对房价收入比科学涵义的再探讨

房价收入比是目前国际上常用的衡量城市居民住房消费能力和房价水平的综合指标。科学界定房价收入比的涵义,对于有效提高这一指标的应用价值至关重要。在此基础上,还应客观认识房价收入比在实际运用中的功能特征,以利房地产理论研究、政策制定以及企业经营。     

关于艺术品的涵义、种类与价值的思考

近年来,虽然艺术品收藏的势头日趋火爆,艺术品收藏者的数量与日俱增,但人们对艺术品涵义、种类与价值的理解还处于不同的角度与立场,艺术品也无人们所公认的定义。     

金融体系效率的涵义、影响因素与提高途径

全球经济失衡的结构性原因在相当程度上是金融体系效率的国别差别,美国次贷危机充分表明提高一国金融体系效率是抵御危机的根本途径。本文在阐释金融体系效率的基础上,对影响金融体系效率的因素进行了系统分析,提出了提高中国金融体系效率的八大途径,文章最后给出了深化金融体系效率研究的可能性方向。值得指出的是,本文在理论上为金融发展理论的发展提供了新的线索。     

影响一国金融体系形成、变迁的因素分析及其政策涵义

经济发展阶段与发展水平、政治传统、法律因素、社会文化偏好等是影响一国金融体系形成及变迁的主要因素。在最优金融体系的选择问题上,要充分考虑上述异质性因素,要充分尊重本国的现实国情,不宜简单效仿他国的先进模式。     

影响一国金融体系形成、变迁的因素分析及其政策涵义

经济发展阶段与发展水平、政治传统、法律因素、社会文化偏好等是影响一国金融体系形成及变迁的主要因素。在最优金融体系的选择问题上,要充分考虑上述异质性因素,要充分尊重本国的现实国情,不宜简单效仿他国的先进模式。     

美国金融霸权的崛起(一)

独立战争:一个经济奇迹1620年9月16日,102名英国清教徒登上五月花号,扬帆驶向新大陆,希望能在大洋彼岸找到没有刽子手,可以自由信仰上帝的地方.     

金融体系效率的涵义、影响因素与提高途径

全球经济失衡的结构性原因在相当程度上是金融体系效率的国别差别,美国次贷危机充分表明提高一国金融体系效率是抵御危机的根本途径.本文在阐释金融体系效率的基础上,对影响金融体系效率的因素进行了系统分析,提出了提高中国金融体系效率的八大途径,文章最后给出了深化金融体系效率研究的可能性方向.值得指出的是,本文在理论上为金融发展理论的发展提供了新的线索.     

政府与中央银行之间博弈关系的信息涵义探析

政府与中央银行之间存在着典型的委托代理关系,政府作为委托人,将专业化的货币操控权委托给中央银行,通过中央银行对这一权力的运用来实现对宏观经济的调控.在我国,中央银行的独立性不高,这种委托代理关系显现的更加明显.政府与中央银行之间的利益博弈不清晰,就会导致中央银行对外发送的政策信息缺乏代袁性,使微观主体无法辨别声音来源,进而影响中央银行的声誉和货币政策有效性.本文旨在构建委托代理模型来详细分析这种关系,并给出相应政策建议.     

中国国际收支双顺差:演进前景及政策涵义

本文首先回顾了中国国际收支双顺差的历史与现状,分析了双顺差产生的根源、后果及相关福利损失。其次,本文对中国经常账户与资本账户余额的演进前景进行了展望。随着中国货物贸易顺差的相对下降、海外投资净收益的可能恶化、中国企业海外直接投资规模的上升,以及资本账户下证券投资与其他投资规模与波动性的增强,未来几年内中国国际收支双顺差的状况有望显著缓解。最后,本文讨论了中国国际收支双顺差收缩的政策涵义,特别是对美国国债市场、人民币汇率、央行冲销行为以及中国资本账户开放等问题的潜在影响。     

政府与中央银行之间博弈关系的信息涵义探析

政府与中央银行之间存在着典型的委托代理关系,政府作为委托人,将专业化的货币操控权委托给中央银行,通过中央银行对这一权力的运用来实现对宏观经济的调控。在我国,中央银行的独立性不高,这种委托代理关系显现的更加明显。政府与中央银行之间的利益博弈不清晰,就会导致中央银行对外发送的政策信息缺乏代表性,使微观主体无法辨别声音来源,进而影响中央银行的声誉和货币政策有效性。本文旨在构建委托代理模型来详细分析这种关系,并给出相应政策建议。     

养老地产的“美国梦”

美国是一个养老产业发达的国家。美国目前约有3900万65岁以上的人口,约占美国总人口的13%,到2030年,美国将有五分之一的老年人。那么,美国的养老产业,特别是养老地产,是如何运作的?     

Securities legislation and the accounting profession in the 1930s: The rhetoric and reality of the American Dream

Merino and Neimark (“Disclosure Regulation and Public Policy", Journal of Accounting and Public Policy, Fall 1982, pp. 33–57) examined passage of securities regulation in the United States in the 1930s, concluding that the regulation should be viewed as symbolic (i.e. not expected to result in significant changes in distribution of economic resources), a means of restoring investor confidence and preserving the status quo. Since that time, a number of traditional and critical studies have examined that thesis and offered new insights into the complex interrelationships found in the passage of securities legislation (e.g. Neu, “Reading the Regulatory Text: Regulation and the New Stock Issue Process", Critical Perspectives on Accounting, December 1992, pp. 359–388; Bealing, “Actions Speak Louder Than Words: An Institutional Perspective on the SEC", Accounting Organizations and Society, Vol. 19, 1994, pp. 555-569; Bealing, et al., “Early Regulatory Actions by the SEC: An Institutional Theory Perspective on the Dramaturgy of Exchange"Accounting Organizations and Society, Vol. 21, No. 4, 1996, pp. 317–338). We continue this line of research by developing the rationale behind the argument that symbolic legislation might be sufficient to restore investor confidence. We use as our framework the pragmatic concept of democratic conversation, unique to the United States, to frame the ideological debate. We posit that securities legislation can best be understood as an effort to reestablish the viability of what has been labeled the “American dream". We concur with the conclusion of Wettergreen (“The Regulatory Policy of the New Deal", The New Deal, 1989, pp. 199–213) that passage of the securities legislation must be examined as a response to a moral crisis of capitalism, generated by the “immoral behavior" of the capitalist elite. Following Dewey, we posit that the first priority of any regulation had to be to establish the moral legitimacy of capitalism by restoring trust in the existing system. As Dewey (Liberalism and Social Action, New York: Putnam, 1935) concluded, radical change was needed, otherwise it would merely be symbolic and used as propaganda to maintain the status quo.We then focus on the framers of regulation and the accounting profession. We do this by examining the private correspondence and the actions of the regulators during the early years of the SEC act. We believe our analysis shows that the early SEC commissioners had a commitment to the private property rights paradigm, and were unwilling to confront the monied interests. We support our position in a historical analysis of Accounting Series Release(ASR) No. 4, the Whitney case and the North American case. We interpret the historical evidence as a desire by the regulators to maintain the status quo. Thus, even if we believed the legislation was intended to cause a “real" change, the enforcement was not performed in an activist manner to initiate the change. For example, William O. Douglas (the second chairman of the SEC), who was no doubt a modern day judicial activist, was not an activist when it came to regulation and accounting related issues (e.g. full disclosure). Personal correspondence shows he had close relations with the accounting profession and raises the possibility that he may have been “captured" by the profession.In summary, our arguments are as follows: (i) the rhetoric used by the New Deal was intended to restore trust and fairness in American society; (ii) the underlying basis for the political persuasion was the restoration of the American dream in a liberal environment; (iii) in a contemporaneous analysis of the New Deal environment, Dewey (Liberalism and Social Action, New York: Putnam, 1935) states that, without radicalism of change, the New Deal was doomed to failure since it would be viewed as protecting the status quo—we concur with this view as to the securities regulation and the behavior of Douglas; (iv) Douglas appears to act in favor of the status quo due to his close relations with the accounting profession, and, in our view, being “captured" by the profession and (v) we support our thesis by examining several SEC actions during Douglas’s tenure.     

Waking Up from the American Dream: On the Experience of Young Americans during the Housing Boom of the 2000s

We exploit regional variations in house price fluctuations in the United States during the early to mid‐2000s to study the impact of the housing boom on young Americans' choices related to home ownership, household formation, and fertility. We also introduce a novel instrument for changes in house prices based on the predetermined industrial structure of the local economy. We find that in regions that experienced large increases in house prices between 2001 and 2006, the youngest households were substantially less likely to purchase residential property, to be married, and to have a child, both in 2006 and in 2011.     

房地产金融属性的表现及经济含义:以美国房地产市场为例

随着金融自由化及经济资本化的深入,房地产金融属性的增强成为以美国为代表的全球房地产市场发展最大的特点。房地产的异质性被金融属性抹平,而波动的同步性增强,全球房地产市场首次同步繁荣,甚至开始脱离实体经济而自我膨胀。房地产金融属性的增强,使其更容易产生繁荣-萧条式的大幅波动。因此,需适当控制房地产金融属性。     

我们都在编织梦想

2005年7月8日,DEG(德国投资与开发有限公司)和SIDT(德国储蓄银行基金)作为境外战略投资者正式参股四川南充市商业银行(NCCB),南充市商业银行历时三年半的国际战略投资引进终于尘埃落定。其间的故事得失, 成功与挫折,相信很多局中人会久久回味。南充商行与DEG和SIDT的合作,无论从引资规模还是参股比例来看,注定只是我国银行业战略性变革晨曦中的一滴露水,但毫无疑问他们的市场化行为为西部区域银行叩开了境外战略投资的第一扇门。我们《银行家》杂志社作为致力于促进我国银行业发展与进步的媒体,有责任为这个伟大的时代记录拓荒者的足音。前不久,本刊主编王松奇教授与这个项目的关键推动者、全程参与者天华通宝投资顾问有限公司的郝明玮总裁、马天骄副总裁坐在了一起,相信他们的故事会给处于变革摸索期的城市商业银行许多启示。     

淄博实践梦与惑

三位一体 时间追溯到1993年9月. 为完成国家体改委交给淄博市的乡镇企业制度改革试验任务,配合中国人民银行批准设立的淄博乡镇企业投资基金的运作,经淄博市政府批准设立,9家金融机构发起成立了淄博证券交易自动报价系统.该系统是以交易乡镇企业改制股份公司股票为特色的、区域性的场外交易市场.     

中小企业板,梦想成真

深交所谋划数载的“中小企业板”终于揭开面纱。经国务院批准,中国证监会5月17日正式发出批复,同意深圳证券交易所在主板市场内设立中小企业板块,并核准了中小企业板块实施方案。设立中小企业板尘埃落定,深交所终于可以长舒一口气了。有人说,从这一天起,利用资本市场培育我国中小企业成长的新时代已经到来,而中国的“纳斯达克”之梦也不再那么遥不可及,我们希望一切果真能如人们所想象的那般美好。     

专访上海当天资产管理有限公司董事总经理郑洋 快速扩张后的TOP5梦想

在国内第三方理财企业厮杀的当下,当天财富却选择通过“文化影视艺术＋互联网金融”这一入口在国内迅速跑马圈地,打造全方位的金融投资平台。     

郭荣丽的金融梦

从读大学那天起,"金融"二字就注定成为郭荣丽人生的主题词. 在象牙塔里学习和教授了8年财务与金融相关知识后,她将所学应用于实践,历任招商银行总行会计部总经理助理、副总经理、深圳分行南山支行行长、总行会计部总经理,以及渤海银行CFO等职.