私人股权投资在中国的投资操作路线及其现状

海外私人股权投资机构通常运用完美闭环操作,用股权投资方式进入中国。但由于中国种种政策的限制,私人股权投资机构一般利用离岸公司进行投资,以便资金退出。本文介绍了离岸公司的特征及其离岸重组过程,最后介绍了私人股权机构利用离岸公司在中国进行投资的近况。     

THE PRIVATE FINANCING OF NHS HOSPITALS: POLITICS, POLICY AND PRACTICE

This article outlines and critiques the main fiscal and economic rationales for the Private Finance Initiative and examines the impact of the policy on the long-term financial viability of NHS trusts. It concludes that the PFI funding of capital investment is highly problematic. Its high costs can have a negative impact on the finances of health systems.     

民办高校培育大学精神刍议

民办高校是我国高等教育事业的重要组成部分。民办高校大学精神对于提升民办教育品牌、凝聚师生力量、引导学校发展方向有重大意义。应从多方面培育大学精神。     

Assets,Attributes and Ownership

The notion of full asset ownership is important in economics, for example, in recent work on the boundaries of the firm. Much of this work has been taken up with the issue why it matters who owns an asset. However, recognizing that assets have multiple attributes, and that these may be subject to capture in a world of positive measurement and enforcement costs, implies that the notion of full asset ownership is problematic. New property rights theorists sidestep these issues by implicitly assuming that residual rights of control are perfectly enforced (i.e. full asset ownership obtains). We discuss the notion of property rights and ownership in a setting characterized by positive costs of enforcement, and suggest that in such a setting, the new property rights model is a part of a more overarching perspective, which also includes older contributions to property rights economics.     

The life insurance market: Asymmetric information revisited

This paper finds evidence for the presence of asymmetric information in the life insurance market, a conclusion contrasting with the existing literature. In particular, we find a significant and positive correlation between the decision to purchase life insurance and subsequent mortality, conditional on risk classification. Individuals who died within a 12-year time window after a base year were 19% more likely to have taken up life insurance in that base year than were those who survived the time window. Moreover, as might be expected when individuals have residual private information, we find that the earlier an individual died, the more likely she was to have initially bought insurance. The primary factor driving the difference between our and the prior literature's findings is that we focus on a sample of potential new buyers, rather than on the entire cross section, to address the sample selection problem induced by potential mortality differences between those with and those without coverage.     

Price formation in channels of distribution with differentiated products: Theory and empirical evidence

This paper presents a theoretical and empirical study of price formation in markets where goods differ in two attributes, perceived quality of each variety, and service provided by the store where the good is sold. Price competition in the vertically differentiated market is modeled as a two-stage game where manufacturers choose the contract that determines wholesale prices, and retailers choose consumer prices. One important novelty of the paper is that it contemplates competition between brands of different quality in the same store, and competition between brands of the same quality sold at different stores. This is in fact the situation observed in the domestic detergent market and the predictions of the model can be used to guide the empirical analysis of the data available for such market in the area of Barcelona, Spain.     

河南省民营科技型企业发展现状分析

省委、省政府把发展民营科技型企业作为加快中原崛起的战略性举措,这对民营科技型企业的快速健康发展提供了政治保障和思想武器。但是从民营科技型企业发展现状来看还存在不少问题,文章通过内、外两方面分析,找出问题存在的原因。     

The effect of fit and dominance in cause marketing communications

Consumer processing of cause marketing communications featuring a brand and a cause is investigated in the context of the communication format (perceived fit and dominance) on consumer attitudes and behavioral intentions. Two studies using different forms of communication, public service announcement (PSA) and cause-related marketing advertisement (CRM ad), are used to examine these effects. Findings suggest that both factors are important to consider in any joint communication. While high fit is critical for brands, dominance is shown to be important for both in joint communications.     

规范我国私募证券基金发展研究

我国私募证券基金的飞速发展,已成为证券市场不可忽视的力量,无论是国际趋势还是我国的私募证券基金的发展现状,都由于我国市场发展的不成熟,使我国的私募证券基金的发展受到的制约因素较多。特别是法律环境的不健全,既为私募基金的发展提供了发展的空间,但同时也为私募证券基金的发展留下了隐患。加快对私募证券基金的立法,从各个方面加强对它的监管,协调私募证券基金与有关法律的关系是当务之急。     

Existence of nontrivial equilibria in repeated games with imperfect private monitoring

We consider finitely repeated games with imperfect private monitoring, and provide several sufficient conditions for such a game to have an equilibrium whose outcome is different from repetition of Nash equilibria of the stage game. Surprisingly, the conditions are consistent with uniqueness of the stage game equilibrium. A class of repeated chicken is shown to satisfy the condition.