员工持股计划:从美国到中国

美中两国的员工持股计划目的、持股资金来源、股权设置方式、股票流动性及外部环境等诸方面均存在较大差异。现阶段中国企业的经营状况、所面对的相关法律政策的完善程度及证券市场的弱有效性都与美国企业有所区别,所以,中国企业实施员工持股计划必须慎重。     

限售股解禁的市场波动及影响因素研究——基于A股限售股解禁的事件研究

选取2007～2009年A股市场具有解禁行为的上市公司为样本,采用事件研究法计算出解禁事件发生的窗口期内公司股票的平均累计异常收益率(AAR),并利用单样本T检验研究了限售股解禁对市场产生的影响,发现在股指上升期和下降期具有解禁行为的上市公司的异常收益率表现出不同的变动方向。在此基础上,进一步利用多元回归法寻找限售股解禁公司平均累计异常收益率的影响因素,以期为投资者防范风险、监管者制定政策提供借鉴。     

The factor content of Chinese trade

This article demonstrates that the growth of China's exports in recent years is consistent with the Heckscher–Ohlin–Vanek (HOV) prediction of the factor content of trade based on international differences in factor endowments, after adjusting for substantial differences in factor-specific productivity. A comparison of the Organisation for Economic Co-Operation and Development input–output data in the year 2000 shows that China's labor productivity relative to the United States is the lowest in a sample of 33 diverse countries, although China's capital is more productive than US capital. This in turn demonstrates the importance of a factor-specific rather than factor-neutral productivity adjustment common in much of the HOV literature. The use of value-added data to measure factor usage helps to correct for unobserved differences in factor qualities and differences in productivity across sectors, as is demonstrated for China. China's low average labor productivity reflects the structure of the Chinese economy where most employment is still in the inefficient agriculture and service sectors, with only 11% of employment in the more modern export-oriented manufacturing sector. Due to a trade surplus, China exports both labor and capital but Leamer's (The Journal of Political Economy 1980;88: 495–503) test for trade-revealed factor abundance confirms that China is labor abundant even after substantial factor-specific productivity adjustments.     

加拿大矿产勘查投资抵税股票政策及其启示

加拿大矿业的繁荣,与其实施的矿产勘查投资抵税股票政策关系密切,该政策通过市场机制,巧妙、简便、有效地调节政府、勘查企业和投资者三者利益,将本该收归国库的个人税收直接用于支持草根勘查,为矿业资本市场注入了新的活力;矿业公司筹得资金,成为勘查活动的主体;投资者税收获得减免,并确定了投资获利的机会。加拿大矿产勘查投资低税股票政策对我们启示有三点：首先,草根勘查是矿产繁荣的基础,国家应制定相关政策鼓励草根勘查;其次,通过市场机制,有效吸引社会资金进入矿产勘查;第三,成功的政策需要在实践中不断调整和完善。     

资本——企业生命之源

使一个企业生存、发展,首先必须筹得一定资本。实践证明股份制是现代企业筹资和发展的最优形式;第二,遵循资本的特征,加强资产流动,促使资本保值增值;第三,要积极开展资产重组、资本运营,迅速扩充企业资本,扩大生产规模。     

我国民营资本参与基础设施建设的立法构建

基础设施建设影响社会经济发展速度,结合我国目前基础设施建设的客观现实,指出我国民营资本参与基础设施建设势在必行。文章在借鉴国外经验的基础上,对我国民营资本的结合方式（即主体分析）、民营资本的进入方式（即行为分析）和民营资本的法律保障（即制度分析）三个方面进行理论探讨,进而为我国规范民营资本参与基础设施建设提供立法构建。     

Labor productivity and employment gaps in Sub-Saharan Africa

Drawing on a new set of nationally representative, internationally comparable household surveys, this paper provides an overview of key features of structural transformation – labor allocation and labor productivity – in four African economies. New, micro-based measures of sector labor allocation and cross-sector productivity differentials describe the incentives households face when allocating their labor. These measures are similar to national accounts-based measures that are typically used to characterize structural change. However, because agricultural workers supply far fewer hours of labor per year than do workers in other sectors in all of the countries analyzed, productivity gaps shrink by half, on average, when expressed on a per-hour basis. Underlying the productivity gaps that are prominently reflected in national accounts data are large employment gaps, which call into question the productivity gains that laborers can achieve through structural transformation. Furthermore, agriculture’s continued relevance to structural change in Sub-Saharan Africa is highlighted by the strong linkages observed between rural non-farm activities and primary agricultural production.     

Efficient Market Hypothesis and State-owned Shares＇ Circulation at Market Price

It is generally considered that the reason why the state-owned shares failed in circulation is that state-owned shares and the Negotiable Shares are in two separated markets. However this paper argues that the real reason why state-owned shares failed in circulation at market price and Negotiable Shares＇ price has been overstated is that Chinese stock market does not accord with Efficient Market Hypothesis, moreover Chinese investors are short of the concept COC and Chinese capital market has no short sells system.     

现代公司治理结构的探讨

综合评述了现代公司治理结构基本特征中三会制衡,两权分离及契约关系。对我国现代公司治理结构存在的国有股权控制权,董事会功能和职能不够规范、行政干预过多问题进行了剖析,并对这些问题的应对措施进行了探讨。