The telecoms boom and bust 1996-2003 and the role of financial markets

Financial crises are still as much a part of the modern, information-and-communication-technology-based (ICT) economy as they were of previous economies. Why are we apparently unable to learn lessons from the past and avoid what Charles Kindleberger (2000) has called manias, panics and crashes? Why is it that our sophisticated stock of information, made readily and relatively cheaply available to us by our investment in ICTs, and our abundant theories and models, have not allowed us to steer clear of these financial excesses? The aim of this paper is to highlight some of the processes and mechanisms that have played a significant role in causing the Telecoms Boom and Bust, 1996-2003. The question of whether anything can be done about these processes and mechanisms in order to try and modify such financial excesses in the future is taken up in the conclusion.JEL Classification: A12, D8, E3, G1, L63, L96, N2, O30The author would like to acknowledge, without implicating, the helpful discussion with Richard Burns, Fred Bleakley and others who commented on an earlier version of this paper at Institutional Investors European Institute meeting in Berlin in March 2003, and with Stan Metcalfe on other occasions. In addition, thanks are due to many friends in NTT and InfoCom who assisted my learning about the Telecoms Industry and its dynamics.     

银行主导型金融对制造业企业技术进步的影响——基于技术距离的视角

制造业企业的技术发展离不开适宜类型的金融支持。那么,我国以商业银行为主导的金融体系对其具有怎样的影响？本文从技术距离视角出发,通过构建熊彼特内生增长模型探究银行主导型金融体系对制造业企业技术进步的影响效应及作用机理,并运用中国工业企业数据库与城市数据库的匹配数据进行实证检验。研究发现：当制造业企业远离技术前沿时,银行主导型金融对其技术进步具有明显的促进作用,但随着企业接近技术前沿,该作用将由正转负。相较于国有和抵押资产丰富的制造业企业,银行主导型金融对技术进步的负向作用在非国有和抵押资产匮乏企业中出现较早。机制检验表明,在远离技术前沿阶段,银行主导型金融能够激励制造业企业创新从而促进其技术进步,但在接近技术前沿后,银行主导型金融难以通过激励企业创新驱动其技术进步。研究结论对如何深化金融供给侧结构性改革、增强金融服务制造业之功效具有一定的指导意义。     

我国跨国公司融资问题分析

我国跨国企业资本结构不尽合理，资产负债率总体水平偏低，而且呈稳中趋降的趋势。造成这一现象的根本原因是我国跨国企业在融资顺序的选择上倾向于股权融资而忽视债权融资，存在明显的股权融资偏好，这与融资优序理论相悖。本文以跨国企业为研究对象，从我国跨国企业融资行为及其导致的资本结构存在的问题入手，通过对这种现象产生的原因的深入分析，对我国跨国企业融资结构优化提出了几点建议。     

转型经济中的金融管制

本文首先分析了转型经济的基本特点和对于我国金融管制的影响,求解金融管制的一般模型.同时进一步研究了在转型经济的制度变迁背景下,金融管制模型的变量必然发生了相应的改变,会导致金融管制求解的不同,最后根据模型求解,提出了我国应该建立更有效更符合转型经济规律的金融管制.     

互联网科技众筹金融生态风险控制体系构建

互联网科技众筹将民间资本与中小微企业科技创新项目对接,能有效解决中小微企业融资难题。目前互联网金融生态乱象丛生,互联网科技众筹发展尚不完善,建设互联网科技众筹金融生态应重点落地风险控制体系。运用金融生态系统理论,基于互联网科技众筹业务模式,梳理了互联网科技众筹金融生态风险控制体系逻辑与架构,从生态主体风险行为、生态环境内外部风险、生态关系风险类别3个角度总结分析互联网科技众筹金融生态当前存在的风险,研究与构建了互联网科技众筹金融生态风险控制体系,并从发挥生态主体作用、促进生态环境改善、维持生态关系平衡3个方面提出建议。     

金融危机下返乡农民工再就业问题的思考

在全球性金融风暴的影响下,数以百万计的农民工被迫辞工返乡。文章分析了我国出现大量农民工返乡现象的原因,探讨了农民工返乡给社会带来的各种影响,并在此基础上提出了解决农民工返乡问题的对策。     

我国航运上市企业财务杠杆与收益的负相关的面板数据计量回归分析

去杠杆、降风险成为近年来的经济热点问题。本文以A股上市的23家航运企业为研究对象,分析近年来航运企业财务杠杆与收益的关系。通过计量回归模型及stata软件分析发现:航运企业高财务杠杆并没有带来高收益,并且呈现出负相关关系,违背了一般经济规律。通过杜邦分析法,分析其产生的主要原因,并为航运企业合理负债提出对策建议。     

Agenda formation and accounting standards setting: lessons from the standards setters

There are many studies on lobbying of accounting standards, but the technical agenda of regulators is taken as ‘given’ and why a particular topic was admitted to the agenda is not investigated. Agenda formation is important as control of the agenda determines which topics get regulated and the form of the regulatory response. A few studies have explored agenda formation across regulatory institutions but are largely silent on the role of individual decision makers and technical staff. However, the standards setters have sought to explain their agenda processes. This paper reviews statements by the members of accounting standards setting agencies about their experiences of agenda formation. It identifies insights gained from standard setters and makes some suggestions for future research.     

An Analysis of Thai Financial Reporting Practices and the Impact of the 1997 Economic Crisis

We focus on listed Thai companies between 1993 and 2002 to ascertain whether the 1997 economic crisis, which we refer to as an economic disturbance, had an impact on financial reporting practices. Both changes in measurement and disclosure practices are considered and the period of study is divided into three sub‐periods: the pre‐economic crisis period (1993–96), the economic crisis period (1996–98) and the post‐economic crisis period (1998–2002). The results show that there were significant increases in disclosure levels over the ten years but no substantial changes in measurement methods. This work takes on added relevance in the light of the recent (2007–08) economic bubble and subsequent financial crisis worldwide.     

Dual long-memory, structural breaks and the link between turnover and the range-based volatility

This paper investigates the issue of temporal ordering of the range-based volatility and turnover volume in the Korean market for the period 1995–2005. We examine the dynamics of the two variables and their respective uncertainties using a bivariate dual long-memory model. We distinguish volume trading before the Asia financial crisis from trading after the crisis. We find that the apparent long-memory in the variables is quite resistant to the presence of breaks. However, when we take into account structural breaks the order of integration of the conditional variance series decreases considerably. Moreover, the impact of foreign volume on volatility is negative in the pre-crisis period but turns to positive after the crisis. This result is consistent with the view that foreign purchases tend to lower volatility in emerging markets—especially in the first few years after market liberalization when foreigners are buying into local markets—whereas foreign sales increase volatility. Before the crisis there is no causal effect for domestic volume on volatility whereas in the post-crisis period total and domestic volumes affect volatility positively. The former result is in line with the theoretical underpinnings that predict that trading within domestic investor groups does not affect volatility. The latter result is consistent with the theoretical argument that the positive relation between the two variables is driven by the uninformed general public.