我国B股市场功能重新定位探析

文章首先分析了我国B股市场的历史定位 ,然后分析了B股市场功能重新定位政策背景 ,最后对B股市场筹资主体和投资主体重新定位进行深入论述。     

发展B股市场是中国证券市场国际化的关键

发展Ｂ股市场是中国证券市场国际化的关键□中信证券公司投资银行部高占军在标志着中国证券市场正式形成的沪、深证交所建立仅一年之后，中国便发行Ｂ股，开始了证券市场国际化的进程。一、中国Ｂ股市场建立与成长的历史背景自１９９１年１１月３０日至１９９７年１月份，...     

B股市场开放对中国资本市场的影响

B股市场是中国证券市场的一个重要组成部分 ,B股市场允许境内投资者入市 ,对国内投资者及资本市场有着深远的意义。文章探讨了这一重大举措产生的影响 ,认为它活跃了B股市场 ,加快了我国资本市场的国际化进程 ,为境内投资者提供了新的投资渠道 ,顺应了我国外汇资本流动的宏观形势 ,但可能使外汇黑市交易升温 ,使先期入市的违规资金获得暴利。     

关于我国B股市场发展策略的探讨

我国B股市场虽然经过 8年的发展 ,但存在着市场规模小、流动性差、市场机制不健全等特点。B股市场的长期低迷 ,一直是困扰着管理层的一个难题。尽管去年中国证监会连续出台有利于B股市场发展的诸多措施 ,但B股市场并没有因此而改观。所以 ,要真正搞活B股市场 ,必须从B股本身的结构和体制上入手 ,选择正确的发展策略和方向     

规范和发展我国B股市场的理论思考--兼谈允许境内自然人投资于B股的政策效应

B股市场在其建立之初有其必然性,从10年发展历程看,B股市场较好地满足了我国资本市场特定发展阶段的需要,在特定历史条件下促进了我国资本市场的国际化进程。但是当初设立B股市场的出发点在今天已发生了重要变化。在我国资本市场基本完成10年奠基任务,正在实现市场化、国际化的历史背景下,有必要通过理念创新、制度创新、工具创新逐步规范和发展B股市场,解决B股市场存在的诸多问题,从而为建立统一、规范的资本市场创造条件。     

中国证券市场国际化背景下的B股折价问题及解决B股措施

中国证券市场长期以来存在着全球独有的A、B股市场并存的特殊分割体制,这一问题阻碍A、B股市场间的跨市场套利行为,扭曲均衡资产定价机制,从而导致了国际资本市场理论研究中的热点问题——B股折价难题(B Share Puzzle)的出现.本文主要从目前B股现存问题以及针对这些问题所提出的建议两个大方面进行相关综述,以国际化的...     

我国A股市场与B股市场的协整研究

运用现代经济计量学协整和Granger因果检验的方法,对我国的A股、B股股票市场之间的互动关系进行分析,结果表明B股市场对境内投资者开放后,二者开始具有均衡关系。     

我国资本市场审计寻租涵义诠释

审计寻租作为我国资本市场中的非生产性的寻利活动,不仅会消耗社会资源,导致整个社会福利的损失,而且还会导致审计信息失真和审计失败。文章结合地租理论,深入探讨租金的涵义演变,揭示审计寻租的租金内涵。     

中国股票市场A、B股价格差异研究

对于中国股票市场的B股折价现象,我们在结合国外学者提出的各种理论假说模型的基础上,经过广泛的实际调研,并借鉴Fama&French的动态组合思想,按各因素进行股票动态组合,再应用因子分析及panel data模型,证明了影响中国股票市场A、B股价格差异的最主要原因是资本管制因素;另外,投资理念差异、流动性差异和相对需求差异也是显著的影响因素.     

The role of social capital in the labour market in China1

Social capital is considered to play an economic role in labour markets. It may be particularly pertinent in one that is in transition from an administered to a market‐oriented system. One factor that may determine success in the underdeveloped Chinese labour market is thus guanxi, the Chinese variant of social capital. With individual‐level measures of social capital, we test for the role of guanxi using a dataset designed for this purpose, covering 7,500 urban workers and conducted in early 2000. The evidence is consistent with the basic hypothesis. Both measures of social capital – size of social network and Communist Party membership – have significant and substantial coefficients in the income functions. Social capital can have influence either in an administered system or in one subject to market forces. It appears to do so in both parts of the labour market.     

我国养老保险基金进入资本市场的投资组合模式构造

养老保险基金是养老保险制度存在和发展的物质基础和前提条件。养老保险基金的负债性质，决定了养老保险基金应在确保安全性的前提下进入资本市场，通过科学、有效的资产组合管理，实现养老保险基金在积累不断扩大前提下的保值、增值。     

Sodano谈中国资本市场

NASD副主席、美国证券交易所(AMEX)主席兼首席执行官Salvatore Sodano现年45岁,前不久他在北京世界新经济论坛发表了演讲,演讲摘要如下。     

The instantaneous capital market line

Summary. We show that if the intercept and slope of the instantaneous capital market line are deterministic, then investors will not hold any hedge portfolios in the sense of Merton [9, 11]. They will choose portfolios that plot on the capital market line, and they will slide up and down the capital market line over time as their wealth and risk tolerance change. This result allows us to aggregate over investors and derive a single factor CAPM where the first and second moments of security returns may change stochastically over time and markets are potentially incomplete.Received: 21 June 2004, Revised: 10 December 2004, JEL Classification Numbers: G11, G12.An earlier version of this paper was presented at the Econometric Society Meeting in Pasadena (1997) under the title “Portfolio selection and asset pricing with dynamically incomplete markets and time-varying first and second moments”.     

产业结构调整的资本市场约束

近年来,资本市场繁荣,资本市场收益率激增,产业中的微观企业成为了资本市场的主体,希望在资本市场中迅速实现资本增值,为企业自身的产业结构合理发展、优化升级创造资本条件。然而,这种行为致使产业结构调整产生波动,产业内部的合理化受到阻碍,产业之间的优化升级遇到鸿沟。甚至出现了产业结构不合理,产业发展倒退现象。资本市场的快速发展最终对产业结构调整产生了投资约束。     

Influence and inefficiency in the internal capital market

I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be distorted by managers, and public signals that are undistorted but noisy. Headquarters faces a tradeoff between the cost of attaining an accurate private signal and the value of the information the signal provides. In contrast to existing models of “socialism” in internal capital markets, I show that investment sensitivity to Tobin's Q is higher than first-best in firms where division managers hold equity (a result consistent with evidence presented in Scharfstein, 1998). When managers face high private costs from distorting information (equity holdings), headquarters may commit to investment contracts that place “too little” weight on private signals and “too much” weight on public signals (i.e. Q). This result has implications for managers in the design of capital budgeting processes and incentive compensation systems.     

Mergers and the market for organization capital

In this paper, mergers are an equilibrium outcome in which acquirers “marry” targets so as to gain access to their organization capital. Firms with lower learning costs about the new technology are not necessarily those that manage it best once it is mature. Since there are gains from trade, a market for organization capital can arise through mergers. This model generates a merger wave after a shock to technology and is consistent with several other stylized facts on mergers documented in the literature.     

Equity market and foreign capital

Abstract .  I present a model that demonstrates that the market mechanism is not always effective in stabilizing an open equity market. Foreign capital inflows create multiple equilibria in the equity market, which may simultaneously trigger a currency crisis as well as an equity market crash even if the equity market is well developed.