中国创业板市场:现状与未来

本文在简要分析全球创业板市场形成、发展的历史动因和成败之源的基础上,对运行一年多来的中国创业板市场进行了研究,认为中国创业板市场目前存在着寻租股东突击入股、退市机制缺失等九大隐忧。这些隐忧有的扭曲了市场公平原则,有的则损害了市场效率。本文从经济发展、金融结构变革、创业型中小企业成长以及国际金融中心建设等角度入手,详细分析了中国发展创业板市场的有利因素,并勾划了中国创业板市场未来的愿景。     

企业社会资本对跨区域市场进入模式的影响研究：理论框架的建立与研究命题的提出

近年来,社会资本理论已成为研究转型期企业战略管理行为的重要研究视角。企业社会资本的各种因素对企业多元化战略行为方式的选择至关重要。下文基于社会资本理论,通过文献梳理,探讨了转型经济情境下的企业社会资本的四个维度对跨区域市场进入模式的资源承诺和控制程度的影响,建立了社会资本与市场进入模式影响关系的理论框架和研究命题,最后指出了未来进一步研究方向。     

以期货市场为突破口推进大连区域性金融中心建设

从地区发展构想以及区域经济发展的角度,中国内地许多中心城市都提出了建设区域性金融中心的设想,进而涌现出了建设区域性金融中心的热潮。环渤海地区的大连、天津、沈阳等城市都确定了建设金融中心的发展战略。三个城市各自拥有自己的优势与不足,应扬长避短,错位发展。大连应充分利用大连商品交易所这一独特的金融资源,以期货业为龙头,带动相关机构和市场资源的聚集。     

关于构建滨海新区离岸金融市场的思考

离岸金融市场是金融自由化、国际化的产物,目前已经成为现代金融的重要组成部分,对国际金融产生了举足轻重的影响。文章以天津滨海新区为例,通过比较国际上各离岸金融市场的发展模式,结合目前离岸金融业的现状,分析滨海新区离岸金融发展中存在的问题,提出促进离岸金融业发展的政策建议以及有效监管的手段,使滨海新区的离岸金融市场建立在稳健的基础之上。     

我国农产品市场体系发展存在的主要问题及对策探析

"农业是国民经济的基础",提高我国农业的竞争力对我国农业现代化与农业可持续发展是息息相关的。本文从我国农产品市场发展中存在的问题入手,对问题产生的原因进行了深入细致的分析,并结合国外发展农产品在市场的成功经验,提出我国农产品市场的发展对策。     

美国量化宽松政策对亚太新兴市场国家的影响

量化宽松是美联储在通货紧缩下所采取的一种直接创造货币、扩大央行资产负债表规模的非传统货币政策。量化宽松将给我国等新兴市场国家造成较大的负面效果,建议采取临时性资本管制、针对性量化政策、建立区域货币离岸市场、加快经济结构转型等对策来应对。     

发达国家和地区转变经济发展方式的经验与启示

发达国家和地区为推进经济发展方式的转变,采取了一些积极的措施,如充分发挥市场机制的竞争作用、突出科技创新的引领作用、注重强化人力资源的支撑作用、积极发挥政府职能的主导作用等。近年来,我国随着经济增长速度的加快,增长方式粗放的问题更加突出,资源环境面临的压力越来越大,严重影响着经济社会的可持续发展。我们应借鉴发达国家和地区的成功经验,尽快实现我国经济发展方式的转变。     

亚太地区对美国出口、汇率波动及其影响

本文首先分析亚洲主要经济体对美国出口的商品构成,确定这些经济体在美国市场的竞争关系;利用日数据分析这些经济体货币的波动特点,采用协整技术建立汇率波动与对美国出口的数量关系。研究结果表明,汇率变化对出口贸易影响非常小,本币升值不可能减少经常项目的贸易顺差。     

The impact of entry costs on export market participation in agriculture

Theoretical models of market entry imply that sunk costs are an important factor in the decision to export. Following Helpman, Melitz, and Rubinstein (2008) , we develop a simple model of foreign market participation and use a Bayesian method to estimate the resulting dynamic discrete‐choice model with lagged dependent variable. Employing a balanced panel data that follows 81 trading partners for 30 years from 1971 to 2000, we estimate our model and compute the marginal effect of sunk costs on the likelihood of export market participation. We find that such costs are economically and statistically important for trade in all of the six major agricultural commodities (Cereals, Dairy, Fish, Meat, Vegetables and Fruits, and Sugar), for agricultural producers in both developed and developing countries. We also find evidence suggesting that, in general, market access for both developed and developing exporters had improved in the years following the Uruguay round of trade negotiations (1995–2000).     

Shifting cultivation and forest pressure in Cameroon

Shifting cultivation is often blamed as a principal cause of deforestation in tropical Africa. It is claimed that the practice is unsustainable because shortened fallow lengths result in soils too degraded to support forest vegetation. The decline in fallow lengths is often attributed to increases in population density and greater market participation. The conventional wisdom makes several claims that are as yet unsubstantiated. This article investigates whether there is evidence to support two of these claims in southern Cameroon. First, using both cross‐sectional and panel data, I find that there is indeed a robust negative association between fallow lengths and population density in the study area and weaker evidence for a negative relationship between fallow lengths and market participation. Second, a stochastic frontier production function approach is used to investigate the marginal contribution of fallow to output. Results indicate that fallow lengths are not low enough to be affecting yields and therefore do not appear to be resulting in declines in soil fertility. Thus overall, while some of the assumptions of the conventional wisdom appear to be true, there is little evidence to support its dramatic conclusion that shifting cultivators are causing deforestation in the forested region of Cameroon.