交叉上市对现金持有与现金持有价值的影响——来自我国上市公司的经验证据

以2005～2009年我国上市公司为研究样本,借鉴Fama-French(1998)和Fresard-Salva(2010)的企业价值回归模型,考察了交叉上市对于企业现金持有及现金持有价值的影响。结果表明,在公司实现A+H股交叉上市后,由于投资者保护水平的提升以及融资成本的下降,企业的现金持有水平显著降低;而在A+B股交叉上市公司中,现金持有水平并没有显著降低。同时,由于交叉上市公司比非交叉上市公司的发展机会更好、融资成本更低,投资者更希望企业减持现金,适度加大投资,以进一步提升企业价值。     

征信体系中个人信息法律保护制度建设的个案研究——以上海为例

随着经济的发展和我国个人征信体系的建立,人们对个人信用信息保护的需求日益强烈。我国征信体系的建立经历了先试点、后在全国铺开的过程。上海是征信试点城市之一,在个人信用信息法律保护方面积累了一些经验。通过实证研究,分析上海个人信用信息法律保护的特点和经验,对我国征信立法和个人信用信息保护立法有重要的启示。     

新形势下我国基层公安机关领导干部素质能力现状与对策研究

公安队伍面临新世纪新的社会背景下的新挑战。基层公安机关领导干部的队伍建设已成为一个重大的战略性问题,其中基层公安机关领导干部素质能力的提升是领导干部队伍建设的一个重要组成部分。公安机关领导干部的素质能力主要包括政治理论素质、专业文化知识素质、科技能力素质和身心健康素质等。通过创新教育培养模式、做好组织管理和人力资源规划、建立心理研究机构等方式来提升基层公安机关领导干部的素质能力,以完善基层公安机关领导干部队伍建设。     

Social protection and regional convergence in a European Monetary Union

This paper addresses convergence in social protection and GDP in a European Economic and Monetary Union. We evaluate the impact of recently proposed EC social minimum requirements on regional convergence within the EC. Subsequently, we analyze a system of differentiated social norms as a means of raising social protection in countries with lower social standards.     

构建失业农民的社会保障机制是社会主义新农村建设的必由之路

随着我国工业化和城镇化进程的加快,出现大量失地农民。农民失去土地又没有合适的就业机会,造成失业农民的增多,这不仅影响了农村社会经济的稳定和全国小康社会建设目标的实现,同时也不利于"三农问题"的解决,不利于社会主义新农村的建设。因此,本文从分析失业农民的原因出发,阐述解决失业农民问题的重要意义,提出将失业农民纳入城镇居民社会保障范围,建立"经济补偿、社会保障、就业服务"三位一体的失业农民的社会保障制度新模式。     

Notes on some present day Questions regarding Mortality

Abstract

In the absence of any definite development of actuarial science in Great Britain which would be a suitable subject for this paper I considered that the most useful course would be to discuss some of the problems which are at present exercising my own mind, and no doubt the minds of many of my colleagues. Probably, many of these questions are akin to others which arise in other countries, so that their discussion at a meeting such as this may prove of mutual interest, while even if they are peculiar to ourselves, a disclosure of our doubts and difficulties will indicate the directions in which future developments may be expected. I must, however, emphasize that any views expressed are purely personal, and do not in any way pretend to represent a consensus of British actuarial opinion. Throughout this paper only Ordinary (as opposed to Industrial) business in considered.     

融资融券试点的制度安排和制度完善——基于投资者权益保护视角的分析

融资融券交易试点正面临制度完善的重大课题。本文从投资者权益保护的视角对融资融券交易试点制度进行了案例分析,研究我国融资融券业务试点的制度安排、制度缺陷和政策建议。本文率先尝试评价了融资融券业务试点的制度体系,发现其制度机制基本保障了投资者融资融券交易的市场准入权、资产安全权、广泛知情权、公平交易权、服务保证权和投资收益权六项合法权益;从投资者权益保护角度看,虽然试点制度层次清楚、基本完整,但结构失衡,效率不足;建议出台长远规划,推进转融通制度,调整市场准入制度,完善投资者权益保护评价制度,并扩大试点范围,提高效率。     

The economics of food aid under subsistence farming with an application to Malawi

We investigate how food-aid affects price and production of staple food, with a partial equilibrium model with non-separable production and consumption. The model captures the key characteristics of sub-Saharan Africa subsistence economies. Simulations generate negative but also positive food-aid elasticities of production. Conditions are identified which mitigate the negative impact and support a positive impact. The share of domestic food production in total staple food demand (+) and the share of income from staple food production in total household income (−) are key determinants. Price and production equations, estimated with a panel of district data of the Malawi maize market for the period 1999–2010, show a small positive impact of food-aid. Large negative impacts of food-aid are not likely given production and income shares and behavioural responses.