REFORMING PROPERTY RIGHTS IN LAND AND TENANCY

This article examines the nature and distribution of propertyrights in land and how they are changing under economic anddemographic pressures. It also analyzes the practical chancesof success of several alternative forms of policy interventionto redistribute property rights and regulate tenancy. This analysisbegins with the political economy of land reform in the twentiethcentury. It draws a distinction between reforms precipitatedby social upheaval (defeat in war, social revolution, or nationalliberation) and those that occur in "normal" times, when thesocial and political order is more secure. It is argued thatthe former have been much more important and, drawing on examples,that the latter face formidable obstacles. In this connection,it is proposed that a tax reform which does away with the highlyselective subsidies and exemptions that benefit the rich andinflate the price of land should be undertaken first. Then,when land prices have fallen, compulsory purchase of land forredistribution, at close to fair market value to ensure itspolitical acceptability, would not entail an intolerable fiscalburden. Where tenancy is concerned, it is argued that this institutionis commonly a socially useful market response, which providesopportunities for the fuller employment of family resourcesand, over the long run, for individual mobility. Thus interventionsdesigned to inhibit tenancy directly or to transfer ownership-likerights to existing tenants may result in heavy costs, especiallyfor future cohorts of would-be tenants.      

ENTREPRENEURS AND ENTREPRENEURSHIP IN AFRICA

The article examines the widespread belief that indigenous entrepreneurshipis less well represented in African countries than in otherparts of the developing world. The evidence shows no dearthof ability among Africans to identify business opportunitiesand to act upon them—the two quintessential characteristicsof entrepreneurship. But the management problems these businesseshave sometimes encountered suggest that there may be a continuingrole for expatriates, provided the industries are fundamentallysound. Small businesses appear to have a better chance of successand are more viable than some of the heavily protected and subsidizedtransnational enterprises. The article finds that successful industrial entrepreneurs havecome from a variety of religious, cultural, and educationalorigins. It casts doubt on the efficacy of training programsto teach entrepreneurial skill and argues instead that a liberaleconomic regime is more likely to encourage entrepreneurship.Equally important is a well-grounded and widely dispersed growthof income, especially among small-scale cultivators, which leadsto a growth of demand for what small businesses produce.      

谱写产权市场大发展的新篇章——2021年第9期封面回眸

上海联交所要紧紧抓住新一轮国资国企深化改革和推进落实要素市场化配置体制机制改革、构建全要素、全资源一体化大市场的重大历史机遇,发扬与时俱进、努力拼搏的精神,以全面深化改革为动力,以创新发展为主线,谱写产权市场新一轮大发展的新篇章。在《中国金融家》2021年9月刊上,上海联合产权交易所党委书记'董事长周小全作为封面人物,发表署名文章,为读者讲述中国产权市场在“十四五”规划下的新发展机遇。     

为中国企业非洲发展保驾护航

近年来,随着非洲政局趋稳,非洲经济也逐步走上了快车道。金融危机后,与欧美等发达国家逐渐萎缩的内需以及日益苛刻的准入条件相对应的是,非洲市场呈现出巨大发展潜力。非洲有53个国家和地区,面积约3020万平方公里,拥有7．3亿人F5以及丰富的自然资源。因此,很多中国企业开始将海外拓展的目标转向非洲,广袤的非洲大陆正成为中国企业海外发展的新地标。     

MACROECONOMIC ADJUSTMENT AND POVERTY IN AFRICA: AN EMERGING PICTURE

The view that macroeconomic adjustment disproportionately hurtsthe poor in Africa has become commonplace. The popular mediaand the nongovernmental aid community frequently express thisview in critiques of Bankfunded economic reform programs. Yetthe evidence on which the claim has been based is flimsy andanecdotal. The emergence of more convincing data, from detailedhousehold surveys in Africa, provides an opportunity to setthe record straight. The evidence from six African countries reviewed in this articledemonstrates that poverty was more likely to decline in thosethat improved their macroeconomic balances than in those thatdid not. The critical factor is economic growth: the economygrew more rapidly and poverty declined faster in countries thatimproved macroeconomic balances, depreciating the real effectiveexchange rate. Changes in the real exchange rate also immediatelyand favorably affected rural incomes, benefiting the poor bothdirectly and indirectly. But the findings also highlighted threecauses for policy concern. First, many African governments haveyet to display a real commitment to macroeconomic reform; second,the poorest of the poor have not benefited from recent growthin some countries; and, third, the prospects for the poor arenot rosy unless there is more investment in human capital andbetter targeting of social spending.      

在党建工作创新中实现转型发展

当前,中国华融正处于改制在即的重要时期,公司上下必须以转型发展为根本,进一步加强党的领导,发挥党的政治核心作用,坚持把党的理想信念与公司的核心价值观相结合,把党的优良传统与现代管理理念相结合,把党的路线方针政策与发展战略相结合,树立＂围绕中心任务,服务发展大局＂的党建理念,     

着力打造现代农业政策性银行

2004年以来,在党中央国务院的坚强领导和有关部门的大力支持下,农发行认真贯彻落实党的十六大、十七大做出的战略部署,认真执行党和国家的一系列大政方针,坚持解放思想,勇于改革创新,积极探索社会主义市场经济条件下办好农业政策性银行的新路子,开启了打造现代农业政策性银行的全新时期。     

用改革和发展的思路统领发展战略--中国工商银行发展战略咨询会议综述

2001年2月6日,中国城市金融学会常务理事会全体会议暨中国工商银行发展战略咨询会议在北京举行.著名经济金融专家陆百甫、王洛林、张卓元、何建章、周叔莲、杨圣明、何盛名、赵海宽、萧灼基、俞天一、王广谦、蔡鲁伦等到会,就涉及工商银行发展战略的若干重大问题,包括国有商业银行的定位问题、工商银行面临的形势和存在的问题、结构调整问题、产权改革和上市问题、网络银行和电子商务问题以及加入WTO等问题,进行了广泛深入的研讨.这次会议受到了各位专家学者的高度评价,认为城市金融学会常务理事会研讨工商银行的发展战略,高瞻远瞩.本文择其要点整理如下,希望对关心工商银行改革和发展的业内人士有所启迪.     

银行业改革开放稳健发展

党的十六大以来,在党中央、国务院的果断决策和正确领导下,银行业金融机构以改革谋发展,理顺体制机制,转变发展方式,改善金融服务,有效化解风险,抵御了国际金融危机的冲击,有力支持了国民经济发展。     

快速健康发展的养老金业务

2005年以来,我国养老金市场快速发展,制度体系逐步健全,发展环境日益完善,市场规模不断扩大。工商银行充分把握市场发展带来的机遇,于2005年8月首批获得企业年金基金账户管理人和托管人资格,2007年11月又获得法人受托资格,加上其控股的工银瑞信基金管理公司拥有的企业年金基金投资管理资格,形成了企业年金业务的＂全牌照＂,能够向客户提供全方位、综合化的企业年金服务。     

THE IMPACT OF AGRICULTURAL EXTENSION: THE TRAINING AND VISIT SYSTEM IN INDIA

This article reviews the rationale for public sector involvementin the dissemination of technological information to farmers,concluding that free markets do not fully satisfy farmers' informationneeds, and that government support is justified. Agriculturalextension is a principal way that governments can disseminateinformation, and the World Bank is financing many extensionprojects throughout the developing world. One specific approachto extension adopted in many Bank extension projects is theTraining and Visit (T&V) system. Data from a Bank-sponsoredsurvey in northwest India and from monitoring and evaluationreports issued by several Indian states are used in this articleto evaluate T&V extension operations and their impact. Extensionagents' interaction with farmers is found to be more intensiveand more significant as a source of information in areas coveredby T&V extension than in areas with a different extensionsystem. The yield levels of farmers whose main source of informationwas the T&V extension agent are also shown to be higher.In one case study, the incremental investment in T&V extensionis shown to be likely to generate at least a 15 to 20 percentrate of return.      

TAKEOVER RIGHTS AND THE VALUE OF RESTRICTED SHARES

The premium paid for superior voting shares relative to restricted shares in dual-class equity firms is well documented but not fully explained. In this paper, evidence that the premium reflects the expectation of higher cash flows in takeovers for superior shares is found by examining regulatory actions that changed the right of restricted shares to participate in takeovers. The extension of takeover rights to restricted shares resulted in a significant decline in the premium for superior shares, and the retraction of takeover rights had the reverse effect. This supports the hypothesis that the market expected the restricted shares to be treated less favorably in takeovers.     

信用衍生产品的功效及在我国的发展前景

信用衍生产品经过不太长的时间,已在全球获得快速发展且日趋成熟。比较有代表性的信用衍生产品主要有信用违约互换、总收益互换、信用联系票据和信用利差期权等四种。信用衍生产品具有分散信用风险、增强资产流动性、提高资本回报率、扩大金融市场规模与提高金融市场效率等五个方面的功效,但其功效的发挥也面临着障碍,这预示着其发展还会出现新的变化。目前,我国信用衍生产品的发展还是空白,利用信用衍生产品有助于缓解银行业出现的“惜贷”、化解金融不良资产以及缓解中小企业融资难等问题。可以预见,信用衍生产品在我国有良好的发展和应用前景。     

面向新媒体时代的文化创意产品设计开发

在新媒体时代下,文化创意产品设计开发是文化创意产业链的重要环节,但文化创意产品设计仍然存在诸多问题,文化创意产品缺少艺术性与实用性,以及新媒体技术的融合开发.基于此,文章从新媒体的特征、文化创意产品的现状、新媒体时代下文化创意产品的策略,以及新媒体时代下文化创意产品的实例分析四个方面进行阐述,以期促进文化创意产品在新媒体时代下的发展.