析我国外汇占款对冲策略

根据我国的经济运行情况,分析固定汇率、资本流动与货币政策自主的“三元困境”在我国的具体表现。指出在经常项目和资本项目持续顺差的情况下,货币政策与外汇储备增长的矛盾。说明为控制流通中的货币而被动进行的单向对冲操作的成本昂贵,并且是以牺牲货币政策自主为代价的,还易积蕴金融风险,酿致恶性后果。证实了外汇占款对冲策略的不可持久性,为此必须改革现行的固定汇率制度,并放松资本管制。     

中国—东盟自由贸易区“10 1”方案的福利效应分析

中国—东盟自由贸易区的建立是双方加强经济合作的必然要求,同时也顺应了经济全球化和区域经济一体化的趋势,有利于双方更好地分享区域经济一体化所带来的好处。然而,当前我国和东盟各国的比较优势都集中在劳动密集型产品上,各成员国之间存在着较强的竞争性,自由贸易区建成后我国和东盟各国能否从中获得更大的利益?本文从福利经济学的角度出发,分析了建立“10 1”自由贸易区所可能产生的各种福利效应。     

改革开放以来我国外商直接投资的发展历程及现状特征分析

文章从总量特征、来源地特征、区位分布特征和产业流向特征等四个角度对我国外商直接投资(FDI)的发展历程及现状特征进行分析。研究结果发现:FDI在数量和规模上仍保持增长趋势,但整体上增长速度放缓;日本、新加坡、韩国、欧洲、美国及香港和台湾地区是我国大陆主要的FDI来源地,其中,香港一直是我国大陆最主要的外资来源地;我国FDI的区位分布不均衡,在区位格局上呈现显著的东中西梯度结构特征;从FDI的产业分布来看,尽管近几年流入工业行业的FDI比重呈下降趋势,但工业行业尤其是制造业仍是FDI的主要领域。     

中国成立上海自贸区的SWOT分析

中国(上海)自由贸易实验区的建立成为推动中国经济改革的重要路径,如何把握自贸区在中国经济结构调整过程中的地位,打造中国经济"升级版",基于中国的视角,采用定性分析和实证分析的方法,用美国旧金山大学的管理学教授韦里克提出的SWOT模型对成立自贸区的优势、劣势、机遇、威胁进行研究。     

Cash holdings and business group membership

This study examines the cash policies of business group members (i.e., affiliates). Using a panel dataset of private Belgian affiliates and comparable non-affiliated firms, the empirical results show that business group affiliates hold significantly smaller amounts of cash as compared to non-affiliated firms. This finding is consistent with the notion that affiliates can afford to keep lower cash reserves because these firms can access the internal capital market of the group. The analysis also combines affiliate level and group level data to evaluate cash drivers and shows that groups in financial distress reduce cash holdings in affiliates. However, affiliates that are more important for the group's reputation and operations maintain cash levels comparable to affiliates belonging to financially healthy groups.     

Repurchases of convertible preferred stock and shareholder wealth

In this paper we provide the first comprehensive examination of the stock price reaction to announcements of convertible preferred stock repurchases over the 1981 to 2005 period. We document a positive and significant average common stock abnormal return of 3.27% around announcements of these repurchases. We test signaling and free cash flow explanations for the observed wealth effects by studying abnormal returns and changes in operating performance around repurchase announcements. We find that abnormal returns are positively related to size of repurchases and managerial ownership. We find no evidence of higher stock price reactions for low-q and high free cash flow firms. In addition, we find significant improvements in accounting profitability subsequent to repurchases, but not for low-q firms. Collectively, our results are most consistent with the signaling hypothesis.     

Sampling,discounts or pay-what-you-want: Two field experiments

Free sampling and price discounts are important, popular promotional tools used to attract new customers by reducing their risk of trial. The authors investigate pay-what-you-want (PWYW) as an alternative promotional tool to free sampling and price discounts in two field experiments. The authors find significant differences in perceived promotional characteristics and relevant performance measures, such as trial and repeat purchases by new customers. The entertaining and innovative character of PWYW induces many people to try it. PWYW may yield a higher repeat purchase rate of new customers, and sellers using PWYW benefit from higher word-of-mouth behavior. Finally, PWYW yields the highest promotional revenues.     

论自由贸易区原产地规则在中国（上海）自由贸易 试验区的适用

鉴于我国签署的自由贸易协定未明确允许自由贸易区原产地规则在上海自贸试验区适用,区内的企业难以真正享受自由贸易区的零关税或优惠关税政策。这不仅会抑制自贸实验区吸引外资、引进技术、扩大就业的政策预期,也不利于上海建设国际性物流中心和贸易中心。应通过原产地规则的立法完善尽快推进自由贸易区原产地规则在上海自贸试验区的适用,让区内从事进出口业务的企业获得出口退税、进口保税和自由贸易区优惠关税等更多的叠加性政策支持,加快政策的衔接应用。     

宏观审慎视角下的资本流动管理研究

随着经济金融全球化的深入发展,资本跨境流动急剧增加,尤其是国际金融危机爆发以来,美日欧不断加码量化宽松政策导致全球流动性泛滥,给各国的政策制定和金融稳定带来巨大挑战。本文基于应对资本流动的宏观审慎政策工具的研究和对国际经验的总结,旨在为更好的构建宏观审慎管理框架下的资本流动管理体系提出政策建议。     

不同治理环境下制造业公司现金持有对其绩效影响研究

基于我国A股制造业上市公司2002~2011年数据,利用樊纲等编制的中国各地区市场化进程数据构建公司的治理环境,实证研究治理环境、公司现金持有与绩效之间的关系。研究发现,公司现金持有对其绩效产生了正面的影响,在治理环境差的地区这种影响更加明显。在治理环境好的地区,相对于国有公司,非国有公司现金持有对绩效的影响更大。在治理环境差的地区,国有公司和非国有公司的绩效对现金持有的敏感度差异较小。