我国公办高校实行股份制改革的法律思考

股份制作为一种新型的高等教育办学模式,有助于解决我国高等教育经费短缺与教育资源不足等问题。本文在分析了我国高等学校特别是公办高校实行股份制的政策和法律依据的基础上,从高校产权界定、教育公益性和资本寻利性的关系、高校法人治理结构等角度,探究了对公办高校股份制改革进行法律规制应注意的问题以及相应的解决办法。     

利率-汇率联动:理论综述与实证检验

利率风险和汇率风险是市场系统风险管理中最重要的因素,但两者之间并不是完全无关的,而是具有深刻的理论逻辑.文章回顾了利率汇率联动的相关文献,归纳了国内外学者对这一课题的研究成果,并对人民币利率一汇率联动状况进行了相关实证检验.认识并善于利用利率汇率联动性,有助于金融机构动态把握市场风险,实现资本配置最优化.     

我国煤电价格联动机制实施困境分析及其前景构想——美国电力自动调节条款的经验与启示

我国煤电价格联动机制的推出与实施过程遭遇了很多障碍与反复。文章借鉴美国电力行业的自动调节条款的实施背景、本质、条件、作用机理和保障,分析了当前我国煤电联动过程中遇到的困境,找出了缺乏规制起点、承载多重目标、条款模糊等症结所在,并描绘了对该机制的前景构想。     

俄罗斯国家经济安全对中俄经贸合作的影响

20世纪以来,俄罗斯经历了乌克兰危机、西方经济制裁、国际油价下跌等外部因素的冲击,经济安全遭受严重威胁,在此背景下的俄罗斯政治经济战略势必波及中俄经贸合作,进而影响丝绸之路经济带建设。本文从贸易合作和对外直接投资合作方面,基于计量模型剖析俄罗斯国家经济安全对中俄经贸合作的影响过程及关联因素。研究表明俄罗斯国家经济安全危机提升了中国在俄贸易伙伴国中的地位,促使俄与中国产能合作的意愿强烈,直接投资和产能合作逐渐成为推动中俄经贸合作向纵深发展的强劲动力;俄罗斯国家经济安全危机对中俄罗贸易有显著负向影响,中俄政治关系对贸易合作有显著正向影响。这是提高中国对俄罗斯投资、提升高新技术产品在俄罗斯进口比重的机遇期,亦是推进丝绸之路经济带的重要机遇期。经济强势崛起的俄罗斯和经济体系全面崩溃的俄罗斯对丝绸之路经济带的推进均有重要影响,在与其发展战略协作伙伴关系过程中,中国恰到好处地拿捏平衡其中的大国利益边界至关重要。     

投资者情绪与沪深300股指期货定价偏差关系研究

股指期货已发展成为全球金融衍生品主流品种,股指期货定价问题事关市场套利行为,一直备受投资者关注。本文基于投资者情绪视角,运用VAR模型、脉冲响应、方差分解等方法,深入探讨沪深300股指期货定价偏差与投资者情绪的关系。研究发现:投资者情绪与沪深300股指期货定价偏差之间构成因果关系,且呈现正向影响;股指期货定价偏差受投资者情绪影响而长期存在,其对投资者情绪的影响短期效果显著。     

我国粮食产后损失情况概述

本文系统分析了粮食产后各环节损失的原因及损失量,针对相关粮食损失原因及状况,提出了减少粮食产后损失的措施及建议,以期为我国实现节粮减损提供支持.     

The Unintended Consequences of the Frequency of PCAOB Inspection

After more than 50 years of self‐regulation of the US auditing profession, the Sarbanes‐Oxley Act of 2002 (SOX) created the Public Company Accounting Oversight Board (PCAOB) as a quasi‐governmental entity with statutory authority to inspect accounting firms that audit public clients. The frequency of this inspection is annual or triennial, based upon the number of public clients the firm audits. We examine the effects of these two levels of inspection frequency on financial reporting quality and audit fees for clients of small and midsize public accounting firms. Our findings provide evidence of significantly higher audit quality and audit fees for clients of annually inspected firms relative to clients of triennially inspected firms. These findings are robust to auditor‐client alignment analyses, propensity score matching, time‐series analyses, examination of firms that have changed from triennial to annual inspection, and particular examination of firms with inspection deficiencies. Overall, our study suggests that the two‐tier frequency system of PCAOB inspection may have also resulted in two‐tier audit quality and audit fee systems for small and midsize public accounting firms, with more frequent inspection leading to more rigorous and informed auditor decisions. We discuss the implications of our results for the Board and the profession at large.     

The impact of exchange rate deviations from relative PPP equilibrium on the U.S. demand for foreign equities

Applying fixed-effects panel data, this study investigates the impact of U.S. dollar exchange rate movements during different exchange rate states (overvaluation and undervaluation) on the monthly real gross and real net purchases of foreign equities by U.S. residents over the post-Plaza Accord period. The foreign equities come from 22 developed and 25 developing countries. Previous research has posited two alternative hypotheses regarding the relationship between exchange rates and foreign investment. These are the wealth effect and the profit-oriented effect. The evidence herein suggests that these two hypotheses coexist. We find robust evidence for a negative relationship between the exchange rate movements of an undervalued U.S. dollar and the demand for foreign equities. For developed countries, the wealth effect dominates the profit-oriented effect when the U.S. dollar is overvalued, while, for developing countries, the profit-oriented effect dominates the wealth effect. The results emphasize the importance of considering exchange rate states derived from a relative PPP equilibrium when analyzing U.S. allocations to foreign equities. The findings with respect to the macroeconomic control variables are mainly in agreement with the predictions of international financial theory. Some of the results, however, disappear or become inconclusive for the period after the bankruptcy of Lehman Brothers. This may be explained by the increased uncertainty in international financial markets following this unprecedented event. The findings are robust with respect to different constructed equilibrium exchange rates.     

Examining dynamic currency linkages amongst South Asian economies: An empirical study

In this paper, we examine the currency market linkages of South Asian member countries using daily data from 6 January 2004 to 31st March 2016. Time invariant and varying Copula GARCH models show that South Asian countries, except for India and Nepal/Bhutan, have low levels of currency market linkages which can be ascribed to poor levels of intra-regional trade intensity and portfolio flows. We reconfirm the copula results through Diebold and Yilmaz methodology and document that currency market connectedness is very limited in the South Asian region. The trends of the fundamental determinants of currency co-movements for the South Asian member countries were compared with its neighbouring regional economic bloc in Asia which has a much longer history and a wider membership base i.e ASEAN + 6. From a comparative analysis, it was found that South Asia member states have to work on their governance parameters, improve on their trade linkages and trade tariffs and work towards greater degree of capital account convertibility with adequate safeguards to achieve higher levels of currency market linkages.     

Merger and acquisitions in South African banking: A network DEA model

Banking in South Africa is known for its small number of companies that operate as an oligopoly. This paper presents a strategic fit assessment of mergers and acquisitions (M&A) in South African banks. A network DEA (Data Envelopment Analysis) approach is adopted to compute the impact of contextual variables on several types of efficiency scores of the resulting virtual merged banks: global (merger), technical (learning), harmony (scope), and scale (size) efficiencies. The impact of contextual variables related to the origin of the bank and its type is tested by means of a set of several robust regressions to handle dependent variables bounded in 0 and 1: Tobit, Simplex, and Beta. The results reveal that bank type and origin impact virtual efficiency levels. However, the findings also show that harmony and scale effects are negligible due to the oligopolistic structure of banking in South Africa.