新股发行定价市场化改革的难点与出路

从当前的市场情况看,导致股价扭曲的因素依然存在,因此,发行制度的市场化改革要取得预期成效,面临的困难很多     

天然气价格形成机制及改革方向

本文通过对现行天然气价格形成机制的分析,结合我国天然气产业的现状,揭示了现行天然气价格形成机制的弊端以及改革的必要性,并对改革方向进行了一些粗浅的探讨。     

天然气价格形成机制及改革方向

本文通过对现行天然气价格形成机制的分析,结合我国天然气产业的现状,揭示了现行天然气价格形成机制的弊端以及改革的必要性,并对改革方向进行了一些粗浅的探讨.     

我国新股发行定价机制的市场化改革

新股发行定价机制的科学性和合理性，直接影响到证券市场的定价效率，进而影响到证券市场资源配置功能的发挥。     

天然气价格形成机制及改革方向

本文通过对现行天然气价格形成机制的分析,结合我国天然气产业的现状,揭示了现行天然气价格形成机制的弊端以及改革的必要性,并对改革方向进行了一些粗浅的探讨。     

我国IPO定价机制分析与探究

股票市场的价格发现功能对于准确估计公司价值有重要意义,因而完善我国的IPO定价机制,提高市场定价的效率便显得尤其关键。近年来,我国不断深化IPO定价机制市场化改革,力图建立起完善的市场化新股发行定价机制。本文分析了询价机制下我国IPO定价机制可能存在的问题,并给出解决建议。     

我国IPO定价机制分析与探究

股票市场的价格发现功能对于准确估计公司价值有重要意义,因而完善我国的IPO定价机制,提高市场定价的效率便显得尤其关键。近年来,我国不断深化IPO定价机制市场化改革,力图建立起完善的市场化新股发行定价机制。本文分析了询价机制下我国IPO定价机制可能存在的问题,并给出解决建议。     

政府是否应该干预新股定价

本文从信息不对称角度重新认识新股定价的多主体博弈过程，论证新股行政性定价机制的引入是政府为了避免发行市场“信息陷阱”的合理选择，它保证新股发行成功，但导致新股发行的混合均衡，牺牲了资源配置效率。新股定价市场化改革可以实现分离均衡和资源配置的双重目标，但必须考虑到实现的约束条件。     

发展完善我国国债二级市场的思考

作为国债转让和流通的主要场所，我国国债二级市场在整个国债市场乃至金融市场中扮演着日益重要的角色；但同时、缺乏流动性、制度建设不完善等因素也制约其进一步发展。完善与发展我国国债二级市场的对策有：建立全国统一、多层次、多元化的国债交易市场；推进利率市场化改革；优化交易主体结构；完善市场制度建设；加强和完善对国债二级市场的监管体系等。     

加快步伐 造福“三农”

日前,中国银联联合28家金融机构推出了＂福农＂主题系列银联卡,以特色产品整合相关涉农社会服务,打造金融服务＂三农＂的新平台。从2005年启动的农民工银行卡特色服务,到最近推出的＂福农＂系列银联卡,中国银联以实际行动贯彻落实党中央＂服务‘三农’＂的号召,     

投资者有望加快投资节奏

2012年,在中国VC/PE市场整体低迷形势下,一方面投资机构普遍面临募资与退出困境,投资活跃度也大幅下降。而另一方面,在此前全民PE热潮中高涨的企业投资市盈率也在寒冬中理性回归,投资市场有望触底反弹日前,ChinaVenture投中集团对境内外数十家GP     

香港会计师公会的第四个长期发展规划

战略性计划从一开始便一直在演变,并在这个新世纪显得更加复杂.公司、企业与专业团体经历了比以往更多和更急剧的变化.     

Moral hazard,hold‐up,and the optimal allocation of control rights

I examine the optimal allocation of control rights in a model with manager moral hazard, where the manager and investor may hold up each other ex post. The control allocation determines both the likelihood of hold‐up and the agents’ renegotiation payoffs. In equilibrium, only two control allocations are optimal: either exclusive investor control or a contingent control allocation that allows the manager to remain in control if, and only if, interim performance is good. Thus, my model explains why it may be optimal to link control to the firm’s performance such that managers retain control only following good performance.     

Information control in the hold‐up problem

We study the use of information control to mitigate hold‐up risks. We identify a distinction between asymmetric information that creates an ex ante investment incentive and asymmetric information that causes ex post inefficiency, which then allows ex post inefficiency to be eliminated without compromising the ex ante investment incentive. We characterize the properties of the optimal information structure and the payoffs and welfare achievable with information control in the presence of hold‐up risks.     

Internal control system,earnings quality,and the dynamics of financial reporting

Using an earnings management model in which managers manipulate information when the firm’s control system fails, I introduce a measure of earnings quality, based on the notion of integral precision, that has solid theoretical foundations. A trade‐off between the frequency and the magnitude of overstatements is shown: overstatements are larger when misreporting is less likely. Overall, the model generates a distribution of earnings announcements similar to its empirical analogue and provides a structural method to identify the likelihood and magnitude of misreporting by exploiting information from the moments of the distribution of reported earnings.     

完善内控体系强化风险管理

虽然传统上我国商业银行对操作风险的管理十分重视,但由于银行自身治理有效性不足,风险控制文化缺乏,内部组织结构不合理,缺乏现代风险理论和技术支撑,信息化水平不高等原因,商业银行尤其是规模较小的城市商业银行对操作风险的管理能力有明显欠缺,由此产生的案件时有发生.     

Banking system control,capital allocation,and economy performance

We observe less efficient capital allocation in countries whose banking systems are more thoroughly controlled by tycoons or families. The magnitude of this effect is similar to that of state control over banking. Unlike state control, tycoon or family control also correlates with slower economic and productivity growth, greater financial instability, and worse income inequality. These findings are consistent with theories that elite-capture of a country’s financial system can embed “crony capitalism.”     

Information system integration,enabling control and performance

The literature has demonstrated the complex relationship between information system integration approaches, such as Enterprise Resource Planning systems, and management control. In this paper, we begin our analysis by focussing on just one aspect of information system integration, namely in terms of data architecture, commonly referred to as the single database concept. We argue that whilst this particular aspect of integration should be related to perceived system success, the variety of ways in which information might be drawn on in practice means it provides no strong basis for predicting a link to business unit performance. Instead, building on Adler and Borys [Adler, P., & Borys, B. (1996). Two types of bureaucracy: Enabling and coercive. Administrative Science Quarterly, 41(1), 61–90] we argue that the level of information system integration fosters the four design characteristics that make up an enabling approach to management control. Each of these in turn is related to both perceived system success and business unit performance. We present PLS analysis of survey data collected from 169 managers that broadly supports these expectations.     

与时俱进 开拓创新 努力实现公司发展和建设的新跨越

<正> 2002年,我省公司系统认真贯彻“三个代表”的重要思想,团结拼搏,开拓进取,取得了令人鼓舞的可喜成绩。全年实现保费收入28.6亿元,同比增长57.31％,在江西寿险市场的份额为84,40％。其中新单保费15.9亿元,同比增长98.51％。总资产达到54.14亿元。在全国系统总保费排名第18位。新单期交保费排名第8位,意外险保费排名第4位。在业务快速发展的同时,公司经营管理力度明显加大,三项制度改革进一步深化,公司各项建设都取得了新进展。