: 一、智慧资产是隐藏的价值 根据英国的一项研究显示,从1973年到1993年的20年间,美国公开上市公司的市价与帐面价相比,由0.82升高到1.692。这代表了一般上市公司的市场价格,几乎是帐面价格的两倍。同样的调查也显示,1992年美国公开上市公司的市场价格,大约是40％是资产负债表上看不到的,而对于知识密集型的企业而言。

The Financial Structure of Italian Companies

The choice of capital structure by firms is a recurring topic of corporate finance and evolving on a theoretical and empirical level. On a theoretical level, scholars propose variations to the models by removing the theoretical hypothesis or expanding variables considered, likewise, on an empirical level, researchers provide survey, which contributions aimed at increasing the understanding of the phenomenon as a whole, considering the possible events in the variety and variability of firms. In particular, one of the most debated topics in the literature regards the existence or absence of relationship between the choices of financial structure and firm value, or the determination of an optimal leverage for the value. Therefore, the attention of researchers has focused on the identification of relationship between debt and equity that maximizes firm＇s performance and meet shareholders＇ expectations in terms of return on capital employed for the same risk. Hence, the aim of this paper is to provide another piece to the cognitive complexity of the phenomenon, focusing the research on Italian firms, given the importance of leverage in the financial structure of Italian firms. The methodology used is based on the analysis conducted using the Mediobanca database aggregated sector by sector to identify the main determinants of financial structure. The conclusion is that it is not possible to say with certainty which financial structure theory better represents the behavior of Italian firms concerning financial structure.

Does Intellectual Capital Affect Business Performance？

The aim of this paper is to assess the impact of intellectual capital （IC） on firms＇ financial performance with reference to a sample of companies operating in the European Union （EU） area during the period from 2006 to 2013. The analyses are further differentiated by country of domicile, industry sector, and historical period （pre-crisis and crisis）. We investigate whether the value of the components of IC is a relevant factor that influences firms＇ performance, proposing and testing a modified version of the value added intellectual capital （VAICTM） model which also considers country-specific differences in terms of default risk. The empirical results evidence the relevance of the information on IC disclosed by companies. Differences arise depending on the reference country, industry, and historical period examined. The main limitations of the research are the unbalanced structure of the sample among countries and industries and the specificity of the examined sample （listed firms applying IAS/IFRS system）. The main implication of the study is that, since we demonstrate the value relevance of IC, our findings could be of interest for standard setters for defining a standard （qualitative and quantitative） level of information on human resources to be disclosed by companies in their financial statements. Our contribution to the literature is the proposal of some relevant modifications to the original VAICTM model and providing new evidence on the influence that IC had in recent years on business performance in the EU.

On financing restriction and improvement countermeasure in Tianjin Binhai New Area

Ever since involvement of the Binhai New Area into the national development strategy, carrying out highly effective financing promptly will play the pivotal role to implement its economic development strategy smoothly. In this paper, based on nature of regional financing, the descriptive analysis for the financing condition of the Binhai New Area is carried on. And also based on financing restraint theory and the neoclassic investment model, a real diagnosis analysis for the financing constraint condition of the Binhai New Area is studied. Finally, the existed questions in it are pointed out, and propose the correlative improvement countermeasure is put forward.

The analysis of capital structure of Chinese real estate listed companies

Capital structure is the basis for assessing the efficiency of enterprise financing activity. The rational capital structure could reduce the cost of capital and plays an important role in managing a company. Thus this paper, based on the real estate listed companies on Shenzhen and Shanghai stock markets, analyzes the factors which influence capital structure, such as profitability, size, collateral value of assets, growth, stockholder’s equity, concentration degree of control power, ownership attribute, and applied statistics tools used to help the real estate listed companies optimize the structure of capital.

Quality of Accounting Information and Internal Audit Characteristics in Nigeria

The basic goal of accounting is to provide quality accounting information that will aid reliable decision-making. The quality level of this accounting information comes from the company＇s governance practices, thereby emphasizing the importance of corporate governance in companies. Recently, following the financial crises resulting in accounting scandals, attention has been moving towards internal audit function as an important factor in the structure of corporate governance. This paper therefore examined the extent of the relationship between internal audit function and the quality of accounting information of companies. The study adopted the survey research design. The research instrument employed was questionnaire which was administered to internal auditors of the ＂Big Four＂. Linear regression analysis was employed in the analysis of the data collected with the use of Statistical Packages for Social Sciences （SPSS）. The results revealed that there is a significant relationship between the internal audit characteristics and the quality of accounting information. It was recommended that in order to provide credibility to the financial statement, there should be a law in place mandating attachment of internal auditors report to the financial statement.

Board Characterstics and Capital Structure： An Empirical Study on China＇s Private Listed Companies

Board of directors is one of the important parts of the corporate internal governance mechanism. Using panel data from 144 China＇s private listed companies during 2001-2003, this paper empirically studies the relationship between board characteristics and capital structure with the methods of pooled OLS, first-order difference model and fixed ,effect model.

The Impact of Financial Distress Status and Corporate Governance Structures on the Level of Voluntary Disclosure Within Annual Reports of Firms （Case Study of Non-financial Firms in Indonesia Over the Period of 2009-2011）

The purpose of this research is to examine the impact of financial distress status and corporate governance structures on the level of voluntary disclosure. We apply six independent variables, including the firm＇s financial distress status and five components of corporate governance structures, such as board independence, audit committee independence, institutional ownership, board meeting frequency, and audit committee meeting frequency. This research is carried out by examining the annual reports of 114 non-financial firms listed at the Indonesian Stock Exchange over the period of 2009-2011. To test hypotheses, we undergo two different analyses, including independent samples t-test and Multiple Linear Regression. We find that： （1） The audit committee independence and the audit committee meeting frequency have significant positive impacts on the level of voluntary disclosure; （2） The financial distress status is negatively related to the level of disclosure at various levels of significance; and （3） All the independent variables are simultaneously related to voluntary disclosure.

Structural Fiscal Regulation and Choice of Instruments in the New Normal

Based on the overall consideration of individual behaviors of Ricardian and non-Ricardian households, this paper develops a New Keynesian dynamic stochastic general equilibrium(DSGE) model to form a relatively systematic research framework for analyzing the economic effects of structural fiscal instruments. Our study findsthat great differences exist in the macroeconomic effects of different fiscal instruments, suggesting that the government should prudently select these fiscal instruments in fiscal macro-control. The simulating results of fiscal shocks show that the effect of tax cut is superior to the effect of increased spending. In the context of slowing economic growth and less potent stimulation policy, the government should transform its previous regulatory approach of fiscal policy and shift from hefty spending stimulus policy to structural tax cuts. This paper believes that China should step up the implementation of public-private partnership, increase its spending on social security, healthcare, pension and public services and facilitate the transition toward a service-based government; and that tax policy should focus on structural tax cuts on consumption to promote the transition of demand structure toward consumption-driven.

Determinants of Financial Reporting Quality： An In-Depth Study o f Firm Structure

This paper examines the effects of firm structure on the financial reporting quality of Nigerian-quoted manufacturing firms by using assets, the leverage, the share dispersion, and the residuals of the modified Edward Bell Ohlson （EBO） model as proxies of firm structure and the financial reporting quality respectively. The data are extracted from 12 sample firms representing 50% （as the population of the study） of all the quoted manufacturing companies in Nigeria. A multiple regression is used as a tool of analysis for the study. The result reveals a strongly positive relationship between the firm structure and the financial reporting quality of the quoted manufacturing firms in Nigeria. Therefore, it is recommended among others that the regulators should enforce more on the financial statement disclosure and transparency among companies quoted on the Nigerian Stock Exchange （NSE）, in order to ensure a higher quality of the financial reporting

The Economic Effect of Mineral Resources Exploitation in Bijie Prefecture in Guizhou

The exploitation of mineral resources plays an important role in promoting national economic development. Mining is an essential component of China's industrial economy. Using grey correlation method to analyze the correlative effect of mineral resources exploitation to relevant industries, using national income method to calculate the pulling effect of mineral resources exploitation to economic growth and using graphs as well as tables to analyze the income distribution effect, the article obtains active economic effect of mineral resources development in Bijie, Guizhou. Moreover, from the view of resources-cored effect, the article analyzes negative effects such as single industrial structure brought by mineral resource development. Through analysis, we find that mineral resources exploitation to some extent brings active effects including gross domestic product growth, local financial revenue growth and relevant industries development; however, its negative effects should not be ignored. The negative effect can be lightened by diversifying industrial structure and prolonging industrial chain.

Some Thoughts on the Portuguese Colonial City and Architecture in Post-Colonial Times

The research on the architecture and urbanism of the former Portuguese Africa allows us to consider and to establish the real intrinsic value, typological and morphological diversity, and the lengthy duration of the legacy of this architectural/urban heritage. Portuguese colonization in Africa produced more recently, mostly in the period 1950-1975, some vast and great material values, of which seven or eight main cities, including the vast contents of their modern architecture, are striking examples. We can evaluate the most positive aspects with future impact represented by this Portuguese architects＇ practice （cultural ethics, use of modern technology, and service to society） and the architectonic work produced during that era. Although these cities and its architecture were created within a late colonial context of indisputable discrimination, they have prevailed despite wars and circumstantial abandonment. Now they represent a consistent material basis for the modernization and/or revitalization of urban life in these countries. Architects that are at present working and intervening in these countries should understand this ambivalence and complementary nature between the ex-colonial ＂concrete city＂ and the ＂informal city＂ pre- and post-colonial, so that their performance is socially and culturally informed, correct, and positive.

A Study of Productive Expenditure Bias in County-level Finance in China

Being responsible mainly to their superiors, decision-makers at the county level in China pursue the maximum growth rate rather than their residents’ welfare. This leads to a preference for productive expenditure in their fiscal decisions. An empirical test based on 2,067 counties (cities) provides robust evidence for the existence of productive expenditure bias at the county level. Such bias causes a serious impediment to the construction of a system of public finance and the transformation to public service-oriented government in China. An appropriate solution to this problem is to gradually enhance incentives for county- level governments to satisfy the demands of local residents.View full textDownload full text