河北省投资体制改革存在的问题及对策

政府投资决策对国家经济发展速度和企业生产效益具有重要的现实影响和深远影响。对我省投资体制改革过程、现状和存在的问题等进行了分析，就发挥政府职能作用，探索有效途径，加强监督检查，深入推进投资体制改革提出了一些对策和建议。     

Fluctuations in convex models of endogenous growth, II: Business cycle properties

Using ideas from the endogenous growth literature, we present a model of the endogenous determination of productivity growth based on individual worker decisions about human capital investment. We calibrate a version of the model to match long run growth facts from the US and study the business cycle properties of this model. This approach offers improvements along several dimensions over standard exogenous growth methodologies. Most importantly, our stochastic endogenous growth model generates much greater serial correlation in output growth and labor supply volatility relative to its real business cycle counterpart. We conclude that using the extra discipline of reproducing the trend productivity growth features of the data endogenously constitutes an important missing component from the real business cycle approach.     

SCRB法在综合利用水利工程投资分摊中的应用

SCRB法是在将综合水利工程的投资划分为可分投资和剩余投资两部分的基础上，通过对剩余投资分摊，可以使投资分摊的误差减少到最低程度，能为投资决策和制定筹资方案提供可靠依据，同时有利于提高综合利用水利工程的经营与管理水平。     

我国企业对外直接投资方式之比较分析

我国企业对外直接投资有购并与新建、合资与独资等四种方式;它们各有利弊、互有长短。     

The patterns of cross-border bank mergers and shareholdings in OECD countries

In recent years there has been a surge in mergers and acquisitions (M&As) in all sectors of economic activity. Cross-border operations have followed this trend, creating global companies operating in all major world markets. In this paper we study the pattern of cross-border M&As in the banking industry relative to the non-financial sector of the economy and investigate which factors make it more likely that a bank will expand its activities abroad. We find that cross-border M&As are rarer in banking than in other sectors, possibly owing to the importance of information asymmetries in banking relationships and to regulatory restrictions. Using data on almost 2500 banks from 29 OECD countries, we also show that the most significant features of banks with foreign equity interests relate to efficiency: banks with cross-border shareholdings are on average larger, more profitable, and based in countries with a more highly developed banking market.     

A portfolio approach to a cross-sectoral and cross-national investment strategy in transition economies

This paper takes a systematic look at the portfolio choice problem faced by Investment Banks or Funds investing in transition economies. We relate the performance of projects in the transition economies to the broader macroeconomic and international environments, which affect the project through their input-output structures and financial balance sheets. Among the macroeconomic determinanst of enterprise behaviour are productivity growth, real wage growth, movements in the international terms of trade, shocks to the relative price of traded and non-traded goods, domestic and foreign interest rates, currency depreciation and the rate of inflaction. We evaluate the attractiveness of alternative investment strategies and provisioning rules from the perspective of portfoio theory.     

教育投资及其市场化初探

由于教育投资的对象是人 ,而人是有思想的 ,因此 ,对教育的投资比对物质资本的投资要复杂。其中一个关键问题是 ,当教育投资主体与教育投资对象不同时 ,可能会引起教育投资的套牢 ;而当二者合一时 ,又会 (因为人力资本的外部性和个体的财富约束 )引起教育投资的不足。由于教育所形成的人力资本具有外部性 ,教育投资主体与教育投资对象适当的分离是必要的 ,而解决由于这种分离可能引起的投资主体的套牢在于使教育投资实现市场化。     

401（k）计划—最流行的企业补充养老保险形式

对美国最流行的企业补充养老保险—— 4 0 1(k)计划的运行机制、优缺点和设计模式做了详细的介绍和评述 ,指出了 4 0 1(k)计划对中国养老保险制度改革的启示∶虽然属于企业补充养老保险 ,但是“基金制”的运作模式势必要导入我们的养老保障系统。分析了 4 0 1(k)计划在中国的适用性问题。     

An Analysis of Contrarian Investment Strategies in the UK

The performance of contrarian, or value strategies – those that invest in stocks that have low market value relative to a measure of their fundamentals – continues to attract attention from researchers and practitioners alike. While there is much extant evidence on the profitability of value strategies, however, most of this evidence pertains to the US. In this paper, we provide a detailed characterisation of value strategies using data on UK stocks for the period 1975 to 1998. We first undertake simple one-way and two-way classifications of stocks in which value is defined using both past performance and expected future performance. Using sales growth as a proxy for past performance and book-to-market, earnings yield and cash flow yield as measures of expected future performance, we find that that stocks that have both poor past performance and low expected future performance have significantly higher returns than those that have either good past performance or good expected future performance. Allowing for size effects in returns reduces the value premium but it nevertheless remains significant. We go on to explore whether the profitability of value strategies in the UK can be explained using the three factor model of Fama and French (1996). Broadly consistent with the results for the US, we find that using the one-way classification the excess returns to almost all value strategies can be explained by their loading on the market, book-to-market and size factors. However, in contrast with the US, using the two-way classification there are excess returns to value strategies based on book-to-market and sales growth, even after controlling for their loading on the market, book-to-market and size factors.     

优化河南投资环境途径探析

投资超常增长是促使经济快速发展的重要因素，河南投资环境基础比较好，应该扬长避短进一步优化，其具体途径可以从投资的国际经济环境、投资的国内经济环境、投资的区域经济环境入手。