美日问题信用社市场退出机制的比较及启示

对问题信用社的监管是一国金融制度构建中的重要环节.本文以美国和日本为例,对两国的问题信用社处理的法律框架、主管机构、处理手段和援助资金来源进行比较,在此基础上分析我国处理问题信用社方式上的不足,建议以市场主导型取代政府主导型的退出机制.     

美日问题信用社市场退出机制的比较及启示

对问题信用社的监管是一国金融制度构建中的重要环节。本文以美国和日本为例,对两国的问题信用社处理的法律框架、主管机构、处理手段和援助资金来源进行比较,在此基础上分析我国处理问题信用社方式上的不足,建议以市场主导型取代政府主导型的退出机制。     

中国风险投资退出机制的创新与展望

随着中国资本市场的逐渐成熟和完善,风险投资在中国商业环境中所起到的作用越来越重要。更加开放和成熟的资本市场为中国的风险投资退出提供了新的渠道,不仅在源头上吸引了更多的海外风险资本,同时,以管理层收购为代表的新兴退出渠道日益成熟,这些发展都为资本市场的进一步完善并逐渐形成全国性的产权交易市场奠定了扎实的基础。本文旨在通过现实中的案例分析与新颖的国内外风险投资理论相结合,联系近些年我国风险投资行业的发展与新挑战,总结出中国应当促进管理层收购的发展,更好地利用和吸引海外风险资本,在全国范围内建立统一的场外市场,积极构建和完善中国的风险投资退出机制,从而实现我国风险投资行业和资本市场的健康、快速发展。     

我国风险投资发展及其配套机制

我国的风险投资发展的现状是:投资规模较小;操作不规范;处于发展初期;受传统投资理念的制约.我国风险投资的问题是:社会中介机构和风险投资网络不健全;专业人才缺乏;相关法律法规不健全;资金来源单一;资本退出渠道不畅.风险投资的配套措施是:完善社会中介机构和风险投资网络;加强专业人才的培养;完善相关法律法规;实现投资主体的多元化;健全风险资本的退出渠道;健全相关的金融配套机制;健全税收配套机制.     

信息不对称条件下风险资本在投资标的选择中的考量因素

自二战结束以来,美国风险投资市场一直处于高速发展阶段,先后于上世纪六、七十年代扶持出了微软、苹果、雅虎等一系列以科学技术为主导的世界知名企业,虽然因次贷危机的爆发导致近年来美国风险投资市场有所萧条,但美国风险资本的投资经验和手段依然是值得处于初级阶段的中国市场所借鉴和学习的。本文就在简要介绍风险投资及信息不对称理论的基础上,对中美两国风险投资的现状进行分析,并总结中美两国在信息不对称条件下风险资本对投资标的选择时的考量因素,为我国风险资本的发展提供参考。     

试论我国风险投资退出方式的选择

风险投资的退出渠道不畅是制约我国风险投资发展的重要因素.本文介绍了风险投资退出的四种主要方式股份上市、第三方收购、风险企业或创业者回购和清算退出,并对各种退出方式的适用性和利弊进行了分析.针对我国目前资本市场和风险投资的发展现状,提出建立二板市场和完善产权交易市场是目前我国风险投资退出的主要的可行选择.     

搭建我国风险投资退出机制的设想

风险资本在投资后能否适时退出,在很大程度上制约着投资者的决策取向和风险资本的循环流动,影响着风险投资业的健康发展.可以说没有风险投资退出渠道就没有真正意义的风险投资.为此,建立具有中国特色的风险投资退出机制,是发展我国风险投资业的关键.     

我国住宅金融发展模式的几点思考

提出现阶段我国住宅金融发展的模式与方向应该是完善公积金制度,重点发展住宅储蓄制度,从政府主导型的政策性住宅金融体制过渡到市场主导型的住宅金融体制,并就住宅储蓄制度创新、住宅金融的政策性与市场性相融合等问题提出了自己的看法。     

我国发展风险投资的问题与对策

风险投资是实现高新技术成果转化的孵化器和推进器。在我国风险投资还是一个新兴事物，存在着许多问题：规模较小，来源单一，中介服务机构不发达，专业人才缺乏，退出机制不健全等。因此，应拓宽资金来源渠道，完善内外部环境，规范运营机制，培养高素质的风险投资人才，建立通畅的风险资本撤出机制，加快我国风险投资业的发展。     

美国、英国和以色列三国风险投资业的比较与启示

风险投资业与高新技术产业的发展相辅相成。研究风险投资业的发展是为了向真正的高科技创业企业提供更好的资金支持服务。美国、英国和以色列三个国家风险投资业的发展在世界上具有典型性,通过分析比较三个国家行业发展历史、国内金融生态体系和行业促进政策等三方面内容,从行业供给和需求两个角度阐述风险投资业得以发展的关键因素,从中得到的启发是风险投资业的高速发展不仅需要充沛的资金来源、顺畅的投资退出通道这两个耳熟能详的供给条件,还需要市场上有大量高质量的初创企业这一资金需求方条件,两个条件缺一不可。若一国忽视高质量创业活动的培育机制,则国内的风险投资业也一定会止步不前。     

THE WRITINGS OF HENRY A. LATANÉ: A COMPILATION AND ANALYSIS

A native Virginian, Henry A. Latané was born in Buchanan, Botetourt County, in 1907. He received a BA degree from the University of Richmond in 1928 and an MBA degree from Harvard University in 1930. From 1930 to 1940 he was employed by Bankers Trust Company of New York as a security analyst. In 1940 he joined Lionel D. Edie and Company, also in New York, and remained with that firm as a security analyst until 1951. It was while he was with Lionel D. Edie that his first publication appeared, a short article in the Journal of the American Statistical Association ( 1942 ) concerning deriving seasonal factors in economic time series data. The Latané family moved from New York to Chapel Hill, North Carolina in 1951, where he obtained a Ph.D. degree in Economics from the University of North Carolina in 1957. Before completing his doctorate, however, he had published articles in the Southern Economic Journal, The Journal of Finance, and The Review of Economics and Statistics, all in 1954. His dissertation, completed in 1957 and entitled “Rational Decision Making in Portfolio Management,” provided the foundation for many of the Latané writings that have appeared in subsequent years. Latané joined the faculty of the University of North Carolina as a Research Associate in 1958 and was appointed Professor of Finance and Economics in 1960. He was elected Meade H. Willis, Sr. Professor of Investment Banking in 1969 and achieved emeritus status in 1981. He was one of the first to obtain the professional designation Chartered Financial Analyst in 1965. For many years he has been a member of both the New York Society and the North Carolina Society of Security Analysts. He served as Vice President of the Southern Economic Association during 1974–1976 and was an Associate Editor of The Journal of Finance from 1973 to 1981.     

CORPORATE GOVERNANCE AND CORPORATE PERFORMANCE: A COMPARISON OF GERMANY, JAPAN, AND THE U.S.

Contrary to assertions that there are fundamental differences in the efficiency of "market-based" and "relationship-oriented" corporate governance systems, this article presents evidence that the German, Japanese, and American systems appear about equally effective in disciplining poor managerial performance. For example, both the job security and total compensation of German and Japanese managers appear to be tied to stock performance and current cash flows- measures that some would refer to as "short-term"-to roughly the same extent as those of U.S. managers. Furthermore, the punishments and rewards for German and Japanese managers are not more sensitive to sales growth-a measure some would refer to as "long-term"-than those of their U.S. counterparts.
But, if there is no clear difference between the three governance systems in responding to poor stock and earnings performance, there is one important difference: the U.S. system is more effective than the German and Japanese systems in discouraging successful companies from overinvest-ing. One reason for this is the fact that U.S. managers hold much larger equity positions than managers in Japan and Germany. Another important factor, however, is the difficulty faced by Japanese companies in returning capital to their shareholders. Dividends are minimal; and, until 1995, it was illegal for a Japanese company to repurchase its stock.     

美国经济的未来走势及其影响

20世纪的最后10年,世界经济形势纷繁复杂,南北差距继续加大;东南亚诸国在遭受了金融危机的打击后,其政治经济制度受到极大震动,经济倒退10几年;在发达国家中,经济发展的不平衡也在逐渐加剧,日本自80年代末泡沫经济破灭后遂一蹶不振,欧盟则长期受到高失业率的困扰,似乎只有美国一枝独秀,始于1991年3月的经济增长已持续了90多个月.美国经济的异常繁荣不断引起人们的广泛关注,那么美国经济是否已经超越了传统意义上经济周期的束缚,实现了经济在理想状态的完美发展呢?本文拟对美国经济发展的不确定性因素进行分析,并结合美元汇率走势,阐述其对国际经济及我国经济的影响.