英国楼市机会几何？

【英国《金融时报》3月18日】英国商业房地产市场的机会不可否认，因为高品质房产提供的收益率接近8％，而高档资产的定价也远远低于长期平均水平。     

封面人物瞬间回顾

2007年，《新财经》采访了12位“封面人物”，他们都是行业翘楚。在采访时，他们在镜头前，流露出了耐人寻味的表情。我们撷取部分，以飨读者。     

成就品牌需要做好两点

7月的汉王有点烦，负面消息不断，想起《新财经》第6期的“电纸书也疯狂”，其中提及汉王科技扩张太快的问题，在深交所挂牌上市仅两个月，股价就飙升2倍，二级市场走势强劲，令人注目。     

综合实力需要积淀

本次《新财经》年度“基金管理公司综合实力奖”,由易方达基金管理有限公司和南方基金管理有限公司两家荣获。这与两家公司在行业内取得斐然成绩密不可分。基金管理公司作为专业化的投资理财机构,汇集了社会上个人投资者和机构投资者的多类资金,通过合规的、组合化的投资运作,为广大投资人提供资产保值和增值的机会。因此,业绩是广大投资人最为关注的内容。2004年,这两家基金管理公司旗下的基金     

信用消费危机 中国须严防

《新财经》第6期《美国次贷危机下一站》一文的作者，旅美学者沈克明先生就美国新颁布的《信用卡持卡人权利法案》一事，分析了美国信用卡业的现状与隐患，并希望中国银行界不要步美国后尘。文章刊发后，编辑在与沈先生的交流信件中，他再次提到：美国的信用卡问题与美国人的消费文化有关，     

解密“消费资本”操作

陈瑜,1963年毕业于北京大学经济系,现任世界新经济研究院院长、中国国际交流促进会副会长、中国国际经济科技法律人才学会常务副会长。由于创立了消费资本化理论,荣获"2005年度中国十大财智英才奖";由于提出创新的经济增长方式,荣获2006年"中国最高策划奖——感动中国十大策划创新人物奖"。研究方向:经济学理论、企业和城市发展。     

有感于“银行理财零收益”

阅读了《新财经》第二期“小事新说”专栏中的一则短文“银行理财零收益”，感到目前一些银行和理财机构，存在着不少的问题，尤其是这些理财机构的诚信建设，如果不切实提高和改进，不仅会影响这个新兴行业的发展，也会影响到全民的理财热情。     

于氏父子的决策之争

中国民营企业的发展壮大,为国家经济快速腾飞作出了巨大贡献。在我国民营企业中,决策层由父子共同担纲的企业为数众多。这样的企业组织形态,在确保企业决策机制畅通,把握市场商业机会,企业快速成长等方面,起到了至关重要的作用。从本期起,《新财经》推出《商界父子兵》栏目,将报道视角深入到商界父子这个独特的人群,通过系列专访,将民营企业"商界父子兵"们还不为人知的商业智慧、决策故事和发展谋略等展现给读者。我们期望,在将他们宝贵的智慧财富奉现给读者朋友的同时,也把我国经济发展史上,这些独特而具传奇色彩的商业形态记录下来,弘扬光大,留存于史。     

郭家学知错改错

《新财经》创刊六年中,对一大批推动中国经济进程的企业做过深入报道。几年后,当我们再次关注这些企业时,发现许多企业已走过了最初的成长阶段,成为行业佼佼者。展示企业新旧变化,关怀企业家成长历程,《新财经》与企业一路同行。     

2008第一财经金融价值榜评选启动

8月31日，由《第一财经日报》发起，第一财经整合旗下六大平台联手打造的“2008第一财经金融价值榜（CFV）”评选活动在上海正式拉开序幕。本次年度评选的主题为“新时代、新金融、新价值”。此次CFV下设三个子榜单：年度金融家、年度金融机构、年度金融产品。活动将汇聚国内金融行业监管部门领导、企业领袖、经济学家、专家学者等高端人士共襄盛举，同时将吸引国内政府机构、金融从业者、投资者、金融行业密切相关人士的积极参与和普遍关注。     

Inequality of opportunity and household risky asset investment: Evidence from panel data in China

Based on the household panel data over three waves in China, this paper investigates how inequality of opportunity of a region affects household risky asset investment. The empirical results show that inequality of opportunity raises both the probability and the share of household risky asset investment in the region. Our key results are robust to a series of sensitivity checks. The heterogeneity analyses tell us that richer and more educated households seem to be affected more by inequality of opportunity of the county they reside in. The paper also tests several possible channels behind the observed relationship, showing that the following channels help bring upon this effect: increasing material aspiration, changing risk preferences, and reducing household expenditures.     

黄金投资 迎来黄金机遇

两年内，黄金市场必将发生翻天覆地的变化，黄金投资或将走进每一个家庭。     

我国对外直接投资项目的“危机式机遇”

受危机的影响,我国的直接投资项目格局悄然发生着变化。危机"后效应"带来的"机遇"要大于"困难",危机的"中国式机遇"效应明显。对于对外直接投资的大力扶持与发展,是当前改善直接投资项目失衡,变"危机"为"商机"的重点,有利于实现经济增长方式的转变和升级,也有利于改善我国巨额的国际收支失衡。     

铁路投资：机遇还是陷阱

“铁老大”终于允许非国有资本参与铁路建设和铁路运营了。且不论其初衷是更好更快地进行铁路网络建设,还是因资金匮乏不得已向外界伸出了“高贵”的要钱之手。从更深意义上说,这件事情无疑是一件好事——铁路垄断的坚冰,已经开始融化了。长期以来,我国铁路运营一直处于垄断之中,缺乏竞争的土壤。垄断带来的恶果毋庸赘述,无论企业还是消费者都深有感触。此番,铁道部放开铁路建设、客货运输、运输装备制造与多元经营等四大领域的投资限制,可谓走出了市场化的第一步。虽然民营企业已经可以投资铁路建设,但从目前情况来看,这决非是投资人的盛宴。铁路领域数十年的垄断烙印,将使投资过程充满变数,困难重重。铁路投资完全市场化任重而道远。     

Inequality of opportunity in China: Evidence from pseudo panel data

We construct a pseudo panel sample from the China General Social Survey to study the inequality of opportunity in China. The pseudo panel enables us to control for cohort-specific heterogeneities when estimating the Mincer equation, and the results show that individual circumstances play a prominent role in determining income advantage. Counterfactual analysis further reveals the importance of cohort-level circumstances: individual circumstances account for less than 10% of the observed income inequality, whereas equalizing both the individual circumstances and the cohort fixed effects reduces income inequality by 30%. Among the individual circumstances we examine, gender and paternal characteristics contribute more to income inequality than does hukou of birth. Subsample analysis shows that China's western provinces exhibit the highest inequality of opportunity and that the inequality of opportunity among younger cohorts is smaller than that among older cohorts.     

上海B股市场系统性风险及投资机遇分析

运用单因素模型,选取上海证券交易所中同时兼具A、B股、且具有行业代表性的12家上市公司作为研究样本,对比分析上海A、B股市场系统性风险,结果显示:样本期内上海B股市场的系统性风险远高于A股市场,这为中小投资者投资B股提供了便利。同时,对目前关于上海B股市场前途的主要战略构想及其可能带来的投资机遇进行深入分析,结果发现:上海B股市场未来无论是选择改革还是选择发展,都将为投资者带来巨大的投资机遇。     

Inequality of opportunity and household education expenditures: Evidence from panel data in China

This paper offers one of the first pieces of empirical evidence on the impact of inequality of opportunity on household education investment by using the panel data from China Family Panel Studies (CFPS) in three waves (2010, 2012 and 2014). Our result suggests that inequality of opportunity has a negative effect on household education expenditures. This result is robust to a series of robustness checks. Furthermore, for relatively disadvantaged households (household heads with less education, income, or rural hukou status), inequality of opportunity has a larger negative effect on their education expenditures. Policy suggestions to lower inequality of opportunity may include reducing labor market discrimination based on gender and hukou status, balancing education resources to create more equal educational opportunities, and offering children education subsidies in low-income families.     

European exports and outward foreign direct investment: A dynamic panel data approach

European Exports and Outward Foreign Direct Investment: A Dynamic Panel Data Approach. — This paper implements a panel data approach for studying the determinants of and relationships between bilateral economic activities in terms of both trade and foreign direct investment between the EU member states. The familiar equation for testing the determinants of bilateral exports is reformulated to reflect recent theoretical work. It is specified as a dynamic panel data model designed to answer questions about their relationship according to changes in different exogenous determinants. Exports and stocks of outward FDI are found to be substitutes with respect to changes in transport costs and complements with respect to most of the other determinants.     

Country characteristics and foreign direct investment in China: A panel data analysis

Country Characteristics and Foreign Direct Investment in China: A Panel Data Analysis. — In this paper an error-components model is developed to analyze the economic, political and cultural determinants of both pledged and realized FDI in China which has recently become the second largest host country for FDI. The panel data cover the period 1983–1994 (1984–1994) and 22 (17) home countries/regions in the case of pledged (realized) FDI. The results indicate that bilateral trade, cultural differences, and relative real changes in market size, wage rates, and exchange rates are important determinants of pledged FDI, and that bilateral trade, relative changes in wage rates and exchange rates affect realized FDI.     

苏宁进入家电市场的博弈启示

博弈论译自英文"GameTheory",1994年三位长期致力于博弈论理论和应用研究、实践的学者纳什、海萨尼、塞尔顿共同获得诺贝尔经济学奖,使得博弈论得到了最具权威性的肯定。本文以苏宁进入家电市场为切入点,揭示了在经济活动中,企业应注意运用博弈论的原理、方法来指导企业的各项