让知识产权成为资本

当前以知识产权为代表的高端产业链几乎占整个产品价值的60％以上,而包括加工原材料在内的中国制造产业链只占20％～30％．这是一个不可持续、非常令人难以接受的状况。中国只有向产业链高端,也就是向知识产权一端进发、努力,才能改变这一状况,在2011中关村论坛年会知识产权专场分论坛上,北京金融资产交易所、中国技术交易所董事长...     

资本市场要保护投资人利益

全国政协委员、国家开发银行顾问刘克崮建议：完善和切实履行分红政策,综合运用税费手段,促进资本市场从投机市场向投资市场转变。全国政协委员、香港南华集团有限公司董事局主席张赛娥呼吁：改善证券市场的生存土壤,重建合理的市场利益分配,让各市场参与者能处身于公正、公平及公开的环境中     

The property rights game: Discovering the meaning of private property

In this paper we discuss the results of an educational game we have developed. This game deals with the acquisition, use, and transfer of private property rights in land and shows participants the importance of property rights in market economies. While our findings are not scientific, they do show that production in a society with solely communal property collapses while production in a society with private property flourishes. We hope that these results encourage others to use this exercise as an educational experience for students.     

Creditor rights and the corporate bond market

This study examines whether investor protection affects capital markets, specifically the development of corporate bond markets versus equity markets. Using a dataset of 42 countries, we show that countries with strong creditor rights have more developed corporate bond markets than equity markets. However, we find only weak evidence that countries with stronger shareholder protection have more developed equity markets than corporate bond markets. Additionally, we find that the effect of financial reforms on capital markets is strongly dependent on the strength of investor protection and on the associated information disclosure in a given country.     

如何防范贷款风险

记者:您参与过许多项目融资和贸易融资,能否谈一下对这两者的理解?在融资过程中,这两者各有什么不同和侧重点?     

Needed: a new system of intellectual property rights

The world's current system of intellectual property rights has in recent years become unworkable and ineffective. Designed more than 100 years ago to meet the needs of an industrial era, it is inadequate to handle the ownership and distribution of intellectual property generated by the brainpower industries that have come to dominate the world's economy. The prevailing wisdom is that minor tweaking can remedy the problem. But MIT economist Lester Thurow challenges such thinking and calls instead for a new system--one redesigned from the ground up. In making his case for why the old system doesn't work anymore, Thurow lays out the challenges the new system must meet. It must offer incentives to inventors that are strong enough to offset the decline in publicly funded research. At the same time, it must protect the public interest by keeping some intellectual property--basic scientific knowledge, for example--in the public domain. The new system must be flexible enough to deal with the fact that new technologies have created new potential forms of intellectual property rights (Can pieces of a human being be patented?) and have made old rights unenforceable (When books can be downloaded from an electronic library, what does a copyright mean?). And in an increasingly global economy, a new system must meet the needs of both "catch-up" states and "keep-ahead" states. A system that ignores the lesson of history--that every country that has caught up has done so by copying--will be an unenforceable one.     

Privatization,financial development,property rights and growth

This study analyzes how prevailing institutional arrangements i.e., property rights, contracting rights, political institutions, and corporate governance practices affect privatized firms’ performance, capital markets development, and economic growth. Most of the studies surveyed show that privatization enhances privatized firms performance, efficiency, and profitability, which percolates to economic growth. Privatized firms performed better in countries with better regulatory and legal frameworks. Partial privatization may be beneficial in countries with weak institutions, namely, the French civil law countries. The stronger the economic and the governing institutions, the easier it is for privatized firms to thrive and contribute to economic growth. Overall, privatization allows firms to achieve improved efficiency while driving the development of the financial sector.     

Emission rights: From costless activity to market operations

This paper examines the issues surrounding the aborted attempt by the International Accounting Standards Board in early 2005 to regulate the accounting for the European Union’s new Emissions Trading Scheme under the Kyoto Protocol. The paper argues that the features that made the trading scheme attractive to governments were precisely the ones that created difficulties for accountants to capture under existing standards. After showing why the challenge has to be faced, the paper suggests a possible way forward that the IASB might consider when it revisits the subject, as it is expected to do in the near future.     

Creditor rights and the market power-stability relationship in banking

I use the staggered passage of creditor rights reforms in 13 countries to examine how changes in creditor rights affect (a) bank stability and (b) the bank market power-stability relationship. (a) There is statistically weak evidence that stronger creditor rights enhance bank stability; the result is not robust across specifications. (b) Market power positively affects stability. However, there is asymmetry in the effect of market power on stability, depending on whether there is an increase or a decrease in creditor rights. The market power-stability relationship is stronger when a country weakens its creditor rights vis-á-vis when it strengthens its creditor rights.     

How efficiency shapes market impact

We develop a theory for the market impact of large trading orders, which we call metaorders because they are typically split into small pieces and executed incrementally. Market impact is empirically observed to be a concave function of metaorder size, i.e. the impact per share of large metaorders is smaller than that of small metaorders. We formulate a stylized model of an algorithmic execution service and derive a fair pricing condition, which says that the average transaction price of the metaorder is equal to the price after trading is completed. We show that at equilibrium the distribution of trading volume adjusts to reflect information, and dictates the shape of the impact function. The resulting theory makes empirically testable predictions for the functional form of both the temporary and permanent components of market impact. Based on the commonly observed asymptotic distribution for the volume of large trades, it says that market impact should increase asymptotically roughly as the square root of metaorder size, with average permanent impact relaxing to about two-thirds of peak impact.     

Intellectual property rights reform and the cost of corporate debt

This paper investigates the role of intellectual property rights (IPR) protection on the cost of bank loans for firms in 48 countries. Using substantial reforms of patent rights as a source of identifying variation, the paper provides strong evidence that borrowers from countries that underwent IPR reform experience significant reductions in the cost of bank debt. Importantly, the effects of IPR reform on loan rates are significantly larger in industries that are more IP-intensive. Additional analysis shows that in the wake of reforms borrowers obtain larger size loans, which indicates that improvements in IPR are associated with greater credit availability. IPR reform also increases foreign lenders participation in loan syndicates. Overall, these findings suggest that legal protection afforded to intellectual property has a significant impact on the cost of corporate borrowing and the ability of innovative firms to raise debt capital.     

Price reaction to rights issues in the Indian capital market

This study examines securities price reaction to announcements of rights issues by listed Indian firms during the period 1997–2005. We document a positive but statistically insignificant price reaction to such announcements. The price reaction is significantly more negative for firms with a family group affiliation compared to firms with no family group affiliation. The notable differential price reaction between firms with and without a family group affiliation can be explained by the “tunneling hypothesis.” For firms affiliated with a family group, we surmise that investors perceive that the proceeds of the rights issue may be misused for the benefit of the controlling shareholder. We also find that higher levels of individual shareholding in the firm are associated with a more positive price reaction to the announcement.     

引导楼市价格平稳回调

住房问题事关百姓切身利益,事关国家转方式、调结构、惠民生的重要战略部署,事关全面建设小康社会的最终实现。本期本刊特别以“房地产金融”为专题策划一组报道,以反映中央和地方政府、金融机构以及相关部门如何群策群力,坚定不移地搞好房地产调控,如何加快推进保障性住房建设,促进房价合理调整,进一步巩固调控成果,真正让百姓“安居乐业”。     

Defensive marketing: how a strong incumbent can protect its position

There has been a lot of research on marketing as an offensive tactic-how it can help companies successfully launch new products, enter new markets, or gain share with existing products in their current markets. But for nearly every new product launch, market entrant, or industry upstart grabbing market share, there is an incumbent that must defend its position. And there has been little research on how these defenders can use marketing to preemptively respond to new or anticipated threats. John H. Roberts outlines four basic types of defensive marketing strategies: positive, inertial, parity, and retarding. With the first two, you establish and communicate your points of superiority relative to the new entrant; with the second two, you establish and communicate strategic points of comparability with your rival. Before choosing a strategy, you need to assess the weapons you have available to protect your market position-your brand identity, the products and services that support that identity, and your means of communicating it. Then assess your customers' value to you and their vulnerability to being poached by rivals. The author explains how Australian telecommunications company Telstra, facing deregulation, used a combination of the four strategies (plus the author's customer response model) to fend off market newcomer Optus. Telstra was prepared, for instance, to reach deep into its pockets and engage in a price war. But the customer response model indicated that a parity strategy-in which Telstra would offer lower rates on some routes and at certain times of day, even though its prices, on average, were higher than its rival's-was more likely to prevent consumers from switching. Ultimately, Telstra was able to retain several points of market share it otherwise would have lost. The strategies described here, though specific to Telstra's situation, offer lessons for any company facing new and potentially damaging competition.     

How Africa can benefit from knowledge

Africa's poverty partly stems from the lack of strong scientific, technological and knowledge bases. The abundance of natural resources on the continent has been of limited value to the African people because they do not have the tools with which to turn their resources into consumable wealth. To rectify this situation, African policy makers would have to undertake various measures. First, they need to define the type of knowledge their countries require. Second, they ought to establish conditions for nurturing strategic leaders who will, in turn, seek the right forms of knowledge to tackle Africa's problems. Third, policy makers need to build the political and legal frameworks that encourage the absorption and application of scientific innovations. Fourth, African leaders ought to revamp the universities, establish regional research centres, and take capacity building more seriously. It is these measures that will facilitate Africa's meaningful participation in global knowledge flows. Above all, knowledge creation should aim at attaining human welfare, participatory democracy, peace building and socio-economic justice.     

海尔靠什么活100年

可口可乐代表了美国文化，奔驰工艺象征了德国的严谨，RR成就了不列颠的尊贵，三菱重工体现了东瀛的意志，雪铁龙散发着法兰西的浪漫，中国的海尔会是什么     

中国财产保险市场分析

中国自1980年恢复国内财产保险业务以来,保费收入以年均25.3%的速度增长,分析中国财产保险市场状况,对完善我国财产市场,有着重要意义。目前我国财产保险市场在发育过程中还面临着较多的矛盾,应从财产保险市场主体、市场结构、产品体系、财产保险市场的空间布局、财产保险市场开放模式等多角度、多方面着手,完善我国财产保险市场体系。