增发融资市场运行中的问题及制度完善研究

目前中国增发融资出现了市场融资功能错位、发行监管效率不高、发行折价幅度偏大、内幕交易和利益输送频发以及信息披露不完善等问题。借鉴国外成熟市场制度,从上市审核、发行主体、发行定价、发行对象、流动性限制、信息披露制度等方面完善中国增发融资市场的相关制度,从而提高市场的运行效率。     

高职院校产学研结合的理性分析——三明职业技术学院轻纺工业系产学研结合发展情况的调查与思考

产学研结合是高职院校发展的必由之路,以三明职业技术学院轻纺工业系为例,分析了产学研结合的发展方向和路径,提出必须采取加强物质文化建设和人文文化建设、实施"以生为本"的长期合作战略和建设一支高素质的"双师型"教师队伍等主要对策,才能推动产学研结合向纵深发展。     

When does FDI matter? The roles of local institutions and ethnic origins of FDI

How foreign direct investment (FDI) affects a host environment is a much discussed yet less understood topic of salience for international business managers, policy makers and researchers. Using panel data from 287 Chinese cities over the period 1999–2005, our study assesses (1) the multiple impacts of FDI in both positive and negative domains, (2) the role of local institutional development in moderating these impacts, and (3) whether the moderating effects of institutions differ depending upon the origins of the incoming investment (ethnic- versus non-ethnic-linked). Our analysis shows that indeed, FDI is a double-edged sword: it enhances the host city's economic growth, labor productivity and innovation but it also causes employment reduction and pollution in host cities. Moreover, the host city's institutional development is found to enhance the positive impacts of FDI and reduce its negative ones. Interestingly, the moderating effect is smaller for ethnic-linked FDI than for non-ethnic-linked FDI. As the first comprehensive attempt to unravel the role of institutional development in moderating the ambiguous impacts of FDI in multiple domains, this study confirms that a host's ability to absorb the benefits of FDI while curtailing its associated costs is both plausible and pivotal. As our world becomes flatter and FDI more entrenched in a host's economic and social development, this study provides important implications.     

中国奇迹还是小富即安？--兼论中国隐形冠军企业成长

本文借助于中国非上市企业２００１～２００７年期间的面板数据,实证检验以赫尔曼·西蒙为代表的管理学领域推崇的隐形冠军企业成功特质,以期破解中国中小企业成长困境。在综合借鉴学界关于隐形冠军概念界定并构建评价指标的基础上,估计了影响隐形冠军成长的主要变量,结果发现：对于中国隐形冠军企业而言,技术创新、专注程度与企业成长性呈负相关关系,国际市场控制力对企业成长的贡献并不具有统计意义。隐形冠军企业的高成长性并非代表了一种全新的战略选择,而是企业在既定制度中的理性选择。因此,本文的结论倾向于证伪“隐形冠军是中国奇迹”这个假说。     

洋快餐逐鹿中国“跑马圈地”

2005年中国餐饮业零售额8806亿元，同比增长16．8％。从两个数字中见出端倪：快餐连锁业群雄并起的麈战已呼之欲出。[编者按]     

A general equilibrium analysis in the Phillips space

The relationship between inflation and unemployment is analyzed within a general equilibrium framework in which the equilibrium rates of inflation and unemployment are solved simultaneously. The locus of points in the Phillips (inflation-unemployment) space depends on the dynamic adjustment mechanism postulated and the value of the behavioral parameters of the model. Changes in fiscal and monetary policy may lead to clockwise or counter-clockwise loops or spirals and to movement of the system in any direction in the Phillips space. The traditional inverse relationship between inflation and unemployment represents only one of a number of possibilities.     

Understanding the Endogeneity Between Firm Value and Shareholder Rights

I explore the relation between firm value and the shareholder rights-based Governance Index "G," which has become a popular measure of governance quality among researchers and investors. I show that the relation is not spuriously driven by unobservable firm heterogeneity or an assortment of observable firm characteristics, such as firm growth potential and profitability. The causality seems to run from G to firm value, rather than from firm value to G. My results suggest that granting more rights to shareholders could be an effective way to reduce agency costs and enhance firm value.     

The Nature of Corporate Income Tax Under a Full Imputation Tax Regime: A Test of Functional Fixation

This paper tests two competing hypotheses describing investors' behavior: the efficient market hypothesis and the functional fixation hypothesis. In particular, this study examines how Taiwan's stock market interprets the nature of corporate income tax after the 1998 Tax Reform, which switches from the classical tax system to the integrated tax system. This Tax Reform changes the nature of corporate income tax from a pure operating expense to an individual shareholder's tax credit, but current GAAP still treats it as an operating expense in the income statement. The empirical results show that Taiwan's stock market perceives the change in nature of corporate income tax and responds accordingly.     

在竞争性电力市场中培育和发展中国的绿色电力市场

本文阐述了绿色电力的定义及其意义,在分析竞争性电力市场中5种对绿色电力市场的发展产生影响的市场竞争力量因素的基础上,提出了相应的政策和措施,以促进和推动绿色电力市场的发展。     

基于业务外包谈企业竞争力的提升

外包是当今全球流行的经营新理念,我国外包近几年也出现快速增长趋势。本文针对我国企业非核心业务外包可以提升企业竞争力,提出了一些合理化建议,对我国企业的发展具有现实意义。