资本市场开放与股权资本成本——基于沪港通、深港通的实证研究

本文基于沪港通和深港通研究资本市场开放对中国内地股权资本成本的影响。研究发现,受政策风险和市场环境等因素所限,沪港通在初始阶段并未对沪市公司的股权资本成本产生显著影响,但随着政策进一步完善、市场逐渐稳定和交易不断活跃,其对股权资本成本的降低效果于实施两年后开始显现;深港通建立在沪港通的制度基础和运行经验上,其在开通后显著降低了标的公司的股权资本成本。本文还进一步分析了资本市场开放影响股权资本成本的竞争渠道和信息渠道,发现深港通对股权资本成本的降低作用主要集中在投资者竞争程度较高,或是公开信息质量较高、信息不对称程度较低的股票样本。     

Revisiting the expatriate failure concept: A qualitative study of Scandinavian expatriates in Hong Kong

This article advances the understanding of expatriate failure, which remains a contested social phenomenon in international work life as well as scholarly research. The study challenges the definition of expatriate failure and its inherent biases, i.e., the epistemological primacy of the firm level and the failure/success binary. We argue that this qualitative study of 51 Scandinavian expatriates in Hong Kong can contribute to advancing theory on the expatriate failure concept by asking individual expatriates what constitutes failure to them. By applying social constructionist and social anthropological ideas to the expatriate failure concept debate, we develop the internationality thesis which demonstrates a discrepancy between the expatriates’ perceptions of successful international assignments and the actual nature of their lived lives; many expatriates desire to enrich their lives through experiencing an international/intercultural and adventurous lifestyle, but, in fact, living lives with limited intercultural exposure and interaction. We conclude by proposing a reconceptualisation of expatriate failure in terms of offering both a new definition and approach to researching expatriate failure in which time/duration, context, and geographical location need to be taken into account. We believe the new approach can overcome some of the empirical unsoundness of mainstream definitions.     

Heritage tours and trails on foot in Hong Kong: towards a typology that crosses the tourist-local divide

Hong Kong's retrocession to Chinese sovereignty in 1997 initiated intense interest in cultural heritage on the part of divergently positioned actors, including activists, the state, and entrepreneurs. Heritage walking tours have proliferated, providing a wide range of examples suitable for comparison. This article develops a typology of heritage trails and tours in order to consider how they are situated in relation to the tourist economy and local context. Theoretically it builds on insights in new walking studies and debates in tourism and heritage studies on the ‘tourist-local divide.’ The article relies on qualitative research conducted in Hong Kong, including participant observation and interviews, and a review of various secondary sources. The typology distinguishes between government-generated, market-oriented, and community-based heritage walks. Three key issues are discussed: the ways that tours and trails develop, how they engage with official and unofficial heritage places, and how they reference urban issues including state-led urban renewal and redevelopment. The article argues that, while walking in general is a format that is suited to both tourist and local visitor engagement, some trails and tours reinforce dominant narratives of heritage and urban space, while others challenge them.     

Twenty years of Hong Kong and Macao under Chinese rule: being absorbed under ‘one country,two systems’

This paper examines the implementation of ‘one country, two systems’ (1C2S) in the two former Western colonies, Hong Kong and Macao, as a policy innovation in managing inter-governmental relations of a large, diverse country like China. 1C2S embodies internal tensions because the Hong Kong and Chinese governments have multiple and often incompatible goals. After 20 years, these two special administrative regions (SARs) of China are gradually being absorbed.     

Object-based,multi-sensor habitat mapping of successional age classes for effective management of a 70-year secondary forest succession

Multi-temporal change detection over decades including the pre-satellite era is challenging due to the different image types available over time, and this explains the scarcity of long-term studies of vegetation succession which can play a pivotal role in the restoration of biodiversity in regenerating forests. This study describes a semi-automated, object-based habitat classification method for change detection of tropical forest succession since 1945. The study uses a set of black and white aerial photographs and high-resolution satellite images which differ in quality and resolution, to investigate forest successional patterns and their implications for informed ecosystem and land rehabilitation management. For optimized habitat boundary delineation from black and white aerial photographs and panchromatic satellite images, three levels of hierarchical image object primitives were created. The minimum object sizes of 50 m², 500 m², and 1000 m² maximized inter-object and minimized intra-object variability according to the scale of habitat patches and imagery used. Object-Based Image Analysis (OBIA) provided additional Grey-Level Co-occurrence Matrix (GLCM) textural features of segmented objects which helped to incorporate knowledge-based rule-sets into the final habitat classification which was done manually. Results show accuracies for grassland greater than 94%, monoculture plantations were distinguished from natural forest with 95% accuracy, and isolated mature stands of natural forest achieved 75% accuracy. Consideration of multi-date images increased the accuracy of distinguishing between mixed plantations and natural forest as well as between shrubland and young secondary forest. The resulting maps of vegetation structure at five time periods from 1945 to present gave new insights into the ecological processes of secondary forest succession. These include the surprising rapid rate of natural forest regeneration, at an annual rate of 7.7% from 1945 to 2014, and an even faster rate of 11% during a period when hill fires were controlled. The last areas to succeed to forest are those which are still, or at some time have been under exotic mono-cultural plantations. This suggests that long term protection from hill fire would be a better option for assisting natural succession in the landscape than plantations, which are both costly, and act as barriers to natural succession. Overall, with more than 92% mapping accuracy, the method can be adapted for other multi-temporal, multi-sensor studies as it enables inclusion of spatial theories by dividing the satellite image into time-consistent geographic entities according to the scale of target objects and image resolution. The accurate maps of forest cover patches at different successional stages can also help in site specific management of the recovering forest, such as introduction of shrub seedlings to bridge bottlenecks in seed dispersal according to shrub density and dispersal distances for forest birds. Late successional tree species can also be introduced in areas where only early successional species are present after 50 years of succession.     

中央商务区管理模式创新探析

本文通过分析中国CBD现行管理体制的主要模式、发展现状和存在问题,比较国际、国内CBD不同管理模式的优劣,结合中国的法律政策和制度条件,借鉴国内外相关功能区、商务区管理体制改革和创新的成功经验,提出中国CBD管理体制与模式创新的政策建议。     

香港对冲基金监管法律制度研究

对冲基金是一种特殊的投资工具,其组织形式一般是有限合伙企业或者离岸投资公司,通过风险投资来获得较高的回报,例如进行卖空或者衍生品交易等。作为世界重要的对冲基金离岸中心,香港具备严格而又灵活、适时的监管制度,与中国内陆邻近,世界级的金融服务基础环境,可靠的普通法法律体系以及灵活的税收制度等方面的优势。香港对冲基金监管法律制度主要体现在三个方面的监管,即监管对冲基金、监管基金管理人和监管两者的行为。为吸引更多的基金落户香港,当局也在不断地进行法律更新。香港的经验和做法值得我国内陆参考。     

香港外游旅行发票印花管理的调研及其对广东的启迪

文章调研了香港实行外游旅行发票印花管理的实践 ,分析这一管理模式的作用与优势 ,探索了广东旅游市场管理制度借鉴这一模式改革创新的思路 ,并论证了其可行性。     

两岸经贸关系新发展对香港之影响及其对策

台商大陆投资规模扩张与地域转变、两岸贸易高速增长与非均衡发展以及两岸经贸人员往来规模持续增长对香港产生了重要影响,香港不仅获得了更多的发展机会,也面临着诸多挑战.香港应积极采取有效措施,提升服务水平与综合竞争力,不仅要充分利用背靠泛珠三角的地缘条件,依靠自身优势,在泛珠三角地区积极与其它各方开展合作,还要充分利用在两岸经贸交流中的中介地位,深化与台湾的经贸合作,从多层面促进经济的持续发展.     

北京CBD的核心价值探析

文章从北京CBD现状入手进行分析,在借鉴国际其他CBD的发展经验后,对CBD的核心价值进行研究,并提出了北京CBD的开发建议。