我国新股IPO高定价发行原因及对策——新股IPO定价模型研究初探

新股IPO三高现象一直是困扰我国证券市场健康发展的问题之一,2010年11月,中国证监会有针对性地实施了新股发行体制第二轮改革。笔者认为,此次改革之所以没有达到预期效果,主要是对三高产生的根本原因缺乏必要的研究。文章通过构建新股定价模型,从一个全新的角度探究新股IPO三高背后的根本原因,并提出了解决三高的思路与对策,丰富与创新了相关的理论。     

通货膨胀与人民币升值悖论

对通货膨胀与人民币升值"悖论"的解释分为两个方面:导致通货膨胀不能"替代"人民币升值的原因是人民币升值预期的持续性和稳定性;导致人民币升值不能"替代"通货膨胀的原因是人民币汇率升值与通货膨胀传导机制失效,本轮通货膨胀主要是受食品价格上涨拉动的结构型通货膨胀,而非输入性通货膨胀,以及物价上涨的原因的多样性。     

American Health Care: the Re-awakening of Competition

The market for health care in America is constantly used as an Aunt Sally by British health economists. But, Dr David Green (above), a political scientist and welfare economist at the IEA, reveals why the American system is hardly a free market and why it has misled debate in the UK.     

A contingent claims analysis of optimal investment subsidy

This paper uses contingent claims analysis to answer two questions: (i) why are some subsidy markets apparently slow in attracting an optimal subsidy when others are not, and (ii) what can be done about it? The lack of activity in the green investment subsidy markets has been a concern as it appears optimal that countries should offer such support from a welfare point of view but progress has nonetheless been stalling, which motivates this paper. We show that free riding (which is likely to affect the green subsidy market) cools down the subsidy market with harmful welfare effects, and preemption (which is likely to affect the more active FDI subsidy market) overheats the subsidy market with similarly harmful effects. The theory dictates a taxation scheme that offsets these effects to restore the welfare to its maximum point.     

我国新股IPO高定价发行原因及对策——新股IPO定价模型研究初探

新股IPO＂三高＂现象一直是困扰我国证券市场健康发展的问题之一,2010年11月,中国证监会有针对性地实施了新股发行体制第二轮改革。笔者认为,此次改革之所以没有达到预期效果,主要是对＂三高＂产生的根本原因缺乏必要的研究。文章通过构建新股定价模型,从一个全新的角度探究新股IPO＂三高＂背后的根本原因,并提出了解决＂三高＂的思路与对策,丰富与创新了相关的理论。     

基于交换理论思考第三方物流的良性发展

利用交换理论,研究了制造业和第三方物流业融合时形成的契约曲线．提出了双方在合作过程中由于帕累托效率配置点背后的无差异曲线原因．造成双方改变动力不足的观点。结合福利经济学第一、第二定理,深入分析了目前第三方物流业在市场上处于的地位和不利局面。依据模型分析,提出了政府应该强化政策扶持、设置政策扶持时问限制．鼓励第三方物流自身壮大,以及强化双方的学习曲线融合效应等对策,     

Road pricing and the 'new deal for transport'

There are several good reasons why motorists should be charged for using roads, and it is important to understand these and to distinguish between them.
Alternatives, however attractive, fail to stand up to close scrutiny. The change of government attitude showed in the recent White Paper is to be welcomed, but of the three specific proposals, two are questionable. Road pricing should not be used as a major welfare tool.     

盈余操纵行为监管的模型分析

我国证券市场上存在严重的盈余操纵现象。其原因是多方面的,如由于政府在监管中的两难困境和多元化目标使其选择了利于上市公司进行盈余操纵的策略;法规的不健全,指标考核的单一加大了上市公司进行盈余操纵的动力,从而产生了“类逆向选择现象”。注册会计师审计不力也是一个重要的原因。本文运用博弈论建立模型,讨论了注册会计师审计和公司盈余操纵的关系并得出结论,以期形成良好的监管机制,保证我国证券市     

From feminism to FemInc.ism: On the uneasy relationship between feminism,entrepreneurship and the Nordic welfare state

Feminism in the Nordic countries was primarily formulated in terms of ‘state feminism’. The women’s movement cooperated with feminist government officials and politicians, resulting in societies that can be considered to be the most gender-equal societies in the world. Historically, the state provided for a large publicly-financed welfare sector which made it possible for many women to combine work and family through the state’s implementation of family-friendly policies, while simultaneously providing employment opportunities for many women. However, since the financial crisis of the 1990s, there has been a political change influenced by neo-liberal thought, in which politicians have handed over the welfare state’s responsibilities to the market, and, instead, the politicians have encouraged entrepreneurship, not least among women. Further to this development, there has been a change in emphasis from entrepreneurship (understood as starting and running a business) to entrepreneurialism which, in addition to a belief in the efficacy of market forces, also contains a social dimension where individuals are supposed to be flexible and exercise choice. In this article, we ask whether this entails a change in the feminist project in the Nordic countries, and if so, what the likely consequences are for this project, both in practice and in research. In order to answer this question, we reviewed existing Nordic research on women’s entrepreneurship and examined how this body of work conceptualizes entrepreneurship, gender, the state, and equality. We also considered whether any trends could be identified. We relate our findings to recent changes in government policy and conclude that the current discourse on entrepreneurship challenges, and possibly weakens, state feminism, but we also conclude that this discourse may also provide space for new forms of feminist action, in market terms. We coin the term FemInc.ism to denote feminist action through enterprise and we discuss a number of important challenges that research on this phenomenon is faced with.     

医患信息不对称的原因及对策分析

随着卫生体制的改革、医学模式的转变以及人们自我保护意识的增强,医疗市场中的医患纠纷不断呈现上升趋势,医患关系紧张,其原因是多方面的,信息不对称是最根本的原因。本文分析了医疗市场中医患之间信息不对称现象的原因以及缓和这种不对称状态的措施。     

Why is there a tendency to excess demand in consumer goods markets in planned economies?

In recent discussion of the transition from a planned to a market economy it has been suggested that the queuing costs associated with excess demand represent a deadweight welfare loss. A simple model of the planned economy is developed and used to explain why the planners might choose to permit some degree of excess demand in spite of this deadweight loss.     

出租车数量管制对社会福利的影响

运用经济学的研究方法对出租车行业的数量管制问题进行了考查。研究发现,由于出租车行业具有很强的竞争性,单纯依靠市场的自发调节就能够实现该行业的资源优化配置;对出租车行业的数量管制,不但影响了出租车行业的自身发展,而且造成了社会福利损失。事实上,管制的重要原因是为了获得管制租金而不是增进社会福利。因此放宽对出租车行业的数量管制才是增进社会福利的有效选择。     

试论管理会计体系的构建

笔者认为,管理会计未形成一整套真正意义上的应用体系,其主要原因在于理论体系不成熟,内容体系杂,缺乏规范性与科学性。本文在剖析其与财务管理、成本会计内容交叉的原因,并详细界定它们的区别。在此基础上,结合企业经营活动的管理顺序即内部价值链构建出管理会计的内容体系。     

Migration consequences of welfare reform

We investigate whether recent changes in welfare policy affect the migration of low-educated unmarried mothers. Estimates indicate that welfare reform is associated with an increase in employment-related intrastate migration, and a decrease in non-employment related migration, both within and between states. The net effect was a small increase in intrastate migration and a small decrease in interstate migration. The close link between migration and employment suggests that welfare reform has motivated low-income women to move for economic reasons. In general, welfare policy appears to have a much larger effect on residential location because of its relationship to employment than because of benefit differences between states.     

欧元区经济形势对黄金市场的影响

黄金市场变动主要受黄金本身供求关系影响,其中影响其供给的因素是多样的。本文专题研究有关欧元维持高位运行原因,欧元区的经济形势,及其由此导致的政策预期对国际黄金市场的影响。     

苏州中小民营企业融资问题研究

本文首先分析了苏州民营中小企业融资难的原因,其中主要原因是融资渠道单一,根本原因是信用障碍。针对原因,本文提出要根本性的解决民营中小企业融资难的问题必须要完善民营企业的公司治理,建立规范的治理结构,培育良好的信用环境。最后提出了具体解决融资难的的措施,主要有拓宽融资渠道、推动直接融资,规范非正规金融,引进风险资本,构建适宜的担保结构。     

东方管理哲学思想在企业危机管理中的运用

随着市场环境的不断变化，无论是本土企业，还是在我国的外资企业都遭遇了种种意想不到危机的考验。本文要探究的是为什么在同样的市场环境中、在同样的危机袭击面前，有的企业可以镇定自若，在最短时间内平复危机，而有的企业却应对无方，损失惨重？这里我们试将东方管理哲学思想中的十五要素来剖析和总结我国企业危机管理中成败的规律和特征并提出应对的策略。     

河源物业管理招投标现状探析

物业管理招投标是物业管理市场化进程的关键。本文针对当前河源房地产市场快速发展过程中暴露出的招投标问题,分析了物业管理招投标不能落实的原因,并提出了相应的对策。     

Low Wage Returns to Schooling in a Developing Country: Evidence from a Major Policy Reform in Turkey

In this paper, we estimate returns to schooling for young men and women in Turkey using the exogenous and substantial variation in schooling across birth cohorts brought about by the 1997 reform of compulsory schooling within a fuzzy regression discontinuity design. We estimate that the return from an extra year of schooling is about 7–8% for women and an imprecisely estimated 2–2.5% for men. The low level of the estimates for men contrasts starkly with those estimated for other developing countries. We identify several reasons why returns to schooling are low for men and why they are higher for women in our context. In particular, the policy alters the schooling distributions of men and women differently, thus the average causal effect puts a higher weight on the causal effect of schooling at higher grade levels for women than for men.     

股票期权计划的行为激励契约本质：基于经济、道德和行为三维视角的思考

股票期权计划(SOP)作为公司治理激励约束机制,SOP借助牛市频频爆出个人的瞬时巨富神话;而当遭遇金融风暴重创其赖以依存的资本市场后就陷入困境。2009年AIG、美林银行等深陷金融沼泽的金融机构将政府救济金以兑现以往的SOP为由分发,从而将SOP再次推上争议的浪尖。我国自20世纪90年代末引入SOP至今,其激励效果始终不甚明朗,而此次金融危机暴露出的薪酬贫富两极化趋势也引发国内外民众对SOP激励效果的质疑。究其原因,除却外因的作用,还在于欠缺对SOP本质的全面理解,只偏执于激发受约人财富欲望的股票期权计划势必埋下导致激励过度或激励扭曲的隐患。本文从经济效果、道德伦理和行为能力三维视角出发,从人本层面重新审视股票期权计划的本质,以求得其作为一种行为激励契约的解答,进而探求其在我国现有情境下得以有效应用可能。