SHAREHOLDER LIMITED LIABILITY AND MEAN-VARIANCE MODELS OF CAPITAL STRUCTURE*

This paper demonstrates that shareholder limited liability imposes a restriction on corporate borrowing and that failure to incorporate this restriction into the analysis yields the “reductio ad absurdum” argument against mean-variance models of optimal capital structure. With corporate income taxes and costless bankruptcy, the firm's value is a monotonically increasing function of debt as long as the amount of debt does not exceed the upper limit imposed by shareholder limited liability. As a result, the introduction of costly bankruptcy into the mean-variance framework is justified.     

马克思主义中国化视域下《论共产党员的修养》对儒家义利观的吸收借鉴

马克思主义中国化是坚持把马克思主义基本原理同中国具体实际相结合、同中华优秀传统文化相结合，要求运用马克思主义的立场、观点、方法，研究和解决中国革命、建设、改革中的实际问题。“第二个结合”是当代中国马克思主义理论的重大创新，彰显了中国共产党的历史自信和文化自信。《论共产党员的修养》是马克思主义与中华优秀传统文化相结合的产物。作为马克思主义基本原理同中华优秀传统文化相结合的经典案例，《论共产党员的修养》通过对古代儒家义利观的吸收借鉴，从“原则”“标准”“党员个人利益”等方面，论述了正确处理党员个人利益与党的利益、人民利益之间的关系，极大提升了共产党员修养理论的透彻性与说服力。《论共产党员的修养》充分展现了中国共产党坚持把马克思主义基本原理与中华优秀传统文化相结合的优良传统。     

Join to connect? Voluntary involvement,social capital,and socioeconomic inequalities

Access to social capital is stratified by socioeconomic status and has been cross-sectionally linked to involvement in voluntary organizations. Yet, we know little about the origin and interplay of these empirical regularities. Regression analyses on German panel data (SC6-NEPS) reveal that people rich in social capital join organizations more often (selection). Furthermore, joiners access more and higher-status social capital after joining (socializing opportunities). Low-status individuals disproportionally extend their reach towards higher positions through involvement but join less often. Compared to a counterfactual situation in which nobody joins, current involvement patterns marginally reduce some socioeconomic inequalities in access to social capital.     

Concepts,Theory, and Techniques INFLATION,MAINTENANCE OF CAPITAL,AND THE IRR MODEL OF CAPITAL BUDGETING*

Businesses operating under inflationary conditions need capital-budgeting models that help them judge the adequacy of returns on their investments and also allow them to keep capital intact by considering the erosive effects of inflation. The model proposed in this paper computes a modified internal rate of return (IRR); if cash inflows from a project are divided between earnings and recovery of capital, total recovery equals that amount which the capital-budgeting concept adopted by the business specifies (such as the original investment in constant dollars or its replacement cost). Under this model, a project should be accepted only if this computed rate equals or exceeds a hurdle rate that consists of the inflation-free rate of return plus the effect of inflation on such a return. Other modifications to the IRR model suggested in the literature do not completely satisfy the objective of capital budgeting under inflationary conditions.     

Investor preferences for positive social externalities and state-owned enterprises’ facilitated access to capital

State-ownership of commercial companies exists around the world, and it is important to understand its effect on financing and investment decisions. Empirically, firms that are partially state-owned (SOE) usually profit from easier access to capital. We propose a novel explanation for this: investors’ social preferences can affect capital allocation if SOEs are perceived as socially beneficial. In support of this we found that people attribute social benefits more to SOEs than to private firms, and their propensity to invest depends on this attitude. Further, in an incentivized modified stochastic public goods game, participants invested in risky options with positive externalities even when the aggregate of private return and externality was lower than the return of an investment option with only private returns. For the case of the EU, we discuss alternative explanations such as state guarantees and political lending in the light of regulations of state aid. We conclude that even if these regulations prohibit direct or indirect state aid for SOEs, state-ownership can affect capital allocation through investors’ social preferences.     

风险投资与中小企业技术创新

我国中小企业发展面临许多困难 ,其中一个主要障碍是中小企业在技术创新活动中资金短缺 ,且技术创新的风险大。中小企业利用传统融资方式来寻求资金十分困难 ,而风险投资能较好地解决这个融资难题 ,促进技术创新。本文主要针对如何应用风险投资促进中小企业发展进行初步探讨 ,并提出相应的对策与建议     

ON THE COST OF NEW ISSUES OF COMMON STOCK: AN AMENDMENT TO THE CONSTANT GROWTH MODEL

Expansion decisions by corporate managements are importantly influenced by their perceptions of the firm's cost of capital and especially the cost of common equity. Their decision making is then influenced by the common perception that new issues of common stock are more costly than retained earnings because of the flotation costs inherent in new issues. Thus a rate of expansion that requires new issues is downgraded in decision making. In this paper the authors show that in actuality new issues of common equity may be less costly than retained earnings. Thus different decision-making implications are clearly involved.     

外商直接投资、技术外溢与我国经济增长

我国自改革开放以来,外商直接投资(FDI)发展迅速。2002年我国首次超过美国成为全球引进外资最多的国家,2004年吸引外资又创新高,首次突破600亿美元大关,仍居世界第一。外商直接投资作为国际技术外溢的主要渠道之一,是实现我国技术进步的重要途径。为此,我们应继续坚持对外开放政策,采取各项措施充分发挥我国FDI的技术外溢效应,以促进我国国民经济稳定、持续地发展。