券商腰杆变粗了

<正> 1999年,我国证券机构掀起了一股前所未有的增资扩股浪潮:5月底,湘财证券注册资本金从1亿增加到10亿;时隔不到一月,湖北证券注册资本金从3.02亿增加到10亿;不久,中信证券后来居上,注册资本金从3亿猛增到21亿;不久前,长城证券也获得增资扩股的通行证,计划将     

渴望阳光

天气寒冷不是因为穿得少,而是因为太阳没有出来。 从2001年下半年至今,整整两年的时间,证券市场里的人们一直在过冬。 这两年事情真不少:与全球经济衰退、股市持续下跌、佣金下调相伴,“9·11”、阿富汗战争、伊拉克战争、SARS接踵而来,现在,大厦扑地的尘埃、战争的硝烟和     

我国证券公司经营管理现状与对策

自1990年上海证券交易所和深圳证券交易所相继成立以来,我国证券公司经过十几年的发展,在取得巨大成绩的同时,其现状却不容乐观。面对严峻的形势,我国的证券公司只有深化改革,才能在未来的国际金融大舞台上赢得一席之地。     

券商重组的障碍及对策

中国证监会发布的《证券公司管理办法》中正式对券商设立子公司做出了详细规定，这意味着设立大型的证券控股集团将有法可依。加入WTO后，许多券商未雨绸缪，为了增强自己的风险抵御能力以防国门打开后陷于被动，主动进行增资扩股性重组，券商重组的第五浪已拉开序幕。但是由于各种闪素的存在，券商重组仍存在不少困难。     

参股证券公司的动因分析

<正>在我国证券市场上,上市公司参股、控股证券公司的现象比较普遍,但是,从国际惯例来看,儿乎没有一家上市公司参股、控股证券公司的。。例如,在美、英、法等发达国家的成熟证券市场上,有关法律规定不允许上市公司参股或控股证券公司,这与我国形成了鲜明的对比今年上半年中国股市行情犹如奏起了楚汉相争的乐章,铁马金戈     

我国证券公司的生成机制与发展规模

1988年以来,以试办国库券转让业务为契机,我国各地相继建立了一批证券公司。这是我国证券市场发育进程中的重要步骤,它标志着我国的证券业务正在摆脱原始的、不规范的状态,开始由分散无序型向集中有序型转变。不过,在证券公司形成和发展过程中,也有两个问题亟待探讨。     

券商融资方式研究

<正> 券商增资扩股与上市公司参股券商在《证券法》出台后,国内证券商纷纷希望通过重组的方式扩大自身规模,成为综合类证券公司。经过一年多的努力,一批券商已经成功地进行了股本扩张,资本增加了几倍(参见附表一)。在这次增资扩股中,许多上市公司以各种方式参股证券公司,并且已经形成了一个逐步升温的态势。在此之前,为市场所关注的是证券公司投资于某上市公司,虽然     

Untying the motives of giving grants vs. loans

The aid allocation literature has assumed that two forms of aid flows – grants and concessional loans – are determined identically. Its findings reflect average behavioral patterns based on an aggregate of these two distinct transfer types. This analysis shows that the past findings generally apply to grants but not to concessional loans. In particular, the amount of grants decreases with income, whereas the amount of concessional loans increases with income. However, donors increase both grants and loans to politically aligned administrations during election years irrespective of recipients’ income level. Other econometric issues such as endogeneity of income and cross-sectional dependence are taken into account.     

以多层生态战略破解先发者主导优势：以EDA为例

在集成电路产业超过半个世纪的发展历程中,电子设计自动化软件（EDA）应运而生并随着技术进步和产业分工不断演化和发展,成为今天贯穿集成电路全流程和驱动摩尔定律不断延续的基础支撑工具。尽管表现出极端重要性,但电子设计自动化软件的总体市场规模较小。从当前市场结构来看,美国企业处于先发优势和寡头垄断地位,我国在这一领域发展相对滞后且在美国打压背景下发展严重受限,这也成为我国集成电路产业被“卡脖子”的关键领域。在后发者突破先发者主导优势获取发展机会的过程中,电子设计自动化软件领域要尤其重视产业生态的参与和重构,通过在创新生态、产品生态、产业生态和国际竞争生态中实施多层生态战略,逐步构筑起后发企业的生态位优势,驱动电子设计自动化软件的高质量发展。基于生态赶超和发展的目标,未来在支持电子设计自动化软件发展过程中,应当在顶层设计、系统设计、产权保护等方面发挥国家的力量,同时强化在人才和基础创新中的短板,主动融入全球产业生态。     

Computers and the Demand for Skilled Labour: Industry- and Establishment-Level Panel Evidence for the UK

We use two United Kingdom panel data sets to investigate skill-upgrading in the United Kingdom and how it has been affected by computerisation. Census data reveals that most aggregate skill-upgrading is explained by within-establishment rises in skill composition. Such upgrading is significantly related to computerisation, a relation that is robust to different worker and computer types, endogeneity, human capital upgrading and other technology measures.     

Search and the market for lemons

This paper provides an explanation, not found in the literature, for the origin of quality dispersion in product markets. The consumer's pure experience case of sequential search is modeled and the model is closed by explaining the firm's optimal decision making problem. Then the necessary and sufficient conditions for a non-degenerate distribution of quality are established. It is also shown that if a non-degenerate equilibrium distribution of quality does exist then it is an unstable equilibrium. The only stable equilibrium distribution is the degenerate lemon distribution. Therefore the model provides added support for Akerlof's argument that lemons tend to drive out good quality.     

Regulation and the market for checks

This paper presents an analysis of the market for checks using the monopoly problem as an approximation. The need for such an analysis arises due to the following policy proposal: from time to time, the Turkish government considers increasing the lump-sum amount that drawee banks are legally responsible to pay per bad check. The purpose of this proposal is to ease out firms' liquidity needs especially during recessions. We show that banks will tend to restrict the quantity of checks as a response to such a policy action. We report that a percentage point increase in banks' obligation per bad check could lead up to a 1.7% decline in the total supply of checks on the margin. This means that such a policy change may harm the real economy rather than providing support. We establish that the extent of the monopoly distortion depends on three main factors: (i) the elasticity of demand for checks, (ii) how fast the fraction of bad checks increases with the total supply of checks, and (iii) the degree of preference heterogeneity.     

Globalisation and the Market for Team-Mates

The globalisation of firms is explored at theoretical and empirical levels. The idea is that a global firm is a multi-cultural team. The existence of a global firm is somewhat puzzling. Combining workers who have different cultures, legal systems, and languages imposes costs on the firm that would not be present were all workers to conform to one standard. In order to offset the costs of cross-cultural dealing, there must be complementarities between the workers that are sufficiently important to overcome the costs. The search for the 'best practice' is analysed and empirical support from an examination of trading patterns is provided.     

Entrepreneurship and the taste for discrimination

This paper analyzes the connection between discrimination and entrepreneurship. We contend that the entrepreneur is the central mechanism through which inefficiencies associated with discrimination are competed away. In addition to illuminating the mechanism through which existing discrimination tends to be eliminated, we also consider the more difficult case of consumer discrimination. The standard assumption is that consumer discrimination will not be competed away through market forces. In contrast, we find that entrepreneurs can correct the inefficiencies associated with this form of discrimination by influencing the costs and benefits associated with consumer discrimination. We empirically analyze the integration of black players in Major League Baseball to illustrate our theoretical arguments regarding entrepreneurship and consumer discrimination.     

Search and the market for ideas

We study a market where innovators, who are good at coming up with ideas, can sell them to entrepreneurs, who might be better at implementing them. The market is decentralized, with random matching and bargaining. Ideas are characterized by five salient features: they are indivisible; partially nonrival; intermediate inputs; subject to informational frictions; and difficult to collateralize. This last feature gives rise to a demand by entrepreneurs for liquidity. We determine which ideas get traded in equilibrium and compare this to the efficient outcome, emphasizing the impact of bargaining and liquidity considerations. Among other applications, we study how outcomes in the idea market affect the labor market.