芡扬高原精神 做好金融服务——访中国建设锻行黢份有限公司青海省分行行长张柏良

青海省位于青藏高原东北部．东西长约1200公里，南北宽800公里．面积为72万平方公里。     

外资购并国有企业：条件与机制

随着全球跨国购并浪潮涌动，外资购并我国国有企业也已展开。外资购并国企对中方利益到底会产生什么影响，与购并的条件和购并机制密切相关。外资购并我国国有企业是在特殊的法律、政策条件下，市场经济体制尚不完善的状况下，即政府机构对企业活动的不合理干预与放任自流并存、国有企业治理机制分化成了政府主导型和企业自主型两类，国有企业在走向市场的过程中行为方式存在严重扭曲的背景下展开的。购并中的供给与需求关系失衡，等待外商购并的国有企业数量远远大于外商的需求，形成了特殊的外商购并国有企业的运行机制。     

INTERNATIONAL LISTINGS, THE SECURITY MARKET LINE AND CAPITAL MARKET INTEGRATION: THE CASE OF US LISTINGS ON THE LONDON STOCK EXCHANGE

This paper examines for international capital market segmentation by testing for changes (both inter-temporally and inter-beta) in the parameters of the riskreturn pricing relationship caused by the listing of US stocks on the London Stock Exchange (LSE) between 1965 and 1987. It is hypothesized that international listings reduce the negative effects associated with barriers to international investments, help integrate world markets and therefore decrease internationally listed stock's required returns. Significant negative deviations from the Sharpe-Lintner (SL) pre-listing pricing relationship during the postlisting period are therefore expected, primarily caused by decreases in the intercept parameter. We find, in support of the hypothesis, significant negative deviations from the predictions of SL for our sample, although they do not appear to have an intertemporal dimension. These deviations are largely associated both with decreases in the value of the SL model's intercept parameter and with low beta firms, and point toward some integration benefits from US listings on the LSE.     

4m~3电铲铲杆后挡板改造

4m~3电铲铲杆原厂家生产的后挡板容易断裂损坏,文章针对其在生产维修中存在的问题,提出4m~3电铲铲杆后挡板的改进方案,有效地解决了电铲铲杆后挡板易裂、易断的问题,延长了4m~3电铲铲杆后挡板的使用寿命。     

用先进文化推动先进生产力的发展

文化是人类独有的生存方式，是一个民族的精神记忆，是综合国力的重要体现，先进文化是民族精神的火炬，是鼓舞人民前进的号角。代表先进生产力的发展要求，必须以先进文化作支撑。没有先进文化的强力支撑，推动先进生产力发展，便会成为无源之水，无本之木。因此，大力加强先进文化建设，特别是企业文化建设，是企业实现超常规，     

美国融资租赁公司盈利模式分析及对中国的启示

中美租赁公司的盈利模式存在较大差异,这种差异不仅来自发展阶段的不同,更与两国金融市场发展水平、政策监管、税收及法律等综合外部环境息息相关。美国银行系租赁公司的收入主要来源于利差、交易和余值收入,中国银行系租赁公司目前业务结构单一,集中于利差收入,业务和风险与银行趋同,其盈利模式必须逐渐多元化。要实现这一转变,有赖于外部政策和市场环境的变化,也需要租赁公司自身主动调整。     

Short-sale constraints and informational efficiency to private information: A natural experiment

Exploiting a regulatory change in short-sale constraints (Regulation SHO) as a natural experiment, this paper examines the effect of short-sale constraints on informational efficiency of stock prices to private information. I find that short-sellers act as informed traders prior to forthcoming analyst news and trade on negative private information. When short-sale constraints are relaxed for pilot stocks (treatment group), both trading volume and stock price sensitivity increase prior to the analyst announcement for bad news but not for good news, relative to that of nonpilot stocks (control group). The findings are consistent with the Diamond and Verrecchia model that predicts that short-selling increases the speed of adjustment of stock prices to private negative information. In the cross-section, the effect of Reg SHO is stronger in stocks of firms with weak and uncertain information environments (i.e., small firms and firms with high analyst forecast dispersion).     

Multinational banking and the international transmission of financial shocks: Evidence from foreign bank subsidiaries

Using bank-level data on 368 foreign subsidiaries of 68 multinational banks in 47 emerging economies during 1994–2008, we present consistent evidence that internal capital markets in multinational banking contribute to the transmission of financial shocks from parent banks to foreign subsidiaries. We find that internal capital markets transmit favorable and adverse shocks by affecting subsidiaries’ reliance on their own internal funds for lending. We also find that the transmission of financial shocks varies across types of shocks; is strongest among subsidiaries in Central and Eastern Europe, followed by Asia and Latin America; is global rather than regional; and becomes more conspicuous in recent years. We also explore various conditions under which the international transmission of financial shocks via internal capital markets in multinational banking is stronger, including the subsidiaries’ reliance on funds from their parent bank, the subsidiaries’ entry mode, and the capital account openness and banking market structure in host countries.     

A bright side of financial constraints in cash management

This paper tests whether financial constraints play a disciplinary role in cash dissipation in the presence of agency problems. We hypothesize that when firms have difficulty raising external funds, empire-building managers of cash-rich firms will be less likely to spend cash on negative NPV projects as compared to unconstrained managers. Empirically, we examine firm performance after cash dissipation and associate it with the degree of financial constraints. We find that cash spending by managers in financially constrained firms is associated with higher future profitability and stock returns compared to cash spending by managers in unconstrained firms. Further tests reveal that the positive effect of financial constraints on firm performance is not driven by differences in corporate governance. Financial constraints actually substitute for good governance in disciplining managers. We find that corporate governance improves the efficiency of cash dissipation in unconstrained firms, but not in constrained firms. Likewise, financial constraints' disciplinary effect is found to be concentrated in firms that are poorly governed.