论保险投资新政对寿险公司投资收益的影响

近年来,保险监管部门颁布了多项保险投资新政,保险资金运用上的限制得到了放松.保险投资新政的实施对寿险公司投资收益有着怎样的影响呢?运用双重差分模型(DID模型),定量估计了保险投资新政实施前后的寿险公司投资收益的具体变化,并分析了何种因素对寿险公司的投资收益有显著影响.研究发现,保险投资新政对寿险公司的总投资收益率的提高有着积极的影响,保险投资新政对不同规模的寿险公司投资收益的影响存在着差异,仅考虑政策的调整因素,大型寿险公司的总投资收益率增量超过中小型寿险公司1.13%,综合考虑其它指标的影响后,其总投资收益率增量仍然超过中小型寿险公司0.097%.实证结果为保险监管部门的政策实施以及寿险公司的经营提供了新思路.     

“家庭”还是“市场”:关于提高农民收入问题的再思考——基于广西壮族自治区南宁市武鸣县小梁村的农户调查

通过梳理我国在增加农民收入上所采取的有关政策、效果评价,总结了学者们对农民收入问题认识的变迁过程,提出农民的收入是其劳动力与其他生产要素相结合的结果,即农民收入是否能够有效地提高,关键在于农民是否可以并且是否愿意灵活地分配其劳动力与其他生产要素相结合。通过运用农户模型(AHM),并基于对广西农户的调研数据进行的线性规划分析,本文得到以下三点结论:首先,专于经济作物种植的农户在收入上仍有较大的增长空间,农业收入依然是他们收入来源和收入增长的主要力量。其次,在实现最优生产决策的前提下,农民仍有大量的劳动时间未被充分利用,这为农民灵活地支配劳动提供了可能。再次,农民是否选择利用剩余的劳动时间离开土地并从事非农产业活动还要根据其种植农作物的品种决定。最后,根据结论提出了相关的对策和建议。     

小波分析印花税调整对股市成交量的影响

在2008年中国股票市场的下跌趋势中,政府为提振股票市场,在2008年4月24日和2008年9月19日分别将印花税由3%下调至1%和单边开征印花税,引起当时市场的强烈反应。文章给出小波检验方法,考察印花税对大盘指数的走势的作用。从结果来看,短期内(小于4天)对股市成交量有很大促进作用,而长期(大于16天)作用有限。     

工薪类个税征收标准对调节居民收入分配作用的统计分析

个人所得税一直是中国老百姓最关注的话题之一,2011年个税征收标准改革的问题再次引起大家的关注,主要焦点集中在工资、薪金类的个税征收的起征点和累进税率。本文选择2001至2010年31个省份的19行业的平均工资为基础数据,运用SPSS统计分析软件分别按省份和行业作为因子对税前和税后的平均工资做方差分析,利用假设检验的P值构造统计量,定义了调节比和调节得分两个评价指标,用这两个指标衡量个人所得税征收标准对缩小工资差距的效用。本文中该模型把个税征收标准对调节居民收入分配的效果数量化,通过得分指标的变动说明过去两次个税征收标准调整的必要性以及今年审议的第四套个人所得税征收标准草案的优劣。还可以通过该模型构建的指标对某套个人所得税的征收标准是否适应当前经济发展需要起到参考作用。     

Theory of Economic Equilibrium

Abstract

New concepts of economics such as an average demand matrix of society, strategy of a firm and consumer behaviour, and others are introduced. We give sufficient conditions for technological mapping under which there exist both the Walras equlibrium state and optimal Walras equilibrium one. We obtain the set of equations which equilibrium price vector solves. The theory of interindustry economic equilibrium is developed. The model of economy with regular interests of consumers is proposed.     

Microscopic models for welfare measures addressing a reduction of economic inequality

We formulate a flexible micro‐to‐macro kinetic model which is able to explain the emergence of income profiles out of a whole of individual economic interactions. The model is expressed by a system of several nonlinear differential equations which involve parameters defined by probabilities. Society is described as an ensemble of individuals divided into income classes; the individuals exchange money through binary and ternary interactions, leaving the total wealth unchanged. The ternary interactions represent taxation and redistribution effects. Dynamics is investigated through computational simulations, the focus being on the effects that different fiscal policies and differently weighted welfare policies have on the long‐run income distributions. The model provides a tool which may contribute to the identification of the most effective actions toward a reduction of economic inequality. We find for instance that, under certain hypotheses, the Gini index is more affected by a policy of reduction of the welfare and subsidies for the rich classes than by an increase of the upper tax rate. Such a policy also has the effect of slightly increasing the total tax revenue. © 2015 Wiley Periodicals, Inc. Complexity 21: 89–98, 2016     

我国城镇化与城乡居民收入差距关系研究

城镇化对城乡居民收入差距的影响广受关注,通过对1985-2012年全国城镇化率与城乡居民收入比时序数据、31个地区2012年的横截面数据进行分析,发现我国城镇化水平与城乡居民收入差距关系呈现倒U型关系,与美、日、韩三国关系一致;通过数学模型估计得到,我国城乡居民收入差距演变趋势的拐点出现在城镇化率为51.4%的水平,我国城乡居民收入差距2011年已经进入拐点;未来要缩小我国城乡居民收入差距,需要继续推进城镇化建设、积极发展中西部地区、有效利用政府政策措施.     

基于非参数面板数据模型的我国城镇居民消费与收人关系的区域差异性实证分析

为了定量认识我国东、中、西部城镇居民消费与可支配收入关系的区域差异性,本文基于29个省市的1991-2013年经济面板数据,建立了三个区域城镇居民消费性支出的固定效应参数模型和非参数模型,结果表明:非参数模型的拟合误差小于参数模型的拟合误差,并且非参数模型的波动边际消费倾向比参数模型的固定边际消费倾向更为合理。此外,东中西部城镇居民边际消费倾向的波动情况存在较大差异,东部波动变化持续性强,西部波动变化最敏感。     

A local view of the Kondo effect: Scanning tunneling spectroscopy

The fascinating many-body physics involved in the interaction of a single magnetic impurity with the conduction electrons of its nonmagnetic metallic host is reflected in unconventional phenomena in magnetism, transport properties and the specific heat. Characteristic low-energy excitations, termed the Kondo resonance, are generally believed to be responsible for this striking behaviour. However, in spite of an intense research for over more than 30 years, a direct spectroscopic observation of the Kondo resonance on individual magnetic adatoms withstood experimental efforts hitherto. The development of low-temperature scanning tunneling microscopes (STM) operating under ultrahigh vacuum (UHV) conditions has provided new opportunities for investigating locally the electronic structure at surfaces. At low temperatures, due to the reduced broadening of the Fermi level of the STM tip and the sample, rather high energy resolution (≤ 1 meV) in scanning tunneling spectroscopy (STS) is achievable. Moreover, the absence of diffusion together with the spatial resolution of the STM enables detailed studies of electronic states on and near single adsorbed atoms and other nanoscale structures. Recently, for the first time, two such STS/STM experiments spatially resolved the electronic properties of individual magnetic adatoms displaying the Kondo effect. In particular, the observed Fano lineshape of the Kondo resonance reveals unambiguously the details of the quantum mechanical interference between the localized orbital and the conduction electrons on an atomic length scale [1,2]. This achievement of the detection of individual magnetic atoms with atomic resolution opens new perspectives for probing magnetic nanostructures.