建立中小投资者权益保障机制

证券市场中的投资者包括机构投资者和中小投资者。中小投资者权益保护事关证券市场发展，成熟市场都有一整套保护中小股东利益的政策和措施，目前我国证券市场最为突出的问题是投资者权益受到侵犯，笔者认为，以制度创新推动上市公司与证券市场规范发展，尽快构建我国投资者权益保护的法律框架，设立证券市场投资者权益保障中心，提高证券市场监管效率，加大对违规行为的惩治力度，教育投资者，增强维权意识应是构建我国中小投资者权益保障机制之关键。     

证券市场投资者结构变迁的动力学模型及特征——兼论基于投资者教育机制的非理性行为治理路径

我国证券市场投资者的羊群效应、小公司效应、反应过度与反应不足等非理性行为极其明显，导致证券市场发生剧烈波动已经成为常态，从而严重影响到我国证券市场投融资功能的正常发挥，也不利于经济的发展。加强我国证券市场投资者教育工作，建立投资者教育机制，是保护我国证券市场投资者利益，维护证券市场长期稳定健康发展的需要，是治理非理性行为金融的有效路径。坚持长期有效、不懈努力地开展投资者教育工作，形成投资者教育工作的长效机制，是保障资本市场平稳运行、良性发展的重要举措，是资本市场一项重要的基础性制度建设。     

建立证券市场发展与会计跟进的良性机制

上市公司质量是证券市场稳定发展的基石，投资者是维持市场发展的原动力，要稳步发展证券市场，首先要保护投资者利益，提高上市公司的质量、保护投资者利益，首先就要提高会计准则和披露准则，建立一个合理的、能够真实反映企业财务状况和经营成果的会计准则，使广大投资者能够正确判断企业财务状况和经营成果。证券市场的发展状况、金融企业的改革实践以及目前证券市场面临的信心危机都充分暴露出会计改革比证券市场发展的滞后性。     

论中国机构投资者监管的制度选择

本文系统分析了“超常规发展机构投资者”政策的制度性缺陷，提出政府应改进机构投资者的监管机制，以机构投资者的结构和质量实现证券市场宏观调控制度与微观市场结构的渗透和整合，对机构投资者的全面发展及证券市场功能的有效发挥产生“市场增进”作用。     

浅析首发新股（IPO）改首发可转换债券

二十年改革开放的历程中．从上海证券交易所和深圳证券交易所先后成立，到股份制度和证券市场在我国逐步兴起并得到迅速发展．我国的证券市场在不断规范中得到了较快的发展。证券市场在我国经济发展中的作用日显重要。市场规模不断扩大，投资者队伍不断壮大，投资者结构正朝着合理的方向调整．市场的法制建设得到加强。正朝着规范、有序的方向发展，表现形式已从单纯的筹资市场。正在逐步变成市场化资源配置的重要机制。     

证券市场监管与估值体系的构建

在外生性制度安排下发展起来的我国证券市场，证券市场监管对新估值体系形成具有极其重要的作用，其实质就是投资者保护和资本市场发展的辨证关系。本文提出通过加强证券市场监管，维护市场平稳运行。     

论我国证券市场国际化

论我国证券市场国际化许崇正一、我国证券市场国际化的意义探讨所谓证券市场国际化，是指参与市场交易的借款人和投资者都不受国籍的限制，他们买卖的证券既可以是市场所在国发行的证券，也可以是外国发行的证券。一国证券市场的国际化程度，反映了该国金融业的发展水平，...     

基于有限理性条件下的中国证券市场投资者决策行为研究

传统的金融理论认为,投资者是理性的,是按照效用最大化来进行的决策,然而从证券市场的实际情况来看,投资者的决策行为并不是完全理性而是有限理性的。在中国证券市场上,由于市场发展快速,制度不够完善,投资者的有限理性决策行为表现更为突出,这导致了证券市场的波动,增加了市场的风险。因此,有必要对投资者的有限理性决策行为进行深入研究,从而了解投资者的决策偏差及原因,引导投资者理性投资,促进中国证券市场的健康发展。     

我国证券市场中机构投资者发展非均衡的制度分析

本文首先分析了我国机构投资者发展的非均衡性,进而研究了影响非均衡发展的制度因素。从本文的分析可以看出,证券市场中的投资者结构、尤其是机构投资者发展的非均衡性是我国证券市场运行出现诸多问题的内在原因。因此,我国证券市场的制度安排及运行效率构成了证券投资基金等机构投资者违规操作的市场条件和制度基础。所以,在政府加强制度建设的同时,应将全面、均衡发展机构投资者作为改善证券市场内部结构、促进系统稳定运行及提高效率的主要策略。     

中国证券市场投资者关系管理的发展逻辑

面对日益高涨的市场信任危机,引进投资者关系管理是中国证券市场重要的现实抉择。证券市场中的诸多制度缺陷对投资者关系管理的发展构成了障碍,因此,中国证券市场投资者关系管理的发展需要推动融资市场制度安排向投资市场制度安排过渡、改善股权结构,改进公司治理、构建以信息披露为主的监管架构等多方面的制度创新。     

tay's as good as cay

The empirical evidence that the consumption–wealth ratio, cay, has strong in-sample predictive power for future stock returns has been interpreted as evidence that consumers take account of future investment opportunities in planning their consumption expenditures. In this paper we show that the predictive power of cay arises mainly from a “look-ahead bias” introduced by estimating the parameters of the cointegrating regression between consumption, assets, and labor income in-sample. When a similar regression is run, replacing the log of consumption with an inanimate variable, calendar time, the resulting residual, which we label tay, is shown to be able to forecast stock returns as well as, or better than, cay. In addition, both cay and tay lose their out-of-sample forecasting power when they are re-estimated every period with only available data.     

上善若水工行人

28年的风雨兼程,她由小变大;28年的千锤百炼,她由弱变强;28年的栉风沐雨,铭刻着几代工行人艰苦奋斗、拼搏进取的缩影,他们在平凡的岗位上,传承敢于承担、乐于奉献,兢兢业业、奋勇争先的精神,创造了一个又一个金灿灿、沉旬甸的硕果。     

当亿万富豪，思想和行动一样远

创业板在金融风暴的2009年启动，正好见证了中国十多年来创业投资的风雨历程，而资本市场A就的A多中国亿万富豪，也极好地证明了实体经济与资本市场相结合确实是国家、企业和个人发达致富的A要之路。本文提出要敢于提出大目标，以“反推法”设计实施A目标的路线图，高屋建瓴而又脚踏实地，则中国广大创业者的亿万富豪之梦并非遥不可及     

Strategy as revolution

How often does the strategic-planning process start with senior executives asking what the rest of the organization can teach them about the future? Not often enough, argues Gary Hamel. In many companies, strategy making is an elitist procedure and ?strategy? consists of nothing more than following the industry's rules. But more and more companies, intent on overturning the industrial order, are rewriting those rules. What can industry incumbents do? Either surrender the future to revolutionary challengers or revolutionize the way their companies create strategy. What is needed is not a tweak to the traditional strategic-planning process, Hamel says, but a new philosophical foundation: strategy is revolution. Hamel offers ten principles to help a company think about the challenge of creating truly revolutionary strategies. Perhaps the most fundamental principle is that so-called strategic planning doesn't produce true strategic innovation. The traditional planning process is little more than a rote procedure in which deeply held assumptions and industry conventions are reinforced rather than challenged. Such a process harnesses only a tiny proportion of an organization's creative potential. If there is to be any hope of industry revolution, senior managers must give up their monopoly on the creation of strategy. They must embrace a truly democratic process that can give voice to the revolutionaries that exist in every company. If senior managers are unwilling to do this, employees must become strategy activists. The opportunities for industry revolution are mostly unexplored. One thing is certain: if you don't let the revolutionaries challenge you from within, they will eventually challenge you from without--in the marketplace.     

Sustainability as Adaptability

Most corporations now view sustainability as a key requirement for competitive advantage, but few claim to have achieved it. One of the key obstacles separating intention from execution is that the sustainability frameworks employed by companies tend to be insufficiently clear, precise, or comprehensive to guide decision making. One of the most pressing challenges for corporate leaders today is, of course, to sustain the economic viability of the core businesses. But given the implicit “beyond business” focus of most sustainability efforts, corporate executives would be better served by a more integrated, holistic framework—one that enables them to make tradeoffs among the economic, social, and ecological aspects of business. This article introduces such a framework—one that redefines sustainability as the ability of companies to adapt to change in three different spheres of operation—ecological, social, and economic—with a near‐term as well as a longer‐term planning horizon. Without such adaptation, business models become obsolete for reasons that can range from economic failure, to competitive inferiority, to social or ecological limits. This ability to adapt can be measured and valued by using the BCG Adaptive Advantage Index, a composite measure of corporate performance during market downturns. The BCG analysis also shows that although the most adaptive companies tend to report lower profits and have lower values during periods of relative stability, such companies perform consistently better over full cycles. Creating social and ecological value alone doesn't automatically confer economic rewards, but—with the right business model and capabilities—it can. The authors explore some of the business model archetypes that successfully achieve this “co‐optimization.”     

Money as stock

The fiscal theory determines the price level from the value of nominal government debt as a claim to government primary surpluses, just as private stock is valued as a claim to corporate profits. Valuation equations are not constraints, so this theory does not mistreat the government's intertemporal budget constraint. I anchor the analysis in a simple cash in advance model. When money demand falls to zero, I show that the price level can still be determined by the government debt valuation equation.     

Strategy as ecology

Microsoft's and Wal-Mart's preeminence in modern business has been attributed to any number of factors--from the vision and drive of their founders to the companies' aggressive competitive practices. But the authors maintain that the success realized by these two very different companies is due only partly to the organizations themselves; a bigger factor is the success of the networks of companies with which Microsoft and Wal-Mart do business. Most companies today inhabit ecosystems--loose networks of suppliers, distributors, and outsourcers; makers of related products or services; providers of relevant technology; and other organizations that affect, and are affected by, the creation and delivery of a company's own offering. Despite being increasingly central to modern business, ecosystems are still poorly understood and even more poorly managed. The analogy between business networks and biological ecosystems can aid this understanding by vividly highlighting certain pivotal concepts. The moves that a company makes will, to varying degrees, affect the health of its business network, which in turn will ultimately affect the organization's performance--for ill as well as for good. Because a company, like an individual species in a biological ecosystem, ultimately shares its fate with the network as a whole, smart firms pursue strategies that will benefit everyone. So how can you promote the health and the stability of your own ecosystem, determine your place in it, and develop a strategy to match your role, thereby helping to ensure your company's well-being? It depends on your role--current and potential--within the network. Is your company a niche player, a keystone, or a dominator? The answer to this question may be different for different parts of your business. It may also change as your ecosystem changes. Knowing what to do requires understanding the ecosystem and your organization's role in it.     

Diversity as strategy

IBM's turnaround in the last decade is an impressive and well-documented business story. But behind that success is a less told people story, which explains how the corporation dramatically altered its already diverse composition and created millions of dollars in new business. By the time Lou Gerstner took the helm in 1993, IBM had a long history of progressive management when it came to civil rights and equal-opportunity employment. But Gerstner felt IBM wasn't taking full advantage of a diverse market for talent, nor was it maximizing the potential of its diverse customer and employee base. So in 1995, he launched a diversity task force initiative to uncover and understand differences among people within the organization and find ways to appeal to an even broader set of employees and customers. Gerstner established a task force for each of eight constituencies: Asians; blacks; the gay, lesbian, bisexual, transgendered community; Hispanics; white men; Native Americans; people with disabilities; and women. He asked the task forces to research four questions: What does your constituency need to feel welcome and valued at IBM? What can the corporation do, in partnership with your group, to maximize your constituency's productivity? What can the corporation do to influence your constituency's buying decisions so that IBM is seen as a preferred solution provider? And with which external organizations should IBM form relationships to better understand the needs of your constituency? The answers to these questions became the basis for IBM's diversity strategy. Thomas stresses that four factors are key to implementing any major change initiative: strong support from company leaders, an employee base that is fully engaged with the initiative, management practices that are integrated and aligned with the effort, and a strong and well-articulated business case for action. All four elements have helped IBM make diversity a key corporate strategy tied to real growth.     

Are Multinational Corporate Tax Rules as Important as Tax Rates?

Previous research has documented the influence of statutory tax rates on international firms' effective tax rates, or ETRs. We add to this body of research by examining common factors of the income tax base, which affects ETRs. Specifically, this study examines the determinants of effective tax rates for publicly traded companies based in European Union (EU) countries. The time period examined is after 2004, when all EU firms were required to use standardized accounting principles under International Financial Reporting Standards (IFRS). We find that, across EU countries, such factors are relatively consistent with factors found in studies of U.S. companies' effective tax rates, which include inventory, leverage, depreciation tax shield, and R&D intensity. We also find that the presence of country book-tax conformity rules increases effective rates. Importantly, our finding that such tax base (or rule) effects are at least as important as rate effects adds to the international debate about uneven tax structures around the globe.