中国金融业混业经营的路径选择

20世纪90年代以来,全球金融体系从严格的分业经营逐渐走向混业经营,由金融机构间跨行业、跨国界收购与合并而形成的金融机构集团化经营逐步成为一种趋势。中国金融业也只有顺应国际金融业发展的潮流,加大金融改革的力度,实现国内外金融市场的接轨,打造世界一流的金融控股公司,才能在国际金融的激烈竞争中立于不败。     

公司资本制度改革刍议

公司资本制度是现代公司企业制度的核心内容。在法定资本制、授权资本制和折衷资本制等三种既有公司资本制度中,我国选择了法定资本制度。这种制度的实施也给社会经济生活带来一系列问题。本文认为必须在立法层面对此进行修改,并在日常管理中加强监督检查。     

Spatial price mimicking on Airbnb: Multi-host vs single-host

This paper studies the existence of two different supply operators in the peer-to-peer accommodation rental market for the city of Madrid. We specifically analyse spatial dependencies in price formation and whether the so-called professional hosts (i.e. those who have several Airbnb listings) set prices differently from single-property hosts. To this end, hedonic price models are estimated with and without spatial price dependence. Listings’ structural characteristics and accessibility measures to transportation hubs and sightseeing spots are considered in the regressions. Results provide clear evidence that price mimicking is higher among non-professional hosts whereas professional hosts set prices more independently.     

全球大宗商品定价机制与国际经贸格局演变动态关系的研究评述

大宗商品及其价格波动的研究始终是国际经济学领域中备受关注的话题。近年来,全球大宗商品价格经历了错综复杂的变化,各方围绕大宗商品尤其是能源的定价权展开了激烈的斗争,并进一步引发了全球经济贸易格局的深刻调整。"中国因素"如何影响国际大宗商品价格机制以及如何提高中国的国际大宗商品定价权已成为具有深远意义且艰巨的课题。本文通过对国内外相关文献的综述,介绍了大宗商品价格波动的成因及对经济的影响、大宗商品定价机制的变迁及定价话语权的提高方式、大宗商品与经济安全的关系等,指出了现有研究存在的不足之处,揭示了全球大宗商品定价机制与国际经贸格局动态演变关系研究中可进一步探讨和突破的空间。     

The contribution of internalisation theory to international business: New realities and unanswered questions

This paper sets out the importance of internalisation theory to international business research and practice. It examines the context against which the theory has been developed, the environmental conditions in which the multinational enterprise has evolved and the phenomena that the theory has explained. It also examines the challenge to the theory of “unanswered questions”. These include governance, location theory, dynamics, networked multinationals, innovation, entrepreneurship and the role of risk and uncertainty.     

Increasing a brand’s competitive clout: the role of market share,consumer preference,and price sensitivity

The market power (or ‘competitive clout’) of a brand is an increasingly important component of modern marketing strategies. However, the factors that enhance a brand’s competitive clout (BCC) are poorly understood. This study therefore suggests an integrated model of BCC and three factors that are proposed to play a role in its formation: (i) consumer price sensitivity; (ii) brand market share; and (iii) consumer brand preferences. These variables are examined both individually and simultaneously to demonstrate the direct effect of each on BCC and how their inter-relationships contribute to BCC. In doing so, a two-step empirical analysis is conducted. First, two multinomial logit models provide an own- and a cross-price response matrix for a chosen set of competitive brands. Secondly, BCC is regressed against the variables of market share, intrinsic preferences, and price sensitivity using an interaction effects regression model. The results of the analysis show that market share is not the only way to increase BCC; in particular, consumer preferences, and especially pricing decisions, are shown to play a key role in developing a strong brand.     

上市公司资产剥离效应实证分析

通过描述证券市场股价的变化和将公司的财务状况与2001年相比较,对2002年上市公司资产剥离的效应进行了分析。结论是中国证券市场的价格信息并不完全反映公司的实际发展状况,在资产剥离事件上偏离较大。作为公司实现经营目标所采取的一种手段,资产剥离发挥了重要的作用。     

上市公司财务虚假的成因--基于股东投票权完备性角度的研究

我国上市公司财务虚假的主要表现形式有利润操纵、利益转移、借关联交易调控损益以及少分配和不分配现金股利。而大股东投票权的非完备性:拥有股权的不可交易性,成为上市公司财务虚假的根本原因。     

抵押贷款定价:基于欧式期权定价的研究

本文假设借贷双方对抵押资产拥有相同的信息并对其未来价值有相同的认知,利用期权定价技术,证明了一个抵押贷款合同与一个定期债券和一个对借款方抵押资产的卖出期权是等价的。研究结果显示,贷款方提供给借款方的贷款不会超过抵押资产的市场价值,研究还发现,随着抵押资产市场价值的增加,贷款的供给也会增加;抵押资产价值的波动率、利率、分红率的增加能分别降低贷款的供给。最后以个人住房抵押贷款为例对上述结论进行了解释。     

“公司＋农户”经营模式下利益联结机制的思考——基于汉川温氏案例研究

利益联结机制是农业产业化经营的核心问题。本文以汉川广东温氏家禽有限公司为例,由“公司＋农户”经营模式现状入手,先从整体上认识公司与农户之间建立的利益联结关系,再着重从利益分配和风险承担两方面分析其特点及问题,最后针对存在的问题提出进一步完善公司利益联结机制的几点建议。