遵循世贸组织环境规则 构筑中国绿色贸易制度

经济全球化的迅速发展与全球环境问题的日趋严重,促使国际贸易与环境保护的关系日益密切。本文通过对世贸组织环境规则的探讨,指出要使贸易与环境协调发展,必须坚持全面协调和可持续的贸易发展观,以科学的贸易发展观为指导,遵循世贸组织环境规则的要求,在环境法规、绿色标志、绿色认证、绿色包装和绿色保障体系等方面构筑和我国社会经济发展相适应的绿色贸易制度。     

机构投资者面面观

<正>一、机构投资者概述(一)证券投资基金证券投资基金是中国目前主要的机构投资者类型。证券投资基金在中国的发展始于20世纪90年代初,与中国证券市场的发展基本同步。当时,受海外中国基金设     

基金持股的上市公司特征探析

结合我国以证券投资基金为主的机构投资者实际发展状况及相关制度背景,以探讨机构投资者是否对上市公司治理存在影响为主线,对机构投资者持股上市公司特征进行了实证研究。结果发现,基金持股的上市公司在公司治理、盈利能力等方面优于非基金持股的上市公司,开放式基金持股公司和封闭式基金持股公司在治理特征方面存在显著差异,基金能同时对上市公司产生"用手投票"和"用脚投票"的积极效应。     

证券市场中机构投资者与个人投资者信息不对称分析

证券市场中的机构投资者和个人投资者之间存在显著的信息不对称的原因——两者在信息搜寻和信息解读方面存在着显著差异,这两方面的差异导致了机构投资者和个人投资者在信息融入市场过程的行为不同。为了减小信息不对称程度从而提高市场有效性,必须大力发展机构投资者,同时加强对个人投资者的保护。     

俄罗斯市场投资地图

早些年,有人闯荡俄罗斯做生意,给人以一种先驱者的感觉,他们有的失败,也有的获得了不小的成功。如今,俄罗斯市场比较成熟了,更适合我们前去开拓。但俄罗斯市场并不就是“莫斯科郊外的晚上”,还是有一些必须要注意的事项。且听俄罗斯归来者的指点。     

中资银行引入战略投资者的潜在风险研究

当前,我国各大商业银行纷纷通过出让部分股权引入境外战略投资者。分析中国银行业引入战略投资者的潜在风险,认为对境外战略投资者抱以过高希望是不现实的,收益是潜在的,其实现与否取决于诸多条件,因而不能对境外战略投资者抱以过高的期望。     

WTO规则与社会责任规则

中国加入世贸组织的十年,既是中国深度融入全球经济的过程,也是中国适应、改变和参与制定WTO规则的十年。而在这十年中,另一套规则也处在悄然演变之中,那就是社会责任规则体系。     

机构投资者与上市公司治理

20世纪80年代以来,随着证券市场的成熟及自身持股比例的增加,英美等西方国家的机构投资者在上市公司治理中发挥着越来越重要的作用。他们的积极参与使上市公司治理机制日臻完善。而我国证券市场的缺陷及机构投资者力量的薄弱,阻碍了其作用的发挥。因此超常规发展机构投资者成为提升上市公司治理水平的一个重要方面。     

广告不讲理

广告不讲理，要讲理，你要先不讲理。否则怎么样，看看下面的对话吧。     

毛泽东人口非控制不行考

毛泽东逝世后,一句人口非控制不行的最高指示,广为流传.据当时国务院计划生育办公室提供的资料说,这是毛泽东对国家计委<关于一九七五年国民经济计划的报告>的批示.但是,1978年7月9日的<人民日报>的重要社论并没有认可这一说法.另外,30年来的诸多引用者在有关这句话产生的时间、来源和出处等问题上的语焉不详、混乱和不一致,也都反映了这一说法的不确定性.据考证,人口非控制不行是国家计委报告中的原话,而不是毛泽东对该文件的批示.所以,从现在的引述者提供的资料来源来看,所谓毛泽东人口非控制不行的批示是不确实的,很可能属于有关方面的讹传.     

Must the semi-conductor industry be subsidised?

According to the memorandum entitled “Microelectronics 2000”, the Japanese and American lead in semi-conductor technology threatens not only the existence of a number of European firms but the prosperity of all the European economies. It therefore concludes that if Europe is not to be at the mercy of giant Japanese and US concerns the state must ensure the development of these key technologies by paying substantial subsidies. How valid is this argument?     

中国内地企业在港澳投资概述

中国境外投资的区域分布呈现多元化,遍布世界五大洲,其中香港和澳门特区占了较大比重,据中国对外贸易经济合作部统计,截止1999年底中国境外投资企业数量已达5976家,其中港澳地区为2117家,占35.4%.因此搞清楚内地企业在港澳地区的投资情况,对于研究中国海外投资问题是很有意义的.     

Investors to Buy Share under QDII

The Chinese government would not allow China Construc tion Bank （CCB） to fall under foreign control following its listing on the Hong Kong stock market last month, state press reported. CCB president Guo Shuqing said that even if Beijing were to sell more of China＇s third largest bank to foreigners, the government would not relinquish its ＂absolute control＂ over the lender, the Shanghai Securities News reported.     

机构投资者与金融衍生品市场

机构投资者对金融衍生品市场的发展和成熟起关键作用。在分析金融衍生品市场发展现状的基础上 ,对机构投资者参与金融衍生品交易的行为和动因进行了研究。金融衍生品市场演变的一个重要趋势是交易机构的高度集中 ,但机构集中可能是金融衍生品市场区别于其它市场的固有特征。我国发展金融衍生品市场需重视培育机构投资者 ,除了构建适宜的法律环境、采取积极的风险管理人才储备策略外 ,应认识银行在金融衍生品市场中的重要作用     

Going outIs a Must,the Earlier the Better

In August,2008,the export of heavy trucks began to face the daunting challenge presented by the current global climate.     

Improving Diversification Opportunities for Socially Responsible Investors

Socially responsible investment (SRI) has grown enormously and has expanded globally in recent years. It allows SRI investors to reduce their portfolio risk assumptions through international diversification. In this context, the aim of this paper is twofold (i) to examine price and volatility linkages among the most representative SRI indexes for North America, Europe, and Asia-Pacific employing a multivariate approach and (ii) to provide the out-of-sample performance of an optimal portfolio constructed on the basis of time-varying return and volatility forecasts from this specification approach. Our overall results show that using this technique, it is possible to reduce risk and out-perform the naïve rule, which is usually employed in this type of investment. These findings are relevant not only for academics but also for practitioners, especially for professional managers of SRI portfolios.     

论西方机构投资者对公司治理的参与

有关机构投资者的研究在公司治理领域内对传统理论提出了强有力的挑战 ,但仍处于初步发展阶段 ,尚未形成逻辑一致、系统的分析框架。借鉴美英公司治理模式下机构投资者对公司治理的参与 ,为进一步深入开展机构投资者与公司治理关系系统研究提供一个理论框架     

Socially Responsible Investors and the Microentrepreneur: A Canadian Case

Socially responsible investors buy financial securities with two goals: to make a market-based return, and to make companies act in a more socially responsible way. Most research on socially responsible investment deals with investing in stocks traded on major exchanges. We add the case of loaning small amounts of funds to microentrepreneurs through a discussion of a particular case. The case is that of Calmeadow which, in conjunction with the Royal Bank of Canada, set up a microlending project in rural Nova Scotia (Canada). Using Hirschman’s analysis of “exit” and “voice”, we show that while socially responsible investors may make market-based returns for their investments in stocks traded on major exchanges, they have no effect on corporate behaviour because their action consists of exit, and they are easily replaced by other investors. They attain their first goal but not their second. On the other hand, in the Calmeadow/Royal Bank of Canada case, we see that those who lend money to microenterprises can more easily use voice. The relative power difference between the lender and the microentrepreneur enables the lender to make the microentrepreneur act in a more socially responsible way, although only marginally. But because of the market imperfections existing in this case (the very high transactions costs associated with administering small loans), the lender concluded it could not attain a market rate of return. In this case, then, the lender attained its second goal but not its first.     

基于投资者视角的资本品牌研究述评

资本品牌这一概念近几年在中国兴起,但目前学界关于资本品牌的聚焦性研究较少,本文从不同角度阐释资本品牌的内涵,从概念厘清、现实意义、评估体系三个方面对资本品牌相关知识进行系统化梳理,并融合战略品牌管理、投资者关系管理、市值管理等多元化剖析视角,为资本品牌未来研究方向提供思路和借鉴。