会员制是区域性产权交易市场规范发展的基础

随着我国有形产权交易市场发展,实行会员制的产权交易市场应运而生.产权交易所采取会员代理交易制度,不是简单模仿证券市场会员制度,是结合产权交易自身特点的一种创造.     

沿流溯源的产权市场会员管理制度

产权市场20多年来一直在寻求适合自身特点与需要的模式中摸索前行。产权市场是不是一定要实行会员制?20多年的实践还不能对此做出肯定的回答。1产权市场交易组织与运行模式现状1.1产权交易组织模式产权交易业内及理论界一些人认为,产权市场与证券市场同属资本市场,甚至认为是证券市场的最基础的层级,因此自然认为产权市场同样应该实行会员制,只有会员制才是最规范的运行模式。基于这一认识,初创期的产权市场一般都倾向于会员制管理的模式。但大多数交易机构并非是自发式的会员制交易所,而是带行政色彩的国有事业单位。但经过20多年的发展,地方性的、区域性的以及按交易品种设立的交易机构数量不断增加,后来地市级设立的交易机构     

深交所重建新时期的证券市场服务体系刍议

<正> 一、服务——证券交易所的基本职能 当今世界经济竞争日益激烈,全球都在争夺资金,证券市场作为资金市场的重要组成部分,其核心枢纽——各证券交易所,为了吸引更多资金,扩大规模,发展自身,都将服务意识摆在重要位置,纷纷建立完善、高效的服务体系,如采取现代化的手段,提供便捷的交易方式以及收取低廉的费用等等,以提高自身的竞争力,与此同时也促进相应的证券市场的发展。 作为新中国第一家交易所——深圳证券交易所也毫无例外地将服务作为其基本职能放在首要地位。 从成立之始,国家就确定深圳证券交易所为会员制交易所,一个不以营利为目的,实行自律性管理的会员制法人。会员大会作为深交所的最高权力机构,设立理事会作为常设机     

传统期货交易所选择非盈利性会员制动因探析

从第一家期货交易所(CBOT)建立到其后的近一个半世纪里,非盈利的会员制组织形式一直占有主导地位.对于交易所组织制度的选择问题,国内外学者很少给予关注.交易所选择会员制的原因以及 选择会员制后为什么绝大多数交易所又采取了非盈利的形式,这里是有个历史过程的.公开喊价的交易方式使期货商成为市场流动性的主要提供者,只有会员制才能保证期货商的利益,使期货商长期为市场提供流动性.而促成交易所选择非盈利的形式主要是因为会员之间的差异性,差异性越大越会选择非盈利的形式.     

中国交易所的治理结构问题调查报告

本文是围绕中国交易所的治理结构问题所开展的一项问卷调查的分析报告。报告分别从中国交易所的现状、公司化改制的路径选择和效果这三个方面进行总结和分析。调查显示,国内交易所之间存在竞争,但竞争不充分;交易所的竞争力亟待提高;证券期货市场的发展还不够成熟;交易所治理结构尚不完善。同时,尽管公司化改制可能有助于在某种程度上解决交易所的治理结构问题,但目前各有关方面对交易所进行公司制改造缺乏信心。     

试论金融衍生品交易市场的治理结构变革和技术变迁

20世纪90年代以来，随着信息技术尤其是网络技术的迅速发展，信息、资金、技术的流动呈现出爆炸性增长的趋势，加速了世界经济的全球化发展，国际主要证券、期货交易所面临的技术、经营、市场环境发生了根本性变化，交易所之间的竞争日益激烈，面对挑战与机遇，交易所公司化改造、远程交易以及交易所之间的合并和业务联合成为各交易所应对竞争局势的主要手段。[第一段]     

常州技术产权交易中心

常州技术产权交易中心是经常州市人民政府同意，市科技局和财政局联合批准，由常州市生产力促进中心、常州产权交易所共同投资组建的具有独立法人资格的技术产权交易专司机构。交易中心采取政府主管部门监管、股份制组建、公司制运作方式，并实行有偿代理与无偿服务，采取会员制和非会员制的业务运营模式，以充分体现技术产权交易市场作为科技资源配置主渠道的作用。     

从环境角度分析期货交易所非互助化改造的动因

近几年期货交易所的组织制度发生了重大改变，某些期货交易所放弃了实行了一个多世纪的会员制，进行非互助化改造。期货交易所面对的环境变化是导致交易所组织制度变革的主要原因。本文首先对交易所非互助化的概念进行了界定，指出交易所非互助化是指交易权和所有权分离和会员对交易所控制程度降低的过程；其次，对汹涌发展的期货交易所非互助化浪潮进行简要介绍；最后，从环境变化的角度对期货交易所非互助化的原因进行深入地分析并得出一些对我国期货交易所和期货业发展有益的启示。     

香港证券市场的形成和发展

证券市场是香港国际金融中心的重要组成部分。1986年4月由分散和独立的四家交易所合并为香港联合交易所后,上市股票、恒生指数期货和各种投资基金交易旺盛。60年代后,香港证券市场发展迅速,过程大致如下: 1.1969—1973年由于外资流入股市、经济好转和公司利润高等原因,股票交易呈现繁荣景象。在此期间香港从一家股票交易所发展成4家交易所同时营业,物业、纺织、银行、航运等企业股票纷纷上市。     

期货市场的运作务必规范化

一、交易所的建立必须规范化。从期货市场发展的历史来看,期货交易所最初是为满足商人的需要而组建的自我管理为主的市场组织。它是市场流通和商业文明的产物。随着市场经济的发展,期货交易所也随之不断发展和完善,但其根本性质没有改变。从本质上讲,期货交易所是一个非盈利性的会员制组织,它本身不从事经营业务,完全是一个服务型的民间社会公益性组织,其建立的目的,是为交易者提供一个公开、公正、公平以及大流量、高效率的交易场所。我国现有的期货交易所基本上都是由地方政府组建或与某部委联合组建,其负     

Integration between the London and New York Stock Exchanges, 1825–1925

In this article the integration between the London and New York Stock Exchanges is analysed during the era when they were still developing as asset markets. The domestic securities on both exchanges showed little sustained integration, even when controlling for the different characteristics of stocks, which implies that the pricing of securities in the US and UK was still being driven by local factors. These results place a limit on the view that the pre‐First World War period was the first era of globalization in terms of capital markets. However, there was considerable integration between New York and those listings on London that operated internationally. This suggests that the listing of foreign securities may be one of the primary mechanisms driving asset market integration.     

Market Risk in Demutualized Self-Listed Stock Exchanges: An International Analysis of Selected Time-Varying Betas

Abstract

This article examines market risk in four demutualized and self-listed stock exchanges: the Australian Stock Exchange, the Deutsche Börse, the London Stock Exchange and the Singapore Stock Exchange. Daily company and the Morgan Stanley Capital International (MSCI) Index returns provide the respective asset and market portfolio data. A bivariate GARCH model is used to estimate time-varying betas for each exchange from listing until 7 June 2005. While the results indicate significant beta volatility, unit root tests show the betas to be mean-reverting. These findings are used to suggest that despite concerns that demutualized and self-listed exchanges entail new market risks that merit regulatory intervention, the betas of the exchange companies have not changed significantly since listing. However, market risk does vary considerable across the exchanges, with mean time-varying betas of 0.56 for the Deutsche Börse, 0.66 for the London Stock Exchange, 0.78 for the Singapore Stock Exchange, and 0.95 for the Australian Stock Exchange.     

我国外汇占款影响货币供给的实证研究

近年我国外汇储备的持续增长,造成外汇占款大幅增长,最后引致货币供给增加。本文将对我国外汇占款对货币供给的影响作用进行实证分析,结果表明我国外汇占款和货币供给量M2之间存在稳定的均衡关系,我国外汇占款的巨剧增长,容易导致货币市场失衡。     

Market In efficiency in Person‐to‐Person Betting: Examining ‘Known Loser’ Insider Trading on the Exchanges

Applying the Shin z measure of market efficiency to the relatively new person‐to‐person internet betting exchanges, Smith, Paton, and Vaughan Williams found “significantly lower market biases” compared to bookmaker‐dominated markets. A reduced favorite‐longshot bias is interpreted as evidence that insider trading on the exchanges “is not widespread” and “not as commonplace … as is sometimes portrayed in the media.” Given that the Shin measure assumes “betting with bookies,” whereas the exchanges represent “betting without bookies,” the present study employs the notion of ‘significant mover’ to empirically test for the presence of ‘known loser’ insider trading on the exchanges where traditional notions of bookmaking do not apply. Findings indicate that, far from being less problematized by insider trading compared to racetrack betting, activity aimed at profiting from “known losers” may be potentially commonplace on the exchanges. This includes profiting from horses that are unplaced. This study offers new insight into the efficiency of betting markets.     

重庆市与拉里奥哈省举行友好交流合作视频会

On April 8th, a video conference was held between Chongqing Municipality and La Rioja Province, Argentina. Wang Wen, Director-General of the Foreign Affairs Office of Chongqing Municipal People's Government, addressed that cooperation has been conducted in multiple fields including economy, trade, people-to-people interactions, and local government exchanges since the Memorandum of Understanding on Establishing Friendly Exchanges between Chongqing and La Rioja was signed in December 2021. Chongqing has long been committed to serving the friendly exchanges between China and Argentina.     

Stock market performance in Hong Kong: an exploratory review

This paper reviews the origin and development of the stock market in Hong Kong. The first formal stock exchange, the Association of Stockbrokers in Hong Kong, was formed in 1891. However, the activities of the stock exchange are generally regarded as insignificant until the 1970s. Since the 1980s, there have been a number of major reforms and some significant developments. These include the unification of four stock exchanges; the establishment of the Securities and Futures Commission; the closer economic relations with Mainland China; the merger of the Hong Kong Stock Exchange and the Hong Kong Futures Exchange to form the Hong Kong Exchanges and Clearing Limited (HKEx); the launch of the second board (Growth Enterprise Market); and the demutualisation of the HKEx. The Exchange generally responded positively to these reforms and developments. As a result, the Hong Kong stock market experienced significant growth in terms of its market capitalisation ratio, turnover ratio, and the total value traded ratio. Despite the impressive growth in various stock market indicators, however, the Hong Kong stock market still faces some challenges, including regulatory challenges, as well as some concern over its future viability as a global equity hub.     

文化传承与创新视角下两岸高等教育交流合作研究

本文着重从中华文化传承与创新视角,就新形势下两岸高等教育交流与合作的目标定位及其主要影响因素进行较深入分析,并从开放招生、合作办学、共同研发、扩大就业等方面,对其实现路径和配套措施进行研究,以促进两岸文教事业发展和中华文化与民族认同。     

家庭承包经营权股份化的法律障碍及解决思路——兼评重庆“土地新政”

重庆“土地新政”揭开了家庭承包农村土地承包经营权股份化的面纱,但该“土地新政”既缺乏《农村土地承包法》上的依据,亦与我国现行《公司法》存在冲突。因此,必须结合我国国情从入股农户的资格限制及入股企业的形态限制等方面对我国家庭承包农村土地承包经营权的股份化问题进行立法规范。     

中国上市公司企业社会责任的竞争优势战略属性研究——来自沪深两市731家上市公司经验证据

文章利用2007年沪深两市731家上市公司财务数据以及南京大学企业社会责任指数,实证分析了企业社会责任对企业竞争优势的影响。基于全部样本的分析表明,企业社会责任对企业竞争优势没有显著影响,反映出我国企业的经营环境和经营行为离成熟的市场经济还有很大距离;在特定情境的子样本分析中,东部地区总资产规模大于20亿元的国有上市公司企业社会责任对其竞争优势有显著的提升作用。最后将该子样本的企业竞争优势分解成企业生存能力、企业盈利能力和企业发展能力,表明在该子样本中企业社会责任对这三种企业能力也存在显著的促进作用。     

浅析中国证券市场多层次发展的逻辑思路

我国资本市场上只有上海和深圳两个交易所,上市公司类型、交易品种都很少,这远不能满足各类企业的融资需求。借鉴国外成熟的资本市场发展经验,结合我国的国情,笔者认为构建多层次的证券市场体系应包括全国性一元化的证券交易所、创业板市场、区域性证券交易市场和产权交易市场四部分。每个市场针对不同的投资者和资金需求者,安排不同的上市标准、运作模式和监管方式,这些子市场相互补充、相互竞争、相互衔接,共同构成完整统一的证券市场体系。