An Empirical Study of the Relationship between the Fixed Assets Investment and Urban-rural Income Gap during the Transition Period

As the gap in income between urban and rural residents bigger and bigger,based on the data from 1978 to 2007,this paper makes an empirical study of the dynamic relation between the fixed assets investment and the difference in income between urban and rural residents. The outcome from the study indicates a long-term balance exists between the investment rate of the fixed assets and the difference in income between urban and rural residents. A short-term deviation from the balance can be adjusted through long time. To a certain extent,city-oriented fixed assets investment policy is the main cause of the big gap in income between urban and rural residents. The big gap in income between urban and rural residents in turn reinforces their social status,thus further strengthening the city-oriented instead of countryside-oriented fixed assets investment policy. Based on that,this paper puts forward some suggestions on adjusting the fixed assets investment policy so as to shorten the difference in income between urban and rural residents and realize the goal of harmonious development between city and countryside.

SHAANXI'S KEY PROJECTS FOR FIXED ASSETS INVESTMENT DURING THE NINTH FIVE-YEAR PLAN

During the Eighth Five-Year Planperiod, Shaanxi Province intensifiedthe restructuring of investment andmacro-control in fixed assets investment byimplementing the policy of "limiting totalamount, readjusting structure, rectifying orderand improving efficiency". The wholeprovince realized RMB 110 billion in fixedassets investment, (including RMB 86.5 billionby state-owned units, RMB 14.23 billionthrough loans from the construction bank,making up 16.5 percent), RMB 67 billionmore than in the Seventh Five-Year Planperiod, with an annual increase of 26.5 percent.Thanks to the support, a group of medium-to-large and key projects have been put

A Study on Investment Structure of Fixed Assets and Regional Economic Growth

Nowadays,it has been in the period of rapidly developing China’s economy.Since the financial crisis in 2008,China has paid more and more attention to investing in fixed assets,and the growth rate of investing in fixed asset is also rising.However,when promoting regional economic growth,if we only pay attention to the total amount of fixed asset investment,there will inevitably exist some blindness and lack of sustainability.Therefore,the study between the investment structure of fixed assets and regional economic growth is quite important.China has a vast territory and many regions.The investment structure of fixed assets in different regions is also different,so the influence on economic growth is also different.This paper analyzes the investment structure of fixed assets and regional economic growth,and help realize the rapid growth of regional economy by recognizing the current situation of China's investment structure of fixed assets.

The Q theory of investment, the capital asset pricing model,and asset valuation： a synthesis

The paper combines Tobin's Q theory of real investment with the capital asset pricing model to produce a new and relatively simple procedure for the valuation of real assets using the income approach. Applications of the new method are provided.

Education Investment Fixed Asset Investment and Regional Economic Development Differences--Empirical analysis based on Chinese

In this article,it discusses the di£ferences in economic development between urban and rural areas and regions in our country from the perspective of education investment and fixed asset investment.Based on the provincial data of 31 provinces from 1999 to 2017 released by National Bureau of Statistics,it expends the Cobb-Douglas model and Lucas model,and analyses the data with multiple linear regression models.From the study,it finds that compared with investment in fixed assets,investment in education has a larger role in promoting economic development,which is more obvious in the underdeveloped central and western regions and rural areas.However,at the same time it needs to note that the positive effects of education investment will be restricted by the economic structure and policy environment,and education expenditure policies should also be implemented in accordance with time and local conditions.

Evaluation on Optimal Scale of Rural Fixed-asset Investment-Based on Microcosmic Perspective of Farmers' Income Increase

The rural fundamental and productive fixed-asset investment not only makes active influence on the changes of farmers' operational,wages and property income,but it also has an optimal scale range for farmers' income increase. From the perspective of farmers' income increase,this article evaluates the optimal scale of rural fixed-asset investment by setting up model with statistic data,and the results show that the optimal scale of per capita rural fixed-asset investment is 76. 35% of per capita net income of rural residents,which has been reached in China in 2009. Therefore,compared with the adding of rural fixed-asset investment,a better income increase effect can be achieved through the adjustment of rural fixed-asset investment structure.

Investigain:A Productive Asset Management Web Application

The Investigain is a progressive web application to make mutual funds investments through a Systematic Investment Plan.The application utilizes the web’s modern capabilities,such as Asynchronous JavaScript and XML(AJAX),JavaScript,and Hypertext Marker Language(HTML5).The application also uses a powerful relational database management system,such as MySQL,to display asset management information.The application has two portals,one for investors and one for a particular asset manager or asset management company.Each investor has an account in the investor portal.The investor can view his/her profile,current balance,balance history,dividends,the units of mutual funds bought,unit price,the value of each mutual fund,and can pay installments using an embedded online payment gateway.Asset managers can monitor all investments,manage user accounts,and reimburse dividends using the admin portal.This paper also presents the experimental results of using the Investigain application,compares them with existing systems,and details the application’s prospect to improve its socio-economic conditions.The system’s frontend is designed with Bootstrap and jQuery frameworks.The backend is designed using Hypertext Preprocessor(PHP)server-side scripting language.The system demonstrated increased satisfaction from its clients.

Internal Transactions for Multiple Risky Assets

Most of the articles about insider trading assume that there is only one risky asset in the market. On the basis of these papers, this thesis is mainly divided into three parts to study the situation of multiple risky assets in the market. In the first part, the situation of multiple risky assets in the market when two transactions are in progress is studied and then, the equilibrium when the market requires the internal traders to disclose the trading volume after each transaction is analyzed. In the second part, the equilibrium of multi-period based on the two phases of transaction is derived. The third part is the summary of the paper.

Investment Strategy of the Temasek Holdings

Sovereign Wealth Funds （SWFs） are generally known as investment funds owned by national governments and financed by the country＇s foreign currency reserves （dollar, euro, and yen）, often through their central banks or via direct investments. The study investigated the investment strategy of the Temasek Holdings as one of the most successful SWFs which is owned by the government of Singapore. Temasek Holdings was founded in 1974 to manage part of the government＇s revenues. Present turbulent times create a big pressure on healthy investment strategy of the SWFs. But total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. The main objective of the paper is to focus on the role of the Temasek Holdings as a company managed on commercial principles with an aim to achieve long-term sustainable returns. The study also analyzed Temasek Holdings＇investment strategy. The study provides answers to questions like： why Temasek is of the most successful SWFs and what is the fund risk management？ Another part of the paper compares investment strategy of the Temasek Holdings with other SWFs. The study has been conducted mainly on the basis of literature survey, secondary information and with using various web sites and research paper. The analysis has been also based on disclosures appearing in the Temasek annual reports over the period from 2008 to 2010.

How China＇s Fiscal Policy Contributes to Investment and Economic Growth： Experience and Lessons

This paper （1） discusses how the two indicators used in official statistics of China, namely total investment in fixed assets and the gross fixed capital formation, reflect changes infixed asset investment and their relationship, （2） analyzes the growth of fixed asset investment and its contribution to changes of economic growth rate since the reform and opening-up, and （3） explains how fiscal policy impacts the growth of fixed asset investment and analyzes in detail the impacts of the two rounds of contractionary fiscal policy, two rounds of expansionary fiscal policy and one round of neutral fiscal policy on China＇ s fixed asset investment growth since reform and opening-up using full and accurate data. Practice shows that the impact of fiscal policy on China＇ s fixed asset investment is direct and obvious, yet sometimes too drastic. In the future, fiscal policy should be used in alignment with other economic policies with appropriate intensity and timing so that it will help stabilize the growth of fixed asset investment.

Management of Foreign Investment in Scientific Research Institutions

Based on the premise of promoting the sustainable development of scientific research institutions,this article analyzes the key points that should be emphasized in the management of foreign investment.It summarizes the practical significance of foreign investment management and determine the necessity of this management.According to the problems encountered in the management,three suggestions have been put forward.The scientific optimization suggestions are summarized from three aspects which are strengthening the standardization of foreign investment management,standardizing the financial accounting mode of foreign investment,and paying attention to the cultivation of foreign investment supervision personnel.There are accumulated experiences in the area of foreign investment management and the management system is constantly being improved in order to strengthen the efficiency of foreign investment projects in scientific research institutions.

客户资产减值与供应商企业投资

高效投资是产业链安全的重要保证,供应链信息溢出效应会导致客户信息对供应商企业投资产生影响。本文运用中国上市公司的供应商企业—客户关系数据,考察了客户资产减值如何影响供应商企业投资。研究发现,客户资产减值会降低供应商企业的投资水平,这验证了客户资产减值在供应链上存在溢出效应。进一步研究发现,客户资产减值通过使供应商企业的管理层产生悲观预期,以及加剧供应商企业的经营风险,进而降低供应商企业的投资水平,但未通过减少信贷资源供给影响供应商企业的投资。此外,对于非国有控股、较弱议价能力、较低行业资产流动性及较高客户媒体关注度的供应商企业,客户资产减值对其投资水平的负向影响更为明显。本文研究结论不仅为客户信息影响上游供应商企业投资提供了经验证据,而且还为监管层规范企业计提资产减值行为,进而提升供应链整体投资效率提供了政策启示。

营商环境与企业“脱实向虚”

基于A股上市公司数据,探讨在“以国内大循环为主体,推动国内国际双循环相互促进”背景下的营商环境改善对企业“脱虚向实”的影响及其内在作用机制。研究发现,地区营商环境越好,企业的金融资产投资水平越低;基于“行政审批中心设立”的准自然实验,进一步证实营商环境的改善显著降低了企业的金融资产持有水平。机制检验发现,这一效应的产生是通过降低企业经营风险和提高实体投资效益两条路径实现的。拓展性研究发现,营商环境改善在降低企业金融资产投资的同时,提高了企业对研发的投资;这些效应在中小企业和非国有企业中尤为显著。上述结果表明营商环境的改善有助于激励企业“脱虚向实”,这在政策层面意味着改善营商环境可能是解决经济“脱实向虚”和民营企业、中小企业纾困发展两大问题的一剂良药。

市场情绪与基金投资策略:迎合还是修正?

基金投资策略选择是学术界、监管者和市场参与者共同关注的焦点.本文根据行为资产定价理论将基金投资策略量化为组合收益的市场情绪敏感度,首次在微观层面对其按照市场状态分类界定为迎合情绪策略与修正情绪策略,通过理论模型和实证检验探究基金的投资策略选择对其流量、风险和经理努力程度产生的系统影响,从行为委托代理视角剖析基金业绩的影响机制.研究发现:基金采取迎合策略时,对投资者特别是个体投资者更有吸引力,但会对投资者利益造成隐性侵害,表现为基金未来的风险增大、收益降低,且基金经理在无需付出更多努力的情况下可获得更高报酬.进一步分析表明,基金经理为取悦投资者的消极放任行为是其业绩表现不佳的重要原因;基金采取修正策略时,产生的系列影响则完全相反.本研究为中小投资者的投资实践、基金治理与监管,及解释基金市场异象提供了新的思路与启示.

金融素养、家庭资产配置与财富积累

作为一种重要的人力资本,金融素养水平的高低会对居民家庭的金融决策产生非常重要的影响。本文基于中国家庭金融调查(China Household Finance Survey,CHFS)数据,考察了金融素养对我国居民家庭资产配置和财富积累的影响。研究认为,金融素养的提升不仅有效促进了家庭对风险金融资产的持有,还促进了家庭持有投资性房产的概率和程度,而且,金融素养也显著促进家庭的财富积累。机制分析表明,金融素养会通过推动家庭配置风险金融资产和投资性房产获得较高的投资收益,以及推动家庭进行养老规划,从而促进家庭财富积累。异质性分析表明,相较于基础金融素养,高级金融素养对家庭资产配置、财富积累的促进作用更大;与农村家庭、中低财富家庭相比,金融素养促进城镇家庭、高财富家庭的资产配置和财富积累的作用更大。本文研究为提升居民金融素养、促进家庭资产配置优化和财富积累提供了重要的理论和政策涵义。

固定资产加速折旧政策与企业环境社会责任表现

环境资源问题可能制约我国经济可持续发展,而税收政策能够调节经济健康发展、引导企业行为。本文以2010—2019年我国A股上市公司为样本,运用交叠双重差分模型检验了固定资产加速折旧政策变革对企业环境社会责任表现的影响。研究发现,固定资产加速折旧政策有效提升了企业环境社会责任表现;作用渠道探索显示,固定资产投资与绿色研发活动是上述影响发挥作用的重要渠道;异质性分析结果显示,固定资产加速折旧政策对于劳动密集型企业、衰退期企业、位于中西部地区企业和污染行业企业环境社会责任表现的提升效果更为明显。本研究对于引导企业参与环保行为、促进环境社会责任表现具有一定的现实意义。

减税冲击、土地调控与城投债定价

减税冲击会加大地方财政压力,而地方政府隐性担保能力的下降会导致城投债发行利差上升;然而,城投债是地方经济建设的重要融资手段,地方政府有动机采取增信措施来抵消减税冲击的影响,甚至促使城投债利差下降。基于2017—2019年的三次增值税税率下调实践,通过产业结构、减税点数和政策时间构造地级市层面的减税冲击变量,分析发现:减税冲击会扩大地方政府的财政收支缺口,但地方政府会采取土地调控措施来为城投公司提供增信,导致城投债的发行利差不升反降;具体而言,面对减税冲击,地方政府并没有调整土地出让结构、提高工业用地和住宅用地出让价格,而是通过向城投公司注入土地资产、提高商服用地出让价格的路径来提升城投公司的融资能力、抵押价值和信用水平,这也反映出地方政府“以地谋发展”的运作方式已由土地财政转向土地金融。因此,应深化土地要素市场化配置改革,打破地方政府在土地征收和出让环节的双垄断格局;划清地方投融资平台和地方政府之间的界限,促进地方财政的可持续发展,改变地方政府过度依赖土地调控的局面。

利润上缴政策改革与企业金融资产投资

近年来中国经济呈现出一定的“脱实向虚”趋势,对企业的风险管控与持续发展提出了严峻挑战。以2003—2019年中国A股中央企业控股公司和非国有公司为样本,本文考察了国有资本管理改革对企业金融资产投资的影响。研究发现:(1)中央企业利润上缴政策实施显著抑制了企业的金融资产投资行为,且主要表现为对投机性金融资产的抑制;(2)随着上缴比例的不断调高,政策效果愈发明显;(3)当企业资源丰富、行业盈利能力较弱以及高管业绩偏好较高时,政策效果受到一定削弱;(4)政策实施降低了金融资产中的“投机”成分,进而缓解了企业经营风险。本文从宏观政策角度丰富了企业金融化影响因素的研究,也丰富了国有资本管理改革政策经济后果的研究。本文的结论对于完善国有资本管理制度、深化国有企业改革具有较为重要的政策意义。

ESG投资绩效因子对公司股票资产定价的影响——基于中国A股市场的实证检验

环境、社会责任与公司治理(ESG)投资绩效对公司股票资产定价的作用正日益受到关注,但尚缺乏系统的计量检验。为此,依据上海华证公布的ESG投资绩效评级信息,构建ESG投资绩效因子,将其纳入三因子模型形成四因子股票资产定价计量模型。基于2011年至2022年中国A股上市公司月度数据的实证分析显示,中国A股市场上存在ESG投资绩效因子,拓展的四因子模型有效,但是整体上对于资产价格的解释力度提升有限。分组研究发现,相对于大市值规模公司或高账面市值比公司,ESG投资绩效因子对小市值规模和低账面市值比公司股票价格的影响更为显著,中国A股市场投资者在对小市值规模和低账面市值比公司股票估值时对ESG投资绩效给予了更高溢价。研究结论为深入理解ESG投资绩效在股票市场上的作用以及对公司股票做出更加准确的资产定价提供参考借鉴。