我国跨国公司融资问题分析

我国跨国企业资本结构不尽合理，资产负债率总体水平偏低，而且呈稳中趋降的趋势。造成这一现象的根本原因是我国跨国企业在融资顺序的选择上倾向于股权融资而忽视债权融资，存在明显的股权融资偏好，这与融资优序理论相悖。本文以跨国企业为研究对象，从我国跨国企业融资行为及其导致的资本结构存在的问题入手，通过对这种现象产生的原因的深入分析，对我国跨国企业融资结构优化提出了几点建议。     

Government financing in an endogenous growth model with financial market restrictions

Summary. In this paper, we develop an endogenous growth model with market regulations on explicitly modeled financial intermediaries to examine the effects of alternative government financing schemes on growth, inflation, and welfare. In the presence of binding regulation, there is always a unique equilibrium. We perform four alternative policy experiments; a change in the seigniorage tax rate, a change in the seigniorage tax base, a change in the income tax and a change in the fiscal-monetary policy mix. We find that in the presence of binding legal reserve requirements, a marginal increase in government spending need not result in a reduction in the rate of economic growth if it is financed with an increase in the seigniorage tax rate. Raising the seigniorage tax base by means of an increase in the reserve requirement retards growth and it has an ambiguous effect on inflation. An increase in income tax financed government spending also suppresses growth and raises inflation although not to the extent that the required seigniorage tax rate alternative would. Switching from seigniorage to income taxation as a source of government finance is growth reducing but deflationary. From a welfare perspective, the least distortionary way of financing an increase in the government spending requirements is by means of a marginal increase in the seigniorage tax rate. Under the specification of logarithmic preferences, the optimal tax structure is indeterminate. Received: March 20, 2000; revised version: June 26, 2001     

金融衍生工具的风险暴露与监控框架设计

分析金融衍生工具的活动特点，观察金融衍生工具的风险暴露，研究金融衍生工具各种监控方式的内涵、主要操作手法、适用的范围以及可供选择的对策，有助于建立起全球性金融衍生工具监控框架设计体系。     

关于金融风险监测的思考

文章根据金融风险预警指标体系的设计原则，提出一套由八个指标构成的金融风险监测预警指标体系，并用综合指数法对金融风险进行综合度量。     

IT集成项目的风险评价与控制

本文就 IT集成项目的风险问题进行了系统研究和探讨 ,其内容包括 IT集成项目的特点、风险的产生与特征、预测和评价、防范和控制等。     

金融产业集聚的形成模式研究：全球视角与中国的选择

金融产业集聚的形成，本质上来源于经济的发展和演化并具有自组织变迁的规律。从世界金融中心的形成经验可以发现，金融产业集群的形成主要分为自发演化和嵌入发展两种不同模式。本文在对伦敦和新加坡这两种截然不同的金融集聚形成模式分析的基础上，归纳出金融产业集聚形成的主要因素，并对我国大力推进该产业集聚的发展提供对策建议。     

Risk-taking incentives of executive stock options and the asset substitution problem

Various theoretical models show that managerial compensation schemes can reduce the distortionary effects of financial leverage. There is mixed evidence as to whether highly levered firms offer less stock‐based compensation, a common prediction of such models. Both the theoretical and empirical research, however, have overlooked the leverage provided by executive stock options. In principle, adjusting the exercise prices of executive stock options can mitigate the risk incentive effects of financial leverage. We show that the near‐universal practice of setting option exercise prices near the prevailing stock price at the date of grant effectively undoes most of the effects of financial leverage. In a large cross‐sectional sample of Canadian option‐granting firms, we find evidence that executives' incentives to take equity risk are negatively rather than positively related to the leverage of their employers.     

金融自由化利益的纷争和实证分析

自麦金农和爱德华肖在1973年提出金融深化理论后的30年中，西方许多经济学家对金融自由化的利益倍加关注，并进行了激烈的论战。这些争论带给我们很多有益的启示：金融自由化是一种手段，而不是目的本身；自由化是相对的，过度开放和过度压抑同样都是有害的；金融自由化的后果可以是双重的，有些作用是相互抵消的；金融自由化与危机有关，但后并非前的必然结果。以金融全球化带来的负面影响否认金融全球化的效率和结果是一种偏见。     

培育和发展金融资本促进我国金融业改革

作为世界贸易组织成员国，在经济全球化、全球金融市场一体化和金融自由化的大环境中培育和发展金融资本，是我国金融业的发展趋势，也是更为适合的改革途径。本文试图从金融资本理论出发，探讨这一改革途径的必要性、可能性和发展思路。     

完善我国社会保障财政制度的法律思考

财政作为社会保障的核心组织者和保障资金的重要提供者，在社会保障中起有着十分重要而独特的作用。本文分析了建立和完善我国社会保障财政制度的必要性，并从社会保障预算、社会保障税、社会保障财政转移支付三个方面对我国社会保障财政制度的法律完善进行了探讨。