“新国九条”新在哪里？

相隔整十年,又见＂国九条＂。5月9日《国务院关于进一步促进资本市场健康发展的若干意见》新鲜出炉,提出了促进资本市场健康发展的九项政策措施,被业界称为＂新国九条＂。而在十年前的2004年,前一个＂国九条＂掀起股权分置改革巨浪,为随后中国股市的发展奠定了基础。＂国九条＂像一座座路标,凝聚了从上到下的厚望,也指引着资本市场的前程。     

“新国九条”勾勒期货市场新蓝图

国务院日前发布了《关于进一步促进资本市场健康发展的若干意见》（下称＂新国九条＂）。期货市场作为资本市场重要的组成部分,在这一纲领性文件中不仅专列第五条详细阐述了＂推进期货市场建设＂的主要目标、路径和配套政策,而且在其他各条中也有相应体现,高屋建瓴,统筹部署,破除机制体制性制约,为期货市场发展绘制出改革蓝图,改革创新的市场化力度前所未有,相较于2004年、2008年、2013年的＂国九条＂,＂新国九条＂首次出现＂石展期货市场＂新表述,全方位提升了期货市场未来发展的深度、强度和广度。     

新“国九条”新在何处？

市场期待已久的《国务院关于进一步促进资本市场健康发展的若干意见》，也就是市场眼中的新“国九条”于2014年5月9日公布了，毫无意外地得到了广泛关注。有人认为，新“国九条”将不负众望，开启中国资本市场新的一页；     

“新国九条”浅析

我国当前的经济形势变化多端,机遇与挑战并存,为了巩固和发展我国经济的良好形势,我国实行社会主义市场经济体制,在市场经济条件下,政府主要是通过各种非行政手段对经济活动进行间接的宏观调控。我国是社会主义国家,但是在经济上要实行社会主义市场经济,可见我国对资本市场中投资者合法权益的保护非常重视,"新国九条"的提出就是为了保护中小投资者的权益,因此,本文将详细论述"新国九条"对中小投资者权益保护的影响。     

“新国九条”浅析

我国当前的经济形势变化多端,机遇与挑战并存,为了巩固和发展我国经济的良好形势,我国实行社会主义市场经济体制,在市场经济条件下,政府主要是通过各种非行政手段对经济活动进行间接的宏观调控。我国是社会主义国家,但是在经济上要实行社会主义市场经济,可见我国对资本市场中投资者合法权益的保护非常重视,"新国九条"的提出就是为了保护中小投资者的权益,因此,本文将详细论述"新国九条"对中小投资者权益保护的影响。     

“新国九条”将再次催生牛市？

十年前的“国九条”首次提出解决困扰市场的“股权分置”痼疾，市场各方掀起了长达两年的“股改”讨论，由此引发了一轮波澜壮阔的牛市。“新国九条”也有如此效果吗？4月份的理财市场用“异常凌乱”来形容不为过，国债发行遇冷．楼市成交量萎缩，股市频频被唱空，让投资者人心惶惶。     

“新国九条”的最大亮点在于强制退市

＂新国九条＂能够明确提出＂对欺诈发行的上市公司实行强制退市＂,这就表现中国政府清楚地看到了股市问题所在     

新“国九条”释放长期利好信号

“国九条”是资本市场的长期利好政策，其着眼点是市场的长期发展，并不会影响短期市场的波动。把“国九条”的发布理解为政策“救市”的看法过于功利，也是对“国九条”本质意义的忽视。     

“新国九条”重点突出了培育私募市场

在＂新国九条＂中提到建立合规投资者标准体系,明确对各类别投资者的信息披露要求,同时要加强对私募产品发行事中事后监管;建立统一监测体系,同时要严厉打击以私募为名的各类非法集资。这些提法和以前重点强调自律性监管有所不同     

六家基金公司共议“国九条”

2008年12月5日，国务院总理温家宝主持召开国务院常务会议，研究部署当前金融促进经济发展的政策措施。针对当前的经济形势，会议提出了9条促进经济增长的政策措施，被称为金融“国九条”。 “国九条”包括了落实适度宽松的货币政策，加强和改进信贷服务，加快建设多层次资本市场体系以及发挥保险的保障和融资功能等内容。“国九条”将对中国的经济政策和股市运行产生怎样的影响呢？     

“新国九条”基本原则的解读与思考

中国资本市场改革与发展要处理好四大基本关系,如果这四大关系处理好,资本市场就能够发展与繁荣,中国股市就能够走出长期低迷的困境。否则,再好的制度安排都无法实施     

“新国九条”是直接融资的号角

到2020年,基本形成结构合理、功能完善、规范透明、稳健高效、开放包容的多层次资本市场体系。扩大直接融资比重是中国金融改革的重要方向,建立高效而活跃的股权、债权、期权、产权市场     

打通民间资本参与中小企业融资渠道

清科研究中心认为,JOBS法案将对＂新兴成长型企业＂的融资现状产生巨大影响。请看＂美国JOBS法案＂的五大看点2012年4月5日,美国总统奥巴马签署了全名为Jumpstart Our Business Startups Act的创业企业融资法案     

Taxes and capital structure: evidence from firms' response to the Tax Reform Act of 1986

While the theoretical relation between taxes and capital structurehas been extensively analyzed, the empirical evidence on thisissue has thus far been inconclusive. One of the main difficultiesconfronting previous empirical studies of the cross-sectionalrelationship between taxes and leverage was the control of interveningvariables. The Tax Reform Act of 1986 (TRA), which drasticallychanged the tax regime, provides a unique opportunity to assessthe interaction between taxes and leverage decisions in a controlledenvironment. We test the relationship between leverage and certaintax-related variables for a large sample of companies in theyears surrounding the enactment of the TRA. The results supportthe tax-based theories of capital structure. The findings indicatethat there exists a substitution effect between debt and nondebttax shields, and that both corporate and personal tax ratesaffect leverage decisions.     

解读新《节约能源法》

年最好的季节是春天，每年阳春时节召开的两会都是全国人民注目的焦点，而今年的两会与往届相比显得尤为不同。2008年，是中国政府的换届之年，是全国贯彻党的十七大精神的第一年，又恰逢奥运之年，更重要的是，今年还是改革开放三十周年。     

Sterilization of short-term capital inflows—through lower interest rates?

Reductions in international interest rates are a major cause of capital flows to emerging economies. Increases in domestic interest rates are a frequent policy response to the resulting price increases. This is often unsuccessful. The paper suggests a theoretical explanation based on distinctive features of emerging financial markets, including imperfect asset substitutability and imperfect capital mobility for some sectors of the economy. It concludes that the appropriate policy response to capital inflows may be lower interest rates.     

An empirical and institutional examination of post-crisis capital flows—Thailand case

In this paper, we developed and estimated a model of the Thai firm during the crisis. Our results indicate that firms with the highest debt-equity ratios suffered the steepest declines in earnings per share during the crisis from the financial distressed costs. We take this result as strong evidence for the credit channel. Surprisingly, firms with the largest market capitalizations suffered more than the smaller firms owing to their capital structure and financial leverage effect. We also witness asymmetric impact between the industries—exporters, importers and intermediate. We take this as evidence of different scale-effects on different industries, a feature that we do not explicitly model. In other words, the production effect is more pronouncing in import related industries than the export-oriented one. Note that firms that import intermediate goods also suffered greatly from the crisis from both credit and production channels. Taken together, our overall results indicate that the crisis damaged the earnings per share of firms more on credit channels than the production channels. There exists a peculiar tradeoff between benefits from currency devaluation to promote exports and severe adverse impact on both credit channel and asymmetric impact on production channel.     

How costly is the Sarbanes Oxley Act? Evidence on the effects of the Act on corporate profitability

The Sarbanes-Oxley Act (SOX) was intended to protect investors by improving the accuracy and reliability of corporate disclosures. However, critics have argued that the costs of SOX far outweigh its intended benefits. Prior studies based on stock-price reactions to SOX-related events document mixed evidence on the expected impact of SOX. In contrast, we provide evidence on the net realized costs of SOX by examining its impact on operating profitability. We find that average cash flows decline by 1.3% of total assets after SOX. These costs are more significant for smaller firms, for more complex firms, and for firms with lower-growth opportunities. Annually, these costs range from $6 million for smaller firms to $39 million for larger firms. Further, we document that net SOX-related costs are not limited to one-time expenses associated with internal-control design and implementation. In aggregate, for the 1428 firms in our sample, these costs amount to about $19 billion per year. Profitability is lower for up to four years post-SOX. To our knowledge, ours are the first estimates of the realized net costs imposed by SOX.