试论市场经济条件下的企业财务管理

财务管理是企业组织财务活动,处理与各方面财务关系的一种主要经济管理活动。中国加入WTO后财务管理面对着新的形势,财务管理的作用显得越来越重要。因此,需要强化企业的财务管理,达到全面提升企业竞争能力的目的。     

论我国农村金融机构多元化的实现

目前我国农村存在着金融机构单一化的问题,发展农村金融,就需要采取措施吸引各金融主体积极为农村金融提供服务,从而达到有效竞争,改变目前农村资金供给不足和农村金融落后的状况。农村金融机构的多元化可以通过以下途径实现：一是完善农村金融市场准入与退出机制;二是充分调动各金融机构对农服务的积极性;三是建立起配套的制度和保障机制。     

The Size of the Rental Market and Housing Market Fluctuations

The paper investigates whether the size of the rental market affects house prices fluctuations or the volatility of construction sector activity over the business cycle. For that purpose we construct a database of variables describing the housing sector in a group of twelve initial euro area members and ten other OECD countries over the years 1995–2014 and conduct a series of panel regressions. We find that a developed rental market attenuates fluctuations in the housing sector, especially for the common currency area sample. We claim that differences among monetary union countries in terms of rental market developments can be destabilizing as they might lead to heterogeneous response to common shocks.     

汽车快跑!!!

来自华尔街的金融危机重创了汽车业. 美国三大汽车集团,通用汽车、福特和克莱斯勒应声而倒,向外界宣称企业受到了金融风暴重创,不得不向联邦政府寻求将近2500亿的紧急贷款救助.     

The Future of Market Regulation

Market regulation is accomplished both by competition and by external government agencies, and the trend is toward greater reliance on competition. Economists have fostered this trend and have even invented markets to help overcome some externality problems. They have contributed to a steady improvement in antitrust policy, which currently reflects economic knowledge well. They diagnosed and demonstrated problems with external regulation of the airline industry and gave assurance that regulation by competition could work in its place. Success there led not only to deregulation of airlines but also deregulation of railroads, trucks, buses, and, in some ways, natural gas pipelines. Two other industries, telecommunications and electricity, are now following very ambitious paths toward less external regulation and greater dependence on competition. The Internet raises new issues, but there also, competition will play an important regulatory role.     

市场新宠儿:保险投资资产证券化

长期以来，保险资金的低效运用一直是困扰中国保险业发展的一大障碍。保险可运用资金的快速增加与现行金融投资工具单，投资渠道偏窄，使得保险资金运用的稳健性、安全性和收益性，也难以进行有效的资产兼顾与负债匹配。     

The Dutch Grey Market

When-issued trading concerns transactions in securities that have not yet been issued. This paper investigates the Dutch “grey market” for when-issued shares prior to stock splits, using a unique hand-collected data set. Market makers are more likely to set up a when-issued market when the underlying firm is larger, the relative trading volume of the stock is higher, and the stock return is less volatile. The when-issued securities trade at a small premium over the regular shares during the weeks prior to the stock split, but this when-issued premium disappears in the last days of trading.     

房地产市场与股票市场互动关系理论的一致性研究

关于房地产市场与股票市场的互动关系存在多种解释,简单地根据某一种理论无法概括房地产市场与股票市场关系的复杂表现。我们发现,这些看似矛盾的理论可以在机会成本原理的基础上得到统一解释。这两个市场的共同增长是一种长期的和基本的特性,而二者此消彼长的关系则具有短期性和偶然性。基于中国房地产市场和股票市场数据的格兰杰因果关系检验支持我们的观点,即关于房地产市场与股票市场关系的几种主流理论是相容的。     

股市政策与股市波动

中国股票市场是一个“政策市”，政府经常有意识地运用一些政策手段调控股市的波动。但是，本文建立的理论模型证明，由于股市政策内生的动态不一致性，政府运用股市政策不但不能稳定股市，反而会造成和加剧股市的波。而来自上海证券市场的经济实证分析也证明了这一点。