股权分置改革：效应分析与优化对策

本文在简要分析股权分置制度缺陷的基础上,探讨了股权分置改革将使资本市场产生的效应,分析股权分置改革完成后中国证券市场在功能、规则、行为、理念和监管等领域可能发生的重大变化,为深入推进我国股权分置改革提供借鉴和建议。     

信息产品营销策略初探

本文在分析了信息产品的特点和市场特性的基础上,提出了信息产品的基本营销策略。     

Swimming with the Tide: Solidary Wage Policy and the Gender Earnings Gap

This paper addresses the consequences of wage compression for the gender wage gap in Sweden during the period 1968–1991. We find that the effects of changes in the wage structure on women's wages have varied over time and have been partly counteracting. Changes in industry wage differentials have systematically worked against women, while changes in the returns to human capital and unobserved characteristics have contributed to reductions in the gender wage gap. Changes in the wage structure were particularly important between 1968 and 1974 when there was a dramatic reduction in overall wage inequality.
JEL classification : J 16; J 31; J 51     

特征尺度理论与企业发展战略的层级结构

本文根据系统学思想，首先论述了经济系统特征尺度的基本理论，给出了系统经济学关于短期和长期的严格定义。在此基础上，提出了企业发展战略的层级结构。根据时间区间的长短，区分了企业战略的五种不同情况，指出企业家在什么情况下应当关注自身企业管理，产业（行业）变化，区域经济变化，国家经济变化和全球经济变化等。同时，也指明了不同层次的企业战略所对应的不同经济学分支。     

On the use of measure-valued strategies in bond markets

We propose here a theory of cylindrical stochastic integration, recently developed by Mikulevicius and Rozovskii, as mathematical background to the theory of bond markets. In this theory, since there is a continuum of securities, it seems natural to define a portfolio as a measure on maturities. However, it turns out that this set of strategies is not complete, and the theory of cylindrical integration allows one to overcome this difficulty. Our approach generalizes the measure-valued strategies: this explains some known results, such as approximate completeness, but at the same time it also shows that either the optimal strategy is based on a finite number of bonds or it is not necessarily a measure-valued process.Received: November 2002, Mathematics Subject Classification: 60H05, 60G60, 90A09JEL Classification: G10, E43The first author gratefully acknowledges financial support from the CNR Strategic Project Modellizzazione matematica di fenomeni economici. We thank professors A. Bagchi, R. Douady and J. Zabczyk for helpful discussions. A special thanks goes to professors T. Björk, Y. Kabanov and W. Schachermayer for comments and suggestions which contributed to improve the final version of this paper.     

论国资委的"超政府性"和"准企业性"

本文从分析国有资产的特征及国有资产经营的内在合理性出发,借鉴西方较为成熟的中央银行机制和现代公司治理结构,揭示国资委在机构定位上的“超政府性”以及在治理结构和运行机制上的“准企业性”,试图为已组建的国资委的规范运作提供相应的理论支撑,从总体上规范国有资产经营管理体制及其运行。     

债转股中的若干问题探析

在债转股中,金融资产管理公司应以"治理结构"为目标;要建立以AMC为主,银行为辅的共同行使债转股企业选择权的体制,并遵循"效率优先、适度公平"的原则;要以市场化的手段来重组企业;应从制度上规定AMC对债转股企业的绝对控股权.     

投机倾向下的股权结构变迁

多年来我国上市公司的股权结构经历了数次大规模调整 ,在公司上市治理的过程中一再强调有效的股权结构 ,但实际治理情况不佳。其原因在于股权结构变迁是在政府诱致性政策下完成的 ,股权结构剔除非流通股成份后 ,投机者机会主义行为是构成现行股权模式的主要因素 ,由此形成的股东缺乏对公司治理机制的“关怀” ,所以提出股权结构要具有对生产要素的激励与约束能力的建议。     

Libor Market Models versus Swap Market Models for Pricing Interest Rate Derivatives: An Empirical Analysis

We empirically compare Libor and Swap Market Models for thepricing of interest rate derivatives, using panel data on pricesof US caplets and swaptions. A Libor Market Model can directlybe calibrated to observed prices of caplets, whereas a SwapMarket Model is calibrated to a certain set of swaption prices.For both models we analyze how well they price caplets and swaptionsthat were not used for calibration. We show that the Libor MarketModel in general leads to better prediction of derivative pricesthat were not used for calibration than the Swap Market Model.Also, we find that Market Models with a declining volatilityfunction give much better pricing results than a specificationwith a constant volatility function. Finally, we find that modelsthat arechosen to exactly match certain derivative prices areoverfitted; more parsimonious models lead to better predictionsfor derivative prices that were not used for calibration. JELClassification: G12, G13, E43.     

从企业产权制度建设上推进企业治理结构的完善

公司治理结构从某种意义上可以说是公司法人产权制度的组织形式,公司法人产权的有效安排是公司治理结构有效性的基本前提。由于我国的企业改革基本上是沿着各种形式的委托－－代理思路展开的,现代企业制度的一个基本特征,即区别于通常所说的古典企业的突出特点,恰在于产权方面的委托－－代理,因而考察我国现代企业制度建设,把企业法人产权与企业治理结构统一起来加以分析,便有着重要的理论意义和实践价值。