我国上市公司亏损的制度经济学分析

针对我国上市公司亏损的现状,着重分析造成这种情况的制度性原因,认为我国上市公司亏损的根本性原因在于证券市场选择机制带来的股权结构不合理.这些制度性限制导致的经营水平低下是上市公司亏损的直接原因,加之宏观环境的影响,近年我国上市公司的亏损才凸显出来.在原因分析的基础上,提出了一些对策建议.     

Historical Slogans in Teaching American History

The issues surrounding the federal budget, national debt, and budget deficit are complex, but not beyond the reach of young students. This study finds scant treatment of the federal budget, national debt, and budget deficit in high schools today. It is hardly surprising that high school teachers spend so little time discussing these topics in their classrooms, another finding of this study. As bleak as we found the current state of education about these topics, we also found significant opportunities to teach them in high school classrooms. Specifically, we discuss four recommendations for teachers to infuse the federal budget, national debt, and budget deficit into high school social studies courses.     

High in the Cold,Thin Air: Risks and Benefits

Abstract

The purpose of this paper is to familiarize health professionals with the clinical manifestations of illness encountered by healthy subjects upon acute exposure to high altitude. Acute mountain sickness (AMS) consists of mild (headache, lethargy, anorexia) and severe (pulmonary and cerebral edema) forms which are probably a continuum of the adverse effects of hypoxia. The former occurs usually at more than 6000 feet, and is self-limited with rest and analgesia; the latter occurs at more than 12,000 feet, can be rapidly fatal, and must be treated with descent and/or oxygen. Acetazolamide may provide prophylaxis for mild symptoms; Lasix and morphine should not be used for severe AMS unless close monitoring is available. The etiology of AMS is not clear but may be related to one's ventilatory response or the response of the pulmonary and cerebral vasculature to hypoxia.     

Understanding how deficit discourses work against implementing participatory approaches in Australian Indigenous policy

One of the few things that everyone can agree on with respect to Australian Indigenous policy is that repeated government experiments aimed at improving Indigenous well‐being in Australia and particularly in remote Australia have failed. Outcomes remain poor and are, if anything, deteriorating in a number of areas. Critics have characterised the history of Indigenous policy as a series of failed policy experiments. The latest experiment in the quest to improve outcomes involves attempts to move away from the usual rational‐technical approaches, toward participatory approaches or “partnerships”. However, governments are struggling to implement these innovations. Self‐evidently, the Closing the Gap policy is grounded in deficit discourse. This paper examines how this discourse works within the existing Indigenous policy world to create possibly irreconcilable tensions with attempts to introduce participatory approaches. It does this using Logics of Critical Explanation, an interpretive method which allows us to understand how policy actors work within an existing policy world to either replace or augment their norms, values and ideologies to work in the new ways that are asked of them, or to resist innovation and revert to the status quo.     

Australia saved from the financial crisis by policy or by exports?

There is general agreement that Australia weathered the Global Financial Crisis (GFC) better than many other advanced countries. There is less agreement as to why. In popular discussion, fiscal policy and continued strong export demand have been championed, with less support for monetary policy. But there is little formal empirical work which disentangles the relative contributions of these three factors. It is the purpose of this paper to make a start in this direction. It does so within the framework of a small vector-autoregressive model. The main finding is that the three factors together actually exacerbated the effects of the GFC on average over the 2009–2011 period, with most of the blame falling on fiscal policy. This seemingly anomalous finding is further explored and explained by households’ response to cash hand-outs which were saved and not spent; indeed, it is conjectured that they took cash hand-outs and government predictions of doom as indicators that bad times were ahead and saved rather than spent in response.     

Determinants of state long-term debt: The political market framework

Because it focuses on the moderating role of political institutions – which emphasize equilibrium policy outcomes under different institutional arrangements derived from the interaction of policy supply and demand – the political market framework provides useful insights for analyzing the determinants of state long-term debt. Thus, different types of state political institutions should affect the degree of long-term debt in terms of specific demands and supply. Despite the numerous studies that have either applied the political market approach to local governments in policy areas or have analyzed the determinants of long-term debt from only a financial management perspective, few studies have applied the political market framework to state governments. Thus, adopting a state financial management perspective and conducting a panel data analysis using state data from 1980 to 2014, this study identifies the reasons why state governments act on long-term obligations in terms of the political market framework. This study also aims to expand the application of the political market framework to state governments and to integrate determinants of state long-term indebtedness.     

Rotten Parents and Disciplined Children: A Politico‐Economic Theory of Public Expenditure and Debt

This paper proposes a dynamic politico‐economic theory of fiscal policy in a world comprising a set of small open economies, whose driving force is the intergenerational conflict over debt, taxes, and public goods. Subsequent generations of voters choose fiscal policy through repeated elections. The presence of young voters induces fiscal discipline, that is, low taxes and low debt accumulation. The paper characterizes the Markov‐perfect equilibrium of the voting game in each economy, as well as the stationary equilibrium debt distribution and interest rate of the world economy. The equilibrium can reproduce some salient features of fiscal policy in modern economies.     

中国的财政支出与城乡收入差距

 当前我国城乡收入差距正呈现日益扩大的趋势,导致出现这种局面的原因是多方面的,其中,政府的财政投入不足是一个重要方面。但政府增加财政支出是否能有效引导农民收入增长并缩小城乡收入差距呢？我们采用动态面板数据模型和系统广义矩(system-GMM)估计方法的研究表明,这取决于地方政府在追求本地GDP高速增长的政绩最大化条件下,利用自身财政自主权所选择的不同支出结构——在财政分权的背景下,即使财政投入总量增加了,城乡收入差距也未必会缩小,只有倾向于农业投入以及科教文卫支出增加的政府财政支出结构才能有效减轻城乡收入差距。     

积极财政政策的积极作用分析

本文拟通过对当前积极财政政策实证和理论的分析 ,揭示当前财政政策的积极影响 ,并为今后政府决策提供一定依据。     

中国县级政府间财力差距：1993-2003年

 摘　　要:本文利用1993-2003年中国县级地区的财政数据，借鉴收入分配文献中发展出来的地区子集和收入来源不平等分解法，对县级政府财力差距进行了分析，发现中国县级政府财力差距十分悬殊，且财力不均等存在上升趋势；大部分财力不均等是由组内差异解释的，地区间差距对不均等的贡献相对较小；上级财政转移支付不但没有起到均等县级财力的作用，反而拉大了财力差异，特别是在分税制改革后，转移支付造成了近一半的县级财力差异