论我国创业板市场交易制度建设

证券市场交易制度主要可区分为四大类,我国正在创建中的创业板市场不可能沿用主板市场的完全竞价交易制度,如果采用纯粹的传统做市商制度,其建设成本将非常巨大,如果采用混合交易制度,则由于完全竞价交易制度与做市商制度的相互干涉使得做市商有可能陷入做市的困境,在我国创业板市场的交易制度拟采用平行交易制度将更有利。不管怎样,做市商制度将会成为创业板市场交易制度建设的重中之重,这就要我们通过营造做市商的动力补偿机制,完善做市商的约束机制以及强化做市商制度的相关配套措施来完成创业板市场交易制度的核心建设。     

我国创业板引入做市商制度的可行性分析

我国创业板工作正如火如荼地进行着,其交易制度初步定为竞价交易制度.世界各国的创业板市场多数引入做市商制度,采用混合交易制度.做市商制度能够为市场增强流动性,促进市场的稳定性,我国引入做市商制度应是大势所趋.     

我国创业板市场的交易制度选择

交易制度作为金融市场微观结构的一个重要组成部分,在保持市场的流动性和稳定性,以及降低交易成本方面起着重要的作用。本比较了委托指令驱动交易制度与做市商报价驱动交易制度的各自优劣所在。针对我国证券市场的现状,提出我国创业板市场应引入做市商制度,建立委托驱动制度与做市商制度相结合的混合交易制度,并在此基础上探讨了我国创业板市场引入做市商制度的障碍和对策。     

我国创业板市场良性发展的几点建议

2009年10月30日,我国资本市场正式推出创业板.如今上市公司已由28家发展到349家.但以当日收盘价计算,跌破发行价的达218家,破发比高达62.46％.创业板做到良性发展,要降低上市条件,建立以做市商制度为主、集中竞价交易制度为辅的交易模式,奉行严格有效的退市制度等.     

做市商制度与竞价交易方式的比较分析

交易制度的选择是证券市场成败攸关的制度设计。交易制度直接影响交易成本 ,进而影响市场的流动性 ,同时交易制度会影响价格的稳定程度。文章对做市商制度与竞价交易方式进行了比较分析。     

做市商理论及其在我国的应用

做市商理论发展中有两个阶段-存货模型和信息模型，我国创业板市场建立做市商制度的具体措施应该是：完善法律制度，发展场外交易，增强券商实力，拓宽融资渠道。     

创业板市场的做市商制度

中国创业板市场(二板市场)的问世已为期不远,从发达国家创业板的成功经验看,选择做市商制度为核心交易制度是创业板良好运作的关键。做市商制度的概念及其在ＮＡＳＤＡＱ市场的运作所谓做市商制度(ＭａｒｋｅｔＭａｋｅｒＲｕｌｅ),是指在证券市场上,由具备一定实力和信誉的证券经营法人(一般为专业公司或投资银行)作为特许的集中型经纪商,不断向公众交易者报出某些特定证券的买卖价格(即双向报价),并在所报价位上接受公众投资者的买卖要求,以其自有资金和证券与投资者进行证券交易。做市商通过这种不断买卖来维持市场的流动性,满足公众投资…     

国内外做市商风险成因的研究观点综述

做市商制度指由具备一定实力和信誉的证券经营机构作为特许交易商，向公众投资者进行连续的买卖双向报价，并作为交易的对方在所报价位上以其自有资金与投资者进行证券交易，通过做市商的这种不断买卖来维持市场的一定流动性。做市商制度在国外发达证券市场被广泛采用，以美国Nasdaq市场最为著名。在金融全球化环境下，以竞价交易为主的我国证券交易市场也在银行间债券市场引入了做市商制度。但在实施做市商制度中，面临很多风险与困境。面对这些风险的形成原因，不同的研究者从不同角度给予解释。现将主要观点综述如下。     

我国创业板市场交易制度设计

根据金融市场微观结构理论,交易方式直接关系到交易行为的发生和证券市场的运行,进而影响到证券市场经济职能为发挥程度,因此,选择何种交易方式对证券市场,尤其是新兴的创业板市场来说,是极其重要的,本认为,我国的创业板建设应在充分汲取国际上创业板市场经验教训的基础上,针对届时创业板的实际运行状况,相机引入做市商制度,作为指令驱动系统（撮合系统）的补充,以多种交易制度的有效结合来保障创业板市场的健康成长。     

论创业板市场做市商制度及其模式选择

2004年我国开设创业板市场，进一步深化对创业板市场有关具体操作问题的研究，对于在条件成熟时稳妥建设和发展我国创业板市场无疑是十分必要的。有鉴于此，本文运用证券市场微观结构理论，比较分析世界主要做市商制度的模式，对我国创业板市场做市商制度的建设问题进行探讨。     

CHOICE,CONFUSION AND COMPETITION IN THE MARKET FOR MARKETS: AIMING FOR AIM IN THREE JUNIOR ASIAN STOCK EXCHANGES

Abstract. A review of literature on the theory of stock exchange competition provides the basis for a template model of a successful stock exchange. Three junior stock exchanges in East Asia which stated their ambitions to become a regional exchange for emerging firms are compared with the template and with the AIM section of the London Stock Exchange; the Tokyo Stock Exchange Mothers, Hong Kong Stock Exchange Growth Enterprise Market and the Singapore Exchange Catalist. Our analysis indicates that the AIM and Catalist markets have the closest fit to our template model, while the GEM and Mothers show material departures from it.     

风投机构行业专业化投资强度对企业创新能力的影响

风险投资既能缓解创业企业融资困难,又能为创业企业提供管理支持和资源整合等附加价值服务。以2009-2014年中国创业板上市企业为研究样本,构建行业专业化投资强度指标,实证检验我国风险投资机构行业专业化投资强度与目标企业研发创新能力的关系。研究发现,无论从研发创新资源（研发投入强度、研发人员占比）还是研发创新成果（授权专利数）角度,风投机构行业专业化投资强度对目标企业研发创新能力都具有显著正向影响。进一步研究发现,风投机构行业专业化投资强度与目标企业研发创新成果（授权专利数）呈倒“U”型关系。最后,从风险投资机构投资策略选择、目标企业融资决策以及创业板审核监管机制3个方面提出对策建议。     

我国创业板市场风险分析及其防范体系研究

本文在借鉴海外创业板的基础上,结合我国创业板市场的实际情况,对其存在的系统风险和非系统风险进行了全面深入的研究,并在创业板的风险防范和控制方面提出一些想法。     

Economic evaluation for the US of nab-paclitaxel plus gemcitabine versus FOLFIRINOX versus gemcitabine in the treatment of metastatic pancreas cancer

Background: Nab-paclitaxel plus gemcitabine (NAB-P?+?GEM) and FOLFIRINOX have shown superior efficacy over gemcitabine (GEM) in the treatment of metastatic pancreatic ductal adenocarcinoma (mPDA). Although the incremental clinical benefits are modest, both treatments represent significant advances in the treatment of a high-mortality cancer. In this independent economic evaluation for the US, the aim was to estimate the comparative cost-utility and cost-effectiveness of these three regimens from the payer perspective.

Methods: In the absence of a direct treatment comparison in a single clinical trial, the Bucher indirect comparison method was used to estimate the comparative efficacy of each regimen. A Markov model evaluated life years (LY) and quality-adjusted life years (QALY) gained with NAB-P?+?GEM and FOLFIRINOX over GEM, expressed as incremental cost-effectiveness (ICER) and cost-utility ratios (ICUR). All costs and outcomes were discounted at 3%/year. The impact of parameter uncertainty on the model was assessed by probabilistic sensitivity analyses.

Results: NAB-P?+?GEM was associated with differentials of +0.180 LY and +0.127 QALY gained over GEM at an incremental total cost of $25,965; yielding an ICER of $144,096/LY and ICUR of $204,369/QALY gained. FOLFIRINOX was associated with differentials of +0.368 LY and +0.249 QALY gained over GEM at an incremental total cost of $93,045; yielding an ICER of $253,162/LY and ICUR of $372,813/QALY gained. In indirect comparison, the overall survival hazard ratio (OS HR) for NAB-P?+?GEM vs FOLFIRINOX was 0.79 (95%CI?=?0.59–1.05), indicating no superiority in OS of either regimen. FOLFIRINOX had an ICER of $358,067/LY and an ICUR of $547,480/QALY gained over NAB-P?+?GEM. Tornado diagrams identified variation in the OS HR, but no other parameters, to impact the NAB-P?+?GEM and FOLFIRINOX ICURs.

Conclusions: In the absence of a statistically significant difference in OS between NAB-P?+?GEM and FOLFIRINOX, this US analysis indicates that the greater economic benefit in terms of cost-savings and incremental cost-effectiveness and cost-utility ratios favors NAB-P?+?GEM over FOLFIRINOX.     

我国创业板中小企业财务风险评价指标有效性

针对我国创业板的特征,构建了一套创业板上市公司财务风险评价指标体系。通过实证研究,挖掘、识别和分辨了在企业财务状况在正常-异常-困境-破产的动态变化过程中各财务风险评价指标的统计特征值。在考虑了体现创业板上市公司特点的非财务指标(技术员工比重、高管离职率、大股东持股比例)后,提出改进我国创业板中小企业财务风险评价指标有效性的可行途径。     

创业板市场风险探析

在我国设立创业板市场的条件是成熟的,至少在创业板市场设立后的一段时间内,其风险将明显低于A股市场。创业板市场的风险从根本上说取决于政府干预的弱化、市场经济规范的落实和上市公司质量的提高。     

Fixed exchange rates,independent central banks and price stability in postcommunist countries: Conservatism and credibility

Central bank independence (CBI) and fixed exchange rates are used by governments to achieve stable prices. This article analyzes the mechanisms through which the two monetary institutions could work: Indirectly via a disciplinary effect on money growth rates or via an additional credibility effect on inflation expectations and the cost of capital. I further explain how both discipline and credibility are affected by the distinct flaws of independent central banks and fixed exchange rates: central banks lack transparency and fixed exchange rates take many shapes and are routinely devalued. The argument is tested with quarterly data from postcommunist countries for years 1991 to 2007. The findings show a strong disciplinary effect of monetary institutions on rates of M2 change and an effect on inflation controlling for money growth, but credibility does not extend to lower real short‐term market interest rates. Political institutions do condition the effect of central bank independence, while the types of fixed exchange rates affect money growth rates and inflation to different degrees.     

我国创业板上市公司成长性测量

上市公司的成长性是创业板市场发展的关键问题,目前涉及如何测量创业板上市公司成长性的研究在国内较少,因此,该研究具有重要的理论意义。本文旨在回答如何正确理解创业板上市公司的成长性、上市后是否存在"业绩变脸"、哪些因素会影响它的成长性等问题,这对于促进创业板健康成长,帮助投资者理性地分析和投资具有重要的实践意义。本文首先对企业"成长性"的内涵进行了完整界定,然后抽取174家公司作为研究样本进行实证研究,最后对实证结果进行分析并提出政策建议。研究得出创新是创业板上市公司发展的动力和源泉。     

Exchange Rate Uncertainty and the Law of One Price

This paper develops a framework for analyzing the impact of exchange rate uncertainty on the Law of One Price. Using the prices of very disaggregated, homogeneous products in a very open economy, Chile, where no institutions exist for hedging exchange risk, it then tests the model in a bivariate GARCH in mean context. Little evidence is found that short-run exchange rate uncertainty consititutes a barrier to goods arbitrage.     

The political economy of exchange rate regimes in developed and developing countries

This paper examines the influence of government ideology, political institutions and globalization on the choice of exchange rate regime via panel multinomial logit approach using annual data over the period of 1974-2004 in a panel of 180 countries: 26 developed and 154 developing.We provide evidence that government ideology, political institutions and globalization are important determinants of the choice of exchange rate regime. In particular, we find that left-wing governments, democratic institutions, central bank independence and financial development increase the likelihood of choosing a flexible regime, whereas more globalized countries have a higher probability of implementing a fixed regime. More importantly, we find that political economy factors have different effects on the choice of exchange rate regime in developed and developing countries. All our results are robust to panel ordered probit model.