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Do South African state-owned entities follow the pecking order theory of capital structure? 南非国有企业是否遵循资本结构的等级理论?
Q3 Social Sciences Pub Date : 2021-05-21 DOI: 10.21511/PMF.10(1).2021.03
Ferina Marimuthu, Stephanie Caroline Singh
In corporate finance, the pecking-order theory suggests that companies adhere to a particular financing hierarchy, with internal funding taking preference over external funding, and debt financing taking preference over equity. This paper examines whether South African state-owned entities prioritize their financing sources as predicted by the pecking-order theory. A financing deficit variable comprising various cash flow-based components was used to test the theory. A panel regression model was employed using panel data estimators. Using a cross-section sample of 33 state-owned entities from 1995 to 2018, the study finds no evidence that South African state-owned entities follow a pecking order to finance investment projects. The pecking order theory proposition that costs of adverse selection are dominant for lower levels of leverage provides a reason for the financing deficit coefficient not being close to unity and hence an indication that the SOEs in South Africa do not follow the pecking order behavior in their financing decisions, an indication that South African capital market is still developing.
在公司融资中,等级制度理论表明,公司遵循特定的融资层次,内部融资优先于外部融资,债务融资优先于股权。本文考察了南非国有实体是否如等级理论所预测的那样优先考虑其融资来源。使用包括各种基于现金流的组成部分的融资赤字变量来检验该理论。使用面板数据估计量采用面板回归模型。该研究使用了1995年至2018年33家国有实体的横截面样本,没有发现任何证据表明南非国有实体在为投资项目融资时遵循等级顺序。优序理论认为,逆向选择成本在较低杠杆水平下占主导地位,这为融资赤字系数不接近统一提供了一个原因,从而表明南非国有企业在融资决策中没有遵循优序行为,这表明南非资本市场仍在发展。
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引用次数: 2
Funded-capitalized pension designs and the demand for minimum pension guarantee 资金化资本化养老金设计与最低养老金保障需求
Q3 Social Sciences Pub Date : 2021-04-15 DOI: 10.21511/PMF.10(1).2021.02
Ishay Wolf, Lorena Caridad López del Río
Using funded and unfunded pillars, the optimal pension structure is estimated using an over-lapping generation model, calibrated to the average OECD countries. While simulating different pillar sizes, a socio-economic characteristic was revealed in which low-earning groups are prone to unexpected market risks than high-earning cohorts and support a larger contribution than better-off individuals. This led to high contribution rates for funded pillars and low contributions rates for social security pillars. This suboptimal allocation leads to inefficient hedging capability for the pension portfolio. An alternative is a minimum pension guarantee as an efficient system stabilizer as it rebalances the economic cost among different earning cohorts. However, the guarantee might be expensive to implement if not capitalized early in the working phases in an era of aging populations, low birth rates, and deep financial crisis.
使用有资金和无资金支柱,使用重叠世代模型估计最佳养老金结构,该模型根据经合组织国家的平均水平进行校准。在模拟不同支柱规模的同时,揭示了一个社会经济特征,即低收入群体比高收入群体更容易出现意外的市场风险,并比富裕个人支持更大的贡献。这导致供资支柱的缴款率高,而社会保障支柱的缴款比率低。这种次优配置导致养老金投资组合的套期保值能力效率低下。另一种选择是最低养老金保障,作为一种有效的系统稳定器,在不同收入群体之间重新平衡经济成本。然而,在人口老龄化、低出生率和严重金融危机的时代,如果不在工作阶段尽早投入资金,这项保障的实施成本可能很高。
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引用次数: 7
Tourist tax administration in the fiscal target system for hospitality businesses 旅游税收管理纳入接待企业财政目标体系
Q3 Social Sciences Pub Date : 2021-01-29 DOI: 10.21511/PMF.10(1).2021.01
Liudmyla Bovsh, A. Okhrimenko, M. Boiko, Sandeep Kumar Gupta
Decentralization reforms cause social challenges and shape a new configuration, conditions and behavioral etiquette for business entities in the fiscal environment of local communities in Ukraine. Destinations with significant tourism potential can form a powerful budgetary resource through local taxes, including tourist tax. The study aims to develop a tourist tax administration system in the context of drawing up local budgets and fiscal targets of hospitality businesses. The dynamics of tourist tax revenues to local budgets was traced, which shows a rapid growth in the pre-pandemic period by 47.1% and a slight decrease in 2020. The forecast indicators for the tourist tax growth are determined: by the end of 2022, it is 73.4% compared to 2019. The likelihood of achieving such results is justified by the increase in domestic tourist flows and the possibilities of increasing the efficiency of the tourist tax administration system. Most united territorial communities (UTC) have problems with formalizing the management process, lack of strategic vision, partial or complete lack of information on budgeting and administration of taxes and fees, including tourist tax. This led to the following proposals: the development of strategies and tactics that motivate fiscal discipline; assistance to cooperation of hospitality entities with UTCs; providing digitalization, agilization and forward-looking improvements that set benchmarks for business. The emphasis is on hospitality businesses’ ability of effectively utilize the financial resources generated by the tourist tax, which will contribute to developing the overall potential of UTCs and shaping the competitiveness of territories.
权力下放改革带来了社会挑战,并在乌克兰当地社区的财政环境中为商业实体塑造了新的配置、条件和行为礼仪。具有巨大旅游潜力的目的地可以通过包括旅游税在内的地方税形成强大的预算资源。该研究旨在制定地方预算和酒店业财政目标的背景下,建立旅游税收管理系统。追踪了旅游税收收入与地方预算的动态,显示疫情前的快速增长率为47.1%,2020年略有下降。旅游税增长的预测指标已经确定:到2022年底,与2019年相比增长了73.4%。国内游客流量的增加以及提高旅游税收管理系统效率的可能性证明了取得这种结果的可能性。大多数统一领土社区(UTC)在管理流程正规化方面存在问题,缺乏战略眼光,部分或完全缺乏有关税收和费用(包括旅游税)预算和管理的信息。这导致了以下建议:制定激励财政纪律的战略和战术;协助招待实体与联合技术公司的合作;提供数字化、敏捷化和前瞻性改进,为业务设定基准。重点是酒店业有效利用旅游税产生的财政资源的能力,这将有助于开发联合技术公司的整体潜力和塑造地区竞争力。
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引用次数: 3
Municipal finance analysis: The case study of Gujarat (India) 地方财政分析:以印度古吉拉特邦为例
Q3 Social Sciences Pub Date : 2021-01-04 DOI: 10.21511/pmf.09(1).2020.07
Forum S. Dave
This paper theoretically underpins the idea of greater involvement of local governments in the overall development of India explained through the theory of Fiscal Federalism. The theory outlines the dynamics of decentralization of power and functions through a multi-layered governance system leading to a new structure and added functions, finance, and accountability to local government. The paper also provides an overview of the increasing role of urban local governments in India and investigates whether the Urban Local Bodies (ULBs) of Gujarat – a state in India, are efficient to perform the functions and responsibilities assigned to them by the 74th Constitutional Amendment Act (CAA). It scrutinizes the financial health of local governments in the urban regions of India. The results based on the application of MANOVA indicate that the 74th CAA empowered ULBs with a strong economic base that these ULBs are capable of mobilizing their own resources. This means that smaller municipalities must develop and convergence must be supported by a proportionate level of grants. This will ensure that with the development of social infrastructure, economic activities will increase, and, as a result, the conversion will occur.
本文从理论上支持了地方政府更多地参与印度整体发展的观点,这一观点是通过财政联邦制理论来解释的。该理论概述了通过多层治理体系实现权力和职能分散的动态,从而形成新的结构,增加地方政府的职能、财政和问责制。本文还概述了印度城市地方政府日益增长的作用,并调查了印度古吉拉特邦的城市地方机构(ULBs)是否有效地履行了《第74次宪法修正案》(CAA)赋予它们的职能和责任。它审查了印度城市地区地方政府的财政健康状况。基于方差分析的结果表明,第74次民航法赋予了城市民航局强大的经济基础,这些城市民航局有能力调动自己的资源。这意味着必须发展较小的城市,必须按比例提供赠款来支持趋同。这将确保随着社会基础设施的发展,经济活动将增加,并因此发生转变。
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引用次数: 2
State funding of higher education as a factor of ensuring its quality: experience of the European countries 国家对高等教育的资助是确保其质量的一个因素:欧洲国家的经验
Q3 Social Sciences Pub Date : 2020-12-25 DOI: 10.21511/pmf.09(1).2020.06
O. Hryhorash, V. Chentsov, A. Nurgaliyeva, T. Hryhorash
The article presents a comparative analysis of state funding of higher education as a factor of its effectiveness in European countries. The analysis is conducted on the example of countries where the share of state budget expenditures on education no less than 11%.The assumption that education is the main factor in the formation of a responsible citizens capable to provide the job themselves, and to provide qualified professionals for the country, that means to promote economic and cultural growth, is taken as a basis of the article.The structure of state expenditures on education in general and the amount of higher education funding in countries under consideration is analyzed.The correlation between the amount of expenditures on higher education and the indicators of the quality index of the higher education system QS World University Rankings is analyzed. Also the correlation analysis between other indexes, that characterize the general level of human development and quality of business as a result of public investment in training of highly qualified specialists, is done.
本文对欧洲国家高等教育经费作为其有效性的一个因素进行了比较分析。该分析以国家预算教育支出占比不低于11%的国家为例进行。假定教育是培养负责任的公民的主要因素,他们有能力自己提供工作,并为国家提供合格的专业人员,这意味着促进经济和文化的增长,这是这篇文章的基础。本文分析了各国的总体教育支出结构和高等教育经费数额。分析了高等教育支出金额与高等教育体系QS世界大学排名质量指数指标之间的相关性。此外,还进行了其他指数之间的相互关系分析,这些指数反映了人力发展的一般水平和商业质量,这是公共投资培训高素质专家的结果。
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引用次数: 3
Assessment of the level of local budget financial decentralization: Case of Ukraine 评估地方预算财政权力下放的程度:以乌克兰为例
Q3 Social Sciences Pub Date : 2020-11-19 DOI: 10.21511/pmf.09(1).2020.04
N. Dekhtyar, K. Valaskova, Olga Deyneka, N. Pihul
Further improvement of financial relations at the local level and the development of local budgets take place in the context of financial decentralization. This implies strengthening the role of local governments in attracting necessary financial resources to ensure socio-economic development of territories. The purpose of this paper is to identify the impact of decentralization on the state of local budgets and to develop a scientific and methodological approach to assessing the level of financial decentralization of local budgets using the example of Ukraine for 2010–2019. The developed methodology consists of six successive stages. A comparative analysis of the dynamics of indicators of local budget execution in Ukraine in terms of revenues, expenditures and transfers using an integrated index obtained through taxonomic analysis is conducted. As a result of evaluating the effectiveness of the basic principles of financial decentralization, the expediency of calculating the integrated index of local budget financial decentralization is substantiated. This index is formed using intermediate indicators of autonomy to cover expenses and generate income both on the basis of own sources and taking into account the received state transfers for the implementation of their own and delegated powers of local governments. The implementation of the proposed method allow one to assess the levels of financial decentralization of local budgets to establish the degree of financial autonomy and financial self-sufficiency of the territories. The results obtained should be considered when determining the effectiveness of financial support for local budgets in the process of socio-economic development of regions.
在财政权力下放的背景下,进一步改善地方一级的财政关系和发展地方预算。这意味着加强地方政府在吸引必要财政资源以确保领土社会经济发展方面的作用。本文的目的是确定权力下放对地方预算状况的影响,并以乌克兰2010-2019年为例,制定一种科学和方法论的方法来评估地方预算的财政权力下放水平。制定的方法包括六个连续阶段。使用通过分类分析获得的综合指数,对乌克兰地方预算执行指标在收入、支出和转移方面的动态进行了比较分析。通过对财政分权基本原则的有效性进行评估,证明了计算地方预算财政分权综合指数的方便性。该指数是使用自治的中间指标形成的,以支付开支和产生收入,既基于自己的来源,又考虑到为执行地方政府自己和下放的权力而收到的国家转移。拟议方法的实施使人们能够评估地方预算的财政权力下放程度,以确定领土的财政自主权和财政自给自足程度。在确定各地区社会经济发展过程中对地方预算的财政支持的有效性时,应考虑所取得的结果。
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引用次数: 1
Impact of Covid-19 on the budget security of the national economy: a forecast for Ukraine 2019冠状病毒病对国民经济预算安全的影响:对乌克兰的预测
Q3 Social Sciences Pub Date : 2020-11-09 DOI: 10.21511/pmf.09(1).2020.03
V. Strilets, O. Prokopenko, V. Orlov
Nowadays, it is necessary to consider the impact of the COVID-19 pandemic on the state of the national economy, in particular on the budget system. This paper examines the essence of budget security and identifies the key threats to budget security in the current context. The methodological aspects of calculating Ukraine’s budget security key indicators (their list, criteria for the use of weighting factors, range of characteristic values of budget security levels) are investigated and their state in 2015–2019 is assessed. The influence of quarantine measures on the level of budget security in Ukraine is determined. Analysis of the current state of budget security and development prospects of Ukraine, determined by the Ministry for Development of Economy, Trade and Agriculture of Ukraine, the International Monetary Fund and the World Bank Group, made it possible to predict Ukraine’s budget security indicators for 2020–2021 and define prospects for changing budget security of Ukraine until 2024. Based on the results of forecasting, the need was identified for planning and implementing urgent anti-crisis measures in the field of managing the country’s budget security, as well as ensuring the consistency of the norms of budget and tax legislation in integration with effective measures to support the socio-economic environment of Ukraine.
现在,有必要考虑新冠疫情对国民经济状况,特别是对预算制度的影响。本文分析了预算安全的本质,指出了当前预算安全面临的主要威胁。研究了计算乌克兰预算安全关键指标的方法方面(其列表,使用加权因子的标准,预算安全水平的特征值范围),并评估了其2015-2019年的状态。隔离措施对乌克兰预算安全水平的影响是确定的。乌克兰经济、贸易和农业发展部、国际货币基金组织和世界银行集团对乌克兰预算安全和发展前景的现状进行了分析,从而可以预测乌克兰2020-2021年的预算安全指标,并确定到2024年乌克兰预算安全变化的前景。根据预测结果,确定了在管理国家预算安全领域规划和执行紧急反危机措施的必要性,以及确保预算和税收立法规范的一致性,并结合支持乌克兰社会经济环境的有效措施。
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引用次数: 8
Assessment of financial sustainability of the local budgets: case of Ukraine 评估地方预算的财政可持续性:以乌克兰为例
Q3 Social Sciences Pub Date : 2020-11-05 DOI: 10.21511/PMF.09(1).2020.05
L. Lysiak, S. Kachula, O. Hrabchuk, M. Filipova, Anna Kushnir
With the deepening of global financial and economic instability, the search for ways to increase fiscal sustainability becomes relevant in the crisis regulation system. This problem is compounded by the emergence of new global challenges, including the COVID pandemic. Timely and complex analysis of the local budget financial sustainability allows one to comprehensively assess financial and economic risks, identify social and other problems, consider planning deficiencies and, on this basis, form a sound and effective regional budget policy. The purpose of the study is to summarize theoretical and practical principles of assessing the financial sustainability of local budgets and to outline the directions for its improvement in Ukraine considering international practices. The study revealed the lack of a unified system for assessing the financial sustainability of local budgets in Ukraine. On the basis of generalization of theoretical and methodological approaches, a system of indicators for estimating the financial sustainability of local budgets has been identified. The indicators were grouped and calculated. Based on the study of practical experience, measures have been specified that would contribute to a systematic approach to assessing the financial sustainability of local budgets in Ukraine. It was concluded that a systematic assessment of the financial sustainability of local budgets is a prerequisite for making informed management decisions about necessary adjustments to the budget, improving the quality of budget planning and the effectiveness of budget policy.
随着全球金融和经济不稳定的加深,寻求提高财政可持续性的方法在危机监管体系中变得至关重要。包括COVID大流行在内的新的全球挑战的出现使这一问题更加复杂。对地方预算财政可持续性进行及时而复杂的分析,使人们能够全面评估财政和经济风险,识别社会和其他问题,考虑规划缺陷,并在此基础上形成健全有效的区域预算政策。这项研究的目的是总结评估地方预算财政可持续性的理论和实践原则,并根据国际惯例概述乌克兰改进地方预算财政可持续性的方向。这项研究表明,乌克兰缺乏一个统一的系统来评估地方预算的财政可持续性。在概括理论和方法方法的基础上,确定了一套估计地方预算财政可持续性的指标系统。对指标进行分组计算。根据对实际经验的研究,已经具体规定了一些措施,这些措施将有助于采取系统的办法来评估乌克兰地方预算的财政可持续性。最后得出的结论是,系统地评价地方预算的财政可持续性是就预算的必要调整作出知情的管理决定、提高预算规划的质量和预算政策的效力的先决条件。
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引用次数: 15
The impact of global financial transformations on the economic security of Central and Eastern European countries 全球金融转型对中欧和东欧国家经济安全的影响
Q3 Social Sciences Pub Date : 2020-07-10 DOI: 10.21511/pmf.09(1).2020.01
O. Bulatova, T. Marena, Yurii Chentukov, T. Shabelnyk
Global financial transformations provoke shifts in financial systems that can threaten countries’ economic security. Further integration of the CEE states to the global economy will be accompanied by the increasing dependence of their financial markets and economic security on global financial challenges. The study aims to identify the relationship between global and regional financial trends that shape CEE countries’ economic security and reveal the shifts in the CEE region’s economic security under the influence of global financial transformation. The global financial transformations are the object of the study. Comparative analysis of the dynamics of financial transformations in the world and the CEE countries is made using structural analysis and methods of economic and mathematical modeling of trends. Given the heterogeneity of the CEE states’ financial development, global financial transformations have different manifestations in these countries. The relationship between global and regional indicators of financial transformation proved to be ambiguous. The regional dynamics of stock market capitalization, debt securities, and external debt fit corresponding world indicators’ dynamics. The indicators of global and regional official reserves and bank assets are moving in different directions. The region’s economic security challenges are great volatility of stock market capitalization, growth of external debt burden, and uneven distribution of official reserves. The obtained results should be considered when identifying financial threats affecting the CEE countries’ security and developing relevant policies for shaping the region’s efficient financial system.
全球金融转型引发金融体系的转变,可能威胁到各国的经济安全。随着中东欧国家进一步融入全球经济,其金融市场和经济安全将日益依赖全球金融挑战。本研究旨在确定影响中东欧国家经济安全的全球和地区金融趋势之间的关系,揭示在全球金融转型影响下中东欧地区经济安全的变化。全球金融转型是研究的对象。利用结构分析和趋势的经济和数学建模方法,对世界和中东欧国家的金融转型动态进行了比较分析。鉴于中东欧国家金融发展的异质性,全球金融转型在这些国家有不同的表现。金融转型的全球和区域指标之间的关系被证明是模糊的。股票市值、债务证券和外债的区域动态符合相应的世界指标的动态。全球和区域官方储备和银行资产的指标正朝着不同的方向发展。该地区的经济安全挑战是股市资本的巨大波动、外债负担的增长以及官方储备的不均衡分配。在确定影响中东欧国家安全的金融威胁并制定相关政策以塑造该地区高效的金融体系时,应考虑所获得的结果。
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引用次数: 10
Defining the tariff burden when providing the housing and utilities services in Ukraine 确定在乌克兰提供住房和公用事业服务时的关税负担
Q3 Social Sciences Pub Date : 2020-01-17 DOI: 10.21511/pmf.08(1).2019.10
Ievgen Balatskyi, V. Lavryk
The article is devoted to studying the impact of different social and economic indicators on defining the population’s tariff burden for housing and utilities services. The article analyzes the housing and utilities services provision system in Ukraine. It is noted that the majority of such companies are communally owned. The effect of different factors on defining the population’s tariff burden was found. The impact was studied, and the need for considering the organizational, economically oriented, and social factors when defining the housing and utilities services tariffs was substantiated. The housing and utilities services tariff policy system, the procedure of the tariffs’ structure developing, which is formed from economically reasonable costs of service provider’s operating and financial activity (full target prime cost) and part of income, were studied. The financial relationships between the housing and utilities companies with budgets of different levels, first of all with local budgets, and state target funds; financial and credit institutions, and insurance companies, etc. were analyzed.
本文致力于研究不同的社会和经济指标对确定人口住房和公用事业服务的关税负担的影响。本文分析了乌克兰的住房和公用事业服务提供制度。值得注意的是,大多数这类公司是公有的。发现了不同因素对确定人口关税负担的影响。对其影响进行了研究,并证实在确定住房和公用事业服务关税时需要考虑组织、经济导向和社会因素。研究了住房和公用事业收费政策体系,以及由服务提供者经营和财务活动的经济合理成本(全部目标成本)和部分收入形成的收费结构的发展过程。各级预算住房和公用事业公司的财务关系,首先是地方预算与国家目标资金的关系;对金融信贷机构、保险公司等进行了分析。
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引用次数: 0
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Public and Municipal Finance
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