中非经济合作瞻望——中非，天然的经济合作伙伴

2006年11月4日将彪炳在中非发展历史上。这一天，40多个非洲国家的首脑千里迢迢赶来北京，参加中非关系上史无前例的中非合作论坛北京峰会。会上，中非领导人确认了中非发展新型战略伙伴关系，规划了双方未来的务实合作。     

国家主席胡锦涛出席金砖国家领导人第三次会晤时发表重要讲话：加强合作与交流 维护国际经济金融稳定

4月14日,金砖国家领导人第三次会晤在海南省三亚市举行,中国国家主席胡锦涛、巴西总统罗塞夫、俄罗斯总统梅德韦杰夫、印度总理辛格、南非总统祖马出席。胡锦涛发表了题为《展望未来共享繁荣》的重要讲话。     

大湄公河次区域货币金融合作基础条件分析

"多样性中求统一"的基本特征决定了"从双边货币合作走向次区域合作最后到全区域的合作"不失为东亚货币合作的一个现实可行的推进路径.大湄公河次区域合作框架自亚洲开发银行首倡以来.各国对这一合作机制抱以厚望.该区域在多大程度上具备货币金融合作的条件?本文分别从经济一体化程度、经济开放度、区域内贸易一体化程度、要素流动性及金融一体化程度等方面展开了实证分析.     

粤港金融合作会更深更强

2015年下半年以来,全球金融市场大幅震荡,中国经济亦受到冲击,种种迹象表明,2016年注定也是不平静的一年。如何应对国际对冲基金做空的挑战？如何舒缓中国金融风险？完成人民币国际化的“最后一公里”路程该怎么走？人民币兑美元汇率如何保持稳定？粤港金融深度合作的意义是什么？香港银行业的发展前景在哪儿？     

评估机构负责人谈行业综合检查

编者按:3月16-19日在北京举行的证券业评估机构检查规范培训班是2004年全国评估行业综合检查工作狠抓落实的一项重要举措.培训班上,一些评估机构的负责人,就本次检查对评估行业发展的重要意义谈了自己的认识和看法,其中有深刻的经验教训,也不乏对检查工作意义的真知灼见.他们认为检查是行业发展的新起点,是行业管理的进步,取得了实效,影响极其深远.通过他们的谈话,我们感到,广大执业人员能够正视现实,勇于修正错误,积极进行整改,风险意识得到强化,反映了评估行业弘扬正气、勇于面对问题的积极态度,具备了推进行业规范发展的原动力,使我们增强了克服困难的信心.我们从中采撷部分谈话,以鼓舞士气."雄关漫道真如铁,而今迈步从头越",展望前方,评估行业的征途上充满光明,硕果累累的收获季节必将到来.     

亚洲区域金融合作有多远?

发展现状 "清迈倡议",决定"将东盟现有的货币互换安排扩展到所有东盟成员国,并与中、日、韩建立双边货币互换和债券回购便利安排",以加强该地区的交流与合作     

Oil Price and Stock Market Synchronization in Gulf Cooperation Council Countries

Knowing that the Gulf Cooperation Council (GCC) economies are dichotomous in nature, and growth in the non-oil sector is tributary to the oil sector, we document the extent of synchronization between crude oil prices and stock markets for each of the GCC markets and for the GCC as an economic bloc. We use both the bivariate and multivariate nonparametric synchronicity measures proposed by Mink et al. (2007) to assess that linkage. We find a low to mild (mild to strong) degree of synchronization between oil price and stock market returns (volatilities). In a very few instances, we find very strong (above 80 percent) associations between these variables. These results hold irrespective of whether we assume that stock market participants form adaptive or rational expectations about the price of oil. Dynamic factor results confirm that shocks to volatility are more important than shocks to oil price returns for the GCC stock markets.     

Diffusion of Management Accounting Practices in Gulf Cooperation Council Countries*

This study examines how management accounting practices (MAPs) have been adopted and diffused by publicly listed firms in the Gulf Cooperation Council (GCC) countries. The results of our survey show that the adoption rates for MAPs in the area of cost management and strategy are low while those in the area of performance measurement are moderate. Overall, the respondents favorably perceived their success in implementing MAPs. Power and politics, not economic (or cost–benefit) reasons, were considered to be the most influential reasons for nonadoption of MAPs. The results provide partial support to the view that there is a global convergence of management accounting system designs and ideas and also indicate that the role of cultural differences is diminishing over time.     

Monetary and Financial Cooperation Between China and the One Belt One Road Countries

ABSTRACT

Based on the theory of optimal currency area (OCA), we calculate the OCA index between China and the OBOR partners with the expressed objective of identifying which partners exhibit monetary and financial compatibilities, and hence present the best potential in terms of cost and benefits. Our findings suggest that among South East Asia region, Malaysia exhibits the highest compatibility and profit potential, followed by Thailand and Vietnam. For the East European area, Poland and Croatia show the best potential in terms of monetary and financial cooperation; with the Czech Republic as close third. Based on our computation, currently Central Asia and the Middle East do not possess the condition or potential for beneficial financial and monetary collaboration.     

Observational Learning from Acquisition Outcomes of Innovation Leaders

We examine how learning from observing the acquisition outcomes of innovation leaders affects the acquisition decisions and performance of followers in an industry. Followers tend to increase the probability of acquisition and the size of an acquisition when innovation leader acquisitions produce more favorable outcomes, and reduce both when innovation leader acquisitions suffer more unfavorable outcomes. Industry competition, environmental uncertainty, prior acquisition experience, geographic proximity, and managerial incentives are important mechanisms affecting observational learning in acquisitions. Follower acquisitions perform better when innovation leaders’ acquisition outcomes convey more favorable signals, and more poorly when they convey more unfavorable signals.     

我国银行保险合作的战略思考

随着金融全球化、自由化和电子化的形成，金融竞争程度日益加剧，银行保险业进行战略合作势在必行。银行和保险应充分利用各自资源、信息、技术、创新、化优势，从战略高度上选择合作的组织形式，并相互融合，互通有无，努力提高核心竞争力。     

全流通试点谁的盛宴

让流通股股东利益受损的全流通必定不是成功的全流通。日前中国证监会发布了《关于上市公司股权分置改革试点有关问题的通知》,清华同方、金牛能源等四家上市公司也很快推出了试点方案,这表明股权分置改革即全流通试点正式启动。毫无疑问,这是中国证券市场上一件划时代的大事。