试论我国商业银行负资本金的确认与计量

本文认为导致商业银行出现负资本金,既有经营性亏损的原因,也有会计确认和计量差异等原因。在加入WTO与《巴塞尔新资本协议》的影响下,有必要重新审视我国商业银行负资本金的确认与计量。     

The Cost of Capital of Cross‐listed Firms

This paper analyses the cost of capital of firms with foreign equity listings. Our purpose is to shed light on the question whether international and domestic asset pricing models yield a different estimate of the cost of capital for cross‐listed stocks. We distinguish between (i) the multifactor ICAPM of Solnik (1979) and Sercu (1980) including both the global market portfolio and exchange rate risk premia and (ii) the single factor domestic CAPM. We test for the significance of the cost of capital differential in a sample of 336 cross‐listed stocks from nine countries in the period 1980–99. Our hypothesis is that the cost of capital differential is substantial for firms with international listings, as these are often large multinationals with a strong international orientation. We find that the asset pricing models yield a significantly different estimate of the cost of capital for only 12% of the cross‐listed companies. The size of the cost of capital differential is around 50 basis points for the US, 80 basis points for the UK and 100 basis points for France.     

Uncertainty in the Austrian Theory of Capital

This paper is based on the traditional Austrian Theory of Capital which deals with expected values of future returns of investments over various periods of time. The longer the time period that elapses between the beginning of a production process and its end, the higher the (expected) productivity must be due to positive time preferences of individuals. This paper focuses on the uncertainty of future returns and on uncertainty preferences, instead. Based on the Hayekian idea of the dispersion of knowledge in society, it will be shown that there is a systematic relationship between the structure of capital and uncertainty. This result will be derived for a production process characterized by complete vertical integration and one which is not completely vertically integrated. The distinction between these two settings is crucial, if one accepts the distinction between an individual and a social period of production and the planning horizon which are introduced in this paper.     

利用上市公司资源,加快重庆资本市场发展

通过对重庆市上市公司最新基本情况、统计数据、市场表现等资料的整理,及与兄弟省市市场的对比,剖析了重庆资本市场落后的根源,探索了加快重庆资本市场发展的途径.     

The relationship between governance structure and risk management approaches in Japanese venture capital firms

This paper attempts to understand what drives Japanese venture capital (JVC) fund managers to select either active managerial monitoring or portfolio diversification to manage their firms' investment risks [J. Bus. Venturing 4 (1989) 231]. Unlike U.S. venture capitalists that use active managerial monitoring to gain private information in order to maximize returns [J. Finance 50 (1995) 301], JVCs have traditionally used portfolio diversification to attenuate investment risks [Hamada, Y., 2001. Nihon no Bencha Kyapitaru no Genkyo (Current State of Japanese Venture Capital), Nihon Bencha Gakkai VC Seminar, May 7]. We found that performance pay is positively related to active monitoring and that management ownership is positively related to active monitoring and negatively related to portfolio diversification. The managerial implication of our study is that venture capitalists should be as concerned about the structure of their incentive systems for their fund managers as they are for their investee-firm entrepreneurs. Agency theory says that contingent compensation is a self-governing mechanism for individual effort that is difficult to measure and verify. When properly applied, equity ownership and performance-based pay can have powerful influencing effects on the strategic choices of managers.     

Effectiveness and Effects of China’s Capital Controls

I. IntroductionNations at every stage of development and in every region of the world are more closelylinked through trade in goods and services, through flows of funds and investments ineach others’ economies than ever before. But in sharp contrast to more and more nationsloosening restrictions on international trade, controls over capital flows are still substantialnearly everywhere except in the most developed economies. This is certainly the case inChina, where restrictions on movements …     

New Labour and Community Protests: the Case of the Govanhill Swimming Pool Campaign, Glasgow

Taking the case study of a community based protest against the closure of a swimming pool in Glasgow, this paper seeks to raise important critical questions about some of the key ideas informing New Labour's urban policy agenda: social capital and active community. It argues that normative notions of active citizenship seriously conflict with bottom-up community protests, highlighting in the process issues of power and inequality. Against claims that New Labour is promoting government through community, here we claim that in the context of this community protest, there was government against community.     

Rural Population Growth, 1950–1990: The Roles of Human Capital, Industry Structure, and Government Policy

Human capital raises rural incomes, but this effect is swamped by higher returns to human capital in urban markets. This leads to "brain drain" from rural areas. Populations grow more rapidly in rural counties that have a diversified employment base. Farm population grows faster (or declines more slowly) in counties with relatively high farm income, and nonfarm populations grow faster in counties with relatively high nonfarm income. However, higher farm incomes lead to slower nonfarm population growth and vice versa. Rural county government services financed by local taxes or debt have neutral or negative effects on population growth.     

The New Characteristics of the International Capital Circulation and the Strategic Readjustment of China＇s Utilizing Foreign Capitals

This essay proposes the concrete view that China＇s strategy of utilizing foreign capitals to adjust again on the foundation of explaining new characteristics of international capital circulation, namely, expanding the foreign investments of the service trade, strengthening efforts to attract outside investment of the Midwest, attracting trans-corporation＇s investment, etc., Chinese enterprises actively move towards overseas investment and create the policy environment that can contribute to absorbing the foreign capitals as well as making national economy benefit from it.     

国际贸易中的技术性壁垒及我国对策

二十一世纪是全球经济一体化的知识时代 ,科学的巨大变革已经渗透于人类社会的方方面面 ,而国际贸易中的技术性壁垒则体现了贸易保护主义与科技相结合的作用。并且 ,这种非关税壁垒形式以其正义的外衣、巨大的影响力和借助科技的快速发展越来越成为国际贸易中不可忽视的保护手段。中国作为世界贸易组织的新成员更应在这方面进行研究 ,并制定相应的战略。