论产权市场与风险投资退出

本文认为,尽管风险投资的退出方式有多种,但从我国的实际情况来看,利用产权市场出让风险企业的股权,条件成熟、操作快捷、成本较低.此外,通过拓展产权市场功能,还能为今后建立二板市场创造条件.     

对我国上市公司退出机制的探讨

健全的退出机制是一国证券市场完善的重要标志,本文结合我国证券市场的特殊国情,对上市公司退出机制的现状进行了实证分析,并在此基础上提出了我国上市公司退出机制的基本模式及相应的政策建议。     

The 4% strategy revisited: a pre-commitment mean-variance optimal approach to wealth management

In contrast to single-period mean-variance (MV) portfolio allocation, multi-period MV optimal portfolio allocation can be modified slightly to be effectively a down-side risk measure. With this in mind, we consider multi-period MV optimal portfolio allocation in the presence of periodic withdrawals. The investment portfolio can be allocated between a risk-free investment and a risky asset, the price of which is assumed to follow a jump diffusion process. We consider two wealth management applications: optimal de-accumulation rates for a defined contribution pension plan and sustainable withdrawal rates for an endowment. Several numerical illustrations are provided, with some interesting implications. In the pension de-accumulation context, Bengen (1994)’s [J. Financial Planning, 1994, 7, 171–180], historical analysis indicated that a retiree could safely withdraw 4% of her initial retirement savings annually (in real terms), provided that her portfolio maintained an even balance between diversified equities and U.S. Treasury bonds. Our analysis does support 4% as a sustainable withdrawal rate in the pension de-accumulation context (and a somewhat lower rate for an endowment), but only if the investor follows an MV optimal portfolio allocation, not a fixed proportion strategy. Compared with a constant proportion strategy, the MV optimal policy achieves the same expected wealth at the end of the investment horizon, while significantly reducing the standard deviation of wealth and the probability of shortfall. We also explore the effects of suppressing jumps so as to have a pure diffusion process, but assuming a correspondingly larger volatility for the latter process. Surprisingly, it turns out that the MV optimal strategy is more effective when there are large downward jumps compared to having a high volatility diffusion process. Finally, tests based on historical data demonstrate that the MV optimal policy is quite robust to uncertainty about parameter estimates.     

A lattice-based model to evaluate variable annuities with guaranteed minimum withdrawal benefits under a regime-switching model

We consider the problem of evaluating variable annuities with a guaranteed minimum withdrawal benefit under a regime-switching model. We propose a trinomial lattice model to approximate the evolution of the investment fund value and the policy value at inception is computed through a backward induction scheme. Finally, the insurance fee is computed as the solution of the equation that makes the contract actuarially fair. Numerical results are reported to illustrate the consistency of the proposed model.     

农村空心化下宅基地三权分置的功能作用、潜在风险与制度建构

宅基地两权分置限制使用权流转,加剧"内空外扩"农村空心化困局,使其落后于乡村发展需要。在我国城市化进程加快及乡村振兴战略实施等时代背景下,宅基地三权分置实现了保障性权能与财产性权能的分离,进而实现了使用权的独立性与完整性,使宅基地使用权市场化流转成为可能,重新盘活了乡村宅基地资源并符合人口双向流动新趋势。然而,当前宅基地三权分置仍处于初步探索阶段,需注意其因政策实践偏差而诱发宅基地集体使用权虚化、保障性权能弱化等潜在风险。因此,亟需完善配套制度,建立宅基地使用权流转市场,强化政策监控,加强"失宅"农民权益保障,合理配置闲置宅基地资源。     

追随原型—特质匹配对员工追随与退缩行为的影响机制研究

对于员工个体来讲,如果能够符合领导者心目中的追随原型,与领导者达成追随原型—特质匹配,则更愿意积极追随;但是,若领导者因得强将而过度用之,令其角色超载、不堪重负、身心受累,员工可能转而选择工作退缩。基于资源保存理论,探讨在追随原型-特质匹配的情况下,员工何时会积极追随,何时会工作退缩。运用结构方程模型对35个团队中的256组上下级配对数据进行统计分析,得出结论：追随原型—特质匹配能够激发员工的和谐工作激情进而促其积极追随;也可能使员工陷入角色超载转而选择工作退缩。上述结论深化了追随领域的相关研究,同时为组织中的上下级匹配模型及员工在追随过程中的行为选择提供了实践指导。     

农村“三权”抵押贷款问题研究--基于安徽省宣城市的案例分析

现行法律关于宅基地使用权、土地经营权、林权等农村“三权”抵押贷款的规定存在一定限制,在抵押物处置、评估手段等方面仍面临亟待解决的问题。安徽省宣城市在全国率先开展农村“三权”抵押贷款试点,为推进新型城镇化建设和社会主义新农村建设提供了有益经验。文章以宣城市243户农户的调查问卷为样本,通过Logistic回归模型分析影响农户参与农村“三权”抵押贷款意愿的各种因素,并就进一步推广“三权”抵押贷款提出有关法律政策建议。     

行政配置与市场配置：基于城乡统筹背景之下的宅基地使用权制度研究

研究目的：探讨源于中国推进工业化目的的宅基地使用权制度在城镇化中演化的特征和原因。研究方法：历史研究法、法和经济学与产权博弈论。研究结果：近年来行政配置取向的宅基地使用权制度得到固化和强化,既是由于中央政府基于耕地保护的政策目的,也是由于这种宅基地使用权制度能让地方政府获得城镇化收益。但是,随着城乡人口流动和城镇化持续推进,使得农村地区的宅基地利用越来越需要市场配置取向。研究结论：当前阶段推进市场配置取向代替行政配置取向,可以结合区域特点实施双轨化配置。     

农村宅基地使用权流转制度的法律探讨

农村集体经济组织对宅基地拥有所有权,农民拥有无偿使用权,宅基地使用权具有特殊的法律特征。限制宅基地使用权自由流转不利于保障农民的经济权利,容易造成“空心村”和“隐性流转”等问题。因此,必须建立宅基地使用权自由流转制度,并在农民、集体、政府间合理分配流转收益;必须建立宅基地使用权流转运行保障机制。     

论赋予农民更多财产权利

我国农民财产权利长期受到抑制和侵蚀,导致农民财产性收入不足.赋予农民更多财产权利,增加农民财产性收入,是实现农民收入倍增、缩小城乡居民收入差距、实现社会稳定、实现经济可持续发展的需要.增加农民财产性收入,主要在于赋予农民更多的土地财产权、房地产权和金融财产权.赋予农民更多的土地财产权关键在于赋予农民土地财产“实体”权、公平交易权和增值收益分配权;赋予农民更多的房地产权关键在于赋予农民房地产抵押权和自由交易权;赋予农民更多的金融财产权关键在于赋予农民金融服务享有权、金融产品选择权和金融产品市场定价权.