内部资本市场理论前沿与研究展望

自上世纪六七十年代以来，内部资本市场理论随着企业集团这一经济组织形式的出现而不断发展，在经历了“效率之争”后，国外有关企业集团内部资本市场理论的研究呈现出了新的发展趋势，在研究视角、研究内容、研究样本、研究方法等方面均有所突破。本文总结并梳理了外文期刊中有关内部资本市场理论的重点文献，并按照研究内容分为内部资本市场与多元化、内部资本市场中的代理问题、内部资本市场运行的经济后果、内部资本市场与外部经济环境的互动关系以及特定企业集团的内部资本市场研究五个专题分别展开论述。在此基础之上，结合我国的制度背景、时代背景和企业集团发展现状提出有价值的未来研究方向。     

浅析企业集团内部资本市场

企业集团作为现代企业制度的高级发展形式,在我国经济改革中具有重要的战略地位,其中,内部资本市场作为企业集团发展过程中的必然产物,其发展与完善对企业集团的优势发挥具有举足轻重的作用.文章从界定企业集团内部资本市场的内涵出发,对企业集团内外部资本市场进行了比较分析,提出我国集团企业内部资本市场的运作形式,论述了我国企业集团的发展中要充分发挥内部资本市场的作用,实行改善、治理与发展并重的策略.     

国有企业集团内部资本市场形成机制和运行效率分析

目前，国内外许多专家学者对一些新兴市场国家企业集团的内部资本市场问题已经进行了研究。这些研究表明，由于面临特殊的转轨经济环境，我国企业集团内部资本市场同时具有效率改进与效率损耗的双重特征，我国国有企业集团内部资本市场的形成具有独特的历史背景与内在机理。文章从三个方面研究了我国国有企业内部资本市场形成机制，并就如何提高国有企业内部资本市场运作效率的问题提出了相关的建议。     

企业集团特定、企业管控模式与内部资本市场

基于中国企业集团特点，构建了以财务管理环境为起点，以管控模式为导向，以集团总部为运作主体，以成员企业为投资对象，以资金筹集、资金转移为运作方式，发挥内部资本市场功能，不断提升企业集团整体价值的概念框架，并在此基础上提出了可供选择的研究主题和研究内容。对于推动中国特色的内部资本市场研究具有重要的参考意义，有助于深化学术界和实务界对中国内部资本市场组织结构、运作方式的理解和认识。     

企业内部资本市场理论及其借鉴意义

西方经济学从企业兼并、重组、收敛等角度提出的内部资本市场理论是沿着内部资本市场产生的原因，其相对于外部资本市场的优势及作用，包括解决企业与外部资本市场之间的磨擦、信息不对称以及外部资本市场对企业缺乏激励等方面进行的。企业内部资本市场理论充分肯定了企业内部资本市场在解决信息不对称、减少磨擦成本等方面相对于外部资本市场的优势及作用，这一理论对加快我国国有企业改革的进程有极大的借鉴意义。     

多元化公司内部资本市场理论研究

本文介绍了多元化公司内部资本市场理论的研究进展,揭示了信息和融资功 能、产业适应、产品竞争以及代理机制等方面有关内部资本市场的演化轨迹和运作机制,以期 为我国多元化企业的发展研究提供借鉴。     

培育发展企业集团 增强国有企业竞争力

江泽民总书记在党的十五大报告中指出，要“以资本为纽带，通过市场形成具有较强竞争力的跨地区、跨行业、跨所有制和跨国经营的大企业集团。”充分认识培育发展企业集团的必要性以及如何培育发展企业集团，对于调整国民经济布局，优化经济结构、盘活国有资产存量、增强国有企业竞争力，具有非常重要的意义。一、培育和发展企业集团的必要性企业集团作为现代市场经济条件下的一种有效企业组织形式，具有规模优势、人才优势、技术优势、管理优势和市场优势，已经并将继续成为各国大中型企业进行资本扩张、抵御市场风险、增强竞争力的发展趋势…     

企业集团内部资本市场研究

企业集团的发展要求必须具有较高的资本配置效率.笔者基于自身的实际工作经验,对企业内部资本市场的优势、功能和所存在的主要问题进行了较为深入的研究,并提出了相关对策,希望能够起到抛砖引玉的作用.     

日本企业集团的内部凝聚方式

现代日本企业集团是介于法人企业与市场之间具有多种经济功能的产业组织形式,是法人企业的联合体。它主要包含六大企业集团和独立系企业集团两大类。这些企业集团在发展过程中形成了独特的内部凝聚方式即结构联结特征,为其功能的充分发挥奠定了组织基础。一、资本联结企业集团内诸成员企业结合的最基本方式是置于“资本逻辑’基础之上的。资本联结即股份参与,是企业集团保持强大凝聚力的关键手段,是集团赖以存在的最重要的基础。两大类企业集团都实行成员企业间股份参与制。但各有不同的方式:     

我国中小企业融资约束与内部资本市场构建

内部资本市场是外部资本市场的一种替代和补充,能有效降低融资成本,放松外部融资约束,提高资本配置效率。中小企业可以通过发展企业集团、实施企业间战略联盟及企业集群等方式构建内部资本市场来解决其融资问题。与大企业相比,中小企业在构建内部资本市场时存在组织结构和管理制度单一落后等不足,同时也具有决策迅速、激励有效、灵活性强等优势。因此,中小企业在构建内部资本市场时,要谨慎选择联合对象,注重联合的灵活性以及改革企业治理方式。     

On the Major Transformation of the Asia-Pacific Regional Structure北大核心CSSCISSCI

Recent years have witnessedsignificant changes in the Asia-Pacific regionalstructure featuring the shift in power balance among related countries as well as adjust-ments in their respective regional strategies. So what is the prevailing trend in thistransformation and what kind of regional order will likely emerge in the future？ To an-swer these questions, the paper tries to explore the following dimensions： the evolvingregional context, shift in power balance and power conversion, geo-political and geo-e-conomic developments and interactions between them, and evolving regional order. Asthe study shows, the broadening of regional geographical scope, the rise in the numberof actors involved, as well as changesin the relations among them, have combined tocast a pluralistic and complex flavor to the regional structure. While the power balanceamong China, the United States and Japan shifts, and power conversion is also occur-ring. China and Japan are paying increasing attention to their security roles, whereasthe United States under the Obama administration laid more stress on expanding itsgeo-economic clout. In spite of the intensifying geopolitical competition among China,the United States and Japan in recent years, a Sino-US strategic compromise-whichholds the key to regional geopolitics-isother front, some kind of geo-economicmore likely to take place in the future. On thecooperation will probably emerge. In the longerterm, it will be the geo-economic trend thatwill prevail over the geopolitical trend inthe region. Finally, the future evolution of regional order wiI1 mainly follow the eco-nomic logic, accompanied by the dilutionof its hegemonic and hierarchical nature.Hence, a pluralistic and complex regional community will emerge.     

The German Hanse and Bergen – new perspectives on an old subject

Abstract

The Hanseatic League and her kontors (trading posts) were an integral part of the medieval trade system in Northern Europe. Hanse merchants dominated many markets in this region and managed to maintain a monopoly-like role in towns like Novgorod and Bergen for many centuries. Consequently, one focus of historical research about the Hanseatic League lay on the mechanisms that enabled the Hanse merchants to keep that strong of a position for such a long time.

This article is part of the discussion about this topic. Based on Lübeck merchants with business interest in the Norwegian town of Bergen, the so-called Bergenfahrers (Bergen travellers), it will give new insights into the Hansards' economical and social organization. The three main points are (a) the integration of the Bergen market in the Hanseatic trade network as an intermediary trading place on the vivid East–West route of Hanse trade; (b) the importance of the Bergenfahrers within the Hanse merchants' economical, social and political networks; and (c) the structure of the Bergenfahrers network patterns in the late Middle Ages.

In addition to new insights into the important role of Bergen and the Bergenfahrers within Lübeck's and the other Wendish Hanse towns' trading system, this articles provides further proof for the usefulness of the methods of Social Network Analysis in medieval economic research.     

Organization and incentives in the age of sail

The British Navy in the age of sail was the most successful bureaucracy of its time. Its organization and incentive structures differed importantly from contemporaneous private sailing ventures, but closely resembled those of today’s large corporations. To induce efficient effort, the navy used a hierarchical tournament, in which sailors competed for higher pay that came with promotions based on relative performance. Promotion probabilities, the option value of future promotions, and the higher effort required of men in higher ranks and on larger vessels, combined to yield a highly skewed pay structure.     

Financial Reporting and Trade Credit: Evidence from Mandatory IFRS Adoption*

We investigate the effect of mandatory IFRS adoption on trade credit. We document that firms in countries that adopt IFRS receive more trade credit from their suppliers, consistent with improved financial reporting quality and comparability playing a role in facilitating informal financing. This increase is larger for countries with a low level of societal trust, a poor pre‐IFRS‐adoption information environment, and stronger legal enforcement. These cross‐sectional results suggest that the conditions under which higher‐quality information is made publicly available affect suppliers' decisions to provide trade credit. This increase is also larger for firms with greater exposure to foreign markets, a finding that highlights the importance of more comparable international financial reporting standards in facilitating cross‐country trade credit. We also find that IFRS adoption has a stronger positive effect on trade credit for firms with greater liquidity needs. Finally, we find that firms in countries that adopt IFRS also extend more trade credit to their customers. Overall, our results support the notion that financial reporting can have a causal effect on trade credit.     

区域工业产业竞争力指标体系的构建及其评价方法研究

文章通过建立省级区域工业产业竞争力评价指标体系,设计竞争力模型,利用SPSS统计软件,对各省工业产业竞争力进行了评价测定。     

中俄经济技术合作面临新机遇

中俄在十年内把各自的GDP翻一番的目标,为发展中俄经济技术合作提供了机遇.仅仅依靠商品贸易的增长很难大幅度提升中俄经贸关系,需要全面开展经济技术合作,特别是加强在自然资源开发、跨国投资、军工技术和产品贸易领域的合作.     

INFRASTRUCTURE POLICY IN INDONESIA, 1965–2015: A SURVEY

This survey, first, provides an overview of the main developments in the infrastructure sector in Indonesia during the past five decades and, second, considers what the main policy and management bottlenecks in infrastructure appear to be. The overview of main developments indicates that, in broad terms, most parts of the sector have expanded considerably but that the needs remain acute for further expansion and for attention to the maintenance of existing facilities. Demand for infrastructure is high, especially since the regulated prices set for infrastructure services are often low. Access is often difficult, however, because of shortages of infrastructure, and quality is often unsatisfactory because of poor maintenance and indifferent management. These problems of access are exacerbated by the regulation of prices. This overview also points to the markedly different performances of industries in which pro-competitive policies have been applied and those in which more traditional policies of close regulation have restricted the operation of markets.