西部地区资金渠道现状研究

目前西部地区经济发展中的瓶颈就是资金渠道。西部地区发展经济的传统资金渠道主要包括国家财政投资、地方财政投资、银行信贷、资本市场融资、引进外资等，其中尚有许多可供挖掘的潜力。此外还可以开拓新的资金渠道，如推动东西部地区的民间资金合作等等。     

甘肃省资本市场的发展现状及对策研究

在经济发展中,资本市场作为调整经济结构,推动区域经济发展的重要工具,已与区域经济融为一体,成为区域经济的重要组成部分.立足于西部区域二元经济结构的现实,制定适当的政策,采取一定的措施来培育和发展资本市场,不仅能为西部地区经济发展提供有力的、市场性的长期资本,而且有利于西部地区经济的货币化、市场化和可持续发展,必将对促进西部大开发战略的实施发挥重要作用.     

发展资本市场支持西部地区经济发展

发展资本市场支持西部地区经济发展赵生堂刘林福发展西部地区经济,缩小东西部地区差距,一直是人们关注的话题,也是党和国家孜孜以求的目标。国家“九五”计划已将西部经济发展提到了战略高度。随着计划的实施,国家经济发展战略的重点由东部和“三个地带”转向西部,投...     

促进西部经济金融良性互动和谐发展的思考

实施西部大开发战略近10年来,虽然西部地区的经济金融得到了较快发展,但与东部发达地区相比,经济金融发展还比较落后,与东部的差距还在拉大。本文立足西部地区金融产业发展现状,从西部经济和金融产业发展本身分析了制约西部金融服务水平的因素,进而提出了促进西部经济金融互动双赢、和谐发展的措施建议。     

西部地区人力资源的统计分析

自实施西部大开发战略以来,促使西部地区的经济有了较快的发展.随着社会进步和经济的发展,西部地区在人力资源上取得了显著成绩,但由于西部地区的人口增长较快,科教等方面还处于较低水平,使西部地区目前人力资源仍存在着许多问题.本文将通过对基础数据采用一定的统计分析方法,从人口资源、劳动力资源、智力资源三个方面对我国西部地区人力资源现状进行分析研究,寻找原因,提出改变措施.对急剧增长的人口速度加以控制,对落后的智力资源大力开发,使西部地区人力资源能够更好地加以开发利用,进一步促进和加快西部地区的发展进程.     

西部大开发与银行卡业务

当前，党中央和国务院决定加快中西部地区的开发和发展，特别是加大了对西部地区的扶持力度，这一战略决策标志着我国区域经济开发的战略重点逐步转移到广大的西部地区，从而使西部享有平等的发展机会和分享全国经济发展利益的权利，同时，西部发展战略也要从利用资源优势向形成市场优势、竞争优势转变。这将对处在西部经济核心的金融工作提供前所未有的发展机遇和挑战。     

金融先行与金融深化:西部金融超前发展战略构想

本文建议我国西部地区利用西部大开发和入世的机会,确定金融超前发展战略以带动西部地区经济的腾飞.金融超前发展指适度超越经济的发展水平,发挥金融中介作用,利用外部力量,使生产要素通过非均衡-非均衡方式,诱导投资最大化,推动经济不平衡增长.作者认为我国已具备在西部地区实施金融超前发展的经济实力、外部环境和政策条件,西部应大胆采取比东部更开放、更优惠的政策,获得优先发展的机会.超前发展战略实施分两个步骤,一是金融先行,即发挥金融第一推动力作用,落实倾斜的经济金融政策;二是金融深化,即在西部地区培育起能够接受开放政策并使开放政策孕育丰硕成果的基础和市场体制.     

试论西部大开发的金融对策

西部大开发是中华民族繁荣复兴的关键战略之一,中央的这一战略决策已引起全国的关注,西部地区的各地方政府对此也极为重视。在市场取向改革已经定位的今天,政府在西部大开发中的支持力度究竞有多大？特别是当西部大开发已成为一种长期发展战略的情况下,能否达到预期目的,除了需要中央政府和东部地区的大力支持外,更为重要的是西部地区能否营造一个理想的社会、经济环境,这其中尤为重要的是西部地区能否在尽量短的时间内实现金融和经济的良性循环,从而为西部大开发打下坚实的金融基础。     

我国西部资本市场发展探讨

对于要不要发展我国西部资本市场，理论界争议颇多。要发展我国西部地区经济，就要发展其资本市场。西部地区经济发展需要大量资金支持，大中型企业改革需要资本市场。西部资本市场的发展具有切实的可行性，要兼顾全国的经济整体发展和西部的实际，争取国家政策支持，要分阶段地逐步发展。     

西部开发新十年战略期广西经济开放的路径创新

西部大开发战略是国家用以提高西部地区的经济和社会发展水平、巩固国防、促进社会经济全面协调发展的重要战略之一.西部大开发的第一阶段,广西自治区的经济发展取得了快速和显著的进步.在西部开发新十年战略期之际,文章通过对广西经济开放的宏观政策方面、企业和跨国公司的合作等微观方面的阐述,提出了广西经济开放由区内开放→区际开放→国际开放的转变的创新路径,对创新模式加强合作形式,政府协调以及市场动力提出合理建议.     

对冲基金及其监管问题研究

近年来,随着金融市场的加速创新和结构性调整,对冲基金的规模也迅速扩张,成为国际金融市场的重要参与者。与传统的资产管理、共同基金相比,对冲基金在投资策略、组织形式等方面具有自己的特点。对冲基金日益扩大的资产规模和自由灵活的投资策略增加了金融市场的流动性、提高了市场效率,但同时也给金融体系带来了新的不稳定因素。2006年以来,对冲基金对金融稳定的影响日益成为全球金融监管者关注的问题。有些国家主张通过间接监管的方式,有些则一直推动加强对对冲基金的直接监管。如何加强对对冲基金的监管,减少对冲基金对金融体系稳定性的负面影响,仍然是全球金融业面临的一项挑战。     

Homemade international diversification under economic policy uncertainty

We examine how US mutual funds that invest domestically make portfolio adjustments by incorporating US-listed foreign stocks (cross-listed stocks) when faced with US market economic policy uncertainty. We document a positive association between US economic policy uncertainty and US mutual funds’ weight of cross-listed stocks, and find that the effect is concentrated in funds that mainly invest in the US domestic market. The findings are not sensitive to the instrumental variable approach, model specification, sampling, variable definition, and controlling for macro characteristics. Funds with higher weight of cross-listed foreign stocks when US economic policy uncertainty increases outperform other funds, indicating the rationality of such an investment strategy. A long-short portfolio generates 3.4% annualized abnormal return in the immediate following quarter. Our study shields light not only on the international diversification benefit of US-listed foreign stocks but also on the importance of capital market openness for domestic investors.     

Order submission behaviors and opening price behaviors: evidence from an emerging market

Recent studies document that mutual funds demonstrate an overnight information advantage over foreign investors in Taiwan, a fast emerging market. However, this inequality contradicts the documented foreign investors’ growing market dominance and information advantage. Motivated by the inconsistency, we apply intraday data to examine the linkage between investors’ order submission behaviors and the opening price behaviors of the top net-trade stocks of professional institutional investors. We find that mutual funds exhibit a more persistent and aggressive trading pattern than foreign investors. The order submission behavior of aggressive individuals, following closely mutual funds’ trades, mainly drives the observed informational differences.     

Are hedge funds active market liquidity timers?

This paper investigates liquidity timing behaviour of hedge funds that invest globally in foreign investment assets. We expect these hedge funds to manage currencies exposure differently, depending on the extent they treat them as an asset class. In this paper, we investigate if actively timing foreign exchange (FX) liquidity adds value to hedge funds' investments. Unlike the existing studies where fund managers are assumed to either time or not time the market over the entire study period, we argue that fund managers may strategically choose to be active market liquidity timers based on the market condition at the time. To test this hypothesis, we develop a state-dependent liquidity timing model embedded with a Markov regime switching process and identify changes in the FX liquidity timing behaviour among the Global Derivatives hedge funds over an eighteen-year period. Our findings reveal that such regime changes in timing behaviour are driven by the underlying FX liquidity condition. A further analysis to compare the changes in the timing behaviour over time shows that hedge funds that are active market liquidity timers outperform those that engage in liquidity timing less frequently in all strategies categories.     

Portfolio preferences of foreign institutional investors

This paper examines the investment allocation choices of actively-managed US mutual funds in emerging market equities after the market crises of the 1990s. We analyze both country- and firm-level disclosure and institutional policies that influence mutual funds’ allocation choices relative to major stock market indices. At the country level, we find that US funds invest more in open emerging markets with stronger accounting standards, shareholder rights, and legal frameworks. At the firm level, US funds are found to invest more in firms that adopt discretionary policies such as greater accounting transparency and the issuance of an ADR. Our results suggest that steps can be taken both at the country and the firm level to create an environment conducive to foreign institutional investment.     

加入WTO,中国利用外资走势分析

<正> 亚洲金融危机以来,我国利用外资受到了严峻的挑战,实际利用外资逐年下降。随着世界经济环境的转暖。以及我国即将加入WTO,我国利用外资正面临一个有利的历史机遇。全面估量加入WTO后的新形势,正确判断当前和今后我国利用外资的形势,对我国利用外资工作具有重要意义。 一、今年利用外资的基本态势 在经历了1992—1997年连续6年的高速增长之后,我国利用外资由于受亚洲金融危机的外部冲击开始由高速增长进入平稳发展和调整期,当前利用外资具有以下特点: 1.利用外资继续保持较大规模。今年1—10月,我国新批设立外商     

资本回报、产权保护与区域资金集聚

各地区能否吸引资金集聚对实施区域协调发展战略、构建高质量发展的国土空间格局至关重要。基于此,本文采用直接法依据资金来源渠道计算我国各地区1985-2017年吸引的资金流量数据,并从逐利性以及产权保护两个视角考察地区资金流动动机。实证结果表明,总体上,资金与资本回报率之间呈“U形”关系。当资本回报率较低时,资金不具有逐利性,但一旦超过临界值资金则会凸显逐利性。受资金来源结构影响,东部地区资金的逐利性更强,而非东部地区的资金流动不具有逐利性。从资金与产权保护的关系看,总体上,完善的法治化契约制度比代表市场化营商环境的产权制度更能吸引资金集聚,但东部地区产权保护制度是吸引资金集聚的关键因素,非东部地区则是契约制度。各地区完善产权保护制度和要素市场化配置过程中应各有侧重,把有效市场和有为政府更好结合起来推动要素在区域间自由流动,是促进区域协调发展的必由之路。     

Foreign issuers in the U.S. PIPE market

We document that the use of private investment in public equity (PIPE) by foreign firms listed on U.S. exchanges is growing even faster than its use by U.S. firms. On average, foreign firm PIPE stock deals represent a similar proportion of the firm's market capitalization to U.S. firm PIPEs, but suffer less of a share price discount than U.S. firm PIPE issuances, a relation that is robust to consideration of exchange, deal size, share turnover and return volatility. We document that hedge funds are only small investors in foreign firm PIPEs issued in the U.S., which tend to be purchased by pensions, government funds and corporations. PIPE, in combination with the reverse merger method of going public, provides a cost-effective means for foreign firms to raise capital in the U.S. capital market.     

企业成长阶段、融资需求与金融市场的专业化分工

本文梳理了实体经济结构对金融市场结构影响的国内外文献,分析了企业成长阶段、融资需求与金融市场专业化分工的关系,得到以下结论:(1)对于市场规则体系不完善的地区和处于创建阶段的企业,融资决策所需的可数码化的信息较少,大多是不确定的意会式信息,适合中小银行提供融资服务。(2)对于市场规则体系较完善的地区和处于规模扩张阶段的企业,企业可向银行提供较多的可数码化的信息,用于风险评估和融资决策,企业适合大银行提供融资服务。(3)对于市场规则体系发育相对成熟的地区,企业具有一定的自主知识品牌和核心竞争力,企业可为外部投资者提供充分的可数码化的信息进行量化的风险评估和资产定价时,适合通过证券市场进行直接融资。     

Common Volatility: An Empirical Investigation of Closed-End Country Funds

The study of international integration of equity markets has received a great deal of interest. This paper investigates whether returns of forty-one closed-end country funds share a common volatility process with three comparable return series: the underlying net asset value (NAV), U.S. stock market returns, and foreign stock market returns. Country funds are a natural setting to test for international market integration, as they are traded in the U.S. market, whereas their underlying assets are traded in foreign stock markets. Our results indicate that only a few emerging markets' country funds share common volatility processes with their comparable asset returns. This, in turn, suggests weak linkages through the second moment of related assets.