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「期刊速览」《北京工商大学学报》2018年第2期

原文标题:[期刊速览]《北京工商大学学报》2018年第2期(双月刊)(总第200期作者:《北京工商大学学报》编辑部·专家特稿·我国四次创业浪潮的演进:从“难民效应”到“企业家效应”作者:李长安(对外经济贸易大学公共管理学院,北京 100029)摘要:文章研究了改革开放以来我国创业活动的发展历程及其演变规律,揭示了历次创业浪潮形成的经过、产生的经济背景及其发展状况。在统计分析历年新增私营企业增长变化

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原文标题:[期刊速览]《北京工商大学学报》2018年第2期(双月刊)(总第200期作者:《北京工商大学学报》编辑部·专家特稿·我国四次创业浪潮的演进:从“难民效应”到“企业家效应”作者:李长安(对外经济贸易大学公共管理学院,北京 100029)摘要:文章研究了改革开放以来我国创业活动的发展历程及其演变规律,揭示了历次创业浪潮形成的经过、产生的经济背景及其发展状况。在统计分析历年新增私营企业增长变化的基础上,认为迄今为止我国一共出现了四次创业浪潮。

原文标题:[期刊速览]《北京工商大学学报(社会科学版)》2018年第2期(双月刊)(总第200期

作者:《北京工商大学学报》编辑部

·专家特稿·

我国四次创业浪潮的演进:从“难民效应”到“企业家效应”

作者:李长安(对外经济贸易大学公共管理学院,北京 100029)

摘要:文章研究了改革开放以来我国创业活动的发展历程及其演变规律,揭示了历次创业浪潮形成的经过、产生的经济背景及其发展状况。在统计分析历年新增私营企业增长变化的基础上,认为迄今为止我国一共出现了四次创业浪潮。基于引发创业活动的“难民效应”与“企业家效应”理论,研究发现,前三次创业浪潮形成过程中,“难民效应”发挥着主导作用,主要表现为创业者是以劳动力市场的困难者、失败者为主,普遍素质较低,创业行为大多属于被动型创业和生存型创业。第四次创业浪潮则呈现出由“难民效应”向“企业家效应”转变的趋势,创业者群体更加多样化,素质明显提高,机会型创业逐渐成为创业行为的主流。为了将第四次创业浪潮推向深入,必须正确处理好政府与市场的关系,不断提高创业扶持政策的实施效果和精准性,将提高创业质量作为推动“双创”活动的重要环节,继续强化创业创新的有效对接,加强培训提高创业层次,努力改善创业环境,以推动创业浪潮持续发展。

关键词:创业浪潮;难民效应;企业家效应;创业质量;创业环境;企业存活率

中图分类号:F279.2 文献标志码:A 文章编号:1009-6116(2018)02-0001-09

基金项目:国家社会科学基金重大项目“中国经济下行阶段就业结构调整与防范失业战略研究”(16ZDA026);教育部人文社会科学研究规划基金项目“人力资本对创业活动的影响研究”(14YJA790020)。

作者简介:李长安(1969—),男,江西南丰人,对外经济贸易大学公共管理学院教授,博士生导师,博士,研究方向为劳动经济学、教育经济学。

Evolution of Four Waves of Entrepreneurship in China:From "Refugee Effect" to “Entrepreneur Effect"

LI Chang’an(School of Public Administration,University of International Business and Economics,Beijing 100029,China)

Abstract: This paper studies the development and evolution of entrepreneurial activity in China since the reform and opening up to the world,which reveals the waves of entrepreneurship in their formation process,economic background and development. Based on the statistical analysis of the growth in the newly-emerging private enterprises,it concludes that there have been four waves of entrepreneurship in China so far. Based on the theory of "refugee effect" and the theory of "entrepreneurial effect" which create entrepreneurial activities,this paper finds that in the previous three waves of entrepreneurship,"refugee effect" has played a leading role,with the entrepreneurs mainly the losers in labor market who are generally low in their quality and whoseentrepreneurial behaviors are mostly passive type and survival type. But in the 4th wave,it reveals a trend from "refugee effect" to "entrepreneurial effect" in an evolutionary process of entrepreneurial activity,with diversified entrepreneur groups and obviously high quality. Opportunity type entrepreneurship has gradually become a main entrepreneurial activity. In order to promote the 4th wave of entrepreneurship in depth,it is necessary to deal well with the relationship between government and market,continuously improve the efficiency and accuracy of entrepreneurship support policy,pay attention to improve the quality of entrepreneurship as the important link to implement "mass entrepreneurship and innovation",strengthen the effective combination of entrepreneurship and innovation,enhance the level of entrepreneurship by training,and make efforts to improve the business environment to push forward the development of entrepreneurial wave.

Key Words:entrepreneurial wave; refugee effect; entrepreneur effect; entrepreneurial quality; entrepreneurial environment; enterprise survival rate

(本文责编 王 轶)

·“国家预算”专题·(主持人:谢志华教授)

国有资本运营职能从国有企业剥离的改革逻辑及绩效评价体系重构

作者:文宗瑜1、2,宋韶君1(1.中国财政科学研究院,北京 100142;2.北京工商大学国有资产管理协同创新中心,北京 100048)

摘要:国有企业在从事资本运营和产业经营过程中,往往是产业经营被忽略,产品创新和产业升级被忽视,依赖资本运营不断甚至无限做大资产规模成为大多数国有企业的目标。通过深化国有企业改革,把国有资本运营职能从国有企业剥离,由国有资本投资公司和运营公司进行国有资本的专业化运营,国有企业回归产品产业经营,进而专注于实体经济,实现国有资本运营与国有企业经营的各司其职。与国有资本运营职能从国有企业剥离相适应,要重新构建国有资本专业化运营的绩效评价体系。国有资产资本化率、国有资产总额年平均周转率、国有股权创新覆盖率等指标,应纳入国有资本专业化运营的绩效评价体系中,并设计成为核心绩效评价指标。

关键词:国有资本;运营职能;绩效评价;国有资产资本化率;国有资产总额年平均周转率;国有股权创新覆盖率

中图分类号:F123.7 文献标志码:A 文章编号:1009-6116(2018)02-0010-08

基金项目:国家社会科学基金重大项目 (14ZDA027);北京市社会科学基金重大项目(15ZDA51)。

作者简介:文宗瑜(1963—),男,山东桓台人,中国财政科学研究院研究员,博士,北京工商大学国有资产管理协同创新中心研究人员,研究方向为宏观经济运行、国资管理及国有资本经营预算等;宋韶君(1987—),女,山东青岛人,中国财政科学研究院博士研究生,研究方向为财务会计

Reform Logic in Divestiture of Operational Function of State-owned Capital from SOEs and Reconstruction of Performance Appraisal System

WEN Zongyu1, 2 & SONG Shaojun1(1.Chinese Academy of Fiscal Sciences,Beijing 100142,China;2.Collaborative Innovation Centre for State-owned Assets Administration,Beijing Technology and Business University,Beijing 100048,China)

Abstract: The state-owned enterprises are engaged in both capital operation and industrial management. Frequently,industrial management is ignored and industrial upgrading of product innovation is neglected. Dependence on capital operation to continuously and even unlimitedly expand the asset scale has become the goals of most state-owned enterprises (SOEs). By deepening the reform in the SOEs with state-owned assets for the divestiture of operational function of state-owned capital from SOEs,the corporations invested and operated by state-owned assets can carry out the specialized operation of state-owned assets,and the SOEs can revert to industrial management of products with focus on real economy,which makes the state-owned capital operation and SOE’s industrial management take their own responsibility. To adapt to the divestiture of operational function of state-owned capital from SOEs,the performance appraisal system should be reconstructed for the specialized operation of state-owned assets.The index such as capitalization rate of state-owned assets,annual average rate of total value of state-owned assets,coverage rate of state-owned equity innovation,etc. should be put in the performance appraisal system for the specialized operation of state-owned assets and should be designed to be core index for performance appraisal.

Key Words: state-owned capital; operational function; performance appraisal; capitalization rate of state-owned assets; annual average rate of total value of state-owned assets; coverage rate of state-owned equity innovation

(本文责编 王沈南)

基于国家治理的国有资本经营预算机制构建

作者:杨克智1,杜海霞2(1.北京工商大学商学院,北京 100048;2.北京财贸职业学院立信会计学院,北京 101101)

摘要:在全面推进国家治理体系和治理能力现代化的背景下,研究了国有资本经营预算改革问题。通过论证国有资本经营预算发挥国家治理效应方式和具体途径,指出国有资本经营预算改革的核心是建立国有资本经营预算法人预算制度。法人预算制度应包括治理结构、治理机制和预算体系组成的预算治理结构和运行机制。应当建立国有资本经营决策权、经营权、监督权三权分立的治理结构和相应的治理机制。而建立国有资本经营全面预算体系,应包括国有资本经营预算资产负债表、利润表、现金流量表、国有资本权益变动表以及附注等。最后,对国有资本经营预算法人预算制度改革的实现路径提出了具体建议。

关键词:国家治理;国有资本经营预算;法人预算制度;治理结构;整合预算;全面预算

中图分类号:F812.3 文献标志码:A 文章编号:1009-6116(2018)02-0018-09

基金项目:国家社会科学基金重大项目 (14ZDA027);北京市社会科学基金重大项目 (15ZDA51);北 京 市 社 会 科 学 基 金 项 目(15JGC161)。

作者简介:杨克智(1983—),男,江西樟树人,北京工商大学商学院讲师,博士,研究方向为国有资产管理、资本市场与会计信息等;杜海霞(1975—),女,山东东营人,北京财贸职业学院立信会计学院教授,博士,研究方向为内部控制、会计信息质量等。

Budget Mechanism Construction for State-owned Capital Operation Based on National Governance

YANG Kezhi 1 & DU Haixia2(1.School of Business,Beijing Technology and Business University,Beijing 100048,China;2.Lixin School of Accounting,Beijing College of Finance and Commerce,Beijing 101101,China)

Abstract: Under the background of promoting comprehensively the modernization of national governance system and governance capability,combined with the reality of deepening the supervision over the state-owned capital and the reform of the state-owned enterprises (SOE),this paper studies the reform in the budget of the state-owned capital operation. First,it demonstrates the way and path how the budget of the state-owned capital operation has the effect of national governance. Then,on that basis,it puts forward an idea that the key to the budget reform in the state-owned capital operation is to establish a corporate budget system in the state-owned capital operation budget. The corporate budget system in the state-owned capital budget includes: the governance structure of the separation of powers such as the decision-making power,the management right and the supervision right of the state-owned capital operation;the governance mechanism of budget democracy,budget rule of law and budget consolidation;and the comprehensive budget system in the state-owned capital operation composed of its balance sheet,profit statement,cash flow statement,statement of changes in the rights and interests of the state-owned capital,etc. Finally,this paper proposes the concrete suggestion on the path to realize the reform in the corporate budget system in the state-owned capital operation budget.

Key Words: national governance; budget of state-owned capital operation; corporate budget system; governance structure; integrated budget; comprehensive budget

(本文责编 王沈南)

国家预算信息公开的本质及其实现路径

作者:许诺1,凌思远2,贾婧1(1.中央财经大学会计学院,北京 100081;2.北京工商大学 商学院,北京 100048)

摘要:从税收史学上讲,公民与国家之间的“权责对等”维系着经常性赋税所形成的长期稳定的税收关系,国家接受公民让与部分私权必然需要承担按照公民意愿支出财政资金的责任。而国家预算作为实现权责对等的必然手段,其预算信息公开本质上则成为实现权责对等的具体实践形式。国家预算信息公开保障了公民的知情权,是公民监督政府是否按照公民意愿支出财政资金的起点,也是实现预算参与、预算民主的先决条件。在分析英美国家预算信息公开经验的基础上,结合我国的历史教训,认为需要在健全预算法律、完善管理机制、强化审计监督、拓展信息渠道四个方面保障公民的知情权,以促进权责对等,从而发挥国家预算的治理作用。

关键词:国家预算;信息公开;权责对等;公民知情权;经常性赋税;国家治理

中图分类号:F812.3 文献标志码:A 文章编号:1009-6116(2018)02-0027-11

基金项目:国家社会科学基金重大项目(14ZDA027 );北京市社会科学基金项目( 16GLC045 ); 北京市社会科学基金重大项目(15ZDA51)。

作者简介:许诺(1987—),男,浙江瑞安人,中央财经大学会计学院博士研究生,北京工商大学国有资产管理协同创新中心研究人员,浙江财经大学东方学院讲师,研究方向为公司财务与公司治理;凌思远(1994—),男,山东临沂人,北京工商大学商学院硕士研究生,研究方向为公司治理;贾 婧(1993—),女,内蒙古包头人,中央财经大学会计学院博士研究生,研究方向为公司财务。

Essence of State Budget Information Disclosure and Realization Path

XU Nuo1,LING Siyuan2 & JIA Jing1(1.School of Accouting,China University of Finance and Economics,Beijing 100081,China;2.School of Business,Beijing Technology and Business University,Beijing 100048,China)

Abstract: From the history of taxation,the "authority with corresponding responsibility" between citizens and nation supports the long-standing and stable tax relationship formed by recurrent taxes. A nation accepts a part of private rights transferred by citizens and it is necessary for the nation to take on the responsibility to spend the fiscal fund according to the citizen's willingness. The state budget is a necessary measure to realize the "authority with corresponding responsibility",so in essence the budget information disclosure is a concrete form of practice to realize the "authority with corresponding responsibility". The state budget information disclosure has guaranteed the citizens’ right to know. It is the beginning for citizens to monitor the governments whether to spend the fiscal fund according to the citizen’s willingness and it is a prerequisite to realize the budget participation and budget democracy. Based on the analysis of the experiences in state budget information disclosure in the UK and the USA,combined with the historical lessons in China,this paper proposes to protect citizens’ right to know from four aspects,i.e.improving the budget laws,perfecting the management mechanism,strengthening the audit supervison,and expanding the information channal,so as to promote the "authority with corresponding responsibility" and make the state budget play the role of governance.

Key Words: state budget; information disclosure; authority with corresponding responsibility; citizen’s right to know; recurrent tax; national governance

(本文责编 王沈南)

·贸易经济·

我国流通产业全要素生产率空间关联和影响因素研究

作者:柳思维1,周洪洋2(1.湖南商学院经济与贸易学院,湖南长沙 410205;2.湖南省耒阳市国家税务局,湖南耒阳 421800)

摘要:流通产业是国民经济发展的基础产业与先导产业,全要素生产率正在日益成为流通产业增长的重要源泉。运用超效率SBM-DEA方法和 Malmquist 指数测度了2004—2015年我国流通产业全要素生产率,通过空间相关性分析发现,我国流通业全要素生产率在全域和局域上均存在着显著的空间相关性。空间杜宾模型回归结果表明:产业结构的高度化和人口城镇化水平的提高对本省份流通产业TFP具有促进作用,但二者均会对邻域省份的流通业TFP增长产生抑制效应;研发强度的加大和连锁化程度的提升对流通产业TFP增长的提升作用非常显著,且空间溢出效应明显;而产业政策的直接效应和间接效应均很小,未能显著促进流通产业TFP增长。因而,加大产业科技创新投入、发挥规模经营优势、促进产业结构优化升级和提高城镇化质量是促进流通产业TFP增长的关键。

关键词:流通产业;全要素生产率(TFP);技术进步;空间相关性;溢出效应;产业结构;规模效应

中图分类号:F724 文献标志码:A 文章编号:1009-6116(2018)02-0038-13

基金项目:国家社会科学基金重点项目“我国城市流通产业空间结构优化研究冶(13AJY015)。

作者简介:柳思维(1947—),男,湖南岳阳人,湖南商学院经济与贸易学院院长,教授,博士生导师,研究方向为流通经济;周洪洋(1990—),男,湖南耒阳人,湖南省耒阳市国家税务局科员,研究方向为流通经济与财政税务。

Research on Spatial Correlation and Influencing Factors of Total Factor Productivity in China’s Circulation Industry

LIU Siwei1 & ZHOU Hongyang2(1.Academy for Economy and Trade, Hunan University of Commerce, Changsha, Hunan 410205, China; 2.Leiyang City Office, State Administration of Taxationk, Leiyang, Hunan 421800, China)

Abstract: Circulation industry is the fundamental and guiding industry in the development of national economy, and the total factor productivity (TFP) is increasingly becoming an important source for the growth of circulation industry. By using the super-efficient SBM-DEA method and Malmquist index, this paper measures the total factor productivity of circulation industry during the years from 2004 to 2015. The spatial correlation analysis shows that there is significant spatial correlation globally and locally in the total factor productivity of circulation industry. The regression result of Spatial Durbin Model (SDM) indicates that both industrial structure advancement and improvement of population urbanization have a positive effect on TFP in circulation industry of a province, but they both have a negative effect on TFP in circulation industry of neighboring provinces. Increasement of the intensity of R&D and enhancement of the degree of chain operation have a significantly positive effect on the growth of TFP in circulation industry and their spatial spillover effect is obvious. With its direct effect and indirect effect very small, industrial policy has no significantly positive effect on the growth of TFP in circulation industry. Therefore, expanding the investment in scientific and technological innovation in industry, giving full play to the advantages of scale operation, promoting the optimization andthe upgrading of industrial structure, and improving the quality of urbanization are the key to promoting the growth of TFP in circulation industry.

Key Words: circulation industry; total factor productivity (TFP); technological progress; spatial correlation; spillover effect; industrial structure; scale effect

(本文责编 邓 艳)

技术进步偏向、要素禀赋与物流业绿色全要素生产率

作者:王云霞,韩 彪(深圳大学经济学院,广东深圳 518060)

摘要:选择与资源禀赋相协调的技术进步类型将有效提升物流业的全要素生产率,进而促进经济增长。采用Malmquist-TFP指数分解法,对1995—2015年中国物流业绿色全要素生产率及投入偏向型技术进步指数进行了测算,并对不同类型要素禀赋地区的要素投入偏向进行了比较。研究结果表明:首先,不考虑能源投入以及碳排放强度时,物流业全要素的生产率被显著高估,且资本密集型地区的TFP增速最高;其次,多数地区的投入偏向型技术进步指数大于1,要素投入偏向于资本的使用以及劳动力的节约。从不同类型的要素禀赋地区来看,技术进步的要素投入偏向与地区要素禀赋并不完全匹配,且存在技术选择“悖论”,这是导致物流业全要素生产率损失的重要原因。因此,应深化要素市场及社会保障制度改革,选择与要素禀赋类型相匹配的适宜技术,降低技术错配对全要素生产率造成的损失。

关键词:物流业;技术进步偏向;要素禀赋;绿色全要素生产率;Malmquist-TFP 指数;技术选择“悖论”

中图分类号:F259.2 文献标志码:A 文章编号:1009-6116(2018)02-0051-11

基金项目:教育部高等学校教学指导委员会课题(WH1352016YB68)。

作者简介:王云霞(1981—),女,山西长治人,深圳大学经济学院博士研究生,研究方向为流通经济理论;韩彪(1963—),男,浙江慈溪人,深圳大学经济学院教授,博士生导师,研究方向为流通经济理论。

Technological Progress Bias,Factor Endowment and GTFP in Logistics Industry

WANG Yunxia & HAN Biao(School of Economics, Shenzhen University, Shenzhen, Guangdong 518060, China)

Abstract: The improvement of efficiency in logistics industry can effectively promote the circulation of factors. Choosing the technical progress that is coordinated with resource endowment will improve the TFP in logistics industry effectively and further promote the economic growth. Using the Malmquist-TFP index decomposition method, it measures the GTFP and the input-biased technological progress index in China’s logistics industry during the years from 1995 to 2015, and compares the preference of factor input in different factor endowment areas. The research results show that: Firstly, without considering the energy input and carbon emission intensity, the TFP index is significantly overestimated and the TFP growth rate in the capital-intensive areas ranks the highest; Secondly, the input-biased technological progress index is greater than 1 in most areas, with the factor input bias in capital-using and labor-saving. In terms of the areas with different factor endowments, the factor input bias in technological progress does not match the regional factor endowments totally, and there is a paradox in technology selection, which is the important reason for TFP loss in logistics industry. Therefore, we should deepen the reform of factor market and social security system, choose the appropriate technology in match with factor endowment, and reduce the loss to TFP caused by technology mismatch.

Key Words: logistics industry; technological progress bias; factor endowments; green TFP; Malmquist-TFP index; paradox of technology choice

(本文责编 邓 艳)

基于文化契合度的老字号品牌延伸对品牌忠诚的影响研究

作者:许衍凤1,2,范秀成1,朱千林2(1.复旦大学管理学院,上海 200433;2.山东工商学院,山东烟台 264005)

摘要:以老字号品牌为研究对象,基于文化契合度的视角构建了一个有调节的中介模型,探索老字号品牌延伸对品牌忠诚的影响。通过预测试选择老字号品牌“景芝”作为研究的母品牌,并开发了景芝茶饮料和景芝咖啡2种虚拟延伸产品。在预测试的基础上,设计了2个版本的调研问卷,进行大样本调研,获得了505份有效调研数据。采用层级回归和“拔靴法”对数据进行了分析,结果表明:品牌延伸会降低消费者对老字号的品牌忠诚度,并且低文化契合度的品牌延伸对品牌忠诚的影响更大;文化契合度正向影响品牌忠诚,感知风险在其中起中介作用;消费者创新性在调节文化契合度与感知风险之间关系的同时也调节了感知风险在文化契合度与品牌忠诚关系中的中介作用;当消费者创新性较低时,感知风险在文化契合度与品牌忠诚关系间的中介作用会更加显著。

关键词:老字号;品牌延伸;品牌忠诚;文化契合度;消费者创新性;感知风险

中图分类号:F273.2 文献标志码:A 文章编号:1009-6116(2018)02-0062-11

基金项目:中国博士后科学基金第62批面上项目(2017M621373);山东省社科规划基金项目(17CZCJ17)。

作者简介:许衍凤(1980—),女,山东日照人,复旦大学管理学院博士后,山东工商学院人文与传播学院副教授,研究方向为品牌管理;范秀成(1965—),男,山西太原人,复旦大学管理学院教授,博士生导师,研究方向为市场营销、服务管理;朱千林(1992—),女,山东潍坊人,山东工商学院工商管理学院硕士研究生,研究方向为企业管理。

Research on Influence of China's Time-honored Brand Extension on Brand Loyalty Based on Cultural Fit

XU Yanfeng1, 2, FAN Xiucheng1 & ZHU Qianlin2(1.School of Management, Fudan University, Shanghai 200433, China; 2.Shandong Technology and Business University, Yantai, Shandong 264005, China)

Abstract: With the time-honored brands as research object, a moderated mediation model is set up based on the perspective of cultural fit to explore the influence of brand extension on brand loyalty. Through a series of pretest, it selects the time-honored brand Jingzhi as parent brand, with Jingzhi tea and Jingzhi coffee developed as two virtual extension products. Based on the pretest, two versions of questionnaire are designed for large sample survey and 505 effective survey data are obtained. With the method of hierarchical regression and the bootstrapping method, the empirical results indicate that brand extension can reduce the brand loyalty to the time-honored brand, and brand extension with low cultural fit has more influence on brand loyalty. Cultural fit has a positive impact on brand loyalty and perceived risk has a mediating effect in it. While consumer innovativeness moderates the relationship between cultural fit and perceived risk, it also moderates the mediating effect of perceived risk in the relationship between cultural fit and brand loyalty. When consumer innovativeness is relatively low, perceived risk has more significant mediating effect in the relationship between cultural fit and brand loyalty.

Key Words: China’s Time-honored Brand; brand extension; brand loyalty; cultural fit; consumer innovativeness; perceived risk

(本文责编 邓 艳)

·财务与会计·

产权配置、内部控制质量与企业财务困境风险化解

章铁生1,杨洋1,许锐2(1.安徽工业大学商学院,安徽马鞍山 243032;2.厦门大学管理学院,福建厦门 361005)

摘要:以2007—2015年陷入财务困境的沪深A股上市公司年度数据为样本,探讨了产权配置不同企业的内部控制质量对财务困境风险化解的作用机理。研究发现,高质量的内部控制能显著提高企业摆脱财务困境的概率;进一步地,相对集中的股权结构能显著增强内部控制化解企业财务困境风险的积极作用。在控制其他因素的情况下,随着上市公司的第一大股东持股比例的提高,内部控制化解财务困境风险的可能性呈现先下降后上升的趋势,即当股权集中度较低时,因为“搭便车”现象和“掏空行为”的存在,即使控股股东持股比例不断提高,公司利用内部控制化解企业财务困境风险的可能性却是不断下降的;但是随着控股股东的持股比例继续大幅度上升时,控股股东和公司的利益统一,此时良好的内部控制会促进企业财务困境风险的化解,进一步检验发现这种作用并不会因为产权性质不同而发生变化。

关键词:内部控制质量;产权配置;财务困境;风险化解;股权结构

中图分类号:F275 文献标志码:A 文章编号:1009-6116(2018)02-0073-11

基金项目:国家自然科学基金项目(71572002);安徽省高校人文社会科学研究重大项目(SK2017ZD05)。

作者简介:章铁生(1974—),男,安徽枞阳人,安徽工业大学商学院教授,研究方向为企业融资与公司治理、内部控制;杨洋(1996—),女,安徽淮北人,安徽工业大学商学院硕士研究生,研究方向为财务管理;许锐(1990—),女,安徽安庆人,厦门大学管理学院博士研究生,研究方向为审计理论与信息披露。

Property Allocation, Quality of Internal Control and Resolving the Risk of Corporate Financial Distress

ZHANG Tiesheng1, YANG Yang1 & XU Rui2(1.School of Business, Anhui University of Technology, Ma’anshan, Anhui 243032, China; 2.School of Management, Xiamen University, Xiamen, Fujian 361005, China)

Abstract: With the annual data of the Chinese A-share companies which was stuck into financial distress and listed on Shanghai Stock Exchange and Shenzhen Stock Exchange during the years from 2007 to 2015 as the research sample, this paper explores the mechanism of the internal control quality to resolve the financial distress risk in different enterprises with different property right disposition. The research shows that higher internal control quality can significantly increase the probability of enterprises to get rid of financial distress. Further investigation finds that the centralized ownership structure can significantly enhance the positive effect of internal control to resolve the financial distress risk of enterprises. On the condition of good control over other factors that can help enterprises to resolve financial distress, with the increase of the shareholding proportion of the company's largest shareholder, the quality of internal control to resolve the risk of financial distress has presented a tendency of an increase first and then an decrease. That is to say, in case of the ownership concentration relatively low, due to the” free-rider”phenomenon and the existence of “tunneling behavior”, the probability is on the decrease for a company to use internal control to dissolve the risk of financial distress even if the shareholding proportion of holding shareholders increases continuously. However, along with a continuously tremendous rise in the shareholding proportion of holding shareholders, the interests of the controlling shareholders and the company will be in unity, and internal control with high quality will promote an enterprise to resolve the risk of financial distress. Further test finds that this effect will not change with the difference of property rights.

Key Words: internal control quality; property allocation; financial distress; risk resolving; equity structure

(本文责编 王沈南)

问询监管的市场反应——基于深交所数据的实证分析

作者:杨海波,李建勇(西南财经大学中国金融研究中心,四川成都 611130)

摘要:问询函是证券交易所常用的信息披露监管措施和工具,问询函公告后,被问询上市公司股票的市场反应值得研究。以深圳证券交易所2015年问询监管事件为样本,通过事件研究法和回归分析,研究了问询监管的市场反应。实证研究表明:问询监管对被问询公司总体的累计平均超额收益率有显著影响,在问询公告前,累计平均超额收益率显著为负;在问询公告后,累计平均超额收益率显著为正。而每天的平均超额收益率在问询公告前为负且不显著,在问询公告之后显著为正。因而,证券交易所应严格规范上市公司的信息披露行为,优化问询监管流程,加大对信息披露违规行为的惩处力度,以实现对上市公司信息披露行为的有效监管。

关键词:交易所;问询函;问询监管;超额收益率;事件研究法;回归分析

中图分类号:F832.5 文献标志码:A 文章编号:1009-6116(2018)02-0084-10

基金项目:中央高校基本科研业务费专项资金项目“完善股市基础性制度研究冶(JBK161111)。

作者简介:杨海波(1981—),男,四川绵竹人,西南财经大学中国金融研究中心博士研究生,研究方向为资本市场与公司金融;李建勇(1957—),男,四川阆中人,西南财经大学中国金融研究中心教授,博士生导师,研究方向为资本市场与公司金融。

Market Reaction to Inquiry Regulation: An Empirical Analysis Based on the Data on Shenzhen Stock Exchange

YANG Haibo & LI Jianyong(Institute of Chinese Financial Studies, Southwestern University of Finance and Economics, Chengdu, Sichuan 611130, China)

Abstract: As the information disclosure regulation measure and tool, inquiry letters are commonly used by stock exchanges. After an inquiry letter is announced, the market response to the inquired listed company' stock is worth studying. Based on the inquiries and regulatory events on Shenzhen Stock Exchange in 2015, this paper uses the event study method and the regression analysis to study the impact of inquiry regulation on the market reaction. The empirical research shows that: inquiry regulation has significant impact on the inquired company's overall cumulative average abnormal return rate, which is significantly negative before the announcement and significantly positive after the announcement; meanwhile, the daily average abnormal return rate is negative but insignificant before the inquiry announcement and is significantly positive after the announcement. Therefore, the stock exchange should regulate the information disclosure behavior of listed companies strictly, optimize the inquiry supervisionProcess, and strengthen the punishment for the violation of the inquiry system, so as to achieve effective supervision of the information disclosure behavior of listed companies.

Key Words: exchange/bourse; inquiry letter; inquiry supervision; abnormal return rate; event study method; regression analysis

(本文责编 邓 艳)

·财政与金融·

财政分权背景下税制结构对工业产能利用率的影响研究

作者:韩国高,迟绍祥(东北财经大学投资工程管理学院,辽宁大连 116025)

摘要:现行财税体制下以间接税为主体的税制结构通常会激发我国地方政府积极干预本地经济、追求投资规模和扩张生产规模,而导致产能利用率下降。基于2001—2015年我国省际面板数据,利用动态面板模型实证检验了财政分权背景下我国税制结构对工业产能利用率的影响。研究结果表明:税制结构的改善对我国各地区的产能利用率具有显著的促进作用,并且税制结构对产能利用率的促进作用具有区域异质性,产能过剩越严重的地区,税制结构的作用也越显著。化解产能过剩应积极促进税制结构改革,建立一套科学的基于各地经济发展程度和资源禀赋差异的税收返还和转移支付分配公式,切实解决地方财政缺口问题,防止一刀切式的改革削弱治理政策效果。

关键词:税制结构;产能利用率;数据包络分析;系统 GMM;区域异质性

中图分类号:F812.42 文献标志码:A 文章编号:1009-6116(2018)02-0094-11

基金项目:国家自然科学基金青年项目“产能波动与库存调整的经济效应:一般均衡分析与非线性传导”(71403043);辽宁省社会科学规划基金项目“价格扭曲视角下的产能过剩形成机制与化解对策研究”(L16BJY018);东北财经大学校级科研项目“环境规制约束下的产能过剩化解路径研究”(DUFE2017Y10)。

作者简介:韩国高(1982—),女,吉林松原人,东北财经大学投资工程管理学院副教授,博士,研究方向为工业投资;迟绍祥(1991—),男,安徽马鞍山人,东北财经大学投资工程管理学院硕士研究生,研究方向为投资经济。

Study on Impact of Tax System Structure on Utilization of Industrial Production Capacity under Fiscal Decentralization Background

HAN Guogao & CHI Shaoxiang (School of Investment & Construction Management, Dongbei University of Finance & Economics, Dalian, Liaoning 116025, China)

Abstract: The tax system structure which takes the indirect tax as the main body under the current fiscal and taxation system can inspire China’s local government to enthusiastically intervene the local economy in pursuit of investment scale and the expansion of production scale, which further has led to the decline in capacity utilization. Based on the Chinese provincial panel data during the years from 2001 to 2015, this paper makes an empirical test on the influence of China’s tax system structure on the capacity utilization under the background of fiscal decentralization. The result shows that the tax structure improvement has a significantly catalytic effect in improving China’s regional capacity utilization. Besides, the tax system structure has a regional heterogeneity effect on the capacity utilization, the more serious the overcapacity is, the more significant effect the tax system structure has. Therefore, in order to dissolve the overcapacity, the government should promote the reform of tax system structure and establish a set of scientific formula for tax rebate and transfer payment allocation based on the degree of economic development and resource endowments in different regions, which can effectively solve the problem of local fiscal gap and prevent one-size-fits-all reform from weakening the effect of governance policies.

Key Words: tax system structure; capacity utilization rate; data envelopment analysis (DEA); system GMM; regional heterogeneity

(本文责编 王 轶)

互联网金融形态对我国商业银行影响的差异分析

作者:史亚荣,张茗(兰州财经大学中国西北金融研究中心/金融学院,甘肃兰州 730020)

摘要:目前,互联网金融快速发展对商业银行的影响日趋显著,但不同形态的互联网金融对商业银行的影响面与影响度存在一定的差异性。为此,使用16家上市银行样本数据并按类别分为4组,采用了GMM估计法与固定效应面板模型,分析和检验了P2P、第三方支付和众筹这三种互联网金融形态对商业银行的盈利发展以及业务结构的影响。研究发现:P2P、第三方支付和众筹对不同类型商业银行的盈利发展和非利息收入的影响不尽相同;P2P对我国商业银行的盈利有负向影响;第三方支付对我国商业银行的非利息收入有正向影响;众筹对5大行和城商行的盈利以及非利息收入无影响,但对中小型股份制银行的发展有正向影响。建议我国商业银行积极变革,吸收互联网金融形态中的优势部分,进一步整合资源设立直销银行,利用大数据与人工智能提升服务价值与风险控制水平。

关键词:互联网金融;商业银行;P2P;第三方支付;众筹;GMM 估计

中图分类号:F832.33;F49 文献标志码:A 文章编号:1009-6116(2018)02-0105-11

基金项目:兰州财经大学丝绸之路经济研究院科研项目“能源富集地区金融生态优化问题研究”(JYYY201603)。

作者简介:史亚荣(1975—),女,甘肃庆阳人,兰州财经大学中国西北金融研究中心教授,研究方向为金融理论与政策;张茗(1992—),男,甘肃庆阳人,兰州财经大学金融学院硕士研究生,研究方向为商业银行经营与管理。

Difference Analysis of Influence of Internet Financial Form on China’s Commercial Banks

SHI Yarong & ZHANG Ming(China Northwest Center of Financial Research/ School of Finance, Lanzhou University of Finance and Economics, Lanzhou, Gansu 730020, China)

Abstract: With the rapid development of Internet finance, it has an increasingly growing impact on commercial banks, but different forms of Internet financial have the different impact on commercial banks in range and degree. Therefore, with the sample data of 16 listed banks divided into four groups by category, using the method of GMM estimation and fixed effect panel data model, this paper analyzes and tests the three forms of Internet banking including P2P, the third party payment and crowd funding about their impacts on the profitability of commercial banks, business structure and growth. The study finds that P2P, the third party payment and crowd funding have different impacts on the profitability of different types of commercial banks and their non-interest income. P2P has a negative impact on the profitability of China’s commercial banks, the third party payment has a positive effect on the non-interest income of China’s commercial banks, and crowd funding has no impact on the profitability and non-interest income of five big banks and city banks, but has a positive effect on the development of small and medium-sized joint-stock banks. It suggests that China’s commercial banks should reform actively absorb the advantage of Internet financial forms, further integrate resources to set up direct selling banks, improve service value and risk control by using big data and artificial intelligence.

Key Words: Internet finance; commercial bank; P2P; third party payment; crowd funding; GMM estimation

(本文责编 王 轶)

·经济热点·

城市化中农村居民消费演变的“反恩格尔”事实——来自北京市数据的测算

作者:孟昌,邱捷捷(北京工商大学经济学院,北京 100048)

摘要:中国改革开放已历40年,在高城镇化率地区,农村居民的消费结构,尤其是食物支出结构和恩格尔系数等指标的变动是否符合经验规律,是判断地区综合发展水平的重要内容。基于北京市农村居民2004—2015年各项消费支出数据,运用灰色关联分析和预测方法以及HP 滤波方法,测算了消费演变的统计特征。结果显示,2004—2010年,北京市农村居民处于联合国粮农组织标准下的富裕型生活水平,消费受食品支出影响最大;2011—2015年,恩格尔系数有小幅上升。而经HP滤波分解得到的恩格尔系数的时间趋势项呈缓慢上升趋势。基于GM(1,1)模型对2016—2020年消费趋势的测算结果显示,恩格尔系数依然有上升趋势,北京市农村居民消费变动不符合恩格尔经验规律。分析后认为,“反恩格尔规律”的统计事实可能说明消费正在发生根本性的转型升级,而不是农村居民生活水平下降的反映。建议应通过完善社会保障体系等措施,促进农村居民消费向质量改善型的结构转型升级。

关键词:城市化;北京市;农村居民;消费结构;恩格尔系数;Hodrick-Prescott(HP)滤波

中图分类号:F323.8;F424 文献标志码:A 文章编号:1009-6116(2018)02-0116-11

基金项目:北京市属高校高水平教师队伍建设支持计划高水平创新团队建设计划项目(DHT20170505);首都流通业研究基地项目(JDYB-2018-004);国家社会科学基金重大项目“粮食安全目标下市场起决定作用的粮食价格形成机制研究冶(14ZDA034)。

作者简介:孟昌(1971—),男,宁夏永宁人,北京工商大学经济学院教授,博士,研究方向为产业经济学;邱捷捷(1993—),女,海南乐东人,北京工商大学经济学院硕士研究生,研究方向为产业经济学。

The "Anti-Engel" Fact in Evolution of Rural Residents' Consumption during Urbanization—A Calculation from the Data in Beijing

MENG Chang & QIU Jiejie(School of Economics, Beijing Technology and Business University, Beijing 100048, China)

Abstract: China’s reform and opening up has lasted for 40 years. In the area of high urbanization rate, whether the changes in the consumption structure of rural residents, especially the changes in food expenditure structure, Engel coefficient and other indicators, accord with the empirical rule, is an important content to evaluate the regional comprehensive development level. Based on the consumption expenditure data of rural residents in Beijing during the years from 2004 to 2015, this paper studies the statistical characteristics of consumption evolution with the use of grey correlation analysis, prediction method and Hodrick-Prescott (HP) filtering method. The results show that in the years from 2004 to 2010, the rural residents in Beijing were rich according to the standard of FAO (United Nations Food and Agriculture Organization), and the consumption was most affected by food expenditure. In the years from 2011 to 2015, the Engel coefficient increased slightly, but the time trend of the Engel coefficient obtained by the Hodrick-Prescott (HP) filtering decomposition was rising slowly. Based on the GM (1, 1) model, the calculation of the consumption trend in the years from 2016 to 2020 years indicates that the Engel coefficient will still tend to rise. The consumption change of rural residents in Beijing is not in line with Engel’s empirical rule. The analysis shows that the statistical results of "Anti-Engel rule" may indicate that consumption is undergoing a fundamental transformation and upgrading rather than reflecting a decline in the living standard of rural residents. It is suggested that the government should promote the transformation and upgrading of rural residents’ consumption with the better quality structure by improving social security system and other measures.

Key Words: urbanization; Beijing city; rural residents; consumption structure; Engel coefficient; Hodrick-Prescott (HP) filtering

(本文责编 王 轶)

参见:http://econ.cssn.cn/jjx/jjx_dt/201803/t20180328_3890537.shtml


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