Hedging,Financing and Investment Decisions: A Simultaneous Equations Framework

We empirically investigate the interactions among hedging, financing, and investment decisions. We argue that the way in which hedging affects a firm's financing and investing decisions differs for firms with different growth opportunities. We find that high growth firms increase their investment, but not leverage, by hedging. However, we also find that firms with few investment opportunities use derivatives to increase their leverage.     

上海文化大都市战略与文化产业发展

当前,文化已经成为体现国际竞争力的重要方面,越来越受到世界各国的高度重视.市第九次党代会首次提出,上海要建成文化大都市,其中,文化产业发展至关重要.本文选择了美国、英国、日本、韩国四个有代表性的国家,对其文化产业发展路径和特点进行了剖析,并在此基础上提出了加快上海文化产业发展的若干建议.本文指出:由上而下的观念转变对理清文化产业发展思路具有关键性的作用,文化产业的发展需要政府与市场共同发挥作用,两者互动构成文化产业发展的形成机制,上海应结合自身特色确立发展文化产业发展重点并制定差别化的产业政策.     

Foreign debt and economic growth

This paper empirically examines the relationship between government foreign debt and the growth rate of per capita GDP based on a total sample of 77 countries, as well as sub‐samples of various regions. Cross‐sectional estimates of the coefficient of foreign debt based on the total sample have a negative sign, but are not always statistically significant. Available data from African countries indicate that foreign debt and the growth rate of per capita GDP were negatively related at a high level of significance. For industrialized and Latin American sub‐samples, this relationship is negative but statistically insignificant. The sub‐sample Asian and other developing countries show a positive but insignificant relationship. JEL classification: F34, H6, O23.     

关注拆迁户

大中小城市在建设、在发展、在美化，要拆掉或多或少的原有住户，这样就产生了一批临时群体，叫做拆迁户。拆迁户涉及城市人口的一成、二成甚至三成以上。此事关系广大人民群众的切身利益，情况复杂，问题丛生，应引起高度关注。胡锦涛同志在“七一”讲话中说：     

刍议虚拟财产的法律保护

随着网络,尤其是网络游戏的迅猛发展,虚拟财产的交易及其保护引发了是否要对其加以保护,如何进行保护,如何进行规范等一系列问题,在我国的司法实践中已经不得不开始面对这类纠纷的裁判,而在法律上有关虚拟财产的规则尚处于不确定的空白,给这类纠纷的解决带来了很大的障碍,基于此,进行虚拟财产特性、交易等等相关法律问题的研究,并在探讨其合法性的前提下,进一步论证虚拟财产的法律保护规则的建构具有十分重要的理论意义与现实意义。     

美投资银行的竞争优势及对内地投资银行业的冲击——基于波特钻石理论和动态企业能力论视角

在金融业全面对外开放的条件下,中国脆弱的投资银行业面临新一轮的挑战,被外国投资银行攻城掠地的场面是否会在中国继续上演?对此,波特的钻石理论提出了使一个国家具备产业竞争优势的六个因素,但真正使一个国家产业具备竞争优势却在于企业内部的组织学习和创新.美国投资银行业基于长期对生产要素的投资和积累形成了全球性的竞争优势,占据了投资银行高端业务并有进一步争夺中国投资银行业务的趋势.面对冲击,国内投资银行应立足自身优势,发展壮大自己,而政府也应在产业规制和健全宏观环境上下功夫.     

从“大萧条”看中美两国应对当前金融危机之策

本文站在历史的角度，审视与检讨中关两国政府在应对当前由次贷风暴引发的金融危机中的得与失。历史是一面镜子，发生在20世纪30年代的世界性大萧条与今日美国金融危机在很多方面具有相似之处。以史为鉴，在百年一遇的危机面前，各国政府应携手并进，同舟共济，避免陷入更深的困境。当前的局势为中国充分展示负责任大国的形象提供了契机。     

Measuring Accessibility of Housing to Public–community Facilities Using Geographical Information Systems

This paper examines housing accessibility to public–community facilities (PCFs) using geographical information systems (GIS) for four county–wide metropolitan areas in North Carolina with population ranging from 90,000 to 700,000. An optimization–based assignment model is developed and implemented in ArcView GIS. Rather than using the conventional and less accurate traffic analysis zone (TAZ) or census geography, this research uses detailed county–wide building and parcel databases to estimate direct distances, hence accessibility, from homes (i.e., apartment, manufactured home, and single–family house) to PCF (i.e., office, shopping center, school). The results indicate that distinct housing accessibility patterns exist. In general, multi–family housing such as apartment and townhouse enjoys higher accessibility to positive (desirable) PCFs, followed by single–family detached housing. Manufactured housing has been placed further away from most positive PCFs, but closer to some negative (undesirable) ones.     

2005年国有资产监管工作的总体要求和需要把握好的几个问题——在2005年全国国有资产监督管理工作会议上的讲话(摘录)

中央经济工作会议对今年的国际国内形势做了全面深刻的分析,对做好各项经济工作进行了全面部署.总的看,做好今年国有资产监管工作的有利条件很多,但也存在一些不确定因素.     

强化企业集团财务预算管理

财务预算是行为计划的量化,能使管理者全盘考虑整个企业集团价值链之间的相互联系,保证企业各项目标的不断提高和优化,是体现企业业绩的一种好的管理模式。财务预算的全过程会促进管理者及全体员工面向未来,促进发展,有助于增强预见性,避免盲目行为,激励员工完成企业的目标。强化企业集团的财务预算管理,必须采取一系列对策措施,才能行之有效。