互联网经济下电子商务成本分析

最近几年,我国互联网技术得到了快速发展,由此为电子商务创造了前所未有的发展机会.电子商务是互联网高速发展的结果,其有效应用了互联网技术.电子商务凭借互联网本身的开放性、全球性、成本低、效率高等优点得到了快速发展,一举成为当前世界范围内最为先进的一种贸易形式.随着电子商务的迅速崛起,实体市场受到了严重冲击,纷纷转型为虚拟市场,因此其交易成本必然会出现一定变化.本文主要研究了电子商务发展对交易成本的影响.     

中国小麦进口与国际小麦市场价格变动的因果关系研究--对"大国"贸易模型的一个检验

在国际市场上,"大国"和"小国"的贸易行为有根本差别.从"大国"和"小国"的贸易模型入手,以我国小麦贸易为例,利用格兰泽尔因果关系模型对中国小麦进口贸易在国际市场上的地位进行分析,结论表明中国小麦进口是国际市场小麦价格变动的原因,中国是国际小麦市场的"大国"之一.     

基于因子分析法的互联网上市企业财务绩效研究

随着"互联网+"计划的开展,我国互联网企业涌现于市场且各具特色,就目前而言互联网公司已成为推动我国经济发展的中坚力量。财务绩效是衡量企业发展水平的重要因素,因此结合互联网公司所处行业特色研究其财务发展水平对于指导我国互联网公司的发展具有重要的意义。本文通过因子分析对我国55家互联网上市公司财务绩效进行评价,找出影响财务绩效的四个因子(盈利、偿债、营运、发展)并得出了公司各项因子和综合得分,客观分析了影响我国互联网上市公司财务绩效的因素。因此,本文对互联网公司的财务绩效评价研究有一定的借鉴作用。     

基于稀缺要素理论下中国外贸优势分析

近年来,国民经济继续朝着宏观调控的预期方向发展,经济保持平稳较快增长的态势,结构调整步伐加快,将在一定程度上提升中国产品的国际竞争力。能源、基础原材料、先进技术和关键设备总体短缺的格局将推动进口继续增加,国际产业对华转移进程仍在继续,表明外商仍然看好中国的投资环境。随着国际产业转移的加快,公司内贸易、产业内贸易在中国对外贸易中的比重将进一步提高。跨国公司服务外包的兴起,将进一步促进中国高新技术产品出口增长。同时民营企业开拓国际市场的热情进一步高涨,民营企业参与国际市场竞争的体制政策环境进一步改善。总的来说,我国对外贸易的发展环境基本上是有利的。当然也需注意到我国对外贸易发展的不利因素,影响世界经济增长的不利因素还在发展,生产资料价格持续上涨也将削弱中国商品的出口竞争力。一、从要素禀赋理论到稀缺要素决定理论要素禀赋理论是国际贸易理论发展中的代表性理论,直至今天许多国家仍然以这样的理论作为自己贸易的理论基础。稀缺要素决定论则是基于传统要素禀赋理论在新的历史阶段下发展成长的的理论。(1)要素禀赋理论要素禀赋理论的核心思想可以用“靠山吃山,靠水吃水”来表达,即各个国家应该在要素方面发挥自己具有的优势。其基本的思想逻辑...     

“互联网+对外贸易”模式发展分析

十二届全国人大三次会议上,李克强总理在政府工作报告中首次提出"互联网+"行动计划,引发人们的关注热潮,"互联网+"传统行业推动了社会的变革。传统对外贸易与互联网结合诞生了"互联网+对外贸易"模式,降低了企业经营成本,增强了中小外贸企业与中小型制造企业的竞争力。然而"互联网+对外贸易"处于发展初期,并受自身限制,在贸易流程、出口产品类目及物流方面等存在诸多问题。但随着政府对"互联网+对外贸易"的逐步重视,整个流程和市场将会得到更好得规范,从而进一步推动该模式在中国的发展。     

产业内贸易理论述评

产业内国际贸易理论是近几年来在西方学术界受到重视的一个新的理论课题,它通过国际产品的异质性,需求偏好相似和规模经济优势等三个主要命题对战后具有相同或相似的生产要素禀赋的发达国家之间的贸易增长较快的国际经济现象作出了解释。本文认为,产业内贸易理论是对传统贸易理论的扬弃,在一定程度上反映了战后国际贸易发展的实际情况,并且新理论从需求方面解释贸易格局的形成是较为有力的。本文认为,产业内贸易理论的缺陷在于它只是从国际生产力的发展来讨论贸易格局,而对发达国家利用经济优势对发展中国家进行剥削掠夺却毫无触及,并且从理论分析的方法来讲仍属于静态分析。最后,本文提出了产业内贸易理论对我国对外贸易的借鉴意义,认为,我们应该重视和我国需求结构基本相似的发展中国家的市场,扩大对它们的出口;对发达国家的出口贸易,应该重视不同层次需求结构和消费结构,并且在国际经济结构的调整中,抓住时机、迎接挑战,使我国的对外贸易真正成为国民经济的“推进器”。“产业内国际贸易理论”是最近几年在西方国际贸易学术界受到重视的一个新的课题。它根据第二次世界大战以后资本主义国际经济活动新的动态。对传统的生产要素禀赋理论进行了重要的修正,提出了用国际产品异质。需求偏好相似和规模经济优势来解释战后国际贸易的发生原因,基本格局以及贸易利益的来源。这三个命题另僻蹊径,和传统的国际贸易理论相违悖,逐渐形成了一套新的理论。本文拟就“产业內国际贸易理论”的一些主要观点进行初步的介绍和评述。并探索其在我国对外经济开放中的借鉴意义。     

电子商务在进口贸易中的应用

随着互联网的发展,电子商务在国际进出口贸易中的应用越采越广泛,已经渗透到国际贸易的各个环节.这里主要通过实例展示电子商务在进口贸易中的应用.     

网络时代与互联网企业的经营策略--互联网企业"资讯人公司"制胜策略调查与分析

本文以美商互联网企业"资讯人公司"为样本,研究探讨当代国际互联网企业成长与发展的制胜策略.     

新兴市场“国际板”的规制分析及其启示--以智利、南非和印度为例

随着全球金融市场的开放与竞争的加剧,新兴市场也开始竞相吸引境外公司上市。从上市条件、信息披露、监管重点等角度回顾总结智利、南非和印度三个新兴市场开设"国际板"的制度变迁,三个市场对境外公司上市规则有不同的侧重点。成功开设"国际板"的智利和南非市场以及发展滞缓的印度市场为中国股票市场设立"国际板"提供启示:"国际板"的开设对宏观经济、市场本身的影响是积极的,负面影响是可控的;"国际板"成功与否,对上市公司的上市条件、信息披露与监管规则等制度设计至关重要;境外公司的选择以来自经济发展关联度高、地理相近的新兴市场公司和具有消费者市场绑定的成熟市场公司为主;"国际板"设立初期应以存托凭证方式为宜;"国际板"的成功开设要与金融环境改革开放协同推进。     

我国生产性服务贸易的发展现状及其国际竞争力分析

随着服务经济的到来,国际市场的竞争将由货物贸易为核心转向以服务贸易为核心,而生产性服务又是发展服务贸易的关键.大力发展生产性服务贸易,对改善我国服务贸易国际收支,优化我国外贸出口结构都具有重大的现实意义.本文重点分析了我国生产性服务贸易的发展现状,并运用一系列评价指标,全面分析了我国生产性服务贸易的竞争力状况,最后得出一些结论.     

关于创建大连保税区离岸金融市场的研究

离岸金融业务是适应国际金融高度发展的需要,通过金融创新而迅速发展的一项新业务,它为国际金融活动开拓了新的空间,并带来了巨大的活力,因而开办离岸金融业务将成为我国商业银行重要的新业务领域,而建立我国自己的离岸金融市场更是推动我国银行跨国经营的现实途径。创建大连保税区离岸金融市场,把大连建成区域性国际金融中心,将为我国建立自己的离岸金融市场起到推动作用。     

市场操纵司法界定、惩治比较及其启示

市场操纵与证券市场形影不离，并在很大程度上影响证券市场健康规范发展，因此，几乎所有国家和地区都先后通过立法对市场操纵行为进行了具体的界定，并制定了惩治市场操纵的法律规定。本文对中国和海外成熟证券市场有关市场操纵的司法界定、惩治法律措施进行了比较分析，并认为惩治市场操纵仅靠法律、法规是不够的，还应在此基础上采取一系列与之相适应的措施。     

近代上海标金市场金银比价的实证分析及对当代的启示

近代上海标金市场是国际金融市场的重要组成部分,也是上海成为国际金融中心的标志。本文通过实证分析得出,近代上海不仅拥有门类齐全的货币市场和资本市场,重要的是拥有当时世界上最发达、最先进的金融期货市场,这对于当代上海重建国际金融中心具有一定的启发意义。     

Comparative analysis on the effects of the Asian and global financial crises on precious metal markets

The global financial crisis has vigorously struck major financial markets around the world, in particular in the developed economies since they have suffered the most. However, some commodity markets, and in particular the precious metal markets, seem to be unscathed by this financial downturn. This paper investigates therefore the nature of volatility spillovers between precious metal returns over fifteen years (1995-2010 period) with the attention being focused on these markets’ behavior during the Asian and the global financial crises. Daily closing values for precious metals are analyzed. In particular, the variables under study are the US$/Troy ounce for gold, the London Free Market Platinum price in US$/Troy ounce, the London Free Market Palladium price in US$/Troy once, and the Zurich silver price in US$/kg. The main sample is divided into a number of sub periods, prior to, during and after the Asian crisis. The aim of this division is to provide a wide and deep analysis of the behavior of precious metal markets during this financial event and of how these markets have reacted during times of market instability. In addition, this paper also looks at the effects of the global financial crisis from August 2007 to November 2010 using GARCH and EGARCH modeling. The main results show that there is clear evidence of volatility persistence between precious metal returns, a characteristic that is shared with financial market behavior as it has been demonstrated extensively by the existing literature in the area. In terms of volatility spillover effects, the main findings evidence volatility spillovers running in a bidirectional way during the periods; markets are not affected by the crises, with the exception of gold, that tends to generate effects in all other metal markets. However, there is little evidence in the case of the other precious metals generating any kind of influence on the gold market. On the other hand, there is little evidence of spillover effects during the two crisis episodes. Finally, the results from asymmetric spillover effects show that negative news/information have a stronger impact in these markets than positive news, again a characteristic that has been also exhibited by financial markets.     

积极支持银行间外汇市场的系统及产品建设

2008年2月26日,中国外汇交易中心发布2007年度银行间外汇市场优秀做市商、优秀会员和优秀交易员名单。根据此次评选．中国工商银行荣获最佳交易规范奖、交易优秀奖、最佳IT支持做市商三个奖项,该行交易员朱珩、江伟被评为优秀交易员。该行不仅在零售市场上表现突出,也在银行间外汇市场上积极支持中国银行间外汇市场的系统及产品建设工作。     

A PRICING ANOMALY IN TREASURY BILL FUTURES

This research applies an entirely new approach to examining the efficiency of futures markets for Treasury bills and avoids many shortcomings of previous studies that rely on comparing yields on spot versus futures market positions. Efficiency is examined by comparing the consistency of yields within the futures market itself since, at one time, the International Monetary Market (IMM) traded futures contracts for both three-month and one-year bills. The results indicate a remarkably large average annual yield differential of 32 basis points when the yields on the one-year contract are compared to the appropriate corresponding strip of three-month contracts. Possible explanations such as low volume, market thinness, transaction costs, strategy interdependence, serial correlation among differences, and daily resettlement (the Cox, Ingersoll, and Ross effect) are unsuccessful in explaining this pricing anomaly.     

BOOK REVIEWS

Book reviewed in this article: Aggregate Theory and Policy: Money Supply, Money Demand, and Macroeconomic Models. By John T. Bookman and Thomas M. Havrilesky . Money and Banking. By Richard H. Timberlake , Jr . and Edward B. Selby , Jr . Security Analysis and Portfolio Management. By Steven E. Bolten . Analysis for Financial Management By Louis K. Brandt . Managerial Finance for the Seventies. By Thomas C. Committe . Investments: Analysis and Management. By Jack Clark Francis . Take-Overs: Their Relevance to the Stock Market and the Theory of the Firm. By Ajit Singh . The Prediction of Profitability, and Other Studies of Company Behaviour. By Geoffrey Whittington . Financial Institutions and Markets: Inside the Money Market. By Wesley Lindow . The Stock Market in Greece: A Statistical Analysis. By N. A. Niarchos . Public Finance; The Impact of Taxes on the American Economy. By Lester C. Thurow . International Finance: Trade, Balance of Payments, and Growth, Papers in International Economics in Honor of Charles P. Kindleberger. Edited by J. N. Bhagwati , R. W. Jones , R. A. Mundell , J. Vanek .     

积极参与市场交易共促外汇市场繁荣

2008年2月26日,中国外汇交易中心发布2007年度银行间外汇市场优秀做市商、优秀会员和优秀交易员名单。根据此次评选,交通银行荣获最佳交易规范奖、交易优秀奖两个奖项。该行自成为做市商以来,一直严格执行相关法规规定在外汇市场上诚实交易,其规范的做市行为值得肯定;在充分肯定外汇交易中心开展评优活动的同时,该行也对银行间外汇市场的发展提出相关建议。     

Die Öffnung der Versicherungsmärkte bei OECD,EU und WTO — Mühsamer Abschied vom Finanzmarktprotektionismus der Bretton Woods Periode

The liberalization of international insurance trade has been pursued since 1948 by the OEEC, the EEC, the GATT and its successor organizations the OECD, the EU and the WTO. Modern multilateral trade policy was however not as successful for international insurance trade as it was for international merchandise trade. Significant progress was not made until the 1990s with the EU’s Single Market program. Likewise, negotiations currently being conducted by the WTO on the General Agreement on Trade in Services (GATS) have so far not led to any noticeable progress in the international insurance markets. Furthermore, the GATS framework agreement shows weaknesses that are characteristic of the liberalisation efforts of the immediate post-war years.     

Step Interventions and Market Integration: Tests in the U.S., U.K., and Australian Property Markets

Market integration implies the existence of some long-run equilibrium relationship between markets such that movements in one market are transmitted to movements in another. It is an interesting observation of much of the literature regarding a possible relationship between real estate and stock markets that there is relatively scant attention given to the possible existence of structural breaks and the impact that such breaks may have on tests for market integration. Other research has shown that failure to take into account structural breaks in various macroeconomic data series may have yielded misleading results on cointegration (in particular, unit root tests on individual series). In this article we examine the issue of whether the stock market and real estate markets are stationary or nonstationary in the presence of structural breaks. We adopt the techniques of Perron (1989), Zivot and Andrews (1992), and Perron and Vogelsang (1992). Each of these tests is based on different assumptions and therefore may yield differing results. In general, the results do not support cointegration of domestic property and equity markets or cointegration of markets internationally.