国际证券监管执法问题研究——以香港《证券及期货条例》为视角

随着证券市场的不断扩大发展,证券监管问题也随之变得颇为重要。一般来而言,目前的监管机构主要通过三种途径对证券市场的主要活动来进行监管,分别是信息披露要求、证券业监督以及对违反证券法行为的执法行动。其中,证券执法可谓是最重要的环节之一,在一定意义上也可以说是证券监管的核心。     

国际证券监管执法问题研究——以香港《证券及期货条例》为视角

随着证券市场的不断扩大发展,证券监管问题也随之变得颇为重要.一般来而言,目前的监管机构主要通过三种途径对证券市场的主要活动来进行监管,分别是信息披露要求、证券业监督以及对违反证券法行为的执法行动.其中,证券执法可谓是最重要的环节之一,在一定意义上也可以说是证券监管的核心     

会计执法行为及其配置分析

会计执法能够有效地打击会计违法行为,保护投资人的合法权益。文章分析了会计执法者打击会计违法行为时,定罪概率、罚款、监禁等执法形式的合理配置问题。     

我国证券市场未来几年发展趋势和前景展望

一、我国证券市场未来几年发展趋势 未来我国证券市场将呈现如下发展趋势： 1.证券市场法律制度和执法体系将进一步完善。证券市场法律制度进一步完备,证券执法体系进一步健全,执法效率显著提高。     

证券执法如何应对“专家法律意见书”——兼议证券市场专家辅助人制度的构建

证券执法中,当事人自行提交的专家法律意见书不是证据,而是法律专家向特定委托人提供的咨询意见。基于此,本文提出了证券执法应对专家法律意见书的原则与要点,并提出了以最高人民法院近期发布的司法文件为基础,尽快构建我国证券市场专家辅助人制度的若干建议。     

中国特色证券特别代表人诉讼制度的完善——基于公共执法与私人执法的趋同

《证券法》的执法模式分为公共执法和私人执法，两种执法模式并不是非此即彼的。美国因私人执法泛滥，而逐渐采取抑制的趋势。我国由于公共执法过于强势，而逐渐探索私人诉讼的可能性。从我国证券群体纠纷解决机制发展的历史经验来看，由于我国重行政轻司法的特点，建立中国特色证券集团诉讼是路径依赖下的必然选择。结合实践经验来看，我国证券集团诉讼的主要功能应定位为震慑。相关程序规则较为模糊，应予细化。投服中心可探索公私合作模式，以解决激励不足的问题。     

浅谈我国反垄断执法机构架构设计

本文通过分析国外发达国家反垄断执法机构的设置及其职权，来作为我国反垄断执法机构架构设计的参考。随着《中华人民共和国反垄断法》的出台，我们不难看出，我国现有的执法机构采用了多机构联合执法的方式，这样的机构设置存在着诸多弊端。本文分析了学界对我国反垄断执法机构的种种设计，提出了笔者认为的最优选择，即单独创设专门的执法机构进行执法。     

构建外汇执法内控机制

外汇执法内控机制指通过教育，培训、强制、监督等内控手段作用于外汇执法机构及其执法人员，确保外汇执法在执法实体和执法程序两个方面风险的有效控制，从而实现外汇执法内控的三大目标：防范外汇执法风险，提高外汇执法的效率的水平，并最终创造良好的外汇金融秩序。     

证监会：进一步规范证券执法协作机制

中国证监会与银监会日前联合印发通知，对证券执法过程中涉案当事单位和个人银行账户查询等相关问题做出了进一步规范，同时明确了证监会下属各证监局、银监会下属各银监局与各辖区内银行业金融机构之间的工作联系机制，为及时解决证券执法工作中遇到的相关具体问题进一步夯实基础。涉案银行账户查询工作是案件稽查工作的关键环节，也是证券执法的一项重要工作，直接关系执法工作效率和执法质量。但目前，跨部门配合仍是证券稽查难点之一。证监会在证券公司等管辖范围的查证工作相对顺利，但当需要银行账户、通话记录等证据支持时，必须依赖于与其他部门的合作。     

我国反垄断执法体制现状及评析

《反垄断法》正式实施后,我国的反垄断执法体制也确定下来,现行的反垄断执法体制包括国务院反垄断委员会、三大反垄断执法机构以及对行政垄断进行执法的行政机关的上级机关。这种执法模式是目前中国的最佳选择,同时也存在着很多不足。     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.     

浅议金融机构的举证责任

金融纠纷案件是当事人以存单或进账单、对账单、存款合同、保险单、票据、证券等凭证为主要证据向人民法院提出诉讼的案件,对于不同种类金融纠纷的当事人的举证责任,我国现行的金融法律、法规及司法解释有不同的规定。由于金融机构的特殊法律地位,发生金融纠纷时存在有关当事人将最后偿付风险转移给金融机构承担的主观故意,在客观上会使金融机构难以提供相应的证据来对抗不法债权人的诉讼请求,而导致金融机构败诉。为此,对金融诉讼案件中金融机构的举证责任加以研究具有重要的实践意义。     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.