铁路向民资开放还需改革深化

近日，铁道部出台《关于鼓励和引导民间资本投资铁路的实施意见》，宣布投资铁路向民间资本完全敞开大门。     

鼓励民资循序进入银行业

5月26日,银监会正式发布《关于鼓励和引导民间资本进入银行业的实施意见》（下称《意见》）,这是继交通部、铁道部、卫生部、证监会、国资委等出台鼓励“民资进入”文件后的又一份“新36条”配套实施细则,意在进一步降低民间资本进入银行业的门槛,加强对民间投资的融资支持。     

投资铁路：民资为何多观望？

2011年2月14日，铁道部发布的公告显示，2011年中国铁路固定资产投资计划总规模为8500亿元，其中7000亿元为基本建设投资。为适应经济发展和扩大内需的需要，近年来，我国铁路建设进入高速发展期，吸引民间资本越来越受到重视。按照《中长期铁路网规划》，在“十二五”期间，中国铁路建设将维持大规模投入，投资额将保持在每年7000亿元左右，共计约3．5万亿元如此之大的投资规模直接考验着铁路部门的融资能力，吸引民间资本将为铁路系统注入新鲜血液。     

资讯

银监会:支持民资按同等条件进入银行业中国银监会官方网站5月26日发布《关于鼓励和引导民间资本进入银行业的实施意见》,鼓励和引导民间资本进入银行业,加强对民间投资的融资支持。这是继铁道部、卫生部、交通部、证监     

市政公用事业:挑战来自于市场

市政公用事业领域已经基本形成投资主体多元化格局,民间资本面临的激烈竞争与低投资回报率是主要挑战2012年6月,住房和城乡建设部发布了《关于进一步鼓励和引导民间资本进入市政公用事业领域的实施意见》(以下简称《实施意见》),强调"不对民间投资另设附加条件""凡是实行优惠政策的投资领域,其优惠政策同样适用于民间投资""为民间资本创造良好的公平竞争环境"。市政公用事业是对包括民间资     

政策法规

银监会印发《关于鼓励和引导民间资本进入银行业的实施意见》 5月26日,为贯彻落实《国务院关于鼓励和引导民间投资健康发展的若干意见》．银监会出台《关于鼓励和引导民间资本进入银行业的实施意见》。《实施意见》明确．民间资本进入银行业与其他资本遵守同等条件;要为民间资本进入银行业创造良好环境．不得单独针对民间资本进入银行业设置限制条件或其他附加条件;要坚持审慎监管,促进民间资本投资的银行业金融机构稳健经营和稳步发展;要加大对民间投资的融资支持。     

铁路发力投融资体制改革

铁路产业投资基金方案会重点保证投资人的收益,以期吸引民间资本进入继铁道部分拆之后,中国铁路改革迎来又一重要时刻。继7月24日,李克强总理主持召开国务院常务会,研究部署铁路投融资体制     

能源电力:还有很长路要走

细则强调为民间资本进入能源领域营造公平和规范的市场环境,能源开放领域更加明晰,但关键领域开放低于公众预期国家能源局发布的《关于鼓励和引导民间资本进一步扩大能源领域投资的实施意见》(以下简称"能源《实施意见》"),以及电监会发布的《加强电力监管支持民间资本投资电力的实施意见》(以下简称"电力《实施意见》"),在鼓励和支持民间资本进入能源领域投资的范围上比较明确,但可操作性有待加强,在参     

民间资本投资医疗行业分析

逐利是资本的天性,我国改革开放积累的大量民间资本,无时不在寻找新的投资途径。在国家鼓励投资的新老"36条",以及《关于进一步鼓励和引导社会资本举办医疗机构的意见》出台以后,使得医疗行业又重新唤起了对民间资本投资的巨大吸引力。     

铁路:拓宽领域与方式

民间投资"新36条"实施细则详解42项民间投资实施细则已经全部出齐,为"新36条"的真正落地,提供了基本的依规。其中最受关注的6大领域:铁路、能源电力、电信、市政公用事业、银行、证券,都有哪些实质性突破?请看投资领域专家解读细则放宽民间资本投资铁路的领域,同时拓展了民间资本投资铁路的方式,如通过设立铁路产业投资基金、支持铁路企业股改上市、融资租赁、信托计划等多种方式,参与铁路建设     

Do Private Firms Invest Differently than Public Firms? Taking Cues from the Natural Gas Industry

We study how listing status affects investment behavior. Theory offers competing hypotheses on how listing‐related frictions affect investment decisions. We use detailed data on 74,670 individual projects in the U.S. natural gas industry to show that private firms respond less than public firms to changes in investment opportunities. Private firms adjust drilling activity for low capital‐intensity investments. However, they do not increase drilling in response to new capital‐intensive growth opportunities. Instead, they sell these projects to public firms. Our evidence suggests that differences in access to external capital are important in explaining the investment behavior of public and private firms.     

Stand by or Follow? Responsibility Diffusion Effects and Green Credit

Understanding the behavior of private capital holders in green investment is a key to the success of green finance policies such as green credit policies. In current literature, there still remain unsettled controversies on the behaviors of private capital holders. The responsibility diffusion theory indicates that private capital holders do not follow commercial banks that issue green credit. However, the signal transmission theory implies that private capital holders may follow. Stand by or follow? We apply the two-way fixed-effects model to analyze the behavior pattern of private capital holders in green investment, using the panel data of 443 listed companies in China. The results show that the private capital holders’ behavior is affected by responsibility diffusion effect.     

民间资本投资金融领域中存在的问题及建议——广西13市民间资本进入地方性贷款类法人金融机构发展情况调查

自2010年5月国务院出台促进民间投资的“新非公36条”以来,大量民间资本积极进入金融领域,有力促进了金融业的发展。本文结合“新非公36条”出台后广西13地市民间资本进入地方性贷款类法入金融机构的情况,总结了广西13地市民间资本进入地方性贷款类法人金融机构领域取得的成绩,发展的特点,深入分析了当前民间资本投资金融领域存在的问题,并对如何进一步促进民间资本在金融领域的健康发展提出了意见和建议。     

江苏省民间资本进入金融领域的现状及风险研究

国务院出台了＂新老36条＂,鼓励和规范民间资本进入金融业等投资领域,这不仅有利于民间资本投资渠道多元化,有利于缓解弱势群体融资难题也有利于金融改革与创新,促进金融业的繁荣发展。然而,随着民间资本进入金融领域,金融业竞争将异常激烈,如何应对民间资本进入金融领域后出现的风险以及采取相应的防范措施,对于规范民间资本投资,提高民间资本的投资效率乃至促进整个国民经济的健康发展都具有重要意义。论文着重对江苏民间资本进行分析,拟从江苏省民间资本进入金融领域现状分析,分析江苏民间资本进入金融服务领域的风险因素,并提出江苏民间资本进入金融领域的风险对策。     

Determinants of the Performance of Investment Promotion Agencies: Evidence from a Mix of Emerging Economies

This article argues whether and how investment promotion agencies (IPAs) efficiently influence investment promotion in the cases of the following selected variables: resources (experience, total staff, and overseas staff), service functions (combined promotion service of inward investment and trade, and inward and outward investment), and organizational structure (autonomous status of private/upper ministry-level IPAs). The results reveal a positive relationship between IPA’s performance and longer experience, larger staff, larger overseas IPA staff members, autonomous private agency types, and upper ministry-level IPAs. However, an IPA’s performance was negatively associated with the combined promotional service of inward investment and trade, and inward and outward investment. The results suggest that an IPA’s performance can be enhanced by adjusting the service functions and restructuring the governance and structure in addition to improving the IPA’s resources and the country’s investment climate.     

武汉市民办养老院发展现状调查及对策建议

随着中国老年人口的与日俱增,许多大中城市提前进入到老年化社会,建立健全社会福利网络,发展养老院产业成为迫切之需。文章通过对武汉市老年人口和民办养老院发展现状的调查分析,从养老政策、养老投资、养老规范和养老人才等方面提出相应的对策建议。     

Understanding accounting discretion in China: An analysis of fair value reporting for investment property

This study sheds light on the discretionary accounting practices in China, the largest emerging market in the world. In particular, we focus on whether Chinese firms use discretion in investment property fair values to manage reported performance. We examine whether firms’ ex ante needs for accounting discretion affect their decisions to adopt fair value reporting for investment property and the ex post performance management by these fair value adopters. Our findings show that the voluntary adoption of fair value reporting for investment property in China remains low. However, the fair value option for investment property is significantly more likely to be chosen by firms with greater needs for accounting discretion. Consistent with the conjecture that firms choose the fair value model to manipulate reported earnings, we show that fair value adopters use the unrealized gains and losses associated with investment properties to smooth earnings and that these firms are also more likely to meet or beat earnings benchmarks after adoption. Overall, our findings indicate that the use of fair value reporting for investment property in the emerging Chinese market is driven by managerial opportunism.     

"黑石法案"与私募基金征税之困惑

有限合伙制适应私募基金的多方面要求,也是美国私募基金的主流法律形式。本文梳理了有限合伙型私募基金的主要特征,分析了美国关于私募基金税收方面的制度安排,并在介绍美国黑石集团上市所引发的税收争论的基础上,提出在我国现行制度下对于新兴私募基金征税的相关策略。     

Private Equity Fair Value Measurement: A Critical Perspective on IFRS 13

In this paper, we discuss IFRS 13 Fair Value Measurement with regard to private equity valuation. We raise issues on the fair value definition as an exit price and question the reliability of valuation techniques, which are categorised into Level 2 fair value hierarchy. Our paper questions whether fair value as defined by IFRS 13 is an appropriate measure for private equities and can contribute to enhancing transparency and comparability in financial statements, which is one of the purposes of the International Accounting Standards Board and the European Union Regulation 1606/2002.     

Fair value and audit fees

This paper investigates the effect of fair value reporting and its attributes on audit fees. We use as our primary sample the European real estate industry around mandatory IFRS adoption (under which reporting of property fair values becomes compulsory), due to its unique operating and reporting characteristics. We document lower audit fees for firms reporting property assets at fair value relative to those employing depreciated cost—a difference that appears driven, in part, by impairment tests that occur only under depreciated cost. We further find that audit fees are decreasing in firms’ exposure to fair value and increasing both in the complexity of the fair value estimation and for recognition (versus only disclosure) of fair values. We corroborate our findings in two alternative settings: contrasting UK and US real estate firms and using UK investment trusts. Overall, the results suggest that fair values can lead to lower monitoring costs; however, any reductions in audit fees will vary with salient characteristics of the fair value reporting, including the difficulty to measure and the treatment within the financial statements.