香港国际金融中心的特征与结构

近二三十年，香港经济发展引入注目的的成就，莫过于香港国际金融中心地位的崛起，这已成为香港经济发展的主要内涵和特征。在经历了亚洲金融风暴洗礼后，香港金融业变得更加成熟，并从新的平台上开始了新的起点。     

香港建立人民币跨境结算中心的优势及效应分析

在香港国际金融中心地位受到境内外双重挑战的情况下,适时推出的人民币跨境贸易结算被视为巩固香港国际金融中心地位的新契机.本文首先介绍了建立人民币跨境结算中心的必要性,进而分析了在香港建立人民币跨境结算中心的独特优势,最后通过分析人民币跨境结算中心对于香港的即期和远期效应,认为在港建立人民币结算中心既是人民币国际化进程的关键一步,也是巩固香港国际金融中心地位的明智之举.     

保持和提高香港国际金融中心的地位

保持和提高香港国际金融中心的地位中国人民银行行长戴相龙１９９７年７月１日，是我国政府开始对香港恢复行使主权的日子，这是中华民族雪洗百年耻辱的一件大事。香港是举世瞩目的国际金融中心，她的成功，是香港同胞长期努力的结果，是中华民族共同财富的一部分。《中华...     

香港国际金融中心地位及与内地的金融关系

香港国际金融中心地位及与内地的金融关系李守荣今年７月１日,香港要经历一场历史性的大转变——香港回归祖国的怀抱了！香港的回归,洗刷了中华民族百余年的一大历史耻辱。从此,香港就成为中国的一个特别行政区,实行“一国两制”,保持香港原有的资本主义制度,按照《...     

加强香港作为中国国际金融中心的角色

回顾过去,我们很难相信香港特别行政区是在十年前才成立的。如果我们曾在1997年预卜前途,大概也不会相信进程会是这样的快。香港回归以来,我们曾多次面对严峻挑战,并且一一克服。这些挑战有很多是意料之外的,比如SARS、禽流感、亚洲金     

过渡时期中香港银行业的变化与发展——香港国际金融中心的形成发展问题之五(下)北大核心

过渡时期中香港银行业的变化与发展——香港国际金融中心的形成发展问题之五（下）卿光中三在过渡时期中,香港银行业以三大银行集团为轴心的格局已经形成。第一大银行集团是汇丰银行集团,第二大银行集团是香港中银集团,第三大银行集团是渣打银行集团。这三大银行集团在...     

香港人民币离岸中心发展的机遇与挑战

香港人民币离岸中心建设已成为高层共识,前景光明,并已取得初步成果。它与内地的金融改革是协同推进的,有助于巩固香港金融中心地位,促进东亚经贸繁荣。来自其他国际金融中心的竞争,以及与大陆金融市场在利率、汇率等核心金融指标上的差异,是香港人民币离岸中心发展的重要挑战。展望其发展,有如下建议:采取适当的财政货币手段化解离岸与在岸市场的利率和汇率差异;循序渐进、逐步完善香港人民币离岸市场的货币功能;打通人民币"回流"和"外循环"的通道,支持香港成为全球人民币资产的交易、清算和定价中心。     

Charity Accounting Rules and Annual Reports in Hong Kong: A Note

The perceived professionalism of charities is diminished when there is a great diversity in financial reporting practices. In addition, there may be additional regulatory pressure if present reporting practices continue. The purpose of this research was to gather information about the financial reporting practices for charitable organizations in Hong Kong. A brief review of international accounting practices for charities is also provided.     

The Impact on IPO Performance of More Stringent Listing Rules with a Pre-listing Earnings Requirement: Evidence from Hong Kong

Abstract:  This study considers the impact of a change to listing rules covering IPO performance in the Hong Kong stock market. The change, introduced in 1994, imposed a three-year prelisting earning requirement on new issues. The objective of this research is to screen out a subset of poor IPO performers. We find there is no significant difference in performance between IPOs before and after the regulatory change. We further divide our sample of IPOs registered before the regulatory change into two sub-samples: those that did and those that did not fulfil the earnings requirement. The result shows that there is no significant difference in performance between the two IPO sub-samples. This implies that the existence of pre-listing earnings does not guarantee good long-term IPO performance and the pre-listing earnings of new issues is not an effective screen for 'bad' IPO performers. This study further analyses the rationale for rule change in the context of recent developments in the Hong Kong stock market and concludes that the rule change is part of the reform programme aimed at introducing a second board market for small companies and at attracting more China-related listings to the main board.     

人民币国际化与香港人民币离岸中心的发展展望

人民币国际化是中国经济发展的必然趋势。当前人民币国际化仍处于起步阶段,需要逐步实现各阶段性目标。人民币离岸市场的发展是人民币国际化进程的重要环节之一。香港作为国内外贸易的关键中介和桥梁,在发展人民币离岸市场方面有着得天独厚的优势。香港人民币离岸市场的发展,面临着各种机遇和挑战。在港金融机构,应该紧紧抓住这一机遇,勇于应对挑战,积极创新,提升服务能力以满足市场和客户的多层次需求,为香港人民币离岸中心的发展和人民币国际化的顺利推进贡献力量。     

金融危机下香港联系汇率制的可持续性与变革路径研究

全球金融危机爆发致使香港联系汇率制承受压力,废除与否的争论再次引起关注。本文首先介绍香港目前面临的经济困境,并阐述了香港汇率制度受置疑的原因;接着从政府信誉、退出时机、备选方案不成熟等多方面,证明香港应维持现有汇率制度;最后提出中短期及长期下,香港联系汇率制度的改革方向。     

The causal relationships between residential property prices and rentals in Hong Kong: 1982–1991

This study examines the causal relationships between sale price changes and rental rate changes in the Hong Kong real estate market. Three different hypotheses are put forth: 1) the demands in the two markets are substitutes, 2) prices and rentals are positively correlated; and 3) prices and rentals are not correlated because of market segmentation. Using quarterly data of sale prices and rental rates for the five categories of residential property from four different districts, causal relationships are not found in 29 cases out of 40. For the other 11 cases, we find that price changes lead rental rate changes. The lag period is found to be one quarter, and this shows that the two markets are efficient: only one quarterly lag is necessary to establish causality where it exists.     

鲁港金融合作促进山东对外开放研究

通过香港这一国际化的平台,山东省可以进一步扩大开放程度、提高开放质量;可以进一步扩大山东开放领域,改善山东出口结构;可以进一步拓展开放空间,使得山东充分发挥资源优势;可以促进山东企业“走出去”,依托香港国际金融中心的地位进一步参与国际经济合作与竞争,提高山东在国际经济发展中的影响力。     

Hong Kong housing markets: Overview,tenure choice,and housing demand

This paper presents an overview of housing markets and a cross-sectional analysis of housing demand in Hong Kong. Disturbances from political events have produced price upheavals in property prices; long-term inflation and low interest rates provide a strong stimulus for a sustained price surge in the housing market. Household income seems to have relatively little bearing on recent development in the market, especially when demand for housing has become more investment-oriented.With the data from the 1991 Population Census of Hong Kong, we find in the cross-section study that permanent and transitory incomes, rather than current income, provide better estimates in the tenure choice equation. The results also indicate that family size and the number of elderly persons affects ownership. Renter expenditure and tenure choice decisions are linked by using the two-stage estimation procedure of Lee and Trost (1978). No correlation was found between renter expenditure and tenure choice. Further, the two-stage approach does not seem to be superior to the OLS approach in the estimation of the rental expenditure equations.     

Return spread and liquidity: Evidence from Hong Kong ADRs

Fifteen Chinese H-shares listed on the Stock Exchange of Hong Kong are cross listed as ADRs on the NYSE. We empirically determine the role of security specific liquidity associated with those ADRs and their underlying H-shares on return spreads, differences between the returns on ADRs and their corresponding H-shares after controlling for ADRs and H-shares excess market returns and their respective price inverses denoting conditional betas. We use three proxies for liquidity, trading volume, turnover, and illiquidity (Amihud, 2002) and find that only trading volume and turnover are consistent determinants of return spread for the majority of Chinese ADRs with primary listing in Hong Kong Stock Exchange (SEHK). We use a switching regression model and find that the model parameter estimates are not stationary and change, often drastically between pre and post 2000 and 2003. Further tests using Bai Perron indicate return spreads data as non-stationary with multiple regime changes during the sample period. Further the causes of non-stationarity seem to be largely security specific and not driven by broad market swings in either market.     

Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore

Drawing on prior empirical research based on disclosure behavior in developed western markets, this study examines the association of ownership structure with the voluntary disclosures of listed companies in the Asian settings of Hong Kong and Singapore. An analysis of annual reporting practices shows that the extent of outside ownership is positively associated with voluntary disclosures. In particular, the results also indicate that the level of information disclosure is likely to be less in “insider” or family-controlled companies, a significant feature of the Hong Kong and Singapore stock markets.