人民币国际化与金融中心的协同发展

货币国际化与金融中心建设之间有着相辅相成的关系。本文在研究借鉴国际经验的基础上,探讨货币国际化与金融中心互促发展的内在机制,为人民币国际化背景下我国金融中心的发展与建设提供政策建议。要加强专业性金融中心建设,加强香港人民币离岸金融市场建设,加快推进跨境贸易人民币结算业务,大力开发人民币离岸金融产品。     

The Role of Agricultural Productivity on Structural Change

Many authors have estimated and found that the productivity growth in agriculture is higher than that in non‐agriculture in today's richest countries. Several papers suggested that growth in agricultural productivity was essential for today's richest countries to take off early. However, few articles noticed that growth in agricultural productivity is critical in driving structural change in today's richest countries. This paper studies a two‐sector neoclassical growth model with subsistence agricultural consumption and shows that growth in agricultural productivity plays a more important role than growth in non‐agricultural productivity in governing massive structural change in today's richest countries.     

Outside Blockholders' Monitoring of Management and Debt Financing

Corporate governance mechanisms designed to alleviate manager‐shareholder agency conflicts can worsen shareholder‐bondholder conflicts. This study examines how one such corporate governance mechanism, monitoring by large outside shareholders, influences the choice between public and private debt. I conjecture and find that firms with higher outside blockholdings are inclined to choose bank loans over public debt when they borrow, consistent with the notion that banks are better monitors than public debt markets. I also find that bank loans carry less price protection than corporate bonds against increased agency risk associated with outside blocks. Corroborating the monitoring story, I document that bank loans contain more accounting‐based covenants and dividend restriction provisions for firms with higher outside blockholdings than for those with lower blockholdings. I find no such relation for public debt covenants. This supports that banks' monitoring of their loans counters the agency risk caused by blockholders. This study extends prior research that associates governance mechanisms with agency costs of debt, by incorporating lenders' differential monitoring mechanisms in the overall corporate governance system.     

我国对一带一路沿线国家商品出口潜力测算

本文运用贸易引力模型测算了2009～2013年中国对一带一路沿线国家的出口潜力.从总量层次看,中国对印度和俄罗斯等不少大国表现出严重的“出口不足”,对新加坡、马来西亚、泰国等国则表现出“出口过度”.部门层次的出口潜力与总量层次的出口潜力类型基本保持一致.在此基础上,本文提出了促进中国对一带一路沿线国家商品出口的政策建议.     

选择贸易术语应注意的法律问题

选择贸易术语来明确国际货物买卖双方的权利义务，是国际贸易的普遍做法。由于贸易术语涉及到买卖双方关于诸如供货与付款、办理出口报关、签订运输合同和保险合同、交货发货、转移风险、承担费用、通知对方、交单交证、检验查对等方面的问题，因此，审慎地选择不同的贸易术语并注意相关的法律问题就至关重要。一、各类惯例的差别与术语本身的发展问题（一）惯例的差别国际商会制定的《国际贸易术语解释通则》（简称INCOTERMS，InternationalCommercialTerms）已得到包括我国在内的绝大多数国家的承认和采用。此外，影响较大的惯例还有…     

人民币升值对造船业的影响评估及对策措施

人民币升值对造船业影响的特殊性 与其他行业相比,造船业的特性决定了人民币升值对我国造船业的影响更为突出和严重.     

Do fund managers herd to counter investor sentiment?

Extensive literature conjectures that investor sentiment may be one of the important factors in explaining fund manager herding. To address this issue, this study investigates the role of investor sentiment in fund manager herding. The study employs the trinomial-distribution approach to measure manager herding, and uses the principal component analysis as the means of extracting the composite sentiment measure. The results indicate that investor sentiment plays a significant role in explaining subsequent mutual fund herding, especially on the sell-side. Specifically, the evidence is consistent with the funds sharing an aversion to stocks that have previously exhibited higher optimistic sentiment, supporting the sentiment countering hypothesis. The finding also reveals the existence of informational cascades in the case that fund managers herd as a result of analyzing the same sentiment-related indicators.     

加快咸宁市中心镇建设策略研究

中心镇介于城乡之间,是带动一定区域农村经济发展的中心。中心镇建设是实现工业化与城镇化的重要节点,要以产业建设作为中心镇建设的支柱,以生态建设作为中心镇建设的基础,以文化建设作为中心镇建设的灵魂,以功能建设作为中心镇建设的核心,以特色建设作为中心镇建设的根本。     

城市综合客运枢纽交通咨询评估方法探讨——以无锡市火车站北广场综合客运枢纽为例

城市综合客运枢纽是保障城市内外交通顺畅衔接的重要节点,其产生的人流、车流体量大、复杂度高,对其进行专门的交通咨询和评估就显得尤为重要,本文以无锡市火车站北广场综合客运枢纽为例,提出大型综合客运枢纽的交通咨询评估的一般研究方法,为今后开展类似项目的研究做点铺垫。     

上海燃料油期货市场运行效率实证研究

应用协整检验、Granger因果检验、套保比率计算和套保绩效检验等方法,对上海燃料油期货与现货的长期相关关系以及价格发现和套期保值功能的发挥情况进行了定量研究。结果表明,上海燃料油期货与黄埔现货之间具有长期均衡关系,二者之间是相互引导的;上海燃料油期货市场具有良好的价格发现和套期保值功能,可以为企业利用期货市场进行套期保值规避风险提供有效的支持。