萨班斯法案的立法理念及影响刍议

萨班斯法案突出“以刑治市”的基本理念，标志着美国资本市场全面进入“依法治市”时代，使“依法治市”无论在理念上还是在实践上都得到了全面的贯彻和落实。本文从法律角度分析了该法案的影响及其揭示的资本市场发展和法制建设的一般规律，为我国资本市场发展及其法制建设提出相关建议．     

借鉴美国的监管方式强化我国的金融监管

全球金融市场面临越来越大的风险,监管日益成为重要课题。怎样把金融资源放到最有效的地方去,同时使风险得到最好的控制,这是我国金融体制改革亟待解决的问题。因此,借鉴美国的监管方式,研究我国金融现状,提出完善金融监管的措施,是当前金融体制改革的重点。     

进口信用证开立中银行的风险规避

进口信用证是国际业务结算诸品种中收益较高的一种.但是银行在进口开证业务快速发展的同时,也应重视风险的防范与控制,使之成为效益增长点而不是风险爆发点.     

中国股票市场对上市公司违规行为有治理效应吗?

中国股票市场对上市公司的违规行为是否进行了有效治理,上市公司投资者是否对上市公司发生的违规行为给予了惩罚。研究结果表明。股票市场并未对上市公司的违规行为进行惩罚,通过股票市场产生的外部治理机制失效。因此.除了以更科学、合理的制度安排等事前契约来规范主体行为外,客观上还必须要有更具指导性的行为准则——公司治理的伦理道德体系。     

中国证券市场与国际主要市场相关性的行业特征分析

通过对中国证券市场中主要行业与香港、美国和日本市场之间相关性的现状和变化趋势进行比较分析,研究结果表明:首先,尽管中国证券市场中各行业的国际相关性水平相对较低,但从总体上有增强的趋势;其次,不同行业国际相关性的差异化程度在逐步扩大,显示国际经济和金融因素对中国经济不同产业的影响差异性正在日益增加;再次,不同行业国际相关性的增长率也存在差异,金融和基础材料等行业的国际相关性具有相对较高的增长率.     

上市公司股票流动性影响因素的作用机制分析

通过对金融市场和金融资产流动性的理论进行回顾和研究,影响上市公司股票流动性的因素具体分为外生因素变量和内生因素变量,进一步分析这些因素对上市公司股票流动性的作用机制,有助于机构或个人投资者对证券资产流动性的认识和对流动性风险的管理.     

An Analysis of the Deposit-taking Market of Hong Kong

This paper analyzes the deposit-takingmarket in Hong Kong prior to the deregulation ofinterest rates in 1994. We argue that bankingregulations, in the forms of branching restrictionsand interest-rate ceilings, had created amonopsonistic market for short-term bank deposits. Asa result, banks in Hong Kong had earned asubstantially wider interest-rate margin than banks inother Asia-Pacific countries and the United States. We provide procedures to estimate the economicsignificance of the foregone interest and find themonopsonistic rent to be in the order of 1% of theGross Domestic Product of Hong Kong for the period1987 through 1994.     

Cooperative R&D and the Value of the Firm

In this paper, we investigate the stock price responses of listed firms in the U.S. markets to announcements of R & D collaborations. We find that abnormal returns of stocks are significantly positive after R & D collaborations are announced. The positive stock price response towards the R & D cooperation initiations can be partially explained by the nature of the collaborations and the characteristics of the participating firms. We also find that the stock prices of rival firms respond negatively to announcements of R & D cooperation. This result seems to support the hypothesis that cooperative R & D improves economic efficiency of the cooperative firms that gain competitive advantage. We do not find evidence supporting the hypothesis that R & D cooperation creates collusive, anticompetitive effects in the product market.     

关于项目竞争力分析的探讨

从总量平衡与目标市场,产品完全成本,竞争策略,经济评价与竞争力分析等四个方面对项目竞争力进行了探讨,提出项目竞争力分析是项目经济评价的重要补充,对提高项目前期评价水平具有重要的意义。     

Government Deposit Insurance and the Diamond-Dybvig Model

The apparent banking market failure modeled by Diamond and Dybvig [1983] rests on their inconsistently applying their sequential servicing constraint to private banks but not to their government deposit insurance agency. Without this inconsistency, banks can provide optimal risk-sharing without tax-based deposit insurance, even when the number of type 1 agents is stochastic, by employing a contingent bonus contract. The threat of disintermediation noted by Jacklin [1987] in the nonstochastic case is still present but can be blocked by contractual trading restrictions. This article complements Wallace [1988], who considers an alternative resolution of this inconsistency.