黄金国际板的一小步 人民币国际化的—大步

近日,央行上海总部与上海黄金交易所签署了合作备忘录。上海黄金交易所将其在自贸区推出的国际黄金业务结算纳入自由贸易账户体系。这标志着上海黄金交易所的国际板完成了关键性的准备工作,举世瞩目的中国黄金市场国际板蓄势待发。上海黄金交易所国际板的推出固然是黄金市场对外开放的重大举措,但同时国际板本身也是中国资本项目有序渐进放开的产物。因此,上海黄金交易所的国际板只有依托上海自贸区的自由贸易账户体系,才能实现国际投资者在上海自贸区这个窗口中的资金自由进出。接入上海自贸区的自由贸易账户体系可以说是上海黄金交易所国际板最关键的基础准备工作。     

招行业内首推“自贸跨金通”业务

<正>近日,招商银行"自贸跨金通"业务推介会在上海招商银行大厦举行。这是国内第一个结合黄金国际板主题的银行业务推介会,来自上海自贸区内外的50多家黄金产品链及投资企业的财务管理人员参加了推介会。推介会的召开,标志着招商银行抓住了自贸业务和黄金国际板这两大国内金融热点,在业内率先推出了"自贸跨金通"业务。据悉,目前招商银行上海自贸区分行正凭借其传统离岸业务优势     

黄金国际板具有划时代意义 “国际板”成里程碑“上海金”还需时日

原本定于9月下旬上线的上海自贸区黄金国际板交易提前至9月18日夜盘正式启动。当天晚上，央行行长周小川、上海市市长杨雄共同为国际板开市并分别讲话，表现出我国政府对国际板的高度重视。     

资讯

正上海黄金交易所国际板正式启动本刊讯9月18日晚,作为上海自贸区推出的首个国际化金融类资产交易平台,上海黄金国际板在上海黄金交易所正式上线运行,这意味着自贸区内和境外投资者可以通过FT账户投资中国的黄金市场,我国黄金市场对外开放迈出了实质性一步。中国人民银行行长周小川,上海市市委副书     

交通银行

<正>交行达成上海黄金交易所国际板首笔交易2014年9月18日晚,上海黄金交易所国际板正式上线。作为首批国际会员,交行上海自贸区分行达成首笔交易。此前,交行已成为首批上海国际黄金交易中心结算银行。而该行位于上海的千吨级金库,也成为交易所国际板首家、也是目前唯一一家指定交割金库。多家国际会员陆续开始黄金出入库操作。上海黄金交易所国际板引入国际投资者参与,以人民币计价的黄金等贵金属交易和投资,并提供便利实物转口服务,将有力促进我国     

推出国际板的条件还远未成熟

股市为什么一谈国际板就绿脸，就是对目前推出国际板尚未做好心理承受准备。10月10日，一则消息引发了大盘跳水。据认证为“证券时报财富资讯微博”的微博称，有关部门已经同意上海证券交易所在上海自由贸易区设立分支机构，设立相关交易场所，允许境外公司在此上市。这相当于此前讨论多时的国际板借道推出。受此消息影响，香港恒生指数盘中急挫超过200点。A股也在上午收盘前瀑布般狂泄。针对市场上关于上交所将借道上海自贸区推出国际板的传言，上交所很快在其官方微博中表示，既未考虑、也未研究利用上海自贸区推出国际板。     

人民币与黄金共舞 中国声音将响彻世界

目前,上海国际黄金交易中心已经完成注册,业务规则修订完毕,交易系统等技术准备已经上线,交副仓库已通过海关验收。6月18日,在央行上海总部举行的自贸区自由贸易账户业务启动仪式上,上海黄金交易所将其在自贸区推出的国际黄全业务结算纳入了自由贸易账户体系。至此,上海黄金交易中心已经“搭台”完毕,国际市场上人民币与黄金共舞的时代即将到来,中国争夺黄金与货币话语权的战略规划开始起步。     

福建自贸区建设的战略意义与发展方向

推进自贸区建设是当前我国构建开放型经济体系的重要环节。本文探讨了福建自贸区设立的深刻背景,总结了福建自贸区建设的战略意义,并从创新制度、转变职能、对接台湾等方面提出了福建自贸区建设的主要发展方向。     

上海黄金交易所理事长许罗德：黄金国际板2015年将上新台阶

“国际板已有好的开端，还需要一个过程。”12月3日，在2014第九届中国黄金与贵金属峰会上，上海黄金交易所（下称“金交所”）理事长许罗德指出，2015年是黄金国际板发展中非常关键的一年，黄金国际板要上一个新的台阶。     

设立自贸区促进经济增长存在地区差异吗？——基于准自然实验的实证研究

本文以我国2013-2017年前三批11个设立自贸区省份为研究对象,运用双重差分模型研究了设立自贸区与地区经济增长之间的关系,并采取自贸区设立时间整体提前的反事实策略、变更对照组策略对准自然实验实证结果进行稳健性检验。研究结果表明：自贸区的设立对地区经济增长存在显著的稳健的正向作用,从经济增长的视角评价,沿海省份设立自贸区的实施效果优于内陆省份,东北、中部省份设立自贸区效果优于西部、中部省份。     

黄金价格上涨与国际货币体系的新变革

近年来,黄金价格屡创新高,文章认为,经物价指数调整后,当前黄金价格仍处于价值回归过程。金价上涨与通胀风险显现、黄金的市场及官方需求增加密切相关,但从更深层次看,本轮金价的持续上涨预示着国际货币体系的新变革。当前,我们应利用这一战略机遇,从推进金融市场建设、拓展人民币跨境贸易使用范围等方面,积极做好支持人民币走出去战略的相关基础建设。     

The effectiveness of chief financial officer board membership in improving corporate investment efficiency

The key roles of the Chief Financial Officer (CFO) in firm operating performance, corporate strategic choices, and corporate governance have been increasingly emphasized in recent decades. In this study, we empirically investigate the relation between CFO board membership and corporate investment efficiency to determine whether CFO presence on the board reduces firms’ propensity to over- or underinvest. We find that CFO board membership is significantly associated with a decreased level of corporate over- and underinvestment. Further, the positive effects of CFO board membership on corporate investment efficiency are greater for firms with greater information asymmetries. Last but not least, we find that the improved investment efficiency experienced by firms with CFOs on their boards has a positive effect on the firms’ future performance. Overall, we find that CFO board membership is associated with improved investment efficiency and firms’ future profitability. By documenting the real business impact of CFO board membership on investment efficiency and firms’ future performance, we add bricks to the literature on board composition and how it influences firms’ strategic choices and performance. Our findings suggest that having CFOs on boards could benefit firms’ investment practices, which directly relate to corporate strategic performance.

     

Strategic Governance and Management Accounting: Evidence From a Case Study

This paper seeks to establish if top management (the board) of a firm should extend its overview of the governance process to the execution of strategy (i.e., strategic governance) and, if so, does the management accounting information system (MAIS) have a role in facilitating this strategy execution process. This study investigated the role of the board and MAIS in strategic governance by examining a company with a public record of both successful governance and integrated strategic management accounting processes in a high‐risk industry. The analysis demonstrates that boards should go beyond the minimum conformance (compliance) requirements of the governance‐regulatory legislation and assume ultimate responsibility for strategy execution and enterprise performance. However, while management accounting techniques, processes and reports were found to be used extensively in strategic governance to integrate the policy‐management interface in numerous conformance–performance domains, the traditional role of the management accountant was found to be limited in terms of their role in such governance. The study demonstrates that a more strategic governance role offers the management accountant a way back into senior management by using the routines of management accounting to socialize the board and curb any opportunism that may arise.     

董事会规模、多元化战略与企业风险承担

不确定的外部竞争环境和公司战略定位对企业的风险承担水平具有重要影响.以2005-2015年沪深A股上市公司为研究对象,以董事会规模作为门槛变量,分析当董事会人数在不同区间下多元化战略的实施对企业风险承担产生的影响.研究表明:随着董事会人数的增加,多元化战略与企业风险承担呈现先增后减的变化趋势,且二者存在基于董事会规模的双重门槛效应.     

我国证券市场开设国际板存在的障碍及解决对策

我国在世界经济地位日益提升,且证券市场国际化逐渐加快,因此,我国现在急需建成一个国际金融中心。国际金融中心的标志之一就是交易市场向国际开放,而国际板的开设是国际金融中心建设的重要一步。本文阐述了我国证券市场开设国际板所引发的主要争论,包括:发行之争;利弊之争;时机之辩。分析了我国开设国际板急需解决的三个主要障碍,即各方利益均衡问题、避免拉低我国股票市场的估值、国际板在我国良好运行等,并给出问题解决的对策:分步推行国际板;完善我国证券市场制度建设;提高监管和服务水平。     

关于建立资本市场转板制度的若干思考

不管是创业板详细规则的讨论还是国际金融中心建设,事实上都不可回避资本市场转板制度建设的相关问题。目前我国多层次资本市场框架已初步搭建,但是缺乏有机的结合——转板制度。转板制度建设的国际经验表明,转板制度的推出不宜过快,同时各层次资本市场的明确分工方能确保资本市场健康发展。我国转板制度建设应该分步骤、分阶段实施,首先包括沪深公司相互转板,转板原则为转板自由;其次包括三板或创业板上市公司向上一层次的市场转板,转板原则为升板自愿、降板强制。     

国内外黄金价格的波动性与互动关系研究

在国内外黄金价格形成机制的基础上,应用多种计量方法实证研究国内外黄金价格的波动性及相互关系,得出:国内外黄金价格波动都存在集聚性和持续性的特征,而且国外市场金价波动的上述特征强于国内市场;国际黄金价格波动对国内黄金价格具有导向作用,两市场金价存在长期协整关系,但波动的演化过程相异。从而,近期我国黄金期货市场的发展不应急于开放,而应当先立足国内,做深做强国内黄金期货业务,逐步提高交易者借助市场消化金价波动带来的风险的能力。     

黄金充当货币的历史逻辑

历史上先后出现过两种类型的货币,即商品货币和纸币。在商品货币发展的过程中,唯有黄金本位制演变为全球性的货币制度安排。本文分别从黄金优良的物质特性,以及工业革命后英国确立在全球经济和金融领域主导地位、黄金大发现等社会经济因素角度,分析了黄金充当货币的历史逻辑。文章指出,虽然黄金已逐渐淡出国际货币舞台,但其作为一些国家重要的国际储备选项,仍然发挥着国际货币体系价值支撑的作用。     

国际板建设的理论、制度和操作层面障碍

本文讨论了国际板建设涉及的三方面的理论问题,以及五个具体操作层面的问题。这三个方面的关系问题是国际板与香港国际金融中心的地位关系问题、国际板与外汇管理制度的关系问题以及国际板与国内板的关系问题。五个方面具体操作层面的问题包括国际板的保荐、发行和审批流程问题、国际板的招股书披露要求问题、国际板的适用财务准则问题、国际板的上市规则问题以及国际板的公司治理问题。     

Board Governance in Canadian Universities

In response to increasing fiscal pressure, Canadian universities have turned towards managerialism, that is, applying managerial tools of business with the objectives of improving operating efficiency, raising the institution's marketability, and generating commercial revenue. In addition to employing the services of professional administrators to enhance the institution's economic performance, universities appear to be switching from a collegial model of shared governance to a corporate model of governance. An objective of this exploratory study is to examine the current state of board governance in Canadian universities. Results of a survey from 133 board members of 28 universities indicate, by and large, that board members seem to have a good understanding of their roles and responsibilities. The boards are involved in setting strategic directions, goals, and objectives, and are making operating and capital resource allocation decisions. They are also monitoring the performance of the university and the president, and are involved in recruiting, succession planning, and determining the president's compensation package. The respondents report that the board committee structure and the support provided to board members allow them to discharge their responsibilities as board members properly. There is, however, room for improvement, especially in the board's participation in defining and reviewing the institution's strategic directions, plans, goals, and objectives, as well as monitoring the performance of the university and senior administrators. Other areas for possible improvement include continuing education on matters within the board's purview as well as providing better information for decision making to board members.