市场开发背景下的国家信用与存款保险分析

在市场开放、整个银行体系逐步建立现代银行制度的过程中 ,银行作为企业 ,同样会有个别银行的破产与倒闭的可能性存在。存款保险立足于保护存款人利益 ,作者在对国家信用担保和存款保险作利弊分析比较的基础上 ,借鉴国际经验对中国存款保险制度的构建提出相应的建议。     

MODELS OF COMPETITION BETWEEN FIRMS: ENDOGENOUS MARKET STRUCTURE IN THE KALECKIAN MODEL

The purpose of this paper is to incorporate free entry into the Kaleckian model. To this end, we consider a model with monopolistic competition, mark‐up pricing and a free‐entry condition. Using this model, the Kaleckian model is unstable under a wage‐led growth regime, and it is stable under a profit‐led growth regime, when the interest rate is supposed to be constant. Stability under a wage‐led growth can be achieved if the interest rate is allowed to respond positively to capacity utilization. We also find that a goods market policy, but not an income distribution policy, is then effective from an economic growth perspective.     

资本结构理论的发展与中外企业融资选择

资本结构理论是基于实现企业价值最大化或股东财富最大化的目标 ,着重研究资本结构的变动对企业总价值的影响 ,通过资本结构理论的研究可以得出企业应遵循的融资规则。分析我国上市公司的融资选择后可以发现 ,当前我国的上市公司普遍存在明显的股权性融资偏好 ,这与资本结构理论的基本准则相悖。纠正这种不良偏好 ,是推进我国上市公司改革与发展的重要环节与内容。     

中国会议市场的价值与机遇——访国际大会和会议协会（ICCA）主席阿纳尔·纳多恩

会议产业对于发展经济产生的巨大价值已经成为人们的共识，而在中国，越来越多的城市选择会议作为发展重点。国际大会和会议协会（ICCA）主席阿纳尔·纳多恩在接受记者专访时表示，中国将是对世界产生深远影响的国家，中国的会议市场对全世界、对所有的客户也；陌产生重要影响。     

ENTRY AND EXIT OF FIRMS AND UNDEREMPLOYMENT EQUILIBRIUM

This paper extends the standard Keynesian model of aggregate demand and supply allowing for imperfect competition, variable returns to scale, and entry and exit of firms. It distinguishes three phases of macroeconomic equilibria, stagnant, expansive and contractive, according to whether the number of firms is fixed or endogenously determined by the position of the aggregate demand curve. Using this model we show that a large shift in the aggregate demand affects the structure of the economy irreversibly and that the real wage or labor productivity may move procyclically rather than anticyclically. We also elucidate the asymmetric effects of fiscal and monetary policies on the entry of firms and employment.     

中小企业信用担保机构建设

从信用的资产属性和信息经济学不完全信息理论的角度分析了信用担保存在的可能性和必要性 ,并针对目前我国存在的中小企业融资难的问题提出解决的办法———结合当前我国的实际情况构建多种类型的信用担保机构为中小企业提供信用担保 ,以扶持并推动中小企业的发展     

中国的菲利浦斯曲线及劳动力市场缺位

虽然凯恩斯模型预示经济中存在菲利浦斯曲线 ,但是菲利浦斯曲线来自经验数据而非模型 ,并反映了比模型更加丰富的内容。按中国的菲利浦斯曲线分析 ,中国经济实际上处于制度限制下的均衡状态 ,必须加快市场化的进程 ,扩大市场机制的调节范围 ,政策的经济效应才能实现     

我国农村信用社改革中量化信贷管理的分析

我国农村信用社要实现成功改革和支持新农村建设的双目标,关键要进行提升农村信用社的资产质量和盈利水平。在我国农村信用社改革的紧要关头,如何提升农村信用社的信贷资产的盈利水平,成为一项兼具有现实意义和理论意义的研究。对此,我们从信贷管理的理念创新角度出发,提出了我国农村信用社的要提高信贷资产质量的根本出路在于进行量化信贷管理理念的创新,并在此基础上提出了具体的操作方法和实践指导意见。     

"拼团游"乱象迷人眼

伴随兔年旅游黄金高峰的到来,各类"拼团游"成了众多"团一族"的最爱。人们希望活泼可爱的兔子,能给"拼团"爱好者们带来些许好运,至少让"拼团游"变得规范些,让参与者的损失降低些。令人失望的是,从早年的"拼团游"流行,到现在的"拼团游"泛滥,诸多乱"拼"、乱"游"带来的行业乱"象",多年来始终未变。有业内人士指出,"团游"是一个不     

三问“中国婚庆市场”

婚庆市场进入了“薄利时代”，但中资企业，外资企业，本土企业、海外企业依然看好这个“甜蜜市场”。由是，中国婚庆市场陷入“阵痛”。追问中国婚庆市场：还有多少利润可供瓜分？前面的路还有多长？[编者按]     

THE MEANING OF MARKET EFFICIENCY

Fama defined an efficient market as one in which prices always “fully reflect” available information. This paper formalizes this definition and provides various characterizations relating to equilibrium models, profitable trading strategies, and equivalent martingale measures. These various characterizations facilitate new insights and theorems relating to efficient markets. In particular, we overcome a well‐known limitation in tests for market efficiency, i.e., the need to assume a particular equilibrium asset pricing model, called the joint‐hypothesis or bad‐model problem. Indeed, we show that an efficient market is completely characterized by the absence of both arbitrage opportunities and dominated securities, an insight that provides tests for efficiency that are devoid of the bad‐model problem. Other theorems useful for both the testing of market efficiency and the pricing of derivatives are also provided.     

牛年婚庆市场争夺战

5月,阳光分外灿烂。一对对年轻人满怀憧憬踏入婚姻殿堂。虽然,金融危机乍暖还寒;虽然,消费市场有待拉动,但婚庆市场走势坚挺,且大有越来越火爆的势头。据有关方面统计,2009年上海各大酒店的婚宴价格不降反升,近来已有近10％的涨幅。行家预估．明年的婚庆市场仍然看好,婚宴价格还将进一步上扬。     

PRODUCTION AND CONSUMPTION CREDIT IN A CONTINUOUS‐TIME MODEL OF THE CIRCUIT OF CAPITAL

This paper offers a characterization of the content of production and consumption credit based on the Marxian circuit of capital and a distinctive approach to credit relations. All credit allocations make the same contribution to demand, sales and profit flows, and, consequently to the pace of accumulation. Production credit uniquely contributes to investment by borrowers. Consumption credit thus effects a form of leveraging of social capital, boosting profitability while strengthening productive constraints and financial risks bearing on credit relations. Systems with higher allocations of consumption credit experience lower scopes for growth‐enhancing credit extension, and face higher aggregate levels of credit risk than comparable economies.     

对我国旅游价格信用缺失的反思

中国旅游业经过20多年的发展,已成为我国第三产业的龙头行业,地位越来越重要,市场潜力和发展前景日益凸现。然而,由于我国信用体系建设的不完善,旅游行业中各种信用缺失问题层出不穷,其中最为严重的当属旅游价格信用缺失问题。文章从价格信用缺失的表现及产生的原因入手,分析了强调价格信用的必要性,提出了相应的对策。     

注册会计师服务市场的拓展与独立性的冲突与协调

安然公司破产案导致会计职业界对审计独立性的思考 ,审计独立性概念已经发展 ,CPA业务根据市场需求及CPA行业发展的需要 ,须进行业务领域的拓展。由于管理咨询与审计业务存在利益的矛盾 ,CPA需要进行相应的协调 ,以促使CPA行业健康顺利的发展。     

集团客户授信业务风险管理探讨

集团客户与单一客户的特性有很大差异,商业银行在开拓利润的同时,也进入了一个未知的风险领域,商业银行应全方位地对集团客户制定和实施有效的授信业务风险管理措施,从而保障金融安全与稳定。