上市公司股利分配理性化引导

本文认为,我国上市公司股利不分配股利的公司居多,且分配股利的以股票股利为主,现金股利的支付水平极低。这种非理性化股利政策对我国上市公司、投资者和资本市场均造成了极为不利的影响。为此,迫切需要尽快将上市公司的股利分配引导到理性状态。     

投资者与股市博弈模型

本文从个股的角度，运用博弈论剖析了投资者在股市上的投资战略。研究表明，投资者是选择“较小止损”战略还是选择“较大止损”战略取决于该股票下跌的幅度。     

On strategic complementarity conditions in Bertrand oligopoly

Summary. For Bertrand duopoly with linear costs, we establish via a single (counter-)example that: (i) A new monotone transformation of the firms' profit functions may lead to the supermodularity of transformed profits when the standard log and identity transformations both fail to do so, and (ii) Topkis's notion of critical sufficient condition for monotonicity of a Bertrand firm's best-reply correspondence cannot be extended to rely only on positive unit costs. Received: January 16, 2001; revised version: March 20, 2002 RID="*" ID="*" This work was completed while the first author was visiting the Institute for Industrial Economics at the University of Copenhagen during Spring 2000. Their financial support and stimulating research environment are gratefully acknowledged. The views expressed here are those of the authors and should not be attributed to the European Commission. Correspondence to: R. Amir     

旅行社价格战的博弈分析

旅行社是旅游产品设计、组织和销售的渠道商以及消费者之间的桥梁.旅行社对旅游业具有重要影响，旅行社之间的价格竞争日益严重，盈利率低。随着我国加入世贸组织，越来越多的外国旅行社进入我国、针对我国旅行社如何走出困境，本文从博弈角度分析旅行社的价格竞争及其对策。     

Government as a discriminating monopolist in the financial market: the case of China

We show that the many unusual features of China’s financial markets are consistent with a government choosing regulations to maximize a standard type of social welfare function. Under certain conditions, these regulations are equivalent to imposing explicit taxes on business and interest income, yet should be much easier to enforce. The observed implicit tax rates are broadly in line with those observed in other countries. The theory also forecasts, however, that China will face increasing incentives over time to shift to explicit taxes.     

Was there a Portfolio Effect of the Micro-economic Leverage ？ Some Empirical Evidence from the Chinese Stock Market

The study is on a linear model of the relationship between the systematic risk and the micro-economic leverage and analyzed the data from the steel, energy source and chemical fibre industry listed companies in the Chinese stock market in 2002 and 2001. Using the linear regression method, empirical equations were found. The portfolio effect was shown so that some empirical evidence had been found to support the micro-economic leverage portfolio effect theory, which was that the listed companies balanced the operating and financial leverage to minimize the systematic risk.     

基于期权定价理论的所有者与债权人代理问题分析

所有者和债权人之间的代理关系是现代公司治理的重要要素,如何理解和处理二者之间的关系成为社会关注的核心。本文从期权角度对所有者与债权人之间的代理关系进行新的理解,并分别介绍了无风险套期保值、B-S期权定价理论模型的具体运用以及保护债权人利益的具体措施。     

价格歧视战略与福利效应分析

在完全竞争市场条件下 ,竞争均衡可实现帕累托最优效率。垄断市场一般很难提供价格等于边际成本的产量水平 ,其产量与价格选择对社会来说不是最优的。垄断厂商以内生范畴和外生范畴为基础对消费者进行分类 ,使得价格歧视成为一种可行战略。由于定价策略存在差异 ,不同类型的价格歧视便具有不同的福利效应。     

Time variation in the cointegrating relationship between stock prices and economic activity

The present paper examines whether there exists a long‐run cointegrating relationship between a stock market index and output and interest rates. Moreover, estimation is conducted over the full sample and both a recursive and rolling sample to examine any time variation in the nature of the relationship. The results support evidence of a single cointegrating vector, where stock prices typically exhibit a positive relationship with industrial production and a negative relationship with interest rates. However, there is significant time variation and periods of time where contrary results are observed. As such any model of stock prices needs to account for such time variation     

企业债券融资的比较优势与实证分析

为稳步推进资本市场改革开放和稳定发展，我国明确了大力发展企业债券市场的目的与总体方案，但市场状况仍不尽如人意。本文在分析西方企业融资理论的基础上，归纳了企业债券融资的相对优势，并结合中国融资市场的现状进行了实证研究，实证结果表明，中国上市公司企业债券融资的成本优势并不显著，但融资“信号”传递作用明显。