我国多层次资本市场构建的现实选择

我国是一个发展中大国,不同地区经济发展水平差异很大,不同的企业、不同的投资者需求不同,必然要求不同层次的资本市场来满足不同的金融服务需要。我国多层次资本市场体系建设应该从我国的现实国情和特定阶段出发,构建以主板为核心,创业板为拓展,三板为基础的市场体系,并配合相关的制度建设和产品创新。     

泛北部湾（广西）资产证券化问题和对策探讨

文章通过分析北部湾（广西）可证券化的资产以及证券化过程中存在的问题，针对存在的问题提出相应对策。     

THE TEN COMMANDMENTS FOR OPTIMIZING VALUE-AT-RISK AND DAILY CAPITAL CHARGES

Abstract.  Credit risk is the most important type of risk in terms of monetary value. Another key risk measure is market risk, which is concerned with stocks and bonds, and related financial derivatives, as well as exchange rates and interest rates. This paper is concerned with market risk management and monitoring under the Basel II Accord, and presents Ten Commandments for optimizing value-at-risk (VaR) and daily capital charges, based on choosing wisely from (1) conditional, stochastic and realized volatility; (2) symmetry, asymmetry and leverage; (3) dynamic correlations and dynamic covariances; (4) single index and portfolio models; (5) parametric, semi-parametric and non-parametric models; (6) estimation, simulation and calibration of parameters; (7) assumptions, regularity conditions and statistical properties; (8) accuracy in calculating moments and forecasts; (9) optimizing threshold violations and economic benefits; and (10) optimizing private and public benefits of risk management. For practical purposes, it is found that the Basel II Accord would seem to encourage excessive risk taking at the expense of providing accurate measures and forecasts of risk and VaR.     

Duration analysis of venture capital staging: A real options perspective

This study takes a real options perspective towards venture capital staging and views the staging decision as a choice between holding the current option to invest and investing now to obtain the option to invest subsequently. It proposes that this staging decision depends on the factors that influence the value of these two options, such as competition and various sources of uncertainty. The empirical results suggest that market uncertainty encourages venture capital firms to delay investing at each round of financing, whereas competition, project-specific uncertainty and agency concerns prompt venture capital firms to invest sooner. This study has useful implications for theory and practice.     

Internal Capital Markets, Bank Borrowing, and Financing Constraints: Evidence from Belgian Firms

In Belgium, financial and industrial groupings play a crucial role in the accumulation and allocation of capital in the economy. In this paper, it is hypothesized that Belgian firms for which investment is partly financed on an internal capital market, will not be subject to financing constraints to the same extent as firms which have to borrow from banks. Moreover, it is hypothesized that firms belonging to a group, transfer internal surpluses of funds to other group members by investing in financial assets. An empirical analysis confirms the first hypothesis, but rejects the second hypothesis.     

信任：现代人幸福感的社会资本

现代人幸福感悟能力的弱化源于以信任为基础的社会资本的缺失。信任是袖会生活中人对人的一种依赖，是人与人之间对彼此规范、诚实、合作行为的一种预期。作为一种社会资本，信任奠定现代人幸福感的情感基础、公共美德和基本道德规范。构建一个以信任为基础的社会文化氛图，增强提高现代人幸福感的社会资本，对于构建和谐社会具有重大的现实意义。     

Financing entrepreneurship: Bank finance versus venture capital

This paper examines the entrepreneur's choice between bank finance and venture capital. With bank finance, the entrepreneur keeps full control of the firm and has efficient incentives to exert effort. With venture capital finance, there is a two-sided moral hazard problem as both the entrepreneur and venture capitalist (VC) provide unverifiable effort. The entrepreneur benefits from the VC's managerial input but must surrender partial ownership of the venture, thus diluting the entrepreneur's incentive to provide effort. Venture capital tends to be preferred to bank finance when VC productivity is high and entrepreneurial productivity is low.     

我国人力资本与区域创新能力的非线性关系研究--基于面板门槛模型的经验证据

采用我国28个省（直辖市、自治区）1993～2012年的面板数据,以电信基础设施为门槛变量,运用门槛模型,探讨人力资本与区域创新能力之间的非线性关系。研究结果表明：我国人力资本与区域创新能力之间存在电信基础设施双门槛效应,电信基础设施门槛值分别为4．031和4．552。我国人力资本对区域创新能力的影响并不是线性的,人力资本仅仅在电信基础设施完善的地区对区域创新能力产生重要影响。     

公立医院引入社会资本的政府角色研究--以山西省为例

政府主导之下,引入社会资本作为公立医院改革的一个重要方向,已经越来越多地成为优化我国医疗服务供给的模式选择。在具体过程中,政府需要通过分析不同级别公立医院现状以及社会资本可能参与的领域,针对性地设计合作模式,选择成熟的社会资本进行合作,加强实施过程的监管。同时公立医院引入社会资本较为复杂,涉及到社会资本方、政府、公立医院和社会公众的利益,政府要协调好公共部门和市场的关系,调动各方参与者的积极性。