探析艺术品金融化的一项创新——份额化交易模式

艺术品金融化是艺术品投资不可逆转的趋势,艺术品份额化交易模式是我国在艺术品金融化道路上的一项创新。本文详细介绍了天津文交所艺术品份额化交易的推行主体、上市流程和主要交易规则,就其运营数月以来出现的问题进行分析讨论,并在此基础上对我国艺术品投资和金融化提出几点建议。     

Can technical oscillators outperform the buy and hold strategy?

This study compares returns from the traditional buy and hold (B&H) strategy to well-known technical oscillators applied to diverse indices leading the global market (DJI, FTSE, NK225 and TA100) during the period 2007–2012. Our aim was to establish whether technical tools can consistently achieve returns exceeding those of the B&H strategy across various financial markets. We found the relative strength index (RSI) to be the best oscillator, outperforming the DJIA, the FTSE100 and the NK225 for five of the six years examined. The only index that did better than the RSI was TA100, which outperformed all the examined oscillators. In second place was the moving average convergence/divergence (MACD) oscillator, which outperformed the NK225 B&H strategy and came in second for TA100. The results show that during bear markets the RSI and MACD generally produce better gains than the indices, while the opposite occurs during bull markets.     

Financialized accounts: Share buy-backs, mark to market and holding the financial line in the S&P 500

In recent years the US corporate sector has deployed more cash from operations to finance the repurchase of outstanding share capital for treasury stock. Shares repurchased for treasury stock can help flatter earnings per share, fund senior management share option compensation schemes and finance corporate acquisitions. In financialized accounts these are now significant transactions which, it is argued, serve the financial interests of managers and investors.The US Financial Accounting Standards Board (FASB) is now demanding a “greater use of fair value measurements in financial statements” with the result that share options and corporate acquisitions will be “marked to market”. This will force a financialized ratchet because managers in the S&P 500 will need step up cash extraction if they are to hold the financial line.     

纵向一体化与联合所有权——通用一费希尔公司收购案例研究

纵向一体化可以很好地解决物质资本的专用性问题,然而对人力资本专用性造成的“套牢”无能为力。通过降低交易双方对一般性投资的激励,从而提高专用性投资的激励,联合所有权使得“套牢”的收益最小而成本最高。因此,联合所有权不仅可以解决物质资本专用性问题,也是解决人力资本套牢问题的有效途经。     

论中国古诗文"松柏"意象的审美情结

中华民族是一个注重人格的道德价值、崇尚节操的民族,这已经深入到民族文化心灵的深处,并且表现在审美意识之中。而松柏在我国又具有广泛而深远的影响,从中国传统文化中深厚的“松柏意象”里,世人不仅可以感受到绵延数千年的中华民族精神文化的精魂,也可以深刻地感受到在中国传统文化中历史悠远并绵长延续的“松柏情结”的审美佳境。     

后股权分置时代机构投资者治理结构完善探讨

随着我国证券市场中股权分置问题的逐步解决,机构投资者将成为我国公司治理的主要主体之一,很大程度上决定了证券市场的功能能否正常发挥。但这些机构本身也存在大量问题,如问题券商的大量出现、违法收益的"私人化"和违法成本的"社会化"等问题,并且随着我国资本市场的逐渐开放,金融的脆弱性逐渐显现,因此,迫切要求对机构投资者的公司治理结构进行完善。     

企业金融化与劳动收入份额变动

本文从企业金融化的角度解释了上市公司劳动收入份额的变动,虽然基准结果显示,企业金融化能够促进劳动收入份额提升,但基于欧拉方程分解和中介变量法的验证发现,企业金融化一方面对工资水平产生正向溢出并提升了劳动收入份额,即表现出“盈利溢出”效应;另一方面,企业金融化却会抑制企业劳动生产率的改进,客观上造成劳动要素在生产中的地位上升进而带来劳动收入份额的提升,即表现出“技术抑制”效应。进一步分析发现,高管的劳动收入份额获益幅度小于普通员工(私营企业中更明显),说明经典的“委托-代理”框架并不能有效地解释中国企业的金融化行为;与此同时,企业金融化的影响和金融市场收益率具有强相关性,表明企业金融化的动力来自金融市场的收益激励。本文研究结论表明,企业金融化是企业在金融市场超额收益时期的“理性选择”,伴随金融市场回归并运行在合理区间,企业金融化对劳动收入份额的提升作用不仅不可持续,而且会对劳动生产率产生持续损害,借助趋利性的企业金融化来获得劳动收入份额的提升无异于“饮鸩止渴”。本文的研究结论可为我国进一步深化金融体系供给侧结构性改革,引导金融回归本源,更好地服务于实体经济提供有益参考。     

浅谈钻孔施工控制与事故预防

ZDY6000LD型煤矿用履带式全液压坑道钻机,是西安煤科院钻探研究所生产的一种低转速大转矩、自行式全液压动力头式坑道钻机,适于孔口动力的大直径近水平深孔钻进和孔底动力的螺杆马达定向钻进。该钻机为煤矿井下大口径瓦斯抽放孔及其他工程孔的施工提供了必要的技术装备;该钻机具有结构合理、技术性能先进、工艺适应性强、操作省力、安全可靠、运输方便等优点,因而被广泛地应用于煤矿井下中深瓦斯抽放孔的施工。而影响钻孔施工质量的因素很多,如地质因素、钻孔工艺等。现结合神华乌海能源平沟煤矿矿井钻探施工常遇事故及其处理方法进行分析及论述。     

Thou shalt buy and hold

An investor holding a stock needs to decide when to sell it over a given investment horizon. It is tempting to think that she should sell at the maximum price over the entire horizon, which is however impossible to achieve. A close yet realistic goal is to sell the stock at a time when the expected relative error between the selling price and the aforementioned maximum price is minimized. This problem is investigated for a Black–Scholes market. A stock ‘goodness index’ α, defined to be the ratio between the excess return rate and the squared volatility rate, is employed to measure the quality of the stock. It is shown that when the stock is good enough, or to be precise when α ≥ 1/2, the optimal strategy is to hold on to the stock, selling only at the end of the horizon. Moreover, the resulting expected relative error diminishes to zero when α goes to infinity. On the other hand, one should sell the stock immediately if α ≤ 0. These results justify the widely accepted financial wisdom that one should buy and hold a stock – if it is good, that is.     

加快军工企业股改的机制与对策分析

结合军工企业股份制改造的现状,按照"分类指导、循序渐进、稳步推进"的原则,从市场机制、军民结合机制、产学研结合机制和政府政策保障机制等方面入手,加快军工企业的股份制改造。并通过培育有效的国有资产投资主体、加强军工企业制度创新、创新军工企业治理结构,以及积极推进政府职能转变来确保军工企业股份制改造的实现。