市场经济分配机制的基本特征

本文认为,市场经济分配机制是按生产要素自发形成的价格进行分配的机制,其本质特征是物本位;资本居于支配地位;其作用的结果是财富分配非均衡化,从而导致贫富差距逐渐扩大乃至贫富两极分化;经济危机或经济周期波动是缓和贫富两极分化矛盾的特殊形式;社会主义按劳分配、共同富裕的制度,为克服市场经济分配机制的固有缺陷奠定了基础。     

文化价值观与浙商财富积累

文章利用211份浙商调查和访谈问卷,从公平、信任、社会责任和财富观等方面检验了企业家文化价值取向与企业家财富积累之间的关系。文章发现,较多承担社会责任的企业家,获得周围人信任度高、对合作伙伴信任的企业家以及具有公平感和利他主义精神的企业家,其企业更容易发展壮大,宗教信仰和财富观对浙商财富积累未发现影响。     

An analysis of bank stock price reaction to distressed borrowers: Taiwanese evidence

This paper investigates the impacts of a borrower's reorganisation plan confirmation on its lending bank's shareholder wealth. Earlier empirical research is completely silent on this research area. Using data from a sample of Taiwanese reorganised firms, this paper shows that the market discriminates among lending banks by making inferences based on their exposure to their reorganised borrower; that is, the lead lending banks experience negative wealth effects, whereas the second lending banks experience positive effects. The results also show that wealth effects are negatively related to loan collateral and rates charged on the loans as well as on corporate leverage. In addition, the reliability and robustness of the model are demonstrated by the receiver operating characteristic curves.     

中国房地产财富效应测度的实证研究

中国居民的财富特征与发达国家居民的财富特征明显不同。利用中国1996—2007年房地产价格和居民消费的季度数据,建立房地产财富效应模型,对中国房地产财富效应进行测度,计算结果表明:随着中国经济增长和居民收入的增加,房地产财富对居民消费的影响不断增强。房地产价格变化是居民消费增加的Granger原因,居民消费的增加是城镇居民可支配收入上升的Granger原因。无论从长期还是短期分析,中国房屋价格变动都会给居民消费带来财富效应。通过脉冲响应函数分析可知,房地产价格的正向冲击将对居民消费产生正效应,导致居民消费增加,从而验证了中国房地产财富效应的存在。     

Islamic financial services industry: Aspirations and achievements

Islamic Financial Services Industry (IFSI) crosses the age of 40 years, and sufficient empirical evidence exists to evaluate in light of the distinctive aspirations. This study fills the gap in the literature by evaluating the performance of IFSI in light of Islamic finance objectives—financial stability, equitable distribution of wealth and social responsibility; Shari’ah principles, and professional practices. Our investigation documents the achievements based on real accounting data from 23 countries, and the suitability of tools in practice to achieve the stated objectives by promotors of IFSI. Findings suggest that the objectives of IFSI have been achieved to an extent. However, visible contribution to the achievement of socio-economic justice is yet to emerge. Practical application of tools shows divergence (in spirit) from the original design, primarily to achieve integration and coherence with the prevailing conventional financial system. IFSI needs collaborative efforts to overcome the challenges at hand.     

流通生财

流通生财。流通因交换而发生,交换产生财富,推进了整个财富创造的过程。从逻辑上讲,交换有利于双方,自然应该有财富的创造。从经济学上讲,交换使物品的使用价值得到提高,同时发展了分工,促进了专业化,提高了生产力,给社会带来了巨大利益。流通是有成本的,如果流通的成本太高,把本来双方可以得到的利益吃掉了,交换就难以实现,所以降低流通成本对于帮助交换获利至关重要。流通成本的降低可以使全社会获得巨大的财富创造的机会。物流是一门伟大的学问,它联系消费和生产,沟通了物和人,也沟通了人和人,帮助社会创造了财富。     

房产和金融资产对家庭消费的影响:中国的微观证据

利用最新的中国健康与养老追踪调查(CHARLS)数据,研究资产对家庭消费的影响。在区分耐用品消费和非耐用品消费的基础上,分析房产和金融资产及扣除债务后的净资产在消费中的作用。实证结果显示:在房产拥有者中,房产的消费弹性在0.07～0.09之间,即房产增加100元,消费将增加7～9元;而金融资产的消费弹性比房产的消费弹性要小得多,当金融资产增加100元时,消费只增加2元左右;老年家庭房产的消费弹性低于年轻家庭;城市家庭的房产消费弹性高于农村家庭;借贷能力对资产的消费弹性没有影响。     

房地产价格与消费的关系研究——基于财富效应的再检验

以房地产财富效应为分析依据,通过构建模型,分别以我国1991—2007年的年度数据和31个省（市、区）2000—2007年面板数据对我国房地产价格波动与消费关系进行实证检验,分析结果表明中国房地产价格对消费支出是负向抑制影响,而财富效应尚未显现,应不断完善和规范房地产市场,最大限度地降低房地产市场信息不对称程度。     

主权财富基金的生存困境与发展动向

主权财富基金面临着追求国家战略意图与商业回报的困境、被动投资与积极股东主义的困境、平衡透明度与商业秘密的困境、促进金融市场稳定与危及金融市场稳定的困境以及全球化自由投资与日益抬头的金融保护主义的冲突。主权财富管理正逐渐从传统的以规避风险为目的的流动性管理模式,向更加多元化和具有更强风险承受能力的资产管理模式转变。主权财富基金发展趋势具有两个特点：一是资产规模持续增长、规模不断扩大;二是普遍采取专业化、市场化运作手段和多元化投资经营策略,谋求长远投资,获得较高收益。     

对经济增加值的理性思考

EVA管理评价体系是理论界和实业界探讨的热点问题之一。EVA与股东财富的创造联系起来 ,真实地反映了企业经营业绩。但它也存在着一定的问题 ,企业要结合实际情况 ,发挥其作用 ,不断增加企业的价值     

管理层收购会带来财富效应吗?——基于中国上市公司的实证研究

股权分置改革完成后,管理层收购的动机更加强烈.相关研究也再次成为理论界与实务界共同关注的热点问题.本文收集了1997-2006年间我国实施管理层收购的上市公司数据,运用事件分析法对上市公司MBO的市场效应进行考察.实证研究发现,上市公司的管理层收购没有带来显著的财富效应.表明,我国管理层收购的积极作用不明显,有关部门应该加强监管.     

全球失衡背景下中国外部财富分析

外部财富动态为理解全球失衡及其治理问题提供了新标准和新视角。与我国的经常账户持续盈余相对应,我国外部财富由负转正,但是外部财富的价值效应为负。运用外部财富的一个分析框架,对我国外部财富价值效应影响因素的分析表明,我国外部头寸与人民币名义汇率和实际利率存在显著的相互关系,与人民币实际有效汇率和美元实际利率则没有显著的相互关系。外部财富动态分析对于我国内外平衡的宏观经济政策选择具有丰富的政策含义。     

The Impact of the Housing Market Boom and Bust on Consumption Spending

While econometric evidence for the United States has consistently shown that increases in real estate wealth induce additional consumption, it does not directly speak to the effect of a substantial decrease in real estate wealth. This paper examines the real-estate wealth-consumption relationship over the past half century with a particular focus on the sharp decline in 2006–08, and finds that the wealth effect in the recent down market is significantly larger than in an up market. Additionally, wealth changes seem only to affect consumption of services and nondurable goods; there is virtually no impact on durable-goods consumption.     

MONOTONICITY PROPERTIES OF OPTIMAL INVESTMENT STRATEGIES FOR LOG-BROWNIAN ASSET PRICES

Consider the geometric Brownian motion market model and an investor who strives to maximize expected utility from terminal wealth. If the investor's relative risk aversion is an increasing function of wealth, the main result in this paper proves that the optimal demand in terms of the total wealth invested in a given risky portfolio at any date is decreasing in absolute value with wealth. The proof depends on the functional form of the Brunn–Minkowski inequality due to Prékopa.     

股票市场传导货币政策的财富效应与Q效应分析

目前,我国股票市场已成为货币政策传导的一条重要渠道。货币政策实施后,股票市场将产生财富效应从而影响消费支出,产生Q效应从而影响投资支出,进而影响总产出。但由于我国股票市场仍存在诸多问题,财富效应和Q效应均不显著,货币政策通过股票市场传导效率较低。为提高传导效率,应逐步发展并完善我国的股票市场     

中国民营企业家创业为何步履维艰——一些理论家和作家贬损民营企业家的文化根源探析

长期以来，中国人对个人财富似乎有一种先天的“过敏反应”，往往认为“为富不仁”，甚至视“财富为万恶之源”。遗憾的是，我们的一些知识精英、理论家和作家也如此是观。这种几千年农耕社会遗留的小农经济观念显然与现代市场经济观念是格格不入的。中国市场经济的发展，有赖于培植全民的财富积累和资本增殖的理念，有赖于创造适合民营企业家创业和大显身手的环境和土壤。     

中国资本市场融资顺序新证:可转债发行公告效应研究

This paper empirically shows that the announcements of the issue of convertible bonds (CBs) by Chinese firms have significant negative effects on shareholders’ wealth. We find that when the samples are partitioned by equity component negative market responses towards the announcements of issuing equity-like CBs are more than that of debt-like CBs. This finding is different from the “pecking order hypothesis” of Myers and Majluf (1984). By analyzing the firm characteristics of convertible bond issuers, we find that the wealth effects are negatively related to equity component, firm size and issue size of convertible bonds, and are positively related to financial leverage, liquidity structure of equity, book value of non-liquidity equity and market-to-book ratio. The underlying reason of equity finance taking precedence of bond finance in Chinese capital market can be attributed the to special “two-system-ownership structure” and corporate governance of Chinese listed companies. Translated from Guanli Shijie 管理世界 (Management World), 2006, (6): 19–27     

国民财富视角下我国区域经济发展均衡性初探

区域经济协调与发展成果共享，是经济高质量发展的题中要义。众多文献对我国区域经济发展均衡性进行了实证检验，但对区域差异敛散特征及其变化速度的认识存在分歧。据人均GDP流量指标检验收敛性的传统方法，难以揭示资本积累与跨区流动的长期影响，需要由国民财富存量视角给出重要扩展与补充。研究发现:落后省区人均财富增速更快(存在β收敛)，但无力遏止省际绝对差异持续拉大(不存在σ收敛)；物质资本投资因高度市场化可迅速调整，人力资本流动对收益率差异有充分反映，推动Y/K与Y/H实现区域均衡(兼具β与σ收敛)。为提升我国区域经济发展均衡性，应注重对国民财富各类资本的“投资组合管理”，加快建成统一开放的要素市场以改善配置效率。     

我国国债的财富效应探析——1985~2002年间我国国债规模对消费需求影响的实证研究

目前国内对国债效应的研究,集中于国债对投资的影响,较少论及国债对居民消费的影响。然而,国债对消费的影响同样重要。居民可能将国债作为金融财富,也可能认为国债对应着未来的税收。国债对消费的影响,取决于国债在居民的预算约束中是作为财富还是作为预期的未来税收而存在。若居民更多地将国债作为一种金融财富而不是未来税收,则国债促进消费增长并带动经济增长;反之,则形成“李嘉图等价效应”所描述的金融挤出效应。通过对1985~2002年的数据进行回归,作者发现我国国债呈现出较强的财富效应。但是,这一财富效应却是与国债存量相关的。若公众的信心发生变化,消费需求将迅速下降。这就要求国债政策的淡出只能是渐进的,以避免对居民消费造成较大的冲击。     

A socioemotional wealth perspective on how collaboration intensity,trust, and international market knowledge affect family firms’ multinationality

Internationalization theory does not account for the priority family firms place on socioemotional wealth (SEW). This can reshape how critical theoretical dimensions of collaboration intensity, network trust, and international market knowledge exert their effects. Bringing together the internationalization model of Johanson and Vahlne (2009) with SEW theory, our study of 334 German-speaking family firms reveals international market knowledge mediates the relationship between collaboration intensity and family firms’ multinationality. High network trust positively moderates the relationship between collaboration intensity and the acquisition of international market knowledge. Our work expands the predictive ability of Johanson and Vahlne’s (2009) important model.