美国的长期护理保险

时间终将捕获所有人,即使我们一直保持健康。这意味着养老需要早作打算,可这是一项庞大的工程,从何做起呢?有些人对养老很不以为然,总觉得自己是个例外,不需要长期护理。可是如今,美国很多社区中85岁以上的老人数量急速上升,在现有的医疗条件仍在进步的情况下,若干年以后,人人都需要一名护士、一名助手或是一个医疗服     

掌握全局

过往从事中层会计工作的财务总监只集中关心数字,但时至今日,他们的工作范围扩大了,担当的角色更为重要。本文阐述了这个岗位职责的转变,以及香港会计师公会将怎样协助会员发展这方面的技能及富有挑战性的工作。     

人民币国际化、资本账户开放与中国金融改革

美国国家经济研究局的这篇报告回顾了中国金融改革和贸易一体化的进程,并展望了未来几年中国将面临的挑战。报告认为,中国是出口导向型增长的范例:实践中探索、学习国外先进技术、实施产业振兴发展政策。尽管中国经济增长取得的成绩举世瞩目,但其中存在着隐蔽的巨大成本和一定程度的扭曲。出口导向型的增长战略很成功,但目前已经发展到了瓶颈阶段。国际金融危机迫使中国开启再平衡之路,这也正是目前中国努力实现的。本刊编辑部编译了美国国家经济研究局的这篇报告,供广大金融界人士研究参考。     

可能高估的美元汇率及其宏观影响(上)北大核心

近期,大宗商品价格下跌、风险厌恶情绪导致新兴市场国家资本流出等宏观经济政策和市场力量的驱动,导致美元汇率可能被高估。通过测算实现均衡汇率所需要的汇率变化,发现美元汇率高估了10%。这将导致美国经常项目逆差占国内生产总值的比重扩大,净出口贡献率下降,从而拖累美国经济增长。未来任何国家都不应当为了限制本币升值而恢复外汇市场干预。     

The impact of reporting frequency on the information quality of share price: evidence from Chinese state-owned enterprises

As a major global exchange, the Stock Exchange of Hong Kong (SEHK) only requires semi-annual reporting whereas other major exchanges including the ones in Chinese mainland require quarterly reporting. We argue against the traditional view that higher reporting frequency is necessarily more beneficial. The decision on reporting frequency depends on how the information is being processed by the recipient traders and the results are not obvious. Using a sample of Chinese companies duallisted in both China A share market and SEHK (AH shares) as the experimental group and mainland’s companies listed on SEHK (H shares) only as the control group, we apply the difference-in-difference (DID) method to investigate the impacts of reporting frequency on stock information quality. The results suggest that after China A share market require quarterly financial reporting for all listed companies in 2002, the information asymmetry of the H tranche of AH stocks increases. Different from prior studies, the results suggest a negative association between stock information quality and financial reporting frequency. We argue that the increased information asymmetry in the H tranche is caused by the noise spilled over from the A tranche. We conduct multivariable GARCH tests and find evidence supporting this conjecture.     

中国"以电子政务拉动信息产业发展"政策的再评估

电子政务是中国信息化战略的重中之重,但其实际发展与预期间存在着明显差距。本文以中国“以电子政务拉动信息产业发展”政策为研究重点,把这一政策放在中国信息化历史中加以考察,分析中国信息化新阶段ICT市场的新变化和新挑战,针对电子政务实践与预期间的差距,对该政策提出我们的看法。