跨国公司在华并购与隐性垄断

在当前全球化浪潮中,跨国并购已成为跨国投资的主要方式,更是我国今后引资的重要趋势。然而这种不同性质的多种资本主体并存于中国市场的特质将直接决定彼此的生存空间和获利机会,并最终决定投资的绩效和宏观经济稳定性。分析跨国公司进入中国市场的方式和在中国市场上进行竞争的手段,并从品牌、技术和币场占有率三个方面考察跨国并购对我国市场结构的影响,可以得出已经形成隐性垄断的结论,相应地从企业和政府两个层面提出对跨国并购实施竞争规制的应对策略。     

International capital market integration: Implications for convergence, growth, and welfare

This paper studies the effects of international capital market integration on welfare and the speed of adjustment in a two-region endogenous growth model. Monopolistic firms undertake research and development (R&D) to improve their productivity level. National and international knowledge spillovers affect the returns to R&D. The two countries differ with respect to the initial productivity level and R&D capability (which is a proxy for human capital and structural policies). Long-run productivity gaps are determined by the difference in R&D capability. Over time, there is conditional convergence in productivity levels. The speed of convergence is larger with integrated international capital markets than without. Long-run gaps in consumption levels are larger in the former situation than in the latter. Capital market integration harms (benefits) the leading (lagging) region if domestic spillovers are more important than international spillovers and differences in R&D capabilities are small.The authors research is supported by the Royal Netherlands Academy of Arts and Sciences. He thanks Lucas Bretschger, Theo van de Klundert, and Richard Nahuis, Thomas Steger, and Helmut Wagner for comments on an earlier version.     

The Research of the Construction Time on City Infrastructure Projects

The project construction time is not sufficiently considered in the decision-making procedure of the extant city infrastructure project all over the world. From the principle to increase benefit from the investment, the paper discusses the influence of construction time on benefit from investment, the condition of the optimal construction time, the method to confirm the optimal construction time, etc., under the increases of market demand, the paper establishes mathematics model between the construction time and the project benefit, and the model involves the project age, the construction time, the capital cost, the market demand, the discount rate and so on. Finally, the paper quantitatively analyzes the influence characteristics and degrees of construction time to the project profits, and the method to determine the optimal construction time of a project under different market demand .To emphasize that, the paper researches on Chinese cases, but, the conclusion put forward has the widespread significance to the time choice on city infrastructure project of other countries.     

On the Management of Prevention and Control of Water Pollution in China

In China, per capita water resource is hard up very much, and it has already become a very important restrictive factor to the economic growth, for over 20 years, the water quality of the river basins of our country has worsened continuously, further aggravated the pressure from water resource !o society and economic development. Though the party and government have done a large amount of work; and have made great achievements in prevention and control of water pollution, but as a whole, the severe situation of water pollution hasn＇t been changed radically, in some areas, it＇s being still aggravated. The appearance of this situation involves numerous causes of many aspects, such as the thought, technology, method and system, etc. The author maintains that we must strengthen the construction of legal system, and overcome the problem of soft management existing at pre sent, to enhance the dynamics of prevention and control of water pollution; simultaneously sets forth a concept： on the basis of green accounting, use the economic means, harden the interest restriction, strengthen the management of preventing and controlling of water pollution; hopes to offer a new way of thought for improving the water quality and environment.     

基于规模经济和技术进步两种效应的商业银行效率研究

利用超对数成本函数,从规模经济和技术进步角度,对中国商业银行1995到2005年的效率进行实证表明,一方面,中国商业银行业存在着规模经济和技术进步正效应,这主要得益于股份制商业银行;另一方面,国有商业银行的规模不经济和技术进步负效应,导致中国商业银行业的效率较低.因此,要保持中国商业银行业效率的不断提高,必须压缩国有商业银行的规模,加快股份制商业银行的发展,改善商业银行的治理结构.完善金融人才的培养机制.     

Development costs capitalization and debt financing

This study investigates debt market effects of research and development (R&D) costs capitalization, using a global sample of public bonds and private syndicated loans issued by public non‐financial firms. Firstly, we show that firms capitalize larger amounts of R&D in a year when they exhibit a propensity for issuing bonds, rather than borrowing funds privately from the syndicated loan market, in the subsequent year. Secondly, we provide evidence that capitalized R&D investments reduce the cost of debt. We infer that debt market participants are able to identify firms’ motives for R&D capitalization, as we find a reduction in the cost of debt only for those firms that do not show indications of employing R&D capitalization for earnings management reasons. Indeed, only for this sub‐sample of firms, the amount of capitalized R&D contributes positively to future earnings. We confirm that R&D capitalization is positively associated with audit fees and thus can be deemed to be a signaling device. Lastly, we find that it is the amount of R&D a firm is expected to capitalize and not the discretionary counterparts, which facilitates a firm's access to public debt markets, reduces bond and syndicated loan prices, and contributes to future benefits.     

新粤浙管道工程管材采购质量控制措施与建议

针对新粤浙管道工程的特点,在对川气东送管道工程的管材采购经验进行总结的基础上,从管材标准制定、供应商管理、全过程质量控制及科学管理的角度,对采购质量控制问题进行了探讨,并提出了加强管材采购质量控制的措施和建议。     

国际贸易中信用证欺诈例外及相关法律问题

迄今为止,我国有关信用证欺诈例外的成文法制建设尚处于空白状态,为了更好地借鉴国外的经验完善国内体制,本文拟对信用证欺诈例外的产生、发展、特征及具体司法操作中何谓欺诈、欺诈例外的排除适用问题等作一系统研究,并就我国在司法实践中存在的问题进行探析,提出自己的一些看法。     

关于智力资本出资的法学思考

智力资本是智力资源资本化的成果,是知识经济时代企业的核心竞争力。智力资本与股本具有同质性,可以作为资本出资。但是智力资本出资目前还存在制度上的障碍,包括立法上我国尚未承认智力资本,智力资本的会计核算存在诸多困难等。要改变这种状况,必须突破传统的“资本”概念的外延,提升智力资本的价值。     

物资需求计划管理考核标准的探析

计划是物资供应的首要环节,及时、准确地制订物资需求计划和采购计划,是实施采购、控制进度和成本的根本保证。结合物资供销处需求计划管理现状,提出了一套比较规范、合理的考核标准,促进了物资需求计划管理水平的提高。