论中国金融市场参与者激励机制的构建

本文回顾与评价了国内外学术界关于金融市场参与者,激励机制的相关理论之后,认为有限理性的“复杂人”假定符合中国金融市场的客观情况,市场试错机制可以有效积累组织信息,可运用自主治理模式在中国金融市场构建有效的参与者激励机制;最后提出了构建的途径选择及政策建议,认为应从规范市场治理者行为、降低交易费用、导入良性规则、分层次解决冲突、惩戒不良参与者等措施入手。形成并维护共同价值观,才能保证激励机制的长期有效运作,促进共同福利。     

全球交易所公司化改制对中国的启示

在日新月异的互联网信息技术及资本市场全球化的影响下，交易所失去了以往其自然垄断地位的基础，同时传统的会员制相对保守的作风和缓慢的决策机制已难以适应激烈的市场竞争，这直接推动了全球交易所的公司化改制、上市、并购的风潮。在这样的背景下，本文首先分析了中国交易所改革与发展状况，然后探讨了全球交易所公司化改革发展态势及动因，最后探讨了全球交易所公司化改制对中国的启示。     

完善我国银行间外汇市场做市商制度

金融市场的交易模式一般可分为OTC模式和交易所模式两大类。与交易模武相对应的交易机制．大致可归纳为两种：竞价驱动或称指令驱动制度和报价驱动或称做市商制度。做市商制度和集中竞价制度各有优劣．当前国际金融市场上这两种报价制度都被广泛使用．而且．伴随着金融市场产品的不断创新，通讯手段和电信技术的飞速发展．当今新兴市场往往采用做市商和集合竞价相结合的方式。传统的交易所模式和OTC模式的交易方式都已发生了很大的变化，两者的界限逐渐模糊，不断趋于融合。     

技术与制度竞争——信息部门职能扩展与交易所发展的关系

以电子化交易为契机所引发的全球交易所公司化改制浪潮，再次引起了人们对交易所治理结构的思考。中国各大交易所由于成立较晚，在技术的引进上相对具有后发优势，但是，其治理结构却选择了传统的会员制模式，甚至由于一些体制因素的制约，还谈不上是真正的会员制模式。这与世界范围内的公司化浪潮有所不同或者说有所悖逆，不过这一选择是否合理，是否不利于金融市场的发展，目前还难以下定论，仍有待于进一步的研究和探讨。     

融资融券业务对证券市场参与者的影响

融资融券业务是指证券公司向客户出借资金供其买入证券或出具证券供其卖出证券的业务。发展融资融券制度,无论对于证券市场、投资者、证券公司、银行,还是监管者,都将产生较大影响。     

两岸劳动合同期限制度比较

本文通过两岸劳动合同期限制度的比较,分析两岸劳动合同期限制度的不同,指出两岸的差异有三;合同期分类不同;合同期基本制度不同;合同期制度分类的主客观标准不同。通过分析比较,结合全球劳动合同期限制度的对比,指出《劳动合同法》颁布引发的裁员潮及学术争论之根源在于《劳动合同法》对于合同期制度分类的主观标准及保障措施的错位。最后提出了修订法律,使合同期分类标准客观化,合同期限制度实施保障源头化的建议。     

论大宗商品电子交易制度风险的法律规制——华夏商品现货交易所诈骗事件的启示

长期以来,法律规范的缺位放大了大宗商品电子交易的制度风险,琼胶事件和华夏事件是其典型案例。尽管如此,必须承认大宗商品电子交易是多层次交易市场不可缺少的组成部分,与期货交易在本质属性、交易主体、交易客体、交易目的、交易场所、交易方式等方面有着经济和法律意义上的明显区别。除非涉及市场的本质性特征,否则任何具体的交易技术和手段都没有必要也不应该对大宗商品电子交易禁用。应该在多层次商品交易市场的认识框架下,针对大宗商品电子交易建立以行政法规药先导的强制性法律规范,明确监管主体,为其长远发展提供规范而广阔的制度空间。     

两岸劳动合同期限制度比较

本文通过两岸劳动合同期限制度的比较,分析两岸劳动合同期限制度的不同,指出两岸的差异有三:合同期分类不同;合同期基本制度不同;合同期制度分类的主客观标准不同.通过分析比较,结合全球劳动合同期限制度的对比,指出<劳动合同法>颁布引发的裁员潮及学术争论之根源在于<劳动合同法>对于合同期制度分类的主观标准及保障措施的错位.最后提出了修订法律,使合同期分类标准客观化,合同期限制度实施保障源头化的建议.     

香港股市与内地股市的联动性研究

本文分3个阶段考察了香港回归以来,香港股市和内地股市之间的联动关系及其变化。协整分析表明,香港股市和内地股市之间存在长期的均衡关系,这种均衡关系在内地资本市场实行股权分置改革后更趋于稳定。Granger因果检验表明,香港回归以来香港股市和内地股市之间的引导关系在经历B股开放和股权分置改革后发生了变化。脉冲响应函数分析从动态的角度进一步验证了香港股市和内地股市之间的引导关系及其变化,并深入分析了单个变量的波动或冲击对其自身及另一变量的影响程度。     

The impact of the Japanese market on the intraday Hong Kong stock returns

This paper examines the impact of the price movement of the Japanese market on the Hong Kong market. We find that the Hong Kong stock prices react rapidly to the return information of the Japanese market. The evidence also indicates that the large price movement of the Japanese market can be used as an indicator for the Hong Kong market. The price reaction of the Hong Kong market is instantaneous and takes place in the opening minutes of the afternoon session. However, there is no excess profits when the transactions costs are included. Finally, the Hong Kong market has a significantly higher turnover when the Japanese market is open.     

Technical analysis profitability when exchange rates are pegged: A note

Abstract

This note extends earlier results which concluded that generally technical analysis trading rules were profitable when applied to several US dollar exchange rates. These results were linked to the presence of long swings in the dollar series, and here, it is tested whether they still hold in a different setting, with a quasi-fixed exchange rate system. Applying non-parametric and parametric tests to the main European currencies does not allow to confirm, in this case, the profitability of these rules. These results strengthen the likelihood of the hypothesis of a causal link from the exchange rate DGP to the profitability of technical analysis trading rules, as already highlighted in several articles.     

The Inter-Temporal Behavior of Informed and Uninformed Traders

The purpose of this study is to investigate the inter-temporal trading behavior of informed and uninformed investors. We estimate a variation of the market microstructure model developed in Easley, Keifer, O'Hara, and Paperman (1996) and document the day-of-the-week pattern in informed and uninformed trading, as well as the probability of an information event and the probability of bad news. Using bootstrapped distributions, we show that the probability of trading against informed investors follows a U-shape pattern from Monday to Friday. Cross-sectional regression results suggest that inter-temporal patterns between informed and uninformed traders can generate observed patterns in liquidity provision costs.     

香港保险法律制度的研究与思考

在香港保险业的发展历程中,良好的法律环境起到了相当重要的重要。本文通过分析香港保险法律制度的沿革及特征分析,比较两地保险业监管的差异性,思考借鉴香港保险法律制度的一些经验做法,为我国保险业的发展营造良好的法律环境。     

Corporate environments and international transfer pricing: an empirical study of China in a developing economy framework

This paper investigates the international transfer pricing methods adopted by multinational corporations (MNCs) in China and how their choices are affected by their specific corporate attributes in the context of the business environment in China. Empirical test results based on structured interviews indicate that MNCs having a local (Chinese) partner in management tend to adopt market-based transfer pricing methods. The influence of local partners on the choice of transfer pricing methods is modified by the impact of the source of foreign investment, as the analysis reveals that US-sourced MNCs are more likely to use cost-based pricing methods for international transfers. The influences of these two variables on the choice of transfer pricing methods are significant both directly and interactively. There is also some evidence that export-oriented enterprises are more likely to adopt cost-based transfer pricing than those aiming at China's domestic market. By providing empirical evidence on the impact of key corporate attributes on transfer pricing which have not been studied by prior research in the context of a developing economy, this research contributes to a more comprehensive understanding of transfer pricing in developing countries.     

人民币国际化与香港人民币离岸中心的发展展望

人民币国际化是中国经济发展的必然趋势。当前人民币国际化仍处于起步阶段,需要逐步实现各阶段性目标。人民币离岸市场的发展是人民币国际化进程的重要环节之一。香港作为国内外贸易的关键中介和桥梁,在发展人民币离岸市场方面有着得天独厚的优势。香港人民币离岸市场的发展,面临着各种机遇和挑战。在港金融机构,应该紧紧抓住这一机遇,勇于应对挑战,积极创新,提升服务能力以满足市场和客户的多层次需求,为香港人民币离岸中心的发展和人民币国际化的顺利推进贡献力量。     

加入WTO后发展两岸金融关系的策略研究

两岸加入WTO不但将对双方各自的经济金融发展产生重要影响 ,而且势必对两岸金融关系的发展带来新的机遇 ,“入世”可以说是促进两岸关系发展的契机。在WTO的框架下 ,应积极发挥港澳在两岸金融交往中的中介作用 ,推动两岸互设金融机构 ,以及加强货币兑换和资本市场方面的合作。     

人民币汇率关注度初步研究

随着互联网的普及．网络搜索统计功能为我们研究汇率关注度提供了一个快捷、有效的渠道。文章基于百度和谷歌近期关于“人民币汇率”的搜索统计结果,对人民币汇率关注度进行历史、区域、人群属性等多纬度的比较,以期全面了解市场对人民币汇率的关注情况。文章指出,该统计方法能方便了解实体经济对汇率关注的真实反映,有助于探索汇率升贬值预期,选择汇率政策出台时机,合理推动人民币离岸市场发展和对人民币挂牌货币的选择。     

A Note on the Intraday Patterns of Initial Public Offerings: Evidence from Hong Kong

This paper examines the intraday patterns of IPOs in Hong Kong during the period 1995–1998. The results reveal that the well‐known under‐pricing phenomenon of IPOs occurs only at the opening trading of new issues and vanishes afterwards. The return volatility of IPOs is found to be high during the first trading session, and declines rapidly during the rest of the first trading day until the end of the trading day. The intraday return volatility of IPOs is found to follow a double U‐shape pattern, which is similar to that of the general market. A great deal of trading activity was recorded during the first five minutes of the trading day. Consistent results are obtained for IPOs registered during the pre‐crisis and post‐crisis periods. This paper has practical implications for investors. Investors can benefit from the under‐pricing only if they subscribe for new shares in the primary market. There is, however, no profit‐making opportunity for day traders who buy shares on the first trading day. This shows that the Hong Kong market is efficient in adjusting for the IPO under‐pricing. In addition, it is likely that, because of Hong Kong's share allotment method, only big investors who apply for large numbers of shares can benefit from this under‐pricing phenomenon.