国际投资协定中最惠国待遇条款的新发展与中国的应对之策

在经济全球化时代，跨国投资日益成为与跨国贸易相提并重的国际经济支柱之一。对跨国投资的保护也成为当今社会各国间谈判的主要议题。国际投资协定在具体内容上已显现出与传统国际投资协定的很大区别，最惠国待遇条款作为其中的一个核心要素，在具体内容、适用范围以及投资仲裁实践中也出现了一些新的发展，成为国际投资领域经济自由化的一个重要手段，体现了国际投资领域的发展趋势。     

上市公司股权结构对投资决策的影响实证研究

大量研究表明股权结构影响公司价值。从价值的创造过程看，股权结构首先影响公司投资，从而影响公司价值。解释股权结构如何影响公司投资具有非常重要的意义。通过计量经济方法对我国上市公司股权结构如何影响公司投资的研究表明，国有股东控股的公司存在过度投资行为，而非国有股东控股的公司能够较好地控制过度投资。我国国有控股公司现有股权结构导致了扭曲的公司投资决策。     

宏观型对冲基金独领风骚的制度分析

宏观型对冲基金根据经济基本趋势和金融市场发展方向有意识地在主要资本市场或衍生市场持有多头或空头头寸以获取风险收益。宏观型对冲基金既有丰厚的盈利,也有巨额的亏损,一切取决于预期判断的正确与否。宏观型对冲基金与金融风险是连体共生的。     

保险市场与资本市场对接模式的国际比较研究

现阶段我国保险业快速发展的瓶颈约束与资本市场的结构性缺陷迫切要求借鉴国际先进的保险市场与资本市场对接经验，从金融深化和金融创新的层面探索适合我国国情的对接模式。通过比较关、英、日、德四国的对接模式发现，保险市场与资本市场的和谐对接是资金、产品和制度对接三方面的共融体，是金融市场自然演进与风险资本动态规制的最优范式结合。我国应在经济、金融微观制度基础变迁基础上选择适合国情的具有可操作性和可持续性的对接模式。     

Quantitative Analysis of the Investment in Chinese Urban Infrastructure

The proper amount, the suitable structure and the tentative sources of urban infrastructure investment are the main focuses of urban policy makers. Firstly the amount of urban infrastructure investment is combinatory forecasted based on historical statistic databases of China. Then the interrelationship of urban infrastructure investment with GNP and the whole society investment in fixed assets are analyzed to work out quantitative coherent relationship. Finally the paper analyses the present and the future development trends of investment structure and capital resource respectively.     

正确认识合肥市房地产发展中的几个问题

1998年以来,合肥市房地产业在国民经济中的地位逐步上升,但市场化、产业化程度远远不够,成为支柱产业尚需时日。房地产开发投资规模不断扩大,占全社会固定资产投资比重已超过1/3,投资过热的苗头已经显现。每年商品房新开工面积、施工面积、竣工面积同时增长,由于竣工面积大于     

U.S. Saving and Investment: Policy Implications

Some economists have argued that the close association between domestic saving and investment rates justify polices aimed at altering domestic saving flows so as to influence domestic investment flows. This interpretation assumes an endogenous investment response. Equally likely, theoretically, is that the close association is maintained by movements in saving. The present paper explicitly examines the endogeneity of the U.S. saving and investment flows. Overall the results suggest that while the domestic saving rate responds endogenously, the domestic investment rate does not. This finding may limit the potential benefits of saving policies.     

A portfolio approach to a cross-sectoral and cross-national investment strategy in transition economies

This paper takes a systematic look at the portfolio choice problem faced by Investment Banks or Funds investing in transition economies. We relate the performance of projects in the transition economies to the broader macroeconomic and international environments, which affect the project through their input-output structures and financial balance sheets. Among the macroeconomic determinanst of enterprise behaviour are productivity growth, real wage growth, movements in the international terms of trade, shocks to the relative price of traded and non-traded goods, domestic and foreign interest rates, currency depreciation and the rate of inflaction. We evaluate the attractiveness of alternative investment strategies and provisioning rules from the perspective of portfoio theory.     

我国企业对外直接投资方式之比较分析

我国企业对外直接投资有购并与新建、合资与独资等四种方式;它们各有利弊、互有长短。     

An Analysis of Contrarian Investment Strategies in the UK

The performance of contrarian, or value strategies – those that invest in stocks that have low market value relative to a measure of their fundamentals – continues to attract attention from researchers and practitioners alike. While there is much extant evidence on the profitability of value strategies, however, most of this evidence pertains to the US. In this paper, we provide a detailed characterisation of value strategies using data on UK stocks for the period 1975 to 1998. We first undertake simple one-way and two-way classifications of stocks in which value is defined using both past performance and expected future performance. Using sales growth as a proxy for past performance and book-to-market, earnings yield and cash flow yield as measures of expected future performance, we find that that stocks that have both poor past performance and low expected future performance have significantly higher returns than those that have either good past performance or good expected future performance. Allowing for size effects in returns reduces the value premium but it nevertheless remains significant. We go on to explore whether the profitability of value strategies in the UK can be explained using the three factor model of Fama and French (1996). Broadly consistent with the results for the US, we find that using the one-way classification the excess returns to almost all value strategies can be explained by their loading on the market, book-to-market and size factors. However, in contrast with the US, using the two-way classification there are excess returns to value strategies based on book-to-market and sales growth, even after controlling for their loading on the market, book-to-market and size factors.