Provisions on the Administration of Foreign Exchange in Domestic Securities Investments of Qualified Foreign Institutional Investors

In accordance with the Regulations on the Foreign Exchange Administration of the People＇s Republic of China and the Measures for the Administration of Domestic Securities Investment by Quafified Foreign Institutional Investors, the State Administration of Foreign Exchange has formulated the Provisions on the Administration of Foreign Exchange in Domestic Securities Investments of Qualified Foreign Institutional Investors, which came into effect on the date of its promulgation.     

中国证券市场开放与外国机构投资者

我国已经入世,按照承诺,证券市场将逐步对外开放,证券市场的市场要素和市场行为也会随之产生深刻的变化。本文从中国入世后市场环境的变化出发,分析了外国机构投资者面临的市场机遇与进入国内证券市场的积极意义,以及吸引外国机构投资者需要解决的问题。     

机构投资者对证券市场运行效率的影响

本文选取2008—2017年沪深A股作为研究样本,通过基本面板回归分析理性或非理性的投资对股价同步性的影响,以期投资者重视价值投资、切勿盲目跟风。在总体上降低了股价同步性,提高了股票价格中公司异质性信息的程度,对市场的定价效率和稳定性起到了积极作用。     

Circular of the State Administration of Foreign Exchange on Issoues Concerning Administration of Overseas Organizations' Foreign Exchange Accounts in China

For the purpose of regulating the opening and use of foreign exchange accounts in China by overseas organizations.facilitating investment in trade and preventing financial risks,the State Administration of Foreign Exchange issued Circular of the State Administration of Foreign Exchange on Issues Conceming Administration of Overseas Organizations'Foreign Exchange Accounts in China,which entered into force on Aug.1,2009.     

国家外汇管理局颁布《边境贸易外汇管理办法》

第一章总则第一条为了促进我国与周边国家边境贸易的健康发展,完善对边境贸易相关的外汇管理,规范边境贸易中的资金结算行为和账户管理,根据《中华人民共和国外汇管理条例》及其他有关规定,制定本办法。第二条本办法所称“边境贸易”包括边民互市、边境小额贸易和边境地区对外经济技术合作。边民互市贸易,系指边境地区边民在边境线20公里以内、经政府批准的开放点或指定的集市上,在不超过规定的金额或者数量范围内进行的商品交换活动。边境小额贸易,系指我国边境地区经批准有边境小额贸易经营权的企业,通过国家指定的陆地边境口岸,与毗邻国…     

机构投资者的策略变动与上市公司治理

20世纪的后20年,以基金为代表的各类外部机构投资者在西方成熟证券市场中的地位显著上升.机构投资者持有的上市公司资产比重迅速增大,不仅使证券市场的投资主体发生了根本性的变化,而且导致了机构投资者的投资策略从"保持距离"向"控制导向"的转变.这种转变深刻地变革了上市公司治理结构,使"内部人控制"有所改观,同时也在一定程度上提高了被投资的上市公司的经营业绩和机构投资者自身的收益.对于我国目前仍存在诸多缺陷的上市公司治理结构来说,国外机构投资者的投资策略变动及上市公司治理领域的新变化是具有一定的借鉴意义的.笔者认为,为了改变我国上市公司中严重的"内部人控制"特征,需要在坚持实施股权多元化的同时,继续大力发展投资基金、养老基金等机构投资者,提升外部人在上市公司治理中的地位与作用.     

对证券类金融控股引入境外战略投资者的思考

为了改善证券类金融控股公司的管理水平、提升其赢利能力和国际视野,使之不断地发展壮大,本文通过对部分金融机构引入境外战略投资者实践的调查研究和对引入的需求因素分析,得出国内证券类金融控股公司可以尝试直接或间接引入境外战略投资者,加强对外合作与交流,以不断地改进和提升自己。     

Provisions on Administration of Provision of Financial Information Services in China by Foreign Institutions

Chapter 1 General Provisions For the purpose of provid- ing convenience for foreign institutions to provide financial information services in China according to law, satisfying the demands of domestic users for financial information, and promoting the sound and orderly development of the financial information service industry, these Provisions are formulated according to the Decision of the State Council on Amending the Decision of the State Council on Establishing Administrative Licensing for the Administrative Examination and Approval Items Really Necessary to be Retained （No.548 Degree of the State Council）.     

Provisions on Administration of Provision of Financial Information Services in China by Foreign Institutions

The Provisions on Administration of Provision of Financial Information Services in China by Foreign Institutions are promulgated by the State Council Information Office, the Ministry of Commerce, and the State Administration for Industry and Commerce, and have entered into force on June 1, 2009.     

《个人外汇管理办法》实施中的行政执法问题研究

经济的不断发展使得个人的外汇运用需求不断加大。目前行政执法过程中存在难点及问题,为此应做好以下几点：改善外汇执法的外部环境;加强个人外汇信用体系建设;建立个人用汇环境维护的长效机制;严格外汇执法程序;完善处罚机制。     

Provisions on the Administration Of Foreign-invested Advertising Enterprises

The Provisions on the Administration of Foreign-invested Advertising Enterprises,which were amended by the State Administration for Industry & Commerce(SAIC)and the MOFCOM,is hereby promulgated and shall enter into force as of October 1,2008.     

当前我国外汇管理对境外投资的抑制分析及对策

本文从外汇管理的角度出发,重点讨论了我国境外投资外汇管理政策法规的演变及其效果和当前外汇管理制度对境外投资的抑制,并在此基础上提出了一系列放宽境外投资外汇管制的政策建议,这将有助于促进我国境外投资的深入发展.     

义乌市外商投资生活满意度调查分析

采用问卷调查法对浙江义乌外商投资生活满意度的调查结果显示:外商对义乌的投资环境、生活服务、人文教育和政府政策这四方面的满意度依次降低。而外商最期望改进的是就医环境,加快提升医疗服务水平;其次是希望加快完善义乌的金融服务,为外商的投资创造便利的金融条件;在政府政策方面,外商希望义务当地能提供较多的法律服务和相对完善的公司注册信息。此外,在母语咨询平台的设立、孩子教育环境的改善等人文教育方面也有较高需求。义乌市应加快改善外商投资生活环境中所存在的问题,进一步提高外商的投资生活环境水平。     

Foreign Direct Investments and Domestic Employment of German SMEs: The Moderating Effect of Owner Management

Despite considerable research, the relationship between foreign direct investment (FDI) and domestic employment is still inconclusive. The present paper contributes to extant research by providing differentiated findings on the FDI and domestic employment relationship. We examine how horizontal and vertical FDI impact domestic employment and how the effects are contingent on the ownership structure of the firm. Testing hypotheses on a dataset of 1,079 German small and medium‐sized enterprises (SMEs) shows that horizontal FDI has a positive influence, whereas vertical FDI has a negative influence on domestic employment. Furthermore, domestic downsizing due to the establishment of foreign production subsidiaries is less severe in owner‐managed SMEs.     

机构投资者对现金股利影响的实证分析

机构投资者和现金股利被认为具有保护投资者利益的功能,但现有文献缺乏对机构投资者和现金股利关系的分析。利用2001—2009年上市公司数据进行实证分析,结果表明:机构投资者数量和信息披露对现金股利有显著性正面影响,而个人投资者数量对现金股利有显著性负面影响,说明机构投资者有股利偏好行为,信息披露有强化股利信号的传递功能。实证结果还表明,机构投资者的数量比所有权对现金股利有更重要的影响。     

Circular of the Comprehensive Department of the State Administration of Foreign Exchange on Issues Concerning Indirect Declaration of International Receipt and Payment of Domestic Non-Residental Collection and Payment

For the purpose of fully collecting the information of collection and payment of nonresidents with the overseas through domestic banks and the information of collection and payment of domestic non-residents with domestic residents through domestic banks.     

外汇远期套期保值在物流外汇风险管理的应用

在企业物流管理买卖外汇时会面临汇率风险。调查玩具企业外汇风险状况,使用外汇远期协议对外汇交易套期保值,使企业掌握外汇远期套期保值策略,有效地规避物流外汇风险,锁定产品收益和原材料成本,把企业经营得更好。     

机构投资者与会计准则制定悖论

会计准则的目标在于提供决策有用的会计信息,作为会计信息的有效需求主体的机构投资者却没有能够积极参与会计准则的制定,这就是会计准制定悖论。分析其原因,既有会计准则制定方面的原因,又有机构投资者本身和金融市场方面的原因。本文认为,机构投资者在会计准则制定过程中不可替代的地位和作用,机构投资者也有条件和能力积极参与会计准则的制定。机构投资者参与会计准则的制定,不仅是机构投资者发展的需要,也是会计准则发展的需要。