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股票市场、人民币汇率与中国货币需求 总被引:2,自引:0,他引:2
本文在开放经济条件下考察了1999年1月至2010年5月期间中国货币需求函数的特征。研究结果表明通胀预期、股票价格波动和人民币汇率是影响长期货币需求的重要因素。股票收益率和通胀预期都是衡量企业和居民持有货币的重要机会成本变量,但通胀预期占主导地位。人民币升值和升值预期通过货币替代效应和国际资本流动效应增加了长期实际货币余额需求。研究结果还表明在样本期间人民币汇率波动的短期国际资本流动效应是造成中国A股市场动荡加剧的重要原因之一。这意味着中国货币政策的制定与实施应该至少关注资产价格波动和考虑人民币汇率因素,尤其是当前应特别注重稳定人民币升值预期。 相似文献
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人民币国际化进程中的货币反替代研究 总被引:4,自引:0,他引:4
人民币国际化有诸多利好,同时也面临着货币替代风险、人民币国际化逆转性风险以及外来资本冲击和货币反替代风险等。货币反替代是人民币国际化渐进进程中的必然现象,这种现象对中国经济的影响有有利的一面,也有妨碍货币政策的独立性并影响货币政策对宏观经济的效用等不利的一面。维持人民币的实际利率,消除社会上已存在的人民币升值顶期,是近中期内要优先考虑的抑制反替代任务之一。 相似文献
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由于在我国金融开放程度不高,货币反替代的畸形发展给当前宏观经济调控造成了极大的挑战。本文通过对“货币需求的资产组合理论”模型的拓展,采用Johansen的协整方法检验变量之间的协整关系,建立我国货币反替代模型,发现货币反替代的出现主要是因为近年来我国经济持续快速稳定增长加大了国内外居民对人民币的信心所引起的。进而针对货币反替代给我国经济生活带来的危害,提出应采取的措施。 相似文献
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开放经济条件下我国货币替代弹性实证研究 总被引:4,自引:0,他引:4
通过建立适合我国实际经济情况的货币替代理论模型,采用Johansen(1988,1989)的协整方法检验变量之间的协整关系,建立我国货币替代的误差修正模型研究进行的实证研究显示:开放经济条件下,我国全体货币机构人民币与外币存款的长期替代弹性、短期替代弹性均较低,全体人民币与国内非货币资产的长期与短期均缺乏弹性.因此,在维持一个较高的人民币实际收益水平、保持宏观经济政策与经济制度的稳定性、连续性,以及完善国内金融市场的同时,加强对资本流动的监督可以降低我国货币替代程度. 相似文献
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刍议我国货币反替代现象的成因及影响 总被引:5,自引:0,他引:5
近年来,我国经济持续快速稳定增长、汇率水平逐步提高,人民币面临着更大的升值压力,外汇储备日益增多,我国出现了一种特别现象:由货币替代转变成货币反替代。出现货币反替代现象的影响因素有很多,且货币反替代现象对我国经济生活带来了极大的影响。本文通过不同的角度剖析了这一现象,并提出相应的对策建议。 相似文献
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本文根据2008年以来的季度数据测算出人民币的货币替代率,分析我国货币替代程度以及其替代程度降低的原因,同时对人民币汇率变动如何影响货币替代现象进行计量分析.研究结果表明,我国近年来随着人民币稳定升值,货币替代现象渐渐减少,虽然这为人民币的国际化提供了很好的条件,但同样不可忽略货币替代现象的影响.在长期内,人民币升值会导致货币替代现象的减少.而在短期内,由于人们判断并做出一个理性决定时需要一个思考的过程,且我国目前汇率很大程度上仍受货币当局的控制,人们选择决定就会带有一定的滞后性,所以短期内人民币汇率变动对货币替代现象影响不是很明显. 相似文献
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Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China. 相似文献
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正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note: 相似文献
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How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u... 相似文献
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《China Journal of Accounting Research》2016,(2):175
<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to... 相似文献
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The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th... 相似文献
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Andrew Thomson 《Accounting, Business & Financial History》2001,11(2):99-115
This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory. 相似文献
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Garry D. Carnegie Robert H. Parker Roy Wigg 《Accounting, Business & Financial History》2000,10(3):371-383
So far as the available evidence allows, this paper examines the life and career of John Spence Ogilvy, foundation member of the Society of Accountants in Edinburgh in 1854, who emigrated to Melbourne in 1856, but did not play a part in the development of an organized accounting profession in Australia. The paper also attempts to explain the gap of thirty-two years between the formation of the first accounting bodies in Edinburgh and Melbourne. 相似文献
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Based on signaling and gender discrimination theory, we examine whether chief financial officer(CFO) gender matters to bank–firm relationships and the designing... 相似文献
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《China Journal of Accounting Research》2016,(2):174
<正>The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin... 相似文献
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This fictional case is based on a Canadian public company that produces greenhouse vegetables. Focusing on the differences between International Financial Reporting Standards (IFRS) and Canadian Accounting Standards for Private Enterprises (ASPE), this case provides students an opportunity to (1) apply IFRS in a real world setting; (2) prepare and reconcile financial statements under ASPE and IFRS; (3) analyze the impact of IFRS adoption on key financial ratios; and (4) detect and explain differences in financial statements under ASPE and IFRS through common size analysis. 相似文献