财政市场、土地资本化与异质性城市化

在以政府为主导的城市化进程中,土地财政成为了地方政府“经营城市”的重要手段。我国土地财政规模大、比例高,其形成不仅源于地方政府财权、事权不对等和地区之间、官员之间的竞争,究其质里,则是政府实现财政市场目标的行为投射。地方政府融资平台也基于相同的逻辑生成,帮助实现了土地财政的本质——资本化,弥补了地方政府的财政缺额。但是,土地的资本化提高了城市化成本,衍生出异质性,形成了空间与人口的矛盾,积累了凝结在城市中的金融、社会和道德风险,亟需引起重视。     

战略、安全与国防财政治理

国家财政治理能有效推动国家经济建设与国防能力建设的协调发展。当前,我国外部环境正面临着复杂变化,要想改变“修昔底德陷阱”等固有观念,需要通过国防财政治理来提升财政在国防建设规划中的职能定位,持续强化财政战略规划统筹经济和国防的能力,及时消除潜在威胁,稳定地缘政治安全。国家战略、安全与国防财政治理天然地具有统一性,国防财政治理的效能越高,国家规划战略应对潜在安全威胁的选择性就越多,就越能巩固国家经济发展取得的成就。     

互联网金融视域下的类资产证券化:交易模式、金融异化与监管逻辑

为了规避监管或监管套利,互联网金融的类资产证券化创设了新的交易模式与法律结构:债权拆分流转、信托受益权拆分流转和资产收益权拆分流转。这突破传统的法律权利类型与法律边界,改变了传统的公募、私募监管逻辑,相关法律规制面临冲击和重构。对实质开展互联网资管业务的非金融类机构监管等领域的法律滞后与模糊,造成事实上的监管真空,引发金融乱象。金融监管应坚持实质重于形式的监管原则,强化穿透式监管,厘清互联网金融创新的法律边界,推进央地监管分工的法治化、体系化,消除监管空白,避免泛化式、运动式监管。     

Save the kids: The need for regulation of cryptocurrency to protect adolescents from fraud

Cryptocurrency has become the new hot investment for young investors. Everyone wants to get in on the next cryptocurrency bubble, and there are those that want to exploit this excitement and exploit children. Influencers who have young audiences are pushing cryptocurrency investments onto their audiences and not fully educating them on the risks. To avoid this exploitation, The Securities and Exchange Commission should actively regulate decentralized exchanges where children purchase cryptocurrency, put age limit regulations into place, and require know your customer systems to verify that minors are not purchasing cryptocurrency without the consent of a guardian.     

The Impact of Funding Modalities on the Performance of Indigenous Organisations

Governments’ choice of funding modality can produce powerful incentives for organisations to perform in preferred ways, but it can also divert limited resources, narrow accountability, and undermine capability. Through literature review and interviews, the research explored the international literature on public finance management in developing country contexts, and compared this to case studies of Indigenous organisations. The situation in Australia was found to differ in three ways: (1) performance indicators are imposed, rather than negotiated; (2) few existing public funding modalities reward performance or provide incentives; and (3) funding arrangements do not generally require receiving organisations to be accountable to their constituents. Stability and durability of funding modalities, and clarity in functions and jurisdictional boundaries, were also found to positively influence performance. Further research is required to design new performance frameworks that build around the organisation, rather than the grant, with indicators of governance capability and downward accountability to constituents.     

地方服务型政府建设的财政困境及其排解

政府职能转变是决定公共财政活动的根本前提,公共财政是政府职能有效实施的物质基础,因此,从公共财政与政府职能的内在关联性出发来反思我国地方服务型政府建设的可能路径无疑是个有益的尝试。而分税制财政体制不完善、地方公共财政资源严重不足以及地方公共财政支出管理混乱这三大财政“瓶颈”成为制约我国地方服务型政府建设成功的重要因素。为此,必须着力构建公共服务型财政体制,以此来加快地方服务型政府建设进程。     

Public affairs,issues management,and political strategy: opportunities,obstacles, and caveats

This paper evaluates research in corporate public affairs, social issues management and political strategy, and theoretical integration of the three areas and also cross‐disciplinary and cross‐institutional collaboration, especially with business or government officials. Copyright © 2001 Henry Stewart Publications     

县域金融发展与产业集聚区经济增长——以浙江为例

本文以浙江为例,在经济增长理论的基础上,建立了县域金融发展与产业集聚区经济增长之间相互作用的内生模型,基于浙江省22县（市）的县级数据,运用面板数据模型对县域金融发展与产业集聚区经济增长的互动关系进行了实证检验,比较了各产业集聚区经济增长的影响因素。研究发现：浙江县域金融发展规模、固定资产投资、实际利用外资与产业集聚区经济增长存在高度正相关关系;金融发展效率对产业集聚区经济增长的检验效果不显著;实际利率对产业集聚区经济增长的影响不显著,提出在执行利率政策时,不能采用金融发展理论中提高利率、解除金融抑制的政策手段。     

IAS/IFRS and insurance： A gradual shifting from insurance to finance

Financial year 2005 marks the gradual introduction of the international accounting standard （IAS） as part of a broad project promoted by the EU to achieve consistency and comparability and, consequently, greater transparency in corporate accounts, with benefits for the users and institutions who make use of, or exercise control over them. The present paper will not address all the related complex profiles （e.g., actuarial methodologies, financial evaluation models, cash-flows scenarios generation techniques）. Actual aim is to bring evidence for the gradual shifting of perspective promoted by the financial community as far as the insurance companies are concerned： Once considered as unknown ＂black-boxes＂ because of their peculiarities, western countries＇ most authoritative agencies and largest private investors felt for a long time uneasy to manage insurance companies＇ disclosures. More recently, since the industry has been absorbed in the world-wide trend toward global conglomerate encompassing banking, finance and insurance, western regulators have undertaken a sound effort to move insurance disclosures from a technical to a financial view, boosting a dramatic homologation to other financial institutions （Cesarini ＆ Varaldo, 1992; Forestieri ＆ Moro, 1993; Locatelli, et al., 1999）. The trade-off, the authors intend to show, is now between more transparent outlook and an insider＇s knowledge of an industry whose peculiarities are inescapable.     

全球化背景下的东南亚伊斯兰金融

全球化包括经济、政治、文化、社会等多个维度,其中经济全球化最为重要。经济全球化突出表现为金融的全球化。20世纪70年代,伊斯兰国家创建现代伊斯兰金融业,并逐步将伊斯兰金融推向全球,形成一个声势浩大的伊斯兰金融体系。本文试以东南亚地区为例,分析全球化背景下东南亚伊斯兰金融业发展的特点和趋势。