标尺竞争法在公司投资决策中的应用

论文主要分析了标尺竞争法在公司投资决策中应用的问题。标尺竞争法是一种相对常见的对配电行业公司进行监督的方法,论文将其应用到配电行业公司的投资决策中,并运用标尺竞争法的“影子公司”概念构建“虚拟模型公司”。论文对“虚拟模型公司”的选择问题与选择对策进行分析,找出适合标尺竞争法在公司投资决策中应用的模式。     

试论国有企业党风廉政建设的强化策略

随着现代国有企业的不断发展,其为经济社会发展水平的提高带来了极大的便利。党风廉政建设工作作为现代国有企业日常生产运营的重要环节,如果不对其进行严格规范管理,极易造成工作漏洞等问题,同时,对企业自身的运转与发展也会造成一定的影响。因此,国企应解决传统运转模式中的不良问题,进一步促进企业自身及社会整体的健康发展。论文主要对现代国企党风廉政建设的强化策略进行分析探究。     

Does the social security fund help non-financial enterprises to transform from the virtual to the real?

At its 19th National Congress, the Communist Party of China vowed to “strengthen the financial sector’s ability to serve the real economy.” However, many studies provide evidence of the opposite trend, a problematic “transition from the real to the virtual,” among Chinese enterprises. Meanwhile, the investment efficiency of China’s Social Security Fund (SSF), a public fund, attracts much attention. In this context, we use A-share listed companies in China from 2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization. We find that SSF holding significantly inhibits financialization and that this effect is non-linear. Mechanism analysis indicates that SSF holding suppresses enterprises’ financialization mainly by improving their governance. Moreover, SSF holding more strongly inhibits small-scale (vs. large-scale), state-owned (vs. non-state-owned), and non-eastern (vs. eastern) enterprises in China. Furthermore, SSF holding can alleviate corporate value impairment caused by financialization. The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.     

关于可持续发展理论与实践的若干思考

可持续发展理论与实践的深入有赖于在四个方面的重新认识：首先，可持续发展是观念性、战略性实践性的统一；其次，可持续发展是层次性与阶段性的统一；第三，可持续发展是区域性与综合性的统一；最后， 制度变革与创新是影响可持续发展的关键因素。     

国债转贷资金的宏观定位与微观管理

表面上看,中央对国债资金实行转贷似乎仅仅是国债投资资金运作方式的创新和改变,但是,只要对这一创新和改变作经济学理论和实践上的深入分析和思考,我们就会知道,国债资金实行转贷,不仅引起了政府信用主体的宏观定位和政府信用预算定位的改变,而且,还引起了政府信用资金的特质和效益概念的重大改变.     

我国三农问题的现状及其对策研究

自20世纪90年代后期,三农问题逐渐成为全社会关注的焦点。笔者认为,三农问题的核心是农民问题,而农民问 题的实质是农民的增收问题,一切破解三农问题的措施都应围绕这个中心来进行。为此,应该打破城乡分割的二元格局发展 城市经济,调整国民收入分配格局,支持乡镇企业的发展。     

Can the Risks of the Kyoto Mechanisms be Reduced Through Portfolio Diversification? Evidence from the Swedish AIJ Program

Through Joint Implementationand the Clean Development Mechanism, reductionsof greenhouse gas emissions achieved abroad canbe credited to domestic firms. However, thetechnical, economic and political risksinvolved may prevent the private sector frominvesting in such projects. This paperdescribes three types of risks which emissionreduction projects are exposed to. Eleven pilotprojects carried out under the ActivitiesImplemented Jointly (AIJ) program and financedby Sweden are evaluated. Actual project costsare found to exceed projected costs in allcases. Annual emission reductions also deviatefrom their expected values and vary stronglyover time, supporting the hypothesis that suchprojects are risky business. The riskmanagement tool portfolio diversification isapplied to a sample of Swedish AIJ projects.The results indicate that diversification canreduce the risks of greenhouse gas mitigationprojects significantly. Thus, carbon funds area promising way of lowering the risks of theKyoto Mechanisms for private sector investors.     

我国封闭式基金折价与基金运行绩效的相关性检验

笔者以我国的封闭式基金为样本,利用面板数据建模,综合考量了基金折价率与基金绩效指标间相关关系.研究结果发现,基金绩效指标对当期折价指标有显著的负的影响;而当期的基金折价指标不能准确预测未来绩效水平,即基金折价率并没有提供对未来基金绩效的有价值信息.     

五个一体化构筑浙中城市群发展平台

随着工业化、城市化进程的加速,特别是全球经济一体化进程的纵深推进,城市群竞争成为国际经济竞争的重要表现形式。建设强大的城市群已成为经济全球化背景下提升国际竞争力的关键所在。浙江中部地区城市群的崛起,对浙江中西部地区,乃至浙江全省经济社会的发展将产生深远的影响。文章通过对浙中城市群发展条件及现状的剖析,提出五个一体化的具体对策。     

对冲基金的最新发展与监管框架重构研究

以近年来对冲基金的迅猛发展为背景，总结对冲基金竞争优势的来源，在分析现行国际监管制度缺欠的基础上，探讨以完善基金治理结构、强化信息披露和实施以风险为基础的监管措施三方面构筑有效合理的监管制度，具有重要现实意义。