国有股减持承接主体的再界定

上市公司国有股“一股独大”严重阻碍了上市公司建立规范的治理机制,国有股需进行减持,但现有减持方案将国有股减持承接主体限定为非国有产权主体的理论依据是缺乏逻辑与实证基础的,面对激烈的市场竞争,国有产权主体同样具备提高企业治理机制效率的能力,也即国有投资主体同样具备改善上市公司治理机制的能力。     

关于国有股减持定价的思考

国有股减持对发展我国资本市场具有重要意义 ,而减持价格如何确定是市场各方分歧的焦点。本文对现有的国有股减持方案的价格确定机制进行比较分析 ,并提出相应的观点建议     

股权结构调整与国内银行业治理结构改革

合理的股权结构是有效的公司治理结构的基础。从契约理论的视角分析:在国有股一股独大的局面下,必然会导致控制权和剩余索取权的分离,在资本市场不发达及外部治理相对缺失的条件下,应采用日德治理结构模式,扩大外资银行在国内银行业的持股比率,同时让民营企业积极参与到银行业的改革中来,建立起真正的银行业现代公司治理结构。     

特殊处理股票的市场表现与上证指数关系的实证研究

通过实证研究特殊处理(ST)股票与上证指数市场表现之间的关系,以验证它们之间是否存在着“跷跷板”关系。其意义在于:理解ST股票的市场功能及为投资者提供一个简单的判断ST股票的风险的方法。     

浅议职工持股下的企业管理问题

在职工持股企业中,职工与企业的关系具有股东与劳动者双重身份。企业的管理必须处理好股权与劳权关系问题,并要大力培育职工的职业精神和创建新时代的企业文化。     

股权分置改革对上市公司绩效的实证研究

我国学者对股权结构与公司绩效之间的关系进行了许多实证研究,但由于选取的样本或指标不同,得出了差异迥然的结果。有的学者认为,股权结构是治理结构的基础,股权结构的优化有利于提高公司经营绩效;而有的学者认为,股权结构是为实现一个均衡的公司组织而对各种成本利弊权衡后所内生的结果,它与公司绩效之间并无必然联系。那么,股权结构的变化是否会影响公司绩效的变化？我国特有的股权分置改革为我们分析这个问题提供了实验样本。本文对2006年完成股权分置改革的上市公司在股改前后的股权结构和公司绩效进行了比较。本文认为,股权分置改革导致上市公司国有股持有比例数的下降、法人股及流通股比例数的上升以及股权集中度的相对分散,然而对公司绩效的提高效果并不显著。     

“债转股”的理论分析及其风险防范

债转股是国有企业改革中的一把“双刃剑” ,它在有效地解决国有企业脱困的同时 ,处理不当 ,又会产生潜在的风险。文章从西方资本结构理论出发 ,对在这个过程中可能产生的风险及其对策做一探讨。     

Testing for Unit Roots in Market Shares*

A unique characteristic of marketing data sets is the logical consistency requirement in market share models that market shares are bounded by 0 and 1, and they sum to unity. To take account of this logical consistency requirement, we propose to test for unit roots in individual market share series within the context of a market share attraction (MCI) framework. Our paper offers new contributions in testing for unit roots in market shares. First, a novel feature of our paper is that we propose a new unit root testing methodology designed to deal with the logical consistency requirement in market share models within the context of a market share attraction (MCI) framework. A second novel component of our paper is that we demonstrate how one could use the Johansen (1995) test to identify unit roots. This is implemented using Eviews software. The Johansen test is a system-based test rather than a single equation test; it is more appropriate given the dependencies in the market share relationships. Finally, we demonstrate using simulations that our procedure works well and improves substantially on the univariate Dickey-Fuller procedure. Accordingly, our procedure leads to better unit root inference than the univariate Dickey-Fuller method; the latter is not that reliable when dealing with market shares. We conclude the paper with suggestions for future research.     

美、日、欧风险投资模式比较与借鉴

本文探讨西部开发中创办中外合资企业值得重视的六个问题 ,分析这些问题中关系项目成败的原因及对策     

What drives long-term capital flows? A theoretical and empirical investigation

What drives capital inflows in the long run? This paper illustrates how capital movements conform surprisingly well to the predictions of a neoclassical model with credit constraints. The most intriguing prediction of this class of models is that, contrary to a pure neoclassical model, domestic saving should act as a complement rather than a substitute to capital inflows. Nevertheless, this class of models keeps the neoclassical prediction that capital should flow to countries where it is most scarce. Using foreign debt data from 1970 to 1998, I find qualitative and quantitative evidence that supports these predictions.