头条

<正>高虎城部长会见美国总统贸易代表团4月13日,商务部长高虎城在京会见了奥巴马总统代表、美国商务部长潘妮?普利兹克和能源部常务副部长伊丽莎白?佘尔伍德—兰道尔及所率领的"智慧城市-智慧增长"总统贸易代表团,双方就中美经贸关系、能源环境合作等议题深入交换意见。高虎城表示,今年是中美关系发展的关键年。习近平主席将在9月对美国进行国事访问,这将引领中美关系在未来较长时期健康稳定发展。近年来,中美经贸合作的规模不断扩大、领域不断拓展。2014年双边货物贸易额达到创纪录的5551亿美元,双向投资额     

声音

"我们需要一个什么样的中美关系?中美应该进行什么样的合作来实现共赢?中美应该怎样携手合作来促进世界和平与发展?这不仅是我们两国人民关注的事,也是国际社会关注的事。"——"习奥会"时,习近平主席连发三问。     

中美贸易战羞于大打出手

<正>表面上看,中美剑拔弩张,一场贸易大战拉开序幕。但此次中美贸易摩擦"开打"象征意义大于实际意义。中美贸易战"大打出手"的可能性不大,双方都恪守一个底线——别把中美关系弄僵了。美国政府决定对中国进口轮胎征收35%的关税,给中国对美轮胎出口带来打     

沟通合作 互利共赢

中美战略与经济对话机制自2009年建立以来,为推动中美关系发展和两国高层战略沟通发挥了独特的重要作用,取得了丰硕成果。随着中美关系不断发展和国际形势的变化,刚刚落幕的第四轮中美战略与经济对话,对进一步加强两国合作与沟通,促进新型中美关系发展具有重要意义。在新的历史时期,双方将继续排除干扰、共同     

推进持久互利的中美经济关系——透视第四轮中美战略与经济对话框架下的经济对话

(一)5月3日至4日,备受关注的第四轮中美战略与经济对话在北京成功举行。中美两国元首对本轮对话高度重视,中国国家主席胡锦涛莅临会议并发表重要讲话,美国总统奥巴马发来书面致辞。对话为中美关系未来发展指明了方向。作为两国元首特别代表,中国国     

关于构建中美新型大国关系的思考——中美关系将走向何处？

2019年是中美建交40周年,中美双边关系如何发展,不仅直接影响两国人民,也影响着国际关系格局。由于中美两国在发展阶段、社会制度等方面存在差异,中美关系历来并非一帆风顺,而是合作和矛盾交织,在曲折中前进。随着中国在经济、军事和外交上实力逐渐变强,特朗普政府从对中国的“接触”政策,转向对华全面竞争战略,在经济、军事、外交等领域均将中国作为竞争者,中美关系进入新阶段。中美关系重构需稳步推进并实现以“协调、合作、稳定”为基调的新型中美大国关系。     

展望2020:全球宏观、中国宏观与中美关系

本文从全球宏观、中国宏观和中美关系三个维度对2020年进行了展望,认为全球经济2019年是短期低点,2020年全球和不同经济体的经济增速都会出现一定程度的复苏,但中长期仍面临着内生动力不足问题。中国国内生产总值(GDP)增速中枢仍处在下行周期的中段,但短期内或将企稳,2020年整体上或呈现出前高后低的态势。考虑到符合双方利益,中美达成全面贸易协定的概率较高,未来中美竞争的关键词将是科技创新。     

合则两利 斗则俱伤 理性处理中美贸易争端

阳春三月,乍暖还寒。美国总统特朗普的进口钢铝征税法令,以及对华301调查报告和大规模征税计划的重磅公布,令中美"贸易战"乌云压顶,也搅混了全球经济整体向好复苏的一池春水。形势的突变也使得我们在《中国外汇》上半月刊连续两期专题聚焦中美贸易问题。自特朗普上台执政后,中美关系进入了一个全新的发展阶段,两国利益冲突更加复杂多元,大国竞争、     

浅析后金融危机下的中美贸易摩擦原因及对策——以“轮胎特保案”为例

中美贸易摩擦是中美关系中最重要的一环。2008年美国次贷危机之后,中美贸易摩擦愈演越烈,美国对中国的贸易限制手段不断增加,其中以＂轮胎特保案＂最为轰动。本文以＂轮胎特保案＂为案例,结合后金融危机下的中美贸易摩擦呈现的新特点,通过对案例进行分析,深入探讨中美贸易摩擦产生的原因及应对策略。     

“中美未来领袖项目”成员到访华夏基金

6月11日,首届"华夏基金?中美未来领袖项目"成员一行20人到访国内最大的基金公司-华夏基金管理公司。"中美未来领袖项目"由美国著名高校宾夕法尼亚大学联合北京大     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.