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中国第一家国际股权交易所落户天津 总被引:1,自引:0,他引:1
今年3月13日,天津市《滨海新区综合配套改革试验方案》获得了国务院的正式批复。在这次获批的综合配套改革方案中,亦包含了天津市获得全国性OTC市场试验权。天津市政府紧锣密鼓抓紧制定OTC市场试验的方案和详细的规划安排。8月4日,滨海国际股权交易所筹备组正式成立,按照筹备工作安排展开各项筹备工作,交易所的各项规章、制度、会员管理、规则、流程等文件经过邀请多方相关专家三次的审核修改,目前已完成全部规则及合同的制订工作。9月28日,滨海国际股权交易所(简称“股交所”)在天津完成工商注册工作。10月28日,股交所正式对外试运营。明年6月融洽会期间将正式揭牌营业。为更多地了解中国首家国际股权交易所的规则和运作进展情况,《国际融资》杂志记者专程采访了滨海国际股权交易所董事长王阳先生 相似文献
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最近,国家相关部门负责人纷纷表示要加快企业在场外交易市场融资的步伐。专家认为,在北京的企业可以选择在天津股权交易所和天津滨海国际股权交易所进行融资。 相似文献
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文章总结了齐鲁股权交易中心的发展情况,指出目前区域市场发展中面临的主要问题是中介机构数量和服务能力不足、各种资源有待进一步盘活、区域性股权市场的私募产品的支持政策不足。从国家层面加强区域性市场发展的统筹规划、设定股权众筹融资的特别条款、明确法律地位、帮助中小微企业融资、成立专门服务区域性市场小型券商等方面提出政策建议。 相似文献
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目前,全球私募股权投资基金增长迅速,成为投融资市场的主流渠道之一.越来越多的私募股权投资机构开始把目光投向发展中的亚洲市场,同时,中国企业融资需求也表现了旺盛的态势,在这种背景下,"中国企业国际融资洽谈会",将于2007年6月6日至8日在天津滨海国际会展中心举行,主办方为天津市人民政府、中华全国工商业联合会和美国企业增长协会. 相似文献
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按照国务院对于《天津滨海新区综合配套改革试验总体方案》的批复,天津正在积极推进滨海新区金融体制改革,改革的主要目的是聚集国内外的资金为天津服务。根据深圳和上海通过建立证券交易所实现资金快速聚集的经验,天津应建设股权交易及其他金融衍生品交易的创新性金融产品交易中心。目前,我国有六万三千多家非上市公众公司和股份制公司,中国的股权投资基金正处在快速发展时期,在天津建立股权投资基金中心有着良好的发展前景。 相似文献
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Extreme Correlation of International Equity Markets 总被引:24,自引:0,他引:24
Testing the hypothesis that international equity market correlation increases in volatile times is a difficult exercise and misleading results have often been reported in the past because of a spurious relationship between correlation and volatility. Using "extreme value theory" to model the multivariate distribution tails, we derive the distribution of extreme correlation for a wide class of return distributions. Empirically, we reject the null hypothesis of multivariate normality for the negative tail, but not for the positive tail. We also find that correlation is not related to market volatility per se but to the market trend. Correlation increases in bear markets, but not in bull markets. 相似文献
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Jump Spillover in International Equity Markets 总被引:1,自引:0,他引:1
In this article we study jump spillover effects between a numberof country equity indexes. In order to identify the latent historicaljumps of each index, we use a Bayesian approach to estimatea jump-diffusion model on each index. We look at the simultaneousjump intensities of pairs of countries and the probabilitiesthat jumps in large countries cause jumps or unusually largereturns in other countries. In all cases, we find significantevidence of jump spillover. In addition, we find that jump spilloverseems to be particularly large between countries that belongto the same regions and have similar industry structures, whereas,interestingly, the sample correlations between the countrieshave difficulties in capturing the jump spillover effects. 相似文献
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Comovements Of Major International Equity Markets 总被引:1,自引:0,他引:1
O. Maurice Joy Don B. Panton Frank K. Reilly Stanley A. Martin 《The Financial Review》1976,11(1):1-20
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This article provides evidence of information transmission fromthe United States and Japan to Korean and Thai equity markets.Information is defined as important macroeconomic announcementsin the United States, Japan, Korea, and Thailand. Using high-frequencyintraday data, I find a large and significant association betweendeveloped-economy macroeconomic announcements and emerging-economyequity volatility and trading volume at short time horizons.Previous studies findings of at most weak evidence oftransmission from developed to emerging economies may be dueto their use of lower frequency data and their focus on developed-economyfinancial market innovations as a proxy for information. (JELE44, G14, G15) 相似文献
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大力发展私募股权投资基金是滨海新区金融先行先试的重要内容。滨海新区应把握有限时机,转变传统的产业发展思维模式,一方面要继续做好基金项目的注册落户;另一方面也要依据自身特点,着重在其经营过程中的发展及退出阶段寻求突破,以巩固来之不易的先行优势,实现适应于滨海新区自身特点的产业与基金共赢的良性互动发展局面。 相似文献
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Exchange Rates, Equity Prices, and Capital Flows 总被引:7,自引:0,他引:7
We develop an equilibrium model in which exchange rates, stockprices, and capital flows are jointly determined under incompleteforeign exchange (forex) risk trading. Incomplete hedging offorex risk, documented for U.S. global mutual funds, inducesthe following price and capital flow dynamics: Higher returnsin the home equity market relative to the foreign equity marketare associated with a home currency depreciation. Net equityflows into the foreign market are positively correlated witha foreign currency appreciation. The model predictions are stronglysupported at daily, monthly, and quarterly frequencies for 17OECD countries vis-à-vis the United States. Correlationsare strongest after 1990 and for countries with higher equitymarket capitalization relative to GDP, suggesting that the observedexchange rate dynamics is indeed related to equity market development. 相似文献
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The use of derivatives to infer future exchange rates has long been a subject of interest in the international finance literature. With the recent currency crises in Mexico, Southeast Asia, and Brazil, work on exchange rate expectations in emerging markets is of particular interest. For some emerging markets, foreign equity options are the only liquid exchange‐traded derivatives with currency information embedded in their prices. Given that emerging markets sometimes undergo currency realignment with discrete jumps in their exchange rate, estimation of risk‐neutral probability density functions from foreign equity option data provides valuable evidence concerning market expectations. To illustrate the use of foreign equity options in estimating market beliefs, we consider Telmex options around the 1994 peso devaluation and find evidence that markets anticipated the change in the Mexican government's foreign exchange policy. 相似文献
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JOHN AMMER SARA B. HOLLAND DAVID C. SMITH FRANCIS E. WARNOCK 《Journal of Accounting Research》2012,50(5):1109-1139
Using a comprehensive data set of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross‐lists on a U.S. exchange. Correcting for selection biases, cross‐listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. Much of this increased U.S. investment is purchased in the foreign market, implying that the cross‐listing effect reflects something more fundamental about a firm than easier acquisition of its securities. We also demonstrate that cross‐listing is an important determinant of U.S. international investment at the country level and describe easy‐to‐implement methods for including a cross‐listing variable as an endogenous control. 相似文献