公司境外上市八大陷阱及对策研究

本文通过对公司境外上市所遭遇的困难和问题进行深入研究,总结出了境外上市程中容易出现的八大陷阱,并针对这些陷阱提出了极具操作性的对策建议。本文具有较强的实际指导意义,旨在帮助企业在上市过程中有效规避各种陷阱,少走弯路,少交学费,从而最终实现在境外资本市场的成功上市。     

负面清单的行业选择与动态调整

负面清单单内行业选择标准,是我国进一步开放自由贸易区的重要问题。巴格瓦蒂的次优理论可以作为制订负面清单对单内行业进行特殊监管的理论基础。当前应把由于市场不完全、信息不完整而存在着外部性扭曲、增长潜力扭曲的行业置入负面清单,进行特殊监管,审慎对等开放。此外,还可以通过对单内行业的动态出单来增加行业活力,扩大开放水平。     

Overseas industrial parks and China's outward foreign direct investment

We manually collect data on China's overseas industrial parks from 2007 to 2018, and match it with data on the country’s outward foreign direct investment (OFDI), using the system generalized method of moment (system GMM) approach to test how constructing overseas industrial parks affects China's OFDI. The results indicate that each new overseas industrial park established significantly increases China's OFDI by 2.89%. And the effect only exists in non-high-income host countries, rather than high-income host countries. We also investigate the effects of different types of industrial parks, and find that agricultural, light industrial, high-tech, comprehensive and heavy industrial parks have significant effects, while logistics parks do not. The mechanism analysis suggests that establishing overseas industrial parks increases China’s OFDI by reducing host countries’ economic and financial risks, and improving bilateral political relations. We further find that establishing overseas industrial parks is more likely to promote OFDI in host countries with imperfect infrastructure, impeded capital flows and low levels of unimpeded information. Our findings shed light on how developing countries could enlarge and stabilize OFDI.     

对宁波民营企业国际化经营策略创新的思考

在当前国际经济形势下,宁波民营企业国际化经营面临种种问题。宁波对外开放战略需要转型升级,宁波民营企业国际化经营策略需要创新。对外战略投资与并购策略是提升宁波民营企业国际竞争力的理性选择;促进企业对外战略投资并购,率先提升对外开放战略应成为当前宁波外向型经济发展的重点。     

Overseas equity analysis by UK analysts and fund managers

This paper examines how UK-based analysts and fund managers cope with international differences in financial reporting systems when analysing overseas equities. This subject has become increasingly important given the internationalisation and institutionalisation of equity markets. Our results indicate that there is a substantial reliance on sources other than the annual report by both groups when analysing overseas companies. We also find considerable variation in the approach to analysing equities internationally. In particular, we find evidence that there is greater reliance on alternative sources to accounting information (such as other foreign analysts) in countries characterised as having weak equity markets. Finally, we examine the coping mechanisms that analysts and fund managers employ when analysing overseas securities, including reliance on locally based analysts, use of non-accounting information, use of more familiar accounting standards and re-stating accounts to a more familiar basis.     

对关联交易规则的质疑及改进建议

对当前有关的关联交易规则进行了解读,分析了关联交易的构成要件,结合案例分析了目前关联交易规则存在的问题,并提出了改进建议。     

Corporate governance and incidences of listing suspension by the JSE Securities Exchange of South Africa: An empirical analysis

We examine the association between corporate governance structures and incidences of listing suspension from the JSE Securities Exchange of South Africa. Using a matched-pairs research design, we compare 81 firms suspended between 1999 and 2005 to an equal number of control firms matched in terms of time, size and industry. Employing a conditional logistic model, we find that the likelihood of suspension is higher in firms with a smaller proportion of non-executive directors, without an audit committee, and with greater block-share ownership and higher gearing (i.e. leverage). Further analysis splitting block-share ownership into institutional and non-institutional investors provides mixed results. While we find a positive association between suspension and non-institutional investors, we observe no association with institutional investors. No association is detected for board size, role duality, directors' share ownership, auditor quality and return on assets. Given the paucity of studies examining listing suspension from stock exchanges and corporate governance mechanisms, these findings contribute to the literature. Additionally, the dearth of research on corporate governance in developing countries suggests that our findings have important implications for policy makers in these countries as they endeavor to improve corporate governance.     

Global competitiveness,consumer choice and ‘country of origin’ effect: an exploratory East–West study

As protectionist sentiments rise in many countries in light of the 2008–2009 financial crisis, it is more important than ever to understand the potential role of homophily on the country of origin (COO) effect in consumer purchases and how it can impact trade and investment. This study examines these attitudes using a sample of 139 university students from different ethnic backgrounds in Vancouver (Canada), one of the most culturally diverse cities in North America. The results confirm the importance of ethnicity in affecting attitudes toward different countries, including the impact of political/cultural ties and current/historical events on their formation. Variations among different ethnic groups were found, however.     

海外人力资本回流对FDI技术外部性的影响

本文将人力资本分为国外人力资本和国内人力资本,以中国为例,采用9个OECD国家的1980-2011年共210个观测值作对比,用定量分析方法探究不同人力资本对FDI技术溢出效应的影响,并得出结论：国内人力资本与国外人力资本皆对FDI技术吸收能力产生积极效应,且综合指标比分别的单独指标对FDI技术溢出效应产生更大的影响,海归型人才与非海归型人才相比对FDI技术溢出效应影响更大。     

江苏省对外直接投资区位选择的影响因素研究

在企业开展对外直接投资(ODI)过程中,合理选择投资区位是关键问题,关系到对外投资活动是否成功。目前基于这方面的研究大多基于国家层面,而本文以江苏为研究对象,通过对江苏ODI区位选择的现状进行分析,发现江苏ODI区位选择存在的问题,运用实证分析的方法研究各因素对江苏ODI区位选择的影响,并提出优化江苏ODI区位选择的对策,为江苏省ODI的发展提供理论借鉴。