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Abstracts of Papers Published by the Faculty of Tsinghua Institute of Economics

The Third Issue

[1] Gao Shujuan, Qiao Mu., Liu Pu. Scope and Features of Non-tax Revenues of the Federal Government [J]. Taxation Research, 2015, 08:109-113.
Abstract: Customer charging in the United States is similar to non-tax revenue in China in terms of concept and scope, both of which have the features of long duration and rich management experience. The paper defines the concept and the scope of non-tax revenues of the US government, and analyzes features of establishment, collection, utilization, supervision and other links relating to non-tax revenues, to provide reference for Chinese government to manage non-tax revenues.

[2]Wang Yong, Jin Pengjian, Yang Chongsheng. Relations between professional backgrounds of independent directors in state-owned enterprises and corporate performance [J]. International Review of Economics & Finance, http://dx.doi.org/10.1016/j.iref.2015.10.011.
Abstract: The article analyzes how professional backgrounds of independent directors (hereinafter IDs) in state-owned enterprises (hereinafter SOEs) influence corporate performance by using available data on listed companies. Differentiating between the “nominal professional backgrounds” and “real professional backgrounds” of IDs, we find that more than 85% of IDs have backgrounds in “the party-state system” i.e. have nominal professional backgrounds. For IDs' with “nominal professional backgrounds”, their proportion of board seats is negatively correlated with corporate performance, indicating that IDs from “the party-state system” background did not play a positive and effective role in helping companies improve their corporate performance. Additional analysis shows that the diversification of IDs' backgrounds in SOEs is positively correlated with corporate performance. Additionally, a SOE that has dissenting IDs or IDs with “different voices” achieves better corporate performance. Therefore, reducing the number of IDs from “the party-state system” and focusing more on IDs' professionalism and background diversity should be considered.

[3] Wang Yong, Zhang Boran. Equity-based Crowd-funding and Existing Effective Mechanisms [J] Reform, 2015, 12:112-117.
Abstract: Crowd-funding mechanisms did not easily accomodate Internet crowd-funding in the past. Adverse collection and moral hazard due to information asymmetry are two major obstacles for Internet crowd-funding. To develop Internet crowd-funding, it is necessary to establish lead investor, project sponsor and investor blacklist, and investor review mechanisms.