保险机构投资与资本市场的互动发展进入新时期

2004年国务院颁布《关于推进资本市场改革开放和稳定发展的若干意见》，明确支持保险公司以多种方式直接投资资本市场，拉开了保险资金进入资本市场的序幕。2006年，国务院颁布《国务院关于保险业改革发展的若干意见》（简称《若干意见》），进一步推进了保险业进入资本市场的步伐。“十一五”期间，我国金融市场面临重要转型，保险机构投资者需要发挥更大的作用，并在资本市场中占据应有的地位。     

河北省资本市场发展研究

本文回顾了“十二五”时期河北省资本市场取得的成就，分析了河北省资本市场面临的挑战及机遇，从而确立了河北省资本市场的战略目标、战略任务和战略举措，以期促进河北省资本市场更好发展。     

开拓创新 锐意进取全力推进辖区资本市场稳定健康发展

2011年是“十二五”的开局之年,认真总结“十一五”期间的工作,分析我区资本市场改革发展面临的问题,统一认识,明确思路,对于“十二五”期间进一步提升资本市场服务自治区经济社会发展的能力具有重要意义。     

不应忽视资本市场的基本制度建设

实践证明,为保证股票交易所市场发展“秩序”而抑制柜台交易市场发展、为保持“主板”市场资金和股价“稳定”而推迟创业板推出的丢卒保车思维;担心可能产生市场风险而放慢市场的发展、担心监管效率和能力不足而人为控制或限制资本市场创新的因噎废食做法,等等,已经到了需要认真反思并坚决放弃的时候。我国资本市场发展的重心应当从以技术为主的微观层面转移到资本市场体系结构的健全与完善方面来,这既是处在十字路口的中国资本市场长期制度建设的必然要求,也是资本市场当前发展中面临的迫切任务。     

证监会拟从八方面提振股市信心

在12月21日举行的“积极稳妥发展资本市场”高级论坛上，中国证监会主席尚福林在发言中指出，要始终从我国经济发展全局的战略高度看资本市场发展。资本市场对于完善社会主义市场经济体制、国民经济结构的调整以及深化金融改革、维护金融安全都具有重要的意义。“所以，要全面认识发展资本市场的重要性，增强推进资本市场改革发展的紧迫感，积极推进有利于资本市场改革发展的各项政策措施贯彻实行。”     

中国资本市场如何实现全球化战略

资本市场的发展是中国当前面临的一个重要课题．也是未来几年内，中国将要应对的严峻挑战，如何在与全球资本市场的接轨中推动中国资本市场的建设发展．如何直对资本全球流动对中国资本市场的挑战?在前不久北京举行的第二届国际金融论坛上．来自花旗集团的副主席杰弗瑞·萨菲尔声情并茂地讲述了自己的见解和建议．“他山之石．可以攻玉”。本刊特精选了他的发言，以飨读者。     

中国证券市场发展：对关键问题的审视

《国务院关于推进资本市场改革开放和稳定发展的若干意见》(以下简称《意见》)提出，“大力发展资本市场是一项重要的战略任务，对我国实现本世纪头20年国民经济翻两番的战略目标具有重要意义”，并号召“各地区，各部门务必高度重视，树立全局观念，充分认识发展资本市场的重要性”。     

发展多层次资本市场 推动自主创新与和谐社会建设——在第五届中小企业融资论坛上的讲话

一、资本市场面临转折性变化,处于重要的发展机遇期近年来,在党中央、国务院的坚强领导下,证券期货监管系统坚持以邓小平理论、"三个代表"重要思想为指导,以科学发展观统领资本市场的改革和发展全局,根据"国九条"的要求,按照"标本兼治、远近结合、内外并重"的原则,积极稳妥地推动解决市场长期存在的深层次矛盾和结构性问题,资本市场正面临着崭新的历史发展机遇。     

落实自主创新战略 资本市场责无旁货——“资本市场与自主创新国家战略”研讨会在乌鲁木齐举行

8月2日，中国证监会研究中心在新疆乌鲁木齐市举办了“资本市场与自主创新国家战略”研讨会。中国证监会副主席范福春在会上指出，为创新型国家战略服务，资本市场责无旁贷。尽快推出适应市场需要、符合中国国情的创业板。是资本市场为建设创新型国家战略服务所面临的一项重要任务。[第一段]     

抓住机遇 迎接挑战 努力开创青海资本市场改革和发展的新局面

今年是资本市场发展的重要机遇年,安排和布置好资本市场的发展工作是关系到能否抓住这个重要机遇的关键。因此,青海资本市场发展的指导思想是:以邓小平理论和“三个代表”重要思想为指导,深入学习和贯彻《国务院关于资本市场改革开放和稳定发展的若干意见》,认真落实全国证券期     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.