消费品市场有效供给不足的成因及对策

在买方市场条件下 ,我国消费品市场有效供给不足表现为 :消费品市场上的商品价位与消费者的市场收入层次错位、名优品牌和知名品牌商品少、城乡消费鸿沟加深。造成消费品市场有效供给不足的原因是 :消费品生产的市场定位出现误差、生产技术含量低、市场营销能力不强等。要达到消费品市场均衡 ,必须要做好市场定位、提高产品的技术含量、推进名牌战略、降低经营成本     

我国证券纠纷调解机制的完善和金融申诉专员制度合理要素的借鉴

我国新修订的《证券法》于2020年3月1日正式施行。作为资本市场根本法规,《证券法》新增第六章"投资者保护"可谓亮点之一,其中第94条规定"强制调解制度"在诉讼和仲裁之外为投资者提供了新的维权路径,加强对投资者的事后保护。但目前我国证券纠纷调解机制仍有诸多问题,例如法律条文碎片化、调解协议刚性不足、调解衔接机制不完善、调解机构体系混乱、监督机制不力等,这些弊病从根本上严重影响证券纠纷调解机制的制度设计和程序运行。本文拟通过分析英国金融申诉专员制度的成熟经验,为我国证券纠纷调解机制的完善和发展提出优化路径。     

税务征收体制下的社会保险费征管制度建设研究

我国社会保险费征管体制改革正在不断深入。当前,社会保险费征管仍存在制度设计有待完善、法律依据不够清晰的问题。本文基于税收征管视角,对社会保险费征管制度进行了重新审视,在全面梳理了制约社会保险费征管制度完善的限制性因素的基础上,从科学设置社会保险费征管前置程序、全面构建社会保险费征管的保障程序等多个方面,对将社会保险费征管融入税收征管流程的可行性进行了分析和探讨,以期为我国社会保险费征管制度的完善提供参考。     

Vertical Restraints and Market Access

This paper analyzes vertical restraints in relation to market access issues. In Section II we briefly review the recent three major trade conflicts between Japan and the USA in light of vertical restraints. In Section III we review the major policy lessons of the economics literature of vertical restraints, and analyze whether we need a special treatment for vertical restraints abroad for a market access reason. In Section IV we evaluate the policy options towards foreign foreclosure and suggest that nondiscriminatory application of foreign or home competition policy should be the mechanism to address such concern instead of trade policy actions such as voluntary import expansions.     

Intraday Empirical Analysis and Modeling of Diversified World Stock Indices

This paper proposes an approach to the intraday analysis of diversified world stock accumulation indices. The growth optimal portfolio (GOP) is used as reference unit or benchmark in a continuous financial market model. Diversified portfolios, covering the world stock market, are constructed and shown to approximate the GOP, providing the basis for a range of financial applications. The normalized GOP is modeled as a time transformed square root process of dimension four. Its dynamics are empirically verified for several world stock indices. Furthermore, the evolution of the transformed time is modeled as the integral over a rapidly evolving mean-reverting market activity process with deterministic volatility. The empirical findings suggest a rather simple and robust model for a world stock index that reflects the historical evolution, by using only a few readily observable parameters. Mathematics Subject Classification: (1991) primary 90A12, secondary 60G30,62P20 JEL Classification: G10, G13     

The Lévy LIBOR model

Models driven by Lévy processes are attractive because of their greater flexibility compared to classical diffusion models. First we derive the dynamics of the LIBOR rate process in a semimartingale as well as a Lévy Heath-Jarrow-Morton setting. Then we introduce a Lévy LIBOR market model. In order to guarantee positive rates, the LIBOR rate process is constructed as an ordinary exponential. Via backward induction we get that the rates are martingales under the corresponding forward measures. An explicit formula to price caps and floors which uses bilateral Laplace transforms is derived.     

监管制度变迁对深圳证券市场效率的影响

本文回顾了十多年来我国证券市场监管制度的变化,运用统计分析和混沌理论来分析市场监管制度对深圳股票市场市场效率的影响.本文认为,深圳股票市场在经历了十年多的发展后市场效率在宏观上有所提高.对重大监管政策出台前后市场变动情况的统计分析表明,大量监管政策的出台在微观层面也有一定的改进.     

欧美国债市场做市商制度分析与比较

考察国外债券市场发展的实践,我们发现做市商制度是活跃国债市场不可缺少的因素,起着举足轻重的作用.目前,我国银行间债券市场虽然也存在做市商制度,但是有行无市的困扰一直存在,形同虚设.本文重点对美国国债市场和欧洲MTS市场的做市商制度进行介绍,以期对我国国债市场做市商制度的发展和完善起到一定的借鉴作用.     

存在风险条件下的资本市场投资预期收益模型研究

风险是指预期收益的不确定性,是指在将来一段时间内遭受损失的可能性.进行资本市场投资,必然存在风险.资本市场投资风险就是投资预期结果(预期收益损失)的不确定性,有投资风险,就会有投资者对其进行的预期.本文建立了存在风险条件下的资本市场投资预期收益模型,并由此得出了不同投资者的预期收益--风险偏好的不同投资选择.     

从聚丙烯装置的高速建设看未来我国丙烯市场压力

近年来，随着我国国民经济的持续高速发展，我国聚丙烯市场消费量逐年较大幅度上升。为了满足国内对聚丙烯日益增长的需求，聚丙烯业界将投资高度集中在聚丙烯装置建设方面，分别采用独资、合资方式建设聚丙烯装置，国内已掀起新一轮聚丙烯建设高潮。在未来4～5年，我国将有8套世界级规模的聚丙烯装置投产，合计能力达到2．19～2．34Mt／a，聚丙烯装置的高速建设无疑对其原料丙烯的供应带来一定的压力。文章分析了丙烯行业状况，未来丙烯市场可能出现的供不应求趋势以及相应的解决方案。