发行股价亟需降低

当前中国股市的核心问题是什么?很多人都认为国有股和法人股的流通问题是所有问题的根本，但真正能缓解股市矛盾的是——     

有关国有股的两个故事

一、国有股与中国股市的致命伤 大量的国有股不能够上市流通,这已经成为了中国股市的心腹之患.有关国有股的各种消息和传说都能够引起相当的市场反应,这从国有股减持出台到暂停再到停止之间的一系列市场变化,已经能够看得很清楚了.     

cnXML——中国电子商务的标准与规范

国有股减持既是国有经济实行战略性调整的需要 ,又是中国股市走向规范化的客观要求。本文分析了国有股减持陷入困境的深层次原因 ,并提出了解决国有股减持问题的基本思路。     

国有股流通对股市影响的数量分析

国有股流通问题一直是悬在我国证券市场上的一把利剑,而管理层对此一直采取谨慎的态度,一个重要原因是,国有股流通将对股市产生冲击。到底国有股流通对沪深股市产生多大的影响,本文通过一个计量模型对它进行实证分析,并提出相关的政策建议。     

中国股市的“畸型”结构与行为

最近几年,中国证券市场出了不少丑闻,这是有其深刻历史原因的,因而也是必然的.中国股市由于国有股的减持而产生波动,这说明中国股票市场还有相当严重的政策性风险,从这个意义上讲,说中国股市有"政策市"的因素也未偿不可.     

中国股市之困

2002年6月末,也就是政府推出国有股减持计划一年之余,他们就不得不放弃了该方案.国有股减持计划最初是用以筹集急需的社保基金的.其被放弃,与其说是筹集社保基金行为的失败,不如说是政府意图从股市"提款"的失败.虽然实际减持的国有股只占中国上市企业所拥有的国有股的很小一部分,但国有股可能涌入股市的威胁,给国内已是草木皆兵的股市还是造成很大的利空震荡,使A股市场在2001年6月至10月间狂跌了35%.一年多来,股市作为融资渠道的作用几乎冻结,截止到现在,从股市筹集的资金已比去年同期下降了近400亿元,股市在为政府和渴求资本的企业筹集资金上已显疲惫之态.     

股权分置改革热潮下的冷思考

当前中国股市最大的热门话题，无疑是股权分置问题。自2001年提出国有股减持至今，差不多正好四年。四年来，中国的股市经历了漫漫熊途，中国股民蒙受了巨大的损失。四年过去了，在熊市中挣扎着的人们早已淡薄了当年的喧嚣，在牛市中亢奋的评论家们也已经转而竞相营造更悲观的氛围。然而，随着股权分置计划的破冰之旅开始，中国证券市场正悄然发生着变化。     

纷乱的泡沫

在许多金融界业内人士看来,始于7月的股市大跌是一场“革命性”的调整。认为目前的市场调整是不可避免,也是“健康”的。股价下跌并不仅仅是由国有股减持或大盘股上市引起,根本原因在于股价过高缺乏基本面支持,以及市场的不规范操作引发的投资信心危机。1500点套住了机构,套住了券商,如果强行救市,将股指推至2500点,将套住更多的资金。某种程度上说,这次调整有推倒重来的意味。有专家估计,当挤出了大部分的泡沫,当指数跌到“较干净”的程序或许是1000点,政府将引入做空机制第一系列的重建手段,再塑一个健康完美的资本市场。     

中国股市投机性泡沫生成机理探析

中国的股票市场存在着不少的问题，股市运行机制扭曲则是较为严重的问题之一。在中国证券市场面临着与国际接轨的紧迫任务下，只有弄清了中国股市投机性泡沫产生和扩大的原因，才能找到中国股市运行机制扭曲的症结所在，本文从表因及深层次原因两方面对中国股市投机性泡沫的产生和扩大进行了深入的分析。     

蛇年：中国股市大盘点

2001年中国股市大病了一场,虽说至今也未能恢复元气,但在康复中. 尽管2001年中国股市被称作"监管年",但2001年中国股市所发生的最大的事件,非"市场价国有股减持"莫属.     

亲山亲水亲民

打造内陆最开放的城市,重庆拥有"两江四岸"等独特资源.2008年市政府工作报告提出,今后重庆的发展要打好山水牌,整体推进长江、嘉陵江"两江四岸"城市规划建设,实施渝中半岛城市形象设计方案,打造亲水近水、观山览水的独特风貌和宜居环境.     

曼谷时尚之都打造的文化创意

曼谷,与世界五大时尚之都伦敦、米兰、巴黎、纽约、东京相比,可以说正在打造进行时,实际上泰国政府从本世纪初就明确、系统的规划曼谷时尚之都的打造.曼谷城市景观呈现代靓丽的同时,又时常可见杂乱破旧;然而,曼谷由于其泰式时尚的多元文化与宽容共生,特别有文化创意,具有独特的难以替代的时尚魅力,在人类城市文明史有着重要的价值,成为世界各地人们热衷的旅游和居住集聚地.     

House prices, money, credit, and the macroeconomy

This paper assesses the links between money, credit, house prices,and economic activity in industrialized countries over the lastthree decades. The analysis is based on a fixed-effects panelvector autoregression, estimated using quarterly data for 17industrialized countries spanning the period 1970–2006.The main results of the analysis are the following. (i) Thereis evidence of a significant multidirectional link between houseprices, monetary variables, and the macroeconomy. (ii) The linkbetween house prices and monetary variables is found to be strongerover a more recent sub-sample from 1985 to 2006. (iii) The effectsof shocks to money and credit are found to be stronger whenhouse prices are booming.     

Energy, the Environment, and Innovation

In this paper we review the theoretical and empirical literatureon the role of policies in stimulating innovation that is designedto produce greener and more energy-efficient technologies. Firstwe review the theoretical literature on the role of purely environmentalpolicies in inducing firms to undertake environmental innovation.The conclusion is that for a wide range of policies and in awide range of circumstances one cannot prove that these policiesnecessarily induce greater innovation. We then consider theempirical evidence, which suggests that the effect of thesepolicies is weak but that the largest effects come in the longrun when, through learning-by-doing, firms better understandthe scope and potential for new energy-efficient technologies.Finally we consider the design of both environmental and technologypolicies, and show that the interaction of these policies iscomplex and warrants considerable further research.     

Stabilization, adjustment, and the poor

This paper attempts to survey the recent literature on the impact of stabilization and adjustment programs upon the poor and to consider some of the key issues in the context of a particular equity-oriented low-income country. Tanzania. After looking at some of the approaches of earlier studies, this paper analyzes the effects of restructuring policies, macroeconomic restraint, and strategic policy change. The author then reviews available evidence on the recent experience of Tanzania with external shock, efforts at stabilization, and relations with the IMF.In conclusion, the author argues that in order to better understand their impact on poverty we need more detailed analyses of specific countries' experience with different kinds of macroeconomic imbalance and different short- to medium-term policy responses. However, he does indicate with some certainty that when equivalent external blows impact upon very low-income countries, there must be a presumption that, other things being equal (including the distribution of income), the proportion of households and people pushed over the line into “absolute poverty” will be greater than in middle-income countries. The international community should provide external finance to aid these low-income countries in limiting the negative impact on the poorest.     

Globalization, Growth, and the Poor

This paper discusses the possible causal relationships and empirical associations between globalization and growth, growth and poverty reduction, and, finally, globalization and poverty reduction. We argue that globalization can contribute much to poverty reduction both directly and by accelerating growth. Second, the contributions of redistributive policies are very likely to be less than the contribution of greater access to markets, more competitive insurance and financial markets, and improved institutions to poverty reduction. The potential effect of greater international integration on poverty reduction, however, is limited by domestic policy failures in developing countries and also by continued protectionism, particularly in developed countries.     

Trade,FDI, migration,and the place premium: Mexico and the United States

Large wage differences between countries (“place premiums”) are well documented. Theory suggests that factor price convergence should follow increased migration, capital flows, and commercial integration. All three have increased between the United States and Mexico over the last 25 years. This paper evaluates the degree of wage convergence between these countries during the period 1988 and 2011. We match survey and census data from Mexico and the United States to estimate the change in wage differentials for observationally identical workers over time. We find very little evidence of convergence. What evidence we do find is most likely due to factors unrelated to US–Mexico integration. While migration, trade, and FDI may reduce the US–Mexico wage differential, these effects are small when compared to the overall wage gap.