外资银行进入与中国银行业绩效、市场集中度的变化

我国入世过渡期已经结束,银行业已全面对外开放.外资银行进入将对我国银行业绩效和产业组织结构带来重要影响.本文基于我国14家银行1996～2005年的面板数据,就外资银行进入对我国银行的短期影响进行研究.实证结果表明,国内银行对外资银行营业性机构数量增加反应不敏感,经营成本和盈利同外资银行市场份额的增加正相关,我国银行业市场符合结构-行为-绩效范式.本文就我国银行业应对外资银行冲击的方略提出建议,即通过与外资银行股权合作弥补我国银行业不足,通过金融控股公司模式实现综合经营以提高我国银行业国际竞争力,积极学习、借鉴外资银行新的金融产品和管理经验.     

招商引资竞争的有效性分析

本文利用一个简单的模型分析了区域招商引资竞争的有效性，在竞争的状态下，除区域间收益差额超过潜在不利的情况外，潜在不利区域将很难利用优惠改变企业固有区位，竞争使得分配更加有利于企业而不利于参与招商引资竞争的区域，而且这种招商引资竞争是难以避免的。认清本区域既有优势和关键行业比单纯提供优惠在招商引资过程中更加重要。     

In the Bear’s Shadow? Russia’s International Image and Its Influence on Investments of Russian Companies in Post-Socialist Europe

The paper examines Russia’s international image and its influence on investment by Russian companies in post-socialist Europe. Findings are based on the cases of Gazprom’s South Stream Pipeline project, and Sberbank’s acquisition of Volksbank’s Central and Eastern European assets in Hungary and Serbia. The paper demonstrates that international positions and economic interests of two countries determinate decisions regarding investments of Russian companies, while Russia’s image to some extent accelerates these decisions in Serbia. The paper is based on the results of interviews with representatives of business communities conducted in Hungary and Serbia in 2012–2017, professional reports, and official documents.     

How did investor‐state dispute settlement get a bad rap? Blame it on NAFTA,of course

In the short history of the US bilateral investment treaty (BIT) programme, there have been no instances of dispute settlement cases initiated against the United States by firms from BIT countries. The NAFTA experience changed that. Where other studies have only hinted at the reasons for NAFTA controversies, this paper makes clear three causal factors: (i) changing patterns and intensity of FDI, (ii) the application of those rules to developed countries amid those changing FDI patterns and (iii) ambiguities in ISDS rules themselves. The paper explores these and traces the ways in which lessons of the NAFTA have been instrumental in changing the pursuit of investment protection agreements. BITs used to be uncontroversial, but the NAFTA focused attention on reforms to ISDS that maintain the utility of BITs in the governance of FDI, without creating a legal structure for simply challenging the state.     

外资并购国有企业中的职工安置问题研究

长期以来,由于中国采取低工资、高就业的政策,再加上国有企业的高福利政策,更是使得职工不愿随意离去。这种情况,往往使企业在兼并的过程中,受到职工大力的反对而作罢。而政府也希望能够保障职工的权益,避免造成社会问题,于是颁布了一些关于职工安置的法规,并在确定资产转让价格时要考虑这一因素。但这成本的增加,却会使得兼并方却步,也不容易达成兼并的目标。该如何平衡这两者,最好的方式还是尽快建立社会保障制度,并且彻底的实施,才能达到双赢的局面。     

Influence of International Openness on Corporate Environmental Performance in China

This paper examines how international openness influences China's corporate environmental performance. A unique firm‐level dataset is constructed by combining two databases: the Annual Industrial Survey and the China GreenWatch Program Rating System. The empirical results obtained from a series of ordered probit models indicate that openness has a positive relation to corporate environmental performance in China. However, the two main market‐opening strategies in China, exporting and attracting foreign investment, have different effects on environmental performance. The results reveal that foreign investment plays a substantial and positive role that can support the environmental spillovers in China. However, the effect of exporting is insignificant. The environmental pressure from foreign customers to improve Chinese firms' environmental performance presents a challenge. Our study indicates that China could make environmental quality improvements through increased international openness, as is likely the case for other developing countries.     

在华外资银行发展对我国经济增长的影响分析

随着外资银行在我国的发展与壮大,外资银行对我国经济的影响也逐渐增强。本文从正反两个方面探讨了在华外资银行发展对我国经济增长的影响,认为在华外资银行的发展一方面给我国经济增长带来了积极的正面效应,另一方面也带来了一定的不稳定因素。因此,我国应该采取一定的措施最大限度地发挥在华外资银行对我国经济增长的积极作用,严格控制在华外资银行对我国经济增长的不利影响。     

中国对RCEP国家的直接投资与出口技术复杂度

RCEP的签订为中国对外开放带来新契机。双循环新发展格局背景下,如何调整中国对RCEP国家的贸易和投资策略成为值得研究的议题。使用2004—2018年中国对RCEP国家的直接投资和出口数据,构建出口技术复杂度指标,实证分析直接投资和出口技术复杂度的关系。结果发现:中国对RCEP国家的直接投资能够提升中国对东道国的出口产品技术水平,当东道国为中低收入国家时,这一作用更为显著。基于此,中国应优化对RCEP国家直接投资的布局和结构,完善中资企业海外投资和经营规制,扩大与RCEP国家在新基建领域的合作,实现对外直接投资与出口高质量发展。     

The Fundamental Theorem of Asset Pricing under Proportional Transaction Costs in Finite Discrete Time

We prove a version of the Fundamental Theorem of Asset Pricing, which applies to Kabanov's modeling of foreign exchange markets under transaction costs. The financial market is described by a   d × d   matrix-valued stochastic process  (Π _t ) ^T _{t =0}  specifying the mutual bid and ask prices between d assets. We introduce the notion of "robust no arbitrage," which is a version of the no-arbitrage concept, robust with respect to small changes of the bid-ask spreads of  (Π _t ) ^T _{t =0}  . The main theorem states that the bid-ask process  (Π _t ) ^T _{t =0}  satisfies the robust no-arbitrage condition iff it admits a strictly consistent pricing system. This result extends the theorems of Harrison-Pliska and Kabanov-Stricker pertaining to the case of finite Ω, as well as the theorem of Dalang, Morton, and Willinger and Kabanov, Rásonyi, and Stricker, pertaining to the case of general Ω. An example of a  5 × 5  -dimensional process  (Π _t )² _{t =0}  shows that, in this theorem, the robust no-arbitrage condition cannot be replaced by the so-called strict no-arbitrage condition, thus answering negatively a question raised by Kabanov, Rásonyi, and Stricker.     

东道国社会信任能降低企业跨国经营的不确定性吗?——以海外子公司所有权结构设计为例

理解东道国制度环境并选择与之相适应的管理方式对企业跨国经营获得成功具有重要影响。现有文献侧重于分析东道国规制制度和认知制度对企业跨国经营的影响,对规范制度研究较少。基于来自世界价值观调查的东道国社会信任数据以及中国上市公司2009—2018年在海外设立的6 921个子公司的数据,本文探讨规范制度的核心维度——东道国社会信任如何影响中国企业对海外子公司的管控。本文提出东道国外群体社会信任和内群体社会信任影响企业跨国经营所面临的交易成本和不确定性,进而影响母公司对海外子公司的持股水平。此外,文化距离和母公司跨国经验是东道国社会信任效应的重要边界条件。本文通过揭示东道国社会信任影响海外子公司管控的理论机理,不仅增进了人们对于规范制度及其对企业跨国经营战略的影响的认识,还对企业评估东道国规范制度环境、科学地设计海外子公司的所有权结构具有启示意义。