论WTO背景下我国外商投资法的改革

一、WTO投资规则中的基本原则及其影响WTO体系中直接规范国际投资的多边协议主要有《服务贸易总协定》(GATS)、《与服务贸易有关的投资措施协议》(TRIMS)、《与贸易有关的知识产权协议》(TRIPS)等。其中涉及的最重要的基本原则主要包括:国民待遇原则:国民待遇原则是指东道国在互惠的基础上给予外商投资企业在货物贸易、服务贸易和知识产权等方面不低于本国企业的待遇,它不仅是GATS中最主要的条款,更加是WTO规则的重要原则。TRIMS协议中规定的国民待遇主要适用于国内税收和国内规章两部分内容,同时也涉及与贸易有关的投资措施的…     

Foreign direct investment under fiscal interdependence when policy is set unilaterally

This paper develops a partial equilibrium model of foreign direct investment to analyze the potentially opposing interests between a host and foreign country. The two countries are fiscally interdependent and the fiscal variable is set unilaterally by the foreign country. The analysis indicates that fiscal independence is welfare-enhancing, particularly in the case where the outflow of FDI is large. The case where a lump-sum subsidy is set to address the exit of firms indicates that the need for subsidy payments subside under fiscal independence.     

论我国高等教育投资体制的改革

从20世纪80年代以来,我国政府对高等学校的投资由国家承担的单一体制和模式,向多元化转变.要解决好高等教育投资体制改革中出现的一些问题,必须做到真正把教育优先发展战略地位落到实处,切实保证政府财政拨款的主渠道作用,进一步拓宽学校为社会服务的渠道,鼓励企业和个人为教育投资等.     

The experience of private investment in the South African water sector: The Mbombela Concession

South Africa is a water-stressed country that over a protracted period has suffered from poor water service delivery. The major problems are inefficient operations, lack of capacity in spending allocated budgets, unclear management structures, and a long-term decline in capital expenditure. Economists have long argued that private investment will bring good fiscal control and efficient structures and will improve service delivery. However, there may be trade-offs between this improved economic efficiency and the necessity to pursue more egalitarian social outcomes. The purpose of this research is to explore the experience of private-sector investment on operational efficiencies and social objectives in the South African water sector in the Mbombela Concession. The study concludes that, in this case, private investment has enhanced service delivery by improving efficiency, technical skills and the capacity to spend allocated budgets without any significant negative impacts on equitable water distribution.     

企业投资决策的实物期权方法

在现代市场经济条件下,传统的投资决策方法已经不能适应由于环境的不确定性而产生的动态投资管理的需要。在这种情况下,一种全新的投资决策分析工具即实物期权方法应运而生,在面对较大的环境不确定性时,实物期权方法则显得更为有效和科学。     

Amortization policy as a factor in the investment policy of an economy

The article is based on the Concept and a draft law on amortization policy in the Russian Federation prepared by the Association of Mining and Metallurgical Industrialists of Russia (Russian abbreviation: AMROS). It examines the role and place of amortization policies in Russia and around the world as well as their essential differences in terms of the economic mechanisms of capital reproduction. Measures to improve Russia’s amortization policy are suggested.     

外商对华投资新动向及汕头引进外商直接投资政策建议

<正> 中国加入WTO意味着第二轮更加彻底的全面大开放,跨国公司在中国投资战略由此进行了调整,提升了中国在全球布局中的战略地位,其对华直接投资出现新动向。作为中国最早对外开放的经济特区之一的汕头市应如何改善投资环境及调整引资策略,吸引更多的外商直接投资,更有效地利用外资以促进汕头经济的发展是一个值得深入探讨的问题。 一、外商在华投资新动向 1.投资规模继续扩大,新一轮投资热潮方兴未艾 2002年是我国加入WTO后的第一年,受加入世贸效应的带动,当年我国实     

The influence of firms' financial policy on tax reform

The effectiveness of proposed reforms to the tax system intendedto stimulate investment depends on how capital structure affectscorporate behaviour. A dynamic general equilibrium model, calibratedfor the UK, is used to investigate the difference between threemodels of financial structure, including one of endogenous structuremotivated by agency theory. It is shown that the differencein predicted effects can be significant, and that the impactof the reform on the marginal source of funds is crucial.     

Financial investment instruments of pension reserves: New approaches to investment policy

This paper reviews investment policy and new approaches to the allocation of pension reserves based on the principle of the reasonable investor. The offered approaches permit nongovernmental pension funds to more adequately respond to market challenges, at the same time maintaining transparency and reliability of investments, which make it possible to provide stable growth in pension assets in the long term. The application of such approaches is demonstrated in terms of the MDM Nongovernmental Pension Fund.     

The investment tax credit under monopolistic competition

This paper develops a dynamic model of monopolistic competitionwith finite lives. It investigates the welfare properties ofan investment tax credit (ITC) for both finite and infinitelives. For infinite lives, it shows that, lacking lump-sum taxes,an ITC suffices to attain a second-best solution. For finitelives, the paper considers the intergenerational welfare distributioneffects of an ITC. In the absence of debt policy, the investmenttax credit benefits future generations but may harm most ofthe existing generations. Using debt financing, the policy makercan redistribute the gains in a completely egalitarian fashion.     

Foreign direct investment and innovation in China's e-commerce sector

By comparing the business practices and performance of foreign-invested and local Internet companies in China, this article outlines the important factors that multinational corporations must address to gain competitive advantages in China's e-commerce sector. Specifically, this research compares EachNet (eBay) with Taobao in the consumer-to-consumer market; eLong (Expedia) with Ctrip and Joyo (Amazon) with Dangdang in the business-to-consumer market; and the online search engines Google China and Baidu. The author underscores the importance of local knowledge for firm performance and success. Foreign firms must improve their understanding of and ability to adapt to local cultural, social, economic, and political environments.     

股权分置改革中的可转债投资

股权分置改革对可转债投资价值的影响取决于股改方案对转债投资者利益的保护程度。中期来看,在目前主流股改方案之下,流通股扩容引起股价下跌的可能性比较大,如果转股价格不做相应调整,整体而言可转债市场的投资价值会面临损失。在目前股权分置改革仍然存在较多不确定性的情况下,可转债投资应结合公司基本面,采取防守为先,兼顾进攻的策略,在保证安全性的同时避免踏空风险。     

浅析投资体制改革对银行项目贷款的影响

我国的投资体制在改革开放以来陆续地经过了多次的变革，逐步形成了投资主体多元化，融资渠道多元化的局面，但投资体制中仍然存在许多问题。2004年7月29日，在众多关注之下经过多次的讨论和修改后，国家发改委出台了《国务院关于投资体制改革的决定》(以下简称《决定》)。     

我国投资银行业的外部监管分析与政策建议

一、我国投资银行外部监管存在的问题就投资银行业的具体监管而言,其存在的问题表现如下:1.制度安排关系未能理顺。我国证券市场监管架构的制度安排没有很好的处理政府监管与自律监管的关系,还存在很多方面的不足:一是监管体系过多的依赖政府机构监管,容易形成对市场正常活动的     

The Botswana Development Corporation: Divestiture policy and citizen participation in the private sector

The Botswana Development Corporation, Botswana's most important agency for industrial and commercial development, assists in the development of viable businesses, with the emphasis on profit‐making and earning acceptable returns on investment. Its policy is to divest from mature and successful ventures, ‐with the aim of raising capital for future investment, encouraging diversification and competition, and promoting citizen participation in private business ventures. The article considers the implementation of the policy with regard to two brewery companies. Its assessment is that the brewery divestments have had a positive but limited effect on economic participation by citizens and it concludes by suggesting policy and strategy reforms that would ensure sustainable private sector development.     

房地产投资决策的博弈分析

近年来涉足房地产业的企业越来越多。如何科学地确定投资方案,是每一个涉足房地产业的企业所关注的。本文运用博弈理论,从房地产业的一级、二级和三级市场出发,对其投资决策进行了深入地探讨和分析。本文旨在为房地产投资决策的科学性提供参考     

A note on the optimal investment policy of the regulated firm

Conclusions We have demonstrated that, contrary to the spirit of much of the thinking based on the work of Averch and Johnson, it need not be true that rate-of-return regulation entices a firm to over-invest in productive capital. For a simple dynamic model featuring an imperfect capital market, we find that it may be optimal for the regulated firm to invest at every instant of time at a rate less than its unregulated counterpart. Our findings demonstrate once again the strong dependence on model specifications of the conclusions one draws in the study of regulatory problems.