论我国私人调查员制度的建立

我国的私人调查业目前正处于迅速发展的阶段,但应该引起法学界关注的是该行业处于一种无法可依甚至非法的尴尬境地,私人调查员的所作所为也经常游离在法律的边缘,并引发了社会对其存在是否合法的争议.本文通过对外国私人调查业的产生原因、发展过程及其现状的阐述,分析该行业所存在的各种问题,进一步指出私人调查业在我国立法的必然趋势与立法建议.笔者对私人调查业的存在持肯定态度,但私人调查业必须纳入法制轨道.私人调查作为一种私力救济的手段,在我国虽然没有得到正式的认可,但其目前的状况并不应该妨碍我们以理性的态度来分析私人调查业的相关法律问题.     

The Private Finance Initiative: Clarification of a Future Research Agenda

The Private Finance Initiative in the UK, whereby the public sector actively seeks private finance for developments in its services/buildings, can be traced to the Chancellor of the the Exchequer's Autumn Statement of 1992. However, the seeking of private finance had been a Government concern for many years before this time even though it was only in 1992 that it gained a real impetus and direction. Since then it has developed and expanded into all areas of Government and into local authorities and has been carried forward, with equal, if not greater, enthusiasm, by the recently elected Labour Government. This paper provides an introduction to this new development in the public sector in the UK, tracing its historical development from its 'macro' emphasis, through to the 'micro' outworking of these policies across the entire public sector. This summary provides the base to draw up a future research agenda for PFI, which forms the major concern of the paper.     

推动我国私募基金健康成长的几点思考

私募基金在我国证券市场上的存在已是不争的事实,因其符合供给与需求的均衡点、对我国经济既好又快发展的积极作用、符合国际资本运行的惯例,因此,我国应允许私募基金的存在。当然,由于私募基金存在着风险大、需监管力度大、多层次资本市场不发达、交易不活跃等问题和缺陷,应通过制定和完善与私募基金有关的法规和政策,采取加强对私募基金的监管力度、发展多层次资本市场、努力提高证券市场的活跃程度等措施,推动我国私募基金健康成长。     

浙江省有限合伙私募基金的投资运作及其发展对策

有限合伙私募基金对完善私募基金的组织结构、推进中小企业以及高新技术发展都有很大的作用.由于有限合伙私募基金仍处于初期阶段,还存在着投资理念不成熟等问题,如何规范运作确保有限合伙私募基金的可持续发展亟须认真研究.本文立足于浙江省,通过分析有限合伙私募基金的发展现状以及投资运作,认为要积极拓宽有限合伙私募基金的后续资金来源,完善有限合伙私募基金的退出机制,进一步推动私募基金的可持续发展.     

全球私募基金的发展趋势及在中国的前景

私募基金发展已经对全球经济运行和金融市场发展产生了重要影响.本文通过对全球私募基金发展历程、发展特点以及发展趋势的分析,以及对中国私募基金市场发展历史与现状的评价,提出以下观点:在私募基金的演化与国际化扩张进程中,私募基金经营范围的综合化趋势愈加明显;中国私募基金市场仍是一个不对称的畸形市场,市场上尚缺乏真正意义的本土私募股权投资基金.本文同时得出以下结论:由于社会信用环境、法律环境已经趋好,证券市场日趋理性规范发展,中国私募基金市场的"不对称"和"不规范"的色彩将逐步减轻;私募股权投资基金将逐渐成为中国私募基金存在的重要方式.     

Lockup Agreements and Survival of UK IPOs

This paper examines the role of lockup agreements on the survival of 580 UK Initial Public Offerings (IPOs) during the period of 1990–2011. Our accelerated failure time (AFT) survival model shows a statistically and economically significant effect of lockup length on the post‐IPO survival. A 12 month increase in median lockup period increases the (median) survival time by 27%. Furthermore, the failure rates for IPOs with longer lockups are consistently lower than the failure rates for IPOs with shorter lockups regardless of delisting reasons. The results are robust to choice of different survival estimation models, heterogeneity, clustering, and alternative specification of variables. Our results highlight the importance of lockup characteristics on the subsequent survival of newly listed firms and inform recent debate regarding alleged short‐termism in the UK equity market.     

全球私募基金的发展趋势及在中国的前景

私募基金发展已经对全球经济运行和金融市场发展产生了重要影响。本文通过对全球私募基金发展历程、发展特点以及发展趋势的分析,以及对中国私募基金市场发展历史与现状的评价,提出以下观点：在私募基金的演化与国际化扩张进程中,私募基金经营范围的综合化趋势愈加明显;中国私募基金市场仍是一个不对称的畸形市场,市场上尚缺乏真正意义的本土私募股权投资基金。本文同时得出以下结论：由于社会信用环境、法律环境已经趋好,证券市场日趋理性规范发展,中国私募基金市场的“不对称”和“不规范”的色彩将逐步减轻;私募股权投资基金将逐渐成为中国私募基金存在的重要方式。     

国内商业银行个人金融产品若干问题研究

近年来,个人金融业务逐渐成为国内商业银行经营的业务亮点,呈现出快速发展势头.国内个人客户日益多样化的金融需求给商业银行的个人金融产品经营提出了更高的标准.但国内商业银行个人金融产品还存在诸如金融产品与个人客户需求之间存在差距、为中高端客户提供的个人金融产品仍待丰富、部分个人金融产品的经营效益需进一步提高、个人金融产品创新研发体系及科技系统还不健全等问题.国内商业银行应抓住宝贵的商机,对自己的个人金融产品加以完善和创新,为客户提供差别化个性化服务,更好地满足个人客户多元化的金融需求,提高个人金融产品的市场竞争力.     

Communication in Private-Information Models: Theory and Computation

Communication and no-communication versions of a two-stage principal-agent model are compared. The models contain a risk-averse agent and two sources of private information, a shock to preferences followed by a productive action. Both models are formulated as linear programs, which are then used to compute solutions to examples. For the communication model, an alternative method of accounting for the utility from off-equilibrium strategies is derived. This method greatly reduces the size of the linear program. For the no-communication model a Revelation-Principle like proof is provided. In simple cases, a sufficient condition for communication to be valuable is derived. In these cases, communication improves risk-sharing in bad states of the world. In more complicated cases, computed examples demonstrate how communication may also alter labor supply. Further examples demonstrate how action and consumption lotteries may separate agents by their shock.     

Auditing private companies: what do we know?

The purpose of this article is to provide an overview of the literature on what we currently know about the costs and benefits of auditing private company accounts. Our main conclusions are the following. First, there is much heterogeneity in factors driving audit demand in private companies and the value derived from the audit. Second, research provides support for improved financial reporting quality due to, and real economic benefits from, private company audits. Third, the cost–benefit analysis for private company audits is firm-specific and mandating the audit does not seem to be cost-effective and thus economically optimal for all private companies. Alternative services may better meet the needs of especially smaller private companies. Furthermore, mandating the audit is not necessarily an optimal solution since private companies with low demand for a high-quality audit are able to find an auditor that meets their requirements even under a mandatory regime. Hence, having a mandatory audit in place is no guarantee for universally high-quality audits and this seems most salient for private companies where auditors may be more prone to independence issues. We conclude by providing a number of directions for future research.     

小额贷款公司发展态势的现实考量

本文根据小额贷款公司在全国各地相继试点营运且发展迅猛的现状,阐释了其准生及营运机制的比较优势,从制度设计层面考量了实践运行中的应时性,针对发展中尚存的一些问题,探索性地提出了几点发展建议：把握定位,突出特色;强化贷款风险防控;积极改善营运环境;科学探索小贷公司转变身份或改制的多元目标及其路径。     

对提升内蒙古民办教育竞争力的战略思考——对《内蒙古自治区实施(中华人民共和国民办教育促进法)办法》的思考

内蒙古自治区十届人大常委会第二十二次会议通过了<内蒙古自治区实施(中华人民共和国民办教育促进法)办法>,并于2006年8月1日起施行,这意味着内蒙古自治区民办教育的发展将进入一个新阶段.如何抓住贯彻实施办法这一历史机遇,突破束缚内蒙古民办教育发展的瓶颈,进一步提升内蒙古民办教育发展的竞争力,实现内蒙古民办教育的跨越式发展,发挥民办教育对内蒙古经济社会发展的推动作用,来提高内蒙古人力资源的整体素质与人力资源竞争力,是摆在我们面前十分重要而紧迫的理论课题和重大的现实问题.     

浙商对长春民营经济的启示

浙江,特别是温州,以其人均资源全国倒数第三,而人均GDP却多年稳居全国第一的温州模式,成为全国民营经济的一面旗帜。它们所依靠的“民资、民智、民力”而形成的民营企业群给长春的民营经济发展以很好的启示:长春的民营经济要快速发展,必须在发展环境上做文章,为民营经济创造一个大展宏图的广阔天地。     

商业银行视角下的私募股权融资研究

中国是一个私募股权融资正在勃兴的巨大市场,私募股权融资不仅有利于我国产业结构的调整、行业的整合,而且可以促进我国多层次资本市场的发展。商业银行特别是大型商业银行为私募股权融资提供服务具备多种优势。商业银行的介入既推动了私募股权融资的发展,也拓展了自身的业务领域,增加了中间业务收入。虽然私募基金和商业银行选择项目都采用定性分析与定量分析相结合的方法,但是它们选择项目的方法论是不同的,前者一般以静止的观点看待企业,而后者则用发展的眼光选择企业,它们选择项目的具体标准存在较大区别。     

国外基本医疗保险体系中的商业参与——兼论公共物品供给

本文从国际经验借鉴的角度,根据基本医疗保险体系中的商业参与程度,选取了瑞士、澳大利亚和日本三个国家,对其基本医疗保险体系的特点和商业参与方式进行了阐述和总结。商业参与基本医疗保险这一公共物品的供给,是社会经济发展的必然,也是政府与市场的共同选择。当前,我国需要处理好政府部门与商保机构的衔接和职能分工,以提高基金运行效率、并维护参保者的合法权益。     

NHS CAPITAL INVESTMENT AND PFI: FROM CENTRAL RESPONSIBILITY TO LOCAL AFFORDABILITY

At its inception, the NHS was structured as a public corporation, which owned its hospitals. Sixty years on, hospitals are business units or Trusts, which are responsible for capital investment in a local region. The Private Finance Initiative (PFI) has become the predominant mode of financing new hospitals. This paper's purpose is to review the impact of PFI. A literature review traces the various stages of the NHS' hospital investment programme and the research method is a case study. The findings show that PFI is leading to additional costs and complexity that make the achievement of the NHS's objectives difficult.     

民营企业与员工信托责任探究

企业经营权与所有权分离后,企业与员工之间的信托责任问题不可避免出现,这种情况在民营企业中尤为明显。正确看待民营企业与员工的信托责任,解决民营企业与员工之间的信托责任危机,才能带动民营企业的良性发展,做大做强民营企业。     

The Return to Direct Investment in Private Firms: New Evidence on the Private Equity Premium Puzzle*

This paper uses a novel dataset to analyze the return to direct investments in private firms by pension funds. We have two key findings. First, direct investments in private firms have underperformed public equity by 392 basis points per annum under conservative risk adjustments. Second, initial mispricing, due to over‐optimism or misperceived risk, and subsequent low capital gains seem to explain the gap in returns to private firms. Overall, these findings complement the finding of Moskowitz and Vissing‐Jørgensen (2002) of low returns on entrepreneurial investments and provide new insight into the existence of what they call the private equity premium puzzle: Even professional investors with well‐diversified portfolios like pension funds seem to get a poor risk‐return tradeoff from investing directly in private firms.     

论民营医疗机构的市场准入规制——以法经济学为视角

随着市场经济的深化发展,多元化医疗服务竞争机制的形成需要民营医疗机构市场准入.在我国鼓励社会资本办医政策下,民营医疗机构有了一定发展,但却存在逐利性和市场退出制度缺失等问题.引发这些现象的主要原因是医患信息不对称、医疗服务负外部性、供给诱导需求、医疗公共产品短缺等市场失灵现象.基于此,为确保医疗事业发展和医疗安全,政府应以从严规制与从宽规制相结合的方式,对民营医疗机构市场准入适度干预,建立民营医疗机构市场准入法律制度,明确其市场准入条件和准入范围,建立市场退出制度,以促进和引导民营医疗机构健康、快速和稳定发展.