北控水务:善用资本之力抢占水务先机简

北控水务集团有限公司（简称：北控水务）是一家具有中国政府背景的香港主板上市公司．目前,在中国21个省、市、自治区及马来西亚、葡萄牙等国家和地区拥有300多个水务项目,日规划水处理能力超过2000万吨,服务人口超过8000万,市值突破400亿港元。有人说,20世纪是“石油的世纪”．     

资本市场的力量

1月16日,金一文化股票开始申购。这意味着中国证券市场新增了一家来自黄金珠宝企业的上市公司。截至目前,沪深A股市场已经拥有了老凤祥、豫园商城、明牌珠宝、金叶珠宝、潮宏基、东方金钰、千足珍珠等多家黄金珠宝类公司,加上在香港上市的周大福、六福珠宝和周生生等,中国黄金珠宝业在国内证券市场的集团力量进一步显现。     

抓住机遇，银行卡借国际体育大赛东风远航

在观看世界级的体育大赛转播时，只要稍稍留意，会在摄像镜头转换的一瞬间，看到信用卡的广告。现代企业早就知道了借助世人瞩目的焦点吸引观众视线的经营之道。2008年奥运会在北京召开，此间，一些国际信用卡公司借助赛事不遗余力展示自己。     

中国资本市场将开设国际板

中国全国政协委员、上海证券交易所理事长耿亮2010年3月8日在谈及中国开设国际板目前的进展情况时表示,国际板何时推出,将遵循怎样的规则、制度以及哪些境外公司将首批登陆国际板目前均在研究中,尚未有明确时间表,上海证券交易所正在研究制定上市规则和交易规则,目前已有一个大致的初稿,待修改、制定完毕后将会向社会征求意见。     

论发展中国家进入国际资本市场之趋势

战后卅年间,国际资本向发展中国家的流动呈现了三个重要变化:1.资本输出主体从国家转向私人;2.资本输出以借贷资本为主;3.愈来愈多的发展中国家直接进入国际资本市场。这些变化在七十年代构成发展中国家直接进入国际资本市场融资的重要趋势。趋势背后的需求因素是:发展中国家对国际借贷资本逐渐从短期贸易需求转向长期发展型需求、投资需求和替代需求。趋势背后的供给因素是:国际资本市场机制的集中和扩张作用通过巨额国际游资向发展中国家寻求出路。而生产国际化是趋势形成的国际经济基础。     

物美:巧借力打造零售“航母”

十多年前．起步于北京市场的物美集团,现已成为北京地区规模最大的民营资本背景的连锁超市集团公司。在外资争抢内需零售领域商机．加紧向内陆市场扩张的同时,作为民营资本的公司,物美的扩张格外引人注意。     

中小企业如何取信于国际投资者

随着中国经济发展与全球市场的日益接轨,中小企业国际融资已渐渐成为人们关注的一个焦点.     

亲历一场国际资本市场运作

从美国的芝加哥、旧金山、亚特兰大、纽约,到瑞士日内瓦、苏黎士、英国伦敦、意大利米兰、巴西圣保罗、新加坡、香港等十几个城市,我和合作伙伴摩根士丹利的营销人员一起走过漫长的路演征程     

国际资本狂赌A股指数

由于中央政府在人民币加息问题上仍然咬得很紧，令早前赌人民币升值的资金感到失望，在寻求新的获利途径。而段权分置和宏观经济进入调整期等客观问题也为这些投机资金提供了更多的筹码。     

On the optimality of international capital market integration

The focus of this paper is on the benefits to investors, arising out of the integration of the capital markets of different countries. The notion that an expansion in the opportunity set of individual investors causes improvements in their welfare is analyzed to take account of the effects on their wealth. With the supplies of investments held constant, the effects of changes in the macroparameters of the risk-return pricing relationship, caused by the merger of capital markets, on the wealth of individuals in the new equilibrium, are determined. Using three specific utility functions – quadratic, exponential and logarithmic – it is shown that international capital market integration is Pareto-optimal, i.e., the welfare of individuals in the economies considered never declines, and will generally improve. The effect of expansion of the opportunity set, due to the integration of capital markets, nullifies the effect of a possible negative change in wealth.     

Destination- and origin-based taxation under international capital mobility

This paper analyzes the macroeconomic effects of origin-based and destination-based taxes in a small open economy with international capital mobility and overlapping generations. In contrast to origin-based production taxes, destination-and origin-based consumption taxes do not distort the international allocation of capital. Nevertheless, the origin and destination principles are typically not equivalent due to different impacts on the intergenerational and international distribution of resources.     

Assessing the international spillover effects of capital income taxation

Changes in capital taxes by one economy spill onto other economies with internationally mobile capital. We evaluate these impacts using a two-region, intertemporal general equilibrium model. The foreign economy's unilateral reduction in corporate income taxation has positive but small effects on U.S. welfare. In contrast, unilateral reductions in personal income taxation impose large negative spillovers. The differences result from CIT being source-based and PIT residence-based. The CIT cut reduces tax burdens to U.S. residents who invest abroad, while the PIT cut reduces foreigners' tax burdens only. Through general equilibrium adjustments neglected in simpler models, the PIT cut lowers U.S. residents' welfare.     

国际资本对中国汽车工业究竟意味着什么--访东风汽车公司总经理苗圩

中国经济发展迅速．目前人均GDP达到1000美元。其中被作为支柱产业的汽车工业有着举足轻重的贡献，恐怕谁也不能否认这一点。但是在如何评价汽车工业近20年的历程时，却有着不同的看法，最近有媒体报道，有专家称中国汽车工业18年交了一张创新“白卷”．中国汽车工业必须走自主开发之路．否则，中国汽车工业将不复存在。有专家这样看？作为合资企业的企业家又如何看呢？在今年全国人民代表“两会”期间，本刊记者采访了东风汽车公司总经理苗圩。     

Pacific Basin stock markets and international capital asset pricing

In this paper, we follow Harvey (1991) to investigate whether rates of return on Pacific Basin stock markets can be explained by conditional version of International Capital Asset Pricing Model (ICAPM), which allows for time-varying expected returns, variances, and covariances. The results show that most individual Pacific Basin markets can be described by the conditional ICAPM. However, the multiple markets' tests do not support the conditional ICAPM formulation, and the estimates of world reward to risk ratio are not the same across these markets. Furthermore, the Ghysels and Hall test (Ghysels & Hall, 1990a, 1990b) shows that the estimates of parameter are also unstable in the conditional ICAPM formulation. This implies that it is difficult to use world return to describe the relationship between expected return and risk for the Pacific Basin stock markets.     

Securitized markets,international capital flows,and global welfare

We study the effect of collateralized lending and securitization on international capital flows and welfare in a two-country general equilibrium model with idiosyncratic investment risk. The low-margin country (Home) endogenously supplies more safe assets and enables more risk sharing. Upon financial integration, capital flows from Foreign (high-margin country) to Home, leading to lower interest rates and a larger global supply of safe assets. Unlike in standard models with partial equity issuance, in our model, Home can lose from financial integration due to the endogenous reduction in risk sharing and aggregate shocks can generate large gross capital flows.     

Dynamic linkages among real interest rates in international capital markets

Short-run and long-run dynamic linkages among weekly real interest rates for G-10 countries are examined using a variety of time-series tests. These tests give special attention to the time-series properties of nominal interest rates, ex-ante expected rates of inflation and real interest rates. Term structure information is used to recover a theoretically consistent measure of ex-ante expected inflation. In-sample and out-of-sample Granger causality tests are also examined to evaluate lead/lag relationships among real interest rates. The results provide strong support for well-integrated markets, particularly in the long run. The results imply leadership roles for the US in international asset markets.