中小企业的困难与出路

据统计,当前我国企业总量中,中小企业占到了９９％,全国就业职工总人数,中小企业占到了７５％以上,在当前我国经济受东南亚金融危机影响,大企业效益普遍下滑,社会就业压力较大的情况下,中小企业成为接纳下岗大军、解决社会就业压力和稳定社会秩序的重要因素。因此...     

中小企业融资模式浅析

关系型融资模式曾因东南亚经济的飞速发展而倍受推崇,但东南亚金融危机后,目标又纷纷聚焦于距离型融资模式。对于中国中小企业来说,目前大多采用关系型融资方式,这是现实条件下的理性选择。但就发展趋势来看,中国中小企业融资的目标模式应该是以距离型融资方式为主的。     

东南亚华人中小企业现代化之管见

东南亚国家华人中小企业是东南亚华人经济的重要组成部分，具有很大的发展潜力，但因规模小等原因，它们抗风险能力弱，在经济不景气时，经常首先受到冲击。受冲击的一个重要原因在于家族的经营管理模式的一些不合理的部分。金融危机中，华人中小企业的经营管理模式的弊端出现，专家已就它们的发展或改革提出许多有建设性的意见。但从目前看，从产权与控制权及企业化与人力资源关系入手，建立现代企业模式是华人中小企业增加抗风险能力的唯一出路。     

玻解中小企业融资困境

据调查表明，此次金融危机使我国出口呈现减速迹象。其中，受金融危机影响最为明显的是以出口为主的加工企业和以原材料生产为主的企业，特别是中小企业，因缺乏资金、技术、管理等优势，抗风险能力低，受到的冲击较大。而以制造业为核心，外向型、劳动密集型为特征的东部中小企业，     

从战略的高度重视中小企业的发展

东南亚金融危机之后,世界各国都开始重视中小企业发展,主要原因在于它对经济的稳定作用。我国中小企业在国民经济中占有较大比重,扶持和鼓励中小企业至关重要。目前,除了政策的倾斜以外,应从思想上正确认识“抓大放小”,真正搞活搞好中小企业。同时,中小企业的发展,也给新兴的高科技企业提供了机遇,符合合理的产业结构方向     

各国哪些扶持经验可借鉴？

世界上经济比较发达的国家之所以有今天,与他们充分认识中小企业在国家经济生活中的地位和作用以及采取积极的扶持措施是分不开的。德国把中小企业称为国家的“重要经济支柱”,日本认为“没有中小企业的发展就没有日本的繁荣”,美国政府则把中小企业比作“美国经济的脊梁”。在1997年爆发的“亚洲金融危机”中。比较奉行大企业战略的韩国与以中小企业立足的台湾的不同表现,清楚地告诉我们：     

后金融危机时代中小企业内部控制问题与对策

2008年的金融危机给世界经济带来巨大灾难，这一全球性的经济危机也再次引发了人们对企业内部控制问题的关注。在后金融危机时代，许多中小企业迎来了再次发展的机遇，但内部控制仍是中小企业发展的瓶颈和关键问题所在。本文以后金融危机时代为大背景，通过分析内部控制在中小企业中的作用以及中小企业内部控制的现状，提出改善企业内部控制问题的对策与建议。同时，以期为中国广大的中小企业改革发展提供一定借鉴意义。     

后金融危机时代中小企业内部控制问题与对策

2008年的金融危机给世界经济带来巨大灾难,这一全球性的经济危机也再次引发了人们对企业内部控制问题的关注.在后金融危机时代,许多中小企业迎来了再次发展的机遇,但内部控制仍是中小企业发展的瓶颈和关键问题所在.本文以后金融危机时代为大背景,通过分析内部控制在中小企业中的作用以及中小企业内部控制的现状,提出改善企业内部控制问题的对策与建议.同时,以期为中国广大的中小企业改革发展提供一定借鉴意义.     

论新形势下开发区的对外开放

１９９８年世界经济中的重大事件当属东南亚金融危机及由此而引发的全球金融动荡。这场金融危机对于以吸引外资为主发展经济的开发区而言，产生了相当大的影响。在严峻的国内外经济形势下，作为中国对外开放窗口的开发区，如何适时调整发展战略，是关系开发区进一步快速稳...     

东南亚金融危机中的中国对外投资

东南亚金融危机后，人们研究较多的是金融危机造成的影响和冲击，而较少关注带来的机遇即中国对外投资问题。然而从1998年初出现的东南亚并购狂潮中，我们应看到东南亚地区金融市场恢复之前，是中国企业进人当地市场，进行直接投资的大好时机。我们若能抓住这一机遇有所作为．一定以会增强我国企业的国际竞争能力以及我国经济在世界一体化中的地位。1．金融危机导致东南亚股市大跌，资产大幅度贬值。在东南亚，许多企业的资产已跌到了原来价格的10％左右，远远低于其应有的市场价格。现有股价与将来预期的收益相比较，亚洲企业明显处于“低…     

亚洲金融危机后韩国政府的主要对策、措施及对我们的启示

亚洲金融危机后，韩政府针对危机中暴露的问题，进行了大力度的改革，改革领域涉及经济、科技、产业政策及企业多个方面。韩政府的应对策略对其经济复苏起到了巨大的推动作用。     

Exchange-rate systems and interest-rate behaviour: The experience of Hong Kong and Singapore

The Currency Board System in Hong Kong and the monitoring band system in Singapore are important benchmarks for two different exchange-rate systems. In this paper we consider the implications of the two exchange-rate systems on the interest-rate behaviour of the two economies. We examine the domestic–US interest differentials under the two exchange-rate regimes during the Asian Financial Crisis as well as the pre-and post-crisis periods. Using a bivariate generalized autoregressive conditional heteroscedasticity model, we also investigate whether there is any change in the correlation between the domestic and US interest rates due to the Asian Financial Crisis.     

Total‐Factor Energy and Emission Efficiencies of ASEAN and Other Asian Economies

This research uses the slack‐based measure data envelopment analysis to compute the energy and emission efficiencies of Association of Southeast Asian Nations (ASEAN) and other Asian economies during the 2001–2017 period, employs the Malmquist productivity index to check for the main source of efficiency score changes due to technical changes, and then applies panel Tobit regressions to determine the factors explaining the efficiencies. Our empirical results show that the energy efficiency scores of ASEAN economies had been catching up to other Asian economies after the Global Financial Crisis, whereas the emission efficiency scores of various ASEAN economies had been falling behind other Asian economies over the same period. The main source of efficiency score changes over time is efficiency changes and not technical changes. Decreases in the fossil fuel ratio of net electricity generation and the secondary industry ratio within total industry improve both lead to improvements in energy and emission efficiencies.     

The transmission mechanism of Malaysian monetary policy: a time-varying vector autoregression approach

The aim of this paper is to determine whether the propagation and transmission mechanism of Malaysian monetary policy differed during the Asian Financial Crisis of 1997/1998 and the Global Financial Crisis of 2007/2008. The methodology employs a time-varying vector autoregression framework. The primary result is that despite having no evidence of time-variation within the propagation mechanism of Malaysian monetary policy the average contribution of a monetary policy shock to the variability of each macroeconomic variable: real GDP, inflation and the nominal effective exchange rate, differs between the two crises. This finding suggests that despite the propagation mechanism being relatively constant, Malaysia’s monetary policy transmission mechanism evolves over time. We believe that the main mechanism driving this evolution is the time-variation in the variance–covariance matrix of the shocks of the model, not the coefficients. We also find some evidence that the implementation of capital controls reduced the influenceability of monetary policy on the Malaysian economy.     

BOOK REVIEWS

Books reviewed:
Koichi Mera and Bertrand Renaud (eds), Asia's Financial Crisis and the Role of Real Estate
Y. C. Jao, The Asian Financial Crisis and the Ordeal of Hong Kong     

Dynamic Analysis of the Exchange Rate Regime: Policy Implications for Emerging Countries in East Asia

This paper discusses exchange rate policies in East Asia. In particular, we explore whether actual policies that have been implemented by East Asian countries after the Asian Financial Crisis follow or deviate from theoretically “desirable” policies over the medium and long terms. On theoretical analysis, we show the relative superiority of a basket‐peg regime with the basket weight rule when compared with a floating regime implementing the interest rate rule or money supply rule. For countries that currently adopt a fixed exchange rate regime, they would be better off shifting toward either a basket‐peg or a floating regime over the medium term. A shift to a basket peg is more preferred when compared with a shift to a floating regime when the exchange rate fluctuations are large.     

Portfolios in the Ibex 35 before and after the Global Financial Crisis

In this article, we present an analysis of the effectiveness of various portfolio optimization strategies applied to the stocks included in the Spanish Ibex 35 index, for a period of 14 years, from 2001 until 2014. The period under study includes episodes of volatility and instability in financial markets, incorporating the Global Financial Crisis and the European Sovereign Debt Crisis. This implies a challenge in portfolio optimization strategies since the methodologies are restricted to the assignment of positive weights. We have taken for asset allocation the daily returns with an estimation window equal to 1 year and we hold portfolio assets for another year. This article attempts to influence the discussion over whether the naive diversification proves to be an effective strategy as opposed to portfolio optimization models. For that, we evaluate the out-of-sample performance of 15 strategies for asset allocation in the Ibex 35, before and after of the Global Financial Crisis. Our results suggest that a large number of strategies outperform to the 1/N rule and to the Ibex 35 index in terms of return, Sharpe ratio and lower VaR and CVaR. The mean-variance portfolio of Markowitz with short-sale constraints is the only strategy that renders a Sharpe ratio statistically different from Ibex 35 index in the 2001–2007 and 2008–2014 time periods.     

TRADE LIBERALIZATION AND FIRM PERFORMANCE: THE CASE OF THAILAND

After the Asian Financial Crisis, Thailand's trade policy has been driven by the proliferation of free trade agreements (FTAs). We use firm‐level data to estimate the effects of reductions in tariffs applied to Thai imports on Thai firms. Reductions in Association of Southeast Asian Nations (ASEAN) tariffs were associated with increasing firm employment and exports, lower ASEAN‐China import tariffs were associated with increasing firm employment, while lower tariffs from the Japan‐Thailand FTA were associated with reductions in firm employment and increasing likelihood of International Organization for Standardization (ISO) certifications. FTAs were associated with a decrease in firm R&D spending. (JEL F1, F2, F6)     

PRIVATIZATION OF PUBLIC HOUSING: DID IT CAUSE THE 1998 RECESSION IN HONG KONG?

The authors find evidence that a public housing privatization program produced adverse effects on housing transactions and the economy in Hong Kong. A scheme announced in December 1997, offering tenants an opportunity to buy their units at deeply discounted prices, reduced public housing tenants' bids for private homes and adversely affected home transactions. This effect is more pronounced than the effects of the Asian Financial Crisis. An effect on housing prices is also indirectly shown though a demonstration that a structural break in the housing price relationship occurred at the time the privatization program was introduced. Declines in housing prices further eroded employment and set off a vicious circle. ( JEL E32, R21, R31)     

Impact of Korean pro-market reforms on firm innovation strategies

This paper investigates how market-oriented reforms affect firm incentives to innovate. We utilise the market reforms enacted in Korea following the Asian Financial Crisis of 1997 as an empirical setting to show why an institution-based view is crucial to understanding the factors that incentivize firms to innovate. Additionally, we draw on the competitive strategy literature to investigate how market reforms – combined with industry competition and firm-specific factors – affect innovation-related investments. Our findings suggest that market reforms positively influence both innovation input and output, but these associations are contingent on firm-specific factors.