香港中产阶级

在香港,中产阶级长期以来都是采用个人的方法,就是我不要问这个体制是什么样的,我也不问什么是应该不应该的,我只是在既定的条件下努力拿到最好的东西。     

The behaviour of Hong Kong stock prices

The primary function of a stock market is to allocate resources to the most profitable investment opportunities. If stock prices provide accurate signals for resource allocation, firms are able to make correct production–investment decisions, and investors are able to choose the most suitable stocks for investment. These choices are only possible if the market is efficient, that is, if stock prices ‘fully reflect’ all available information.

Hong Kong is now an international financial centre. Although Hong Kong's stock market is ranked as one of the five largest in the world in terms of turnover, little research has been devoted to the behaviour of its stock prices. This is a study of the efficiency of Hong Kong's stock market. It is based upon two widely accepted statistical tests, namely, serial correlation analysis and runs tests. Data used cover the daily prices of 28 major Hong Kong stocks over a period of four years from 1977 to 1980. The evidence is mixed; it does not provide clear support for the efficient market hypothesis.     

试论香港转口贸易面临的主要问题

转口贸易曾经是香港经济的重要支柱之一。近年来，由于香港码头费用高昂、中国入世后全面对外开放、内地企业转变出口方式等重大因素，香港的转口贸易受到严重的影响。本文分析了其中的5个主要原因，指出香港的转口贸易将进一步转向离岸贸易。并成为主要贸易形式之一，香港作为贸易转口港的传统角色也将逐步淡化。香港必须适应这种大趋势。采取切实措施打破垄断。降低费用，提升服务。以保持香港第一货柜港的地位。     

Hong Kong: The Fragile Economy of Middlemen

The paper shows that standard trade models can be adapted to address crucial policy issues in our dynamic, imperfect-information world. It also shows that intermediated trade is essential to the modernization of the 1.2 billion-person Chinese economy; yet, notwithstanding sincere intentions in Beijing and Hong Kong, subtle changes may deny Hong Kong its irreplaceable catalyst role, leaving China ultimately to technical stagnation.     

The natural rate of interest of Hong Kong

We measure the natural rate of interest of Hong Kong in a flexible VAR model. We find that the natural rate of interest of Hong Kong fell below zero after the SARS shock in 2003 and reached the lowest after the great recession in 2007–2009. Variance decomposition shows that mainland China, instead of the USA, has a larger impact on the natural rate of interest of Hong Kong.     

从香港与内地的贸易关系看香港经济的明天

近年来,香港正经历着备受关注的第三次经济结构转型,香港的贸易形态也发生了很大变化,对香港经济产生了重大影响.究竞这次经济转型的前景如何?香港经济的明天路在何方?本文立足于香港与内地的贸易发展与现状,从两地经贸关系近年呈现出的新趋势出发,分析了在香港经济转型过程中与内地经贸关系的新特点,定位了香港未来在亚太经济圈中的功能,并指明了香港经济的发展方向.     

Free Banking in Hong Kong

Hong Kong has no central bank and its paper currency is issued by two private commercial banks. Cointegration tests and an error-correction model are used to examine the stability of the money supply process under pegged and floating exchange rates. Empirical evidence suggests feedback between the price level and money supply during the floating rate period but stability under a pegged rate. [E 42]     

香港银行纷纷北上

<正> 中国加入世界贸易组织,内地金融市场进一步扩大开放,给香港银行业带来发展机遇。在新的一年,不少香港银行纷纷通过入股内地银行、推出与内地有关的业务,以及将后勤部门北移等形式,展开到内地发展的宏图。香港是国际金融中心之一,银行业十分发达,目前有来自世界各地的银行及地区代表处等360多家,它们的分支机构遍布香港的大街小巷,所提供的金融服务及产品名目繁多、应有尽有,确保了香港经济活动的高度顺畅。近年来,面对日益激烈的市场竞争,香港银行业不断开拓创新,积极采用最新的经营理念及资讯技术,推出了包括电话银行、网上理财等新业务,不仅大大方便了客户,更有效地拓宽了银行的经营空间。     

香港经济渴望复苏

刚刚过去的一年,香港经济既遭受力度较大的负面因素打击,又获得力度较小的正面因素作用,整体经济下滑,陷入了四年来的第二次衰退,但横向比较却不算太差。展望新的一年,主要影响因素虽然仍将好坏参半,但应会渐次转好,因此香港经济也会略为改善,预计上半年将继续衰退,下半年轻微回升。     

香港 伦敦欲结盟

<正> 香港交易及结算所有限公司(香港交易所)目前正与伦敦证券交易所研究,在双方的电子交易系统进行买卖两地上市股份,并且让两个股市的上市公司,可以在香港及伦敦同时上市。目标:实现24小时环球交易分析家认为,此事若能议成,无疑会     

“仙股除牌”风波

<正> 香港交易所最近提出的“仙股除牌”(即股价在0.5港元以下的股份要被除牌)建议因触发低价股“股灾”而引起有关上市公司及股民强烈不满,虽然交易所随后已宣布撤回有关的建议,但事件余波未了,有市场人士及团体声称要追究事件发生的责任,特区政府也对香港交易所的做法表示批评,并宣布成立独立小组专门就此事件展开调查。一件本来看似不大的事情,为何掀起如此大的风波? 回顾事件的前前后后,或许能找出一些值得玩味的东西。香港交易所于7月25日发出一份名为“首次上市及持续上市资格/及除牌程序有关事宜/之上市规则修订建议”的咨询文件,其中在除牌机制部分中提到“若     

The direct medical cost of rheumatoid arthritis in Hong Kong

Summary

Rheumatoid arthritis (RA) is an autoimmune disorder of unknown aetiology. Both treatment and rehabilitation for RA are costly. Knowledge of the cost of management of RA is important for better planning for allocation of medical resources, and the present study aimed to evaluate and describe the direct medical cost of the management of RA from the perspective of a public health organisation in Hong Kong.

A retrospective study was performed of RA patients at the Prince of Wales Hospital in Hong Kong. The study cohort consisted of randomly selected RA patients from the 1st January 2002 to the 31st December 2002. Cost items studied included hospital stay, outpatient clinic visits, diagnostic tests, medications, auxiliary care, and cost for management and prophylaxis of side effects induced by the drugs for RA management.

A total of 147 patients were included in the study. The average age and duration of disease of the subjects was 54.7 years (standard deviation 10.9 years) and 12.6 years (standard deviation 7.0 years), respectively. The annual direct medical cost per RA patient was HK$18,657 (US$1 = HK$7.8). Inpatient care contributed the highest proportion of the total cost (43.8%). The annual direct medical cost for the management of RA in Hong Kong was HK$443 million, which comprised 1.4% of the total healthcare budget in the year 2002.

The cost of RA has an economic impact on the healthcare budget in Hong Kong. Early and more aggressive measures could reduce the need for hospitalisation and hence reduce costs.     

加强两地经贸合作促进香港经济发展

近年来,随着经济全球化的快速拓展,区域经济一体化趋势也在迅速增强。在这一趋势下,各国及各地区都在加快调整经济发展战略,通过开展多边和双边等不同形式的经济合作,来增强本国及本地区的经济竞争力,以抵御或减少经济全球化带来的影响及冲击。近期,中国内地与香港建立“更紧密     

营销联盟:营销组织的系统分析

本文通过营销联盟的两种形式:垂直营销联盟和水平营销联盟,论述中国营销联盟的发展现状,指出:企业通过形成各种形式的营销联盟,把企业与供应商、销售商,乃至消费者、竞争对手都作为营销资源进行整合,组建一种各方面联系紧密,利益共享的合作型企业网络,建立长期稳定的产销关系,培养忠诚的消费群体,将是我国企业营销管理新世纪发展的重要方向。     

关于香港联系汇率制度可持续性的研究

本文首先比较了阿根廷与香港的汇率机制，它们虽然在形式上接近，但是两者有许多根本的不同。香港的联系汇率制度有来自中国内地在各个方面的强有力的支持。这种支持在其他采取货币局制度的国家里几乎看不到。这就是中国香港联系汇率制度的特点。由于货币局的弊端显现，使得越来越多的市场经济国家倾向于“美元化”。本文采取“协整检验”的办法，分析了将来港币“美元化”与“人民币化”的可能性。以是否存在协整关系作为判定尺度。虽然检验结果表明香港的一些经济变量与美国的有较强的协整关系，这是由于联系汇率制本身的缘故，但是出于政治、地理和其他要素的考虑，事实上港币美元化是行不通的；香港与中国内地的协整关系虽然较弱，但是将来港币人民币化的可能性还是存在的。     

Assimilation of Hong Kong Immigrants in Canada

A flood of emigration from Hong Kong to Canada was observed prior to the handover from Britain back to China in 1997. I pool Canadian Census data from 1991 to 2006 to study the labour market assimilation of Hong Kong immigrants. The findings suggest that these immigrants faced a significant negative wage gap upon entry in comparison with Canadian‐born individuals, and this was larger for cohorts arriving closer to 1997, suggesting a decline in cohort quality. The results also indicate that earnings convergence with the Canadian‐born was slow for the majority of these immigrants.     

香港看好入世

<正> 加入WTO被喻为中国的第二次对外开放,也是中国经济与世界经济全面接轨的开始。作为内地经济与世界联系的桥梁与窗口,中国的这一历史性发展对香港意味着什么?香港各界普遍认为,对于正处在转型期的香港经济来说,中国入世将为香港经济的突破带来巨大的机遇与挑战,它将为香港优势产业如贸易、投资、金融服务业等带来新的发展空间,为香港转变成为全球性的商业中心创造条件。去年增长幅度高达10％的香港经济,今年却遇到了前所未有的困境,对外出口大幅下降,上半年除2月份以外,香港已有5个月对外出口为负增长;此外香     

香港特区财政状况严峻

<正> 春节期间,笔者在香港度假,闲散之余,感受到了亚洲金融危机后香港经济在缓慢回升的景象。但是,香港经济似乎还没有完全摆脱世界性的经济萧条的影响,经济指标和就业状况都显示出目前还处于低点。而香港特区政府公布的财政报告更表明,连续多年的财政赤字对经济稳定的影响已经日益明显。财政赤字已经占生产总值的5％ 2月21日,香港特区政府公布的2002年度公共财政报告指出,受经济增长放慢及卖地收入大幅度减少等影响,香港3月底结束的这个财政年度预计将出现高达660亿港元的财政赤字。这一数字不但创下过去10年的新高,占本地生产总值的比例也同步刷新,已经超过5％。报告指出,未来5年,如果不采取措