中国土地复垦监管现状与阶段性特征

研究目的:进一步明确土地复垦监管工作特点并分析发展趋势。研究方法:通过对现阶段土地复垦监管工作的总结,在分析国家投资体制改革、工程建设项目管理方式、矿业用地改革趋势以及复垦工程建设特点的基础上,结合目前土地复垦监管能力、政策环境及科研水平等因素进行综合分析。研究结果:总结了中国土地复垦监管工作的阶段性特点,分析了发展趋势,并提出以下观点:(1)实行信息化管理应作为目前土地复垦监管日常工作的主要内容;(2)对复垦资金施行严格管控是现阶段监管工作的重要抓手;(3)土地复垦的监管将从"管方案"和"管数据"向"组织管理"和"项目管理"转变;(4)运用信息化手段实现土地复垦监管指标体系的构建,为质量控制、工程验收和项目后评价提供技术支撑;(5)建议创新土地复垦监管体制、制度以及工程管理方式等。     

财政资金支持农民专业合作社政策研究

我国财政支持农民专业合作社政策存在忽视经济效益、公平效应和监管疏漏等问题.政府应加大财政配套的金融支持;财政资金支持要坚持多渠道、多层次投入,突出重点环节;同时,要明晰合作社内部产权,建立必要的外部和内部监督约束机制.     

Volatility Transmission in Asian Bond Markets: Tests of Portfolio Diversification

The 1997 Asian crisis illustrated the need to develop local bond markets to reduce vulnerabilities to future mismatches in currency and maturity. This article examines a regional initiative – the Pan-Asian Bond Index Fund – and tests the implications for portfolio diversification. Intra- and inter-regional transmission of bond market volatilities between Hong Kong, Singapore and South Korea and from the United States and Japan is investigated. The results show that since Hong Kong and Singapore are highly integrated into global capital markets, the prospects of diversification of investment become undermined. The study provides evidence to assist policy makers in designing bond-index funds as a strategy for portfolio diversification to promote regional bond markets.     

Effects of state ownership on companies’ capital structure and profitability: Estimation analysis before and after the Lehman shock

This paper investigates the capital structure and profitability of the companies listed on the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HASE) in Vietnam by estimating their debt ratios and return rates using the three-stage least squares method applied to the 2006–2011 samples of 435 listed companies. The estimation results show that first, the capital structures of the listed companies matched the features of standardized corporate financing theories better than those of small- and medium-sized Vietnamese enterprises. Second, weak corporate governance due to insufficient monitoring by creditor led the listed companies to borrow excessively in the periods before and after the boom. Third, the state-controlled companies listed on the HOSE are likely to have an advantage over other companies in accessing loans and earning profits, even after the boom period. Fourth, while foreign-affiliated companies were not substantially more profitable during the boom period, they were more profitable in the period after the boom because of better production technology and management. These findings suggest that reforming the Vietnamese market requires the development of a system that ensures information transparency and independent corporate governance, enhances financial openness, and increases the privatization of state-owned companies, including those in the banking sector.     

证券投资基金的羊群行为

现实的证券市场上,存在着各种不确定因素;基金经理由于关注自己的声誉和报酬,会产生追随他人的行动而忽略自己掌握的信息的羊群行为,这种行为会降低市场效率,增加波动,导致羊群行为发生的各种因素现实中总是存在,要减少该行为,只有增强各种能抑制羊群行为发生的力量。     

PROFIT SHARING IN HEDGE FUNDS

In a new scheme for hedge fund managerial compensation known as the first‐loss scheme, a fund manager uses her investment in the fund to cover any fund losses first; by contrast, in the traditional scheme currently used in most US funds, the manager does not cover investors' losses in the fund. We propose a framework based on cumulative prospect theory to compute and compare the trading strategies, fund risk, and managers' and investors' utilities in these two schemes analytically. The model is calibrated to the historical attrition rates of US hedge funds. We find that with reasonable parameter values, both fund managers' and investors' utilities can be improved and fund risk can be reduced simultaneously by replacing the traditional scheme (with 10% internal capital and 20% performance fee) with a first‐loss scheme (with 10% first‐loss capital and 30% performance fee). When the performance fee in the first‐loss scheme is 40% (a current market practice), however, such substitution renders investors worse off.     

有关中小企业发展专项资金绩效评价指标的探讨

随着政府对中小企业发展的财政投入力度的增加,建立中小企业发展专项资金的绩效评价体系已成为当务之急。以对中小企业发展专项资金绩效评价指标体系的构建前提和指标体系建立原则的具体分析为基础,针对专项资金支出的合规性、资金落实、效益效果、影响、组织管理五个方面,设计了绩效评价的指标集,并给出了相应的指标权重确定方法。     

强化资金管控 确保国际化企业集团资金安全——以兖矿集团资金管控实践为例

通过阐述兖矿集团加强国际化企业集团资金管理,提升集团资金管控水平,增强集团资金资源的配置效能和财务管控能力,提高资金使用效率,确保企业资金安全、稳定、高效运转的具体实践,认为在后金融危机时期,应该强化资金管控,确保企业资金安全。     

Generational Accounting, Solidarity and Pension Losses

Summary The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds’ wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger generations should have the higher equity exposure due to their human capital. Stock market losses should be distributed smoothly over lifetime consumption by adjusting both current contributions and future entitlements. We present expressions for the substantial welfare losses involved in various practically relevant deviations from the optimal system. We are grateful to stimulating suggestions by Lans Bovenberg, Casper van Ewijk, Frank de Jong and by two anonymous referees.     

Changes in the liquidity of closed-end country funds after the introduction of World Equity Benchmarks

In 1996, the first exchange-traded funds (ETFs) designed to track a subset of the Morgan Stanley Capital International country indices were approved under the name World Equity Benchmarks (acronym “WEBS”™). We examine the impact of early WEBS-trading on the liquidity of corresponding closed-end country funds (CECFs), previously one of the main avenues for retail investors to achieve country-specific equity exposure. We document a decline in both the trading volume and the trading frequency for CECFs, suggesting that some investors migrate to WEBS. At the same time, the market depth for CECFs increases and the bid-ask spread for CECFs decreases following the introduction of WEBS. Our results support the hypothesis that despite the decline in volume and trading frequency, the liquidity of CECFs is favorably affected by the advent of WEBS.