关于规范地方财政投融资体系的若干思考

地方财政投融资是以地方政府信用为基础 ,为实现政府基本目标 ,采取有偿融资和投资方式所进行的经济活动及所形成的制度体系。改革开放以来 ,投融资业务对地方经济发展起到了积极作用 ,但由于理论研究的严重滞后 ,以及政策措施不配套 ,地方财政投融资尚处于初步发展阶段 ,我们有必要总结其在发展中面临的问题 ,促进地方财政投融资体系的进一步完善     

公开市场操作公告对中国股市交易行为的影响

基于MRR结构模型,利用广义矩估计方法,从信息不对称和流动性成本角度考察了央行公开市场操作公告对股票市场交易行为的影响。实证结果表明,公开市场操作披露前股票市场的信息不对称程度、流动性成本并未发生显著变化,公开市场操作披露后30分钟内,信息不对称程度增加,流动性成本下降。在考虑了公开市场操作未预期的利率变化具体内容后,所得结果并没有显著变化。     

从分笔交易数据透视中国债券市场流动性

采用分笔交易数据,用相对买卖价差分析我国债券市场流动性,可以得出如下结论:各期限国债流动性差异不大,短期和长期国债流动性相对较好;国债买卖价差最小,可转债累计深度最大;债券市场流动性和波动性特征之间存在紧密的内在联系。     

流动性约束与消费行为关系的实证研究

流动性约束是指资本市场的资金流动具有单向性,流动性约束的存在可以提高储蓄水 平,降低当期累积消费. 通过三阶段生命期界的最优消费模型,证明了流动性约束的定量存在, 并通过实证检验发现,我国消费总量中受流动性约束影响的比例达到83. 46 %. 因此,增强信 贷市场的流动性,对于扩张有效需求将起重要作用.     

股权众筹是否真的那么美--基于美国制度缺陷的再思考

股权众筹作为初创企业采用的一种利用互联网向大众募集小额资本的融资方式，以“脱媒式”对接投融资双方的优势，利用互联网的人群聚集与信息广泛传播效应，降低投融资方之间沟通成本，有助于投融资意向的快速达成。2012年美国JOBS法案的高调出台，吸引了全球范围内的广泛关注。但股权众筹制度在美国已受到诸多批判，除信息披露要求弱化引发的欺诈风险增加外，在注重前端融资效率的同时却忽略了投资端的设计和保护，尤其是众筹股权的流通和退出问题等。美国立法与实践领域对于这些问题尚未取得彻底的突破。股权众筹以美国模式为样板引入中国，在遭遇中国固有法律体系及制度的困扰后，中国股权众筹实践陷入更多困境。通过对美国相关制度出台的背景及存在的不足进行分析，对照中国实践，锁定实践中产生的新问题，并深入探讨现有解决路径能否真正缓解这些不足，以期对股权众筹制度重新进行明确的定位。     

“Open to all and everybody”? The Irish Film Board: accounting for the scarcity of women screenwriters

Despite the many social and cultural changes that have occurred in Irish society since the Irish Film Board was re-established in 1993, the Irish film industry remains strongly male dominated. Specifically, Irish women constitute a minority of produced screenwriters and writer/directors. This article contributes to an understanding of the discursive resources that key decision makers in the Irish Film Board draw upon in order to talk about gender. A number of interpretative repertoires are used to rationalize its position in relation to the dearth of women screenwriters, four of which are examined here: evasion and deflection; gender neutrality; project-led funding; and a difficulty making sense of entrenched gender issues, articulated here as “I don’t know.” Within the respondents’ repertoires an ideological dilemma can be identified in the conceptualization of gender as both relevant and irrelevant.     

战后日本的科技研发思路及资金保障

第二次世界大战后,日本制定了具有本国特色的科技政策,并将科技政策纳入国家政策体系之中。其中,科技研发思路是制定科技政策的关键性步骤;政府对科技研发的保障性投入,也属于科技政策的重要组成部分。日本是当今世界科技和经济大国,探析并总结其战后科技研发思路及资金保障的经验教训,对后进国家制定科技发展战略无疑具有重要的借鉴和启示作用。     

Senior centres in the lives of older Americans: implications for Chinese older adults

As a critical community resource, the senior centre has provided older Americans with a wide array of recreational, nutritional, health, and social service programmes. Funding resources include the Older Americans Act allocations, local organisations and governments, national charities, voluntary associations, and religious associations. The types of programmes offered at a senior centre reflect two models: social agency model or voluntary organisation model. The five most popular programmes are nutrition, health and fitness, recreation, volunteering, and social services. Participation in senior centre activities has positive impacts on the overall well-being of older adult participants. With the rapid growth in the ageing population and improved life expectancy in China, senior centres may serve as a focal point for Chinese older adults by providing a broad spectrum of social services to enhance the well-being of community-dwelling older adults, to support their independence and dignity, and to facilitate ageing in place in later life.     

Reputation spillover effects from grant‐providing institutions

There is a broad academic discussion about the impact of funding grants from a foundation or a government department on individual support intentions toward the nonprofit organization receiving the grant. However, the role of the grant provider's reputation has frequently been overlooked. In this study, we experimentally tested whether there is a reputation spillover effect of a grant‐providing organization. Based on a real‐life example, we asked citizens to rate their willingness to donate to a nonprofit organization, and we experimentally manipulated the available information on funding sources. We test this for both a government department and a foundation as a grant provider. Our results suggest that not the act of receiving a grant, but the citizens' awareness about the funding organization—at least in the case of a foundation—has an impact on support intentions. In contrast, for a prominent government department as a grant provider, we did not find support for a reputation spillover effect.     

What is a person‐centred approach? Familiarity and understanding of individualised funding amongst carers in New South Wales

Person‐centred approaches place individuals with a disability at the centre of decision making, with their carers and family invited to be partners in the process. Rather than being required to fit within existing service programs, person‐centred approaches enable individuals to choose the support options that best meet their needs. In order to facilitate this, person‐centred approaches will be accompanied by the introduction of individualised funding. This means the individual will be provided with funding to purchase services of their choosing. Given these significant changes occurring in the disability sector, Carers NSW surveyed informal carers of people with a disability to identify what they knew about person‐centred approaches and how they felt about their introduction. Survey results indicate that there is a need to increase the capacity and willingness of carers significantly in order to engage with person‐centred approaches and individualised funding. Carers require targeted and comprehensive information about these concepts in order to understand fully the changes occurring within the disability sector. These findings also indicate specific areas that need to be addressed in order to increase carers' awareness of these concepts and also to address existing negativity and confusion.