External adjustment

Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even, for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets—the current account and the capital gain on the net foreign asset position—the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations. JEL no. F21, F32, F36, F41     

多渠道实现高校融资规模效益研究

1999年我国高校开始扩招以来，高校为了实现规模的扩大开始大量举债。极度扩张之后，高校贷款后遗症随后出现，经费有限，贷款期限短，无法短期还贷，光靠扩张规模已经不符合新时期高等教育发展的要求。要转变高校发展理念，重人才培养而不是重规模。实现适度融资规模效应，以往依靠商业银行贷款的方式则要转向政府、高校、社会三方的共同努力得以实现。     

Diversification and performance: evidence from East Asian firms

We examine the impact of diversification on performance for firms operating in different institutional environments during a relatively stable period and during a major economy‐wide shock. We locate our study in six Asian countries at different levels of institutional development. Results indicate that diversification negatively impacts performance in more developed institutional environments while improving performance only in the least developed environments. Even in the least developed institutional environments, diversification offers limited benefits when an economy‐wide shock strikes. Though successful diversifiers are sometimes affiliated with business groups, diversification is associated with poorer performance for both affiliated firms and independent firms. In sum, we find that the outcomes of diversification are influenced by institutional environments, economic stability and affiliation with business groups. Copyright © 2007 John Wiley & Sons, Ltd.     

Capital structure effects of international expansion

This study investigates and qualifies the impact of internationalization on the capital structure of a firm. Previous studies have associated firm internationalization with foreign sales or foreign assets. However, an increase in sales volume generated abroad does not necessarily mean that a firm has actually invested in a new foreign country. This study examines non-financial firms included in the main developed stock indexes that report a new geographical area of operation. It reveals that, at less advanced levels of internationalization, growth in foreign volumes and new geographic expansion lead to differential decision-making in capital structure choices.This study concludes that (1) when the target foreign market is developed, the new market entry does not lead to significant changes in capital structure, whatever the past experience of the firm. (2) The capital structure of well-diversified firms is not significantly modified following a new foreign entry. (3) Both domestic firms and firms only active in developed markets significantly increase their debt to equity ratio when expanding into a region or country where they had no operation before. Well-diversified firms clearly exhibit a different behavior compared to firms in less advanced levels of internationalization.     

WTO与中国会计市场

对加入世界贸易组织（WTO）后中国会计市场的发展方向进行了探讨； 介绍了中国会计市场的现状及存在的问题；分析了加入WTO对我国会计市场的挑战；指出了会计师事务所的规模化、国际化、业务多样化将是我们适应WTO的选择。     

国际化视角下我国企业多元化经营现状及对策思考

经济全球化深入发展,并购浪潮风起云涌,多元化经营对我国企业具有战略意义。本文从国际化的视角,系统阐述了企业多元化经营的动因,同时,对我国企业多元化经营现状进行了分析。在借鉴国外多元化经营经验的基础上,提出了企业多元化经营的建议及策略。     

经济转型期多元化经营的风险及对策

多元化还是专业化,这是企业发展过程中常遇到的问题,也是企业最困惑的问题之一。一般地,当宏观经济处于增长期,则行业发展趋好,行业竞争较弱,此时多元化经营比较容易成功;当宏观经济处于成熟期和衰退期,则行业发展趋势变坏,行业竞争加剧,多元化经营则难以成功。经济转型将使传统行业的发展趋势受到不利影响,从而加大多元化经营的风险。     

知识溢出与区域经济增长的关系研究综述

在知识溢出与区域经济增长的关系上，存在MAR溢出、雅各布斯溢出、波特溢出三种不同的观点。MAR假说偏爱低竞争与产业专业化；波特也偏爱专业化，但赞成高竞争；而雅各布斯赞同高竞争与产业多样化。这三种假说都得到了实证经验的支持，结论差异的原因在于使用的方法、样本的时间和变量选取、研究的国家或地区的特征与产业不同。