预期对中国资本市场作用和影响的验证

中国资本市场预期问题有各种不同的表现形式.预期作用和影响测定的方法有多种.本文运用市值测定预期法和从上海、深圳两地证券投资者预期指数对资本市场投资的作用和影响的测定可以看出,预期在资本市场上是广泛起作用和影响的.中国居民储蓄率很高,难以转化为资本市场投资,资本市场投资需求不足并且经常剧烈波动,这些现象都有预期的作用和影响.若要解决这些问题,必须重视中国资本市场预期问题的解决.     

企业商事信用的法学释义

企业商事信用是衡量一个国家市场经济发展水平高低的一个重要因素。完善的企业商事信用制度离不开法律的规范。从法学的角度分析和揭示企业商事信用的本质含义,认为无形资产是商事信用的本质要素。企业商事信用的内涵包括与企业资产相关的客观评价和与企业经营活动相关的客观评价两个方面,通过这两个方面的有机结合,形成了企业的商事信用。     

浅议中国《反垄断法》的缺陷及完善路径——从网络经济的视角

《反垄断法》的出台对于保护市场竞争,规范竞争秩序,促进中国的社会主义市场经济持续、健康、有序地发展有着重要的意义,但是,产生于工业经济环境的《反垄断法》还存在一些缺陷,不利于现代市场经济尤其是网络经济的健康发展,在金融危机的压力下,选择科学的完善路径对之进行必要的完善尤其有着重要的现实意义。     

A Reconsideration of the Protectionism Debate: Keynes and Import Controls

One of the most important elements of financial crises is the credit restriction that follows and the immediate consequences it has on investment and employment. In the post-Keynesian vision, an exit from economic crises frequently requires increased demand, specifically through public expenditure and employment. Furthermore, it requires the exploration of various policies and institutional reforms that could counteract the credit rationing emerging from the first moments of the financial crisis, particularly in regard to the financing of small business. This is one of the principal lessons this paper explores when studying a sample of Mexican immigrant entrepreneurs in three cities in the United States, and their conditions of survival amid the financial crisis.     

Deposit insurance and bank regulation in a monetary economy: a general equilibrium exposition

Summary. It is commonly argued that poorly designed banking system safety nets are largely to blame for the frequency and severity of modern banking crises. For example, underpriced deposit insurance and/or low reserve requirements are often viewed as factors that encourage risk-taking by banks. In this paper, we study the effects of three policy variables: deposit insurance premia, reserve requirements and the way in which the costs of bank bailouts are financed. We show that when deposit insurance premia are low, the monetization of bank bailout costs may not be more inflationary than financing these costs out of general revenue. This is because, while monetizing the costs increases the inflation tax rate, higher levels of general taxation reduce savings, deposits, bank reserves, and the inflation tax base. Increasing the inflation tax rate obviously raises inflation, but so does an erosion of the inflation tax base. We also find that low deposit insurance premia or low reserve requirements may not be associated with a high rate of bank failure.Received: 2 January 2002, Revised: 1 March 2003JEL Classification Numbers: D5, E5, G1.B. D. Smith: Sadly, our co-author, colleague and dear friend, Bruce D. Smith, died on July 9, 2002.     

金融科技与中小微企业信贷获取——基于新三板企业的实证研究

中小微企业融资难、融资贵是世界性难题,银行信贷融资是其外部融资的重要来源,但目前过低的融资规模制约了其缓解融资难的有效发挥,如何提升中小微企业的银行信贷融资成为学术界的研究难点。金融科技的迅猛发展是否对解决该难点有所助益？本文以2011—2020年新三板企业为样本对该问题进行考察,研究发现：(1)金融科技能显著提升中小微企业信贷资源获取,该结论在考虑内生性和稳健性检验后依然成立;(2)机制分析表明,金融科技能够通过降低信息不对称、促进商业信用融资以及加剧银行业竞争等渠道显著促进中小微企业的信贷获取;(3)异质性分析表明,金融科技对信贷获取的促进作用在货币政策紧缩时期、信用环境较差地区、中西部地区、融资约束较高、产权性质为非国有以及抵押能力较弱的企业中表现得更加明显;(4)进一步研究表明,金融科技能够降低借贷成本;相对于短信贷期限结构企业,金融科技对于长信贷期限结构企业的正向影响更为明显。本文的研究结论支持了金融科技的长尾效应和普惠性,也为中小微企业获取更多信贷资源,缓解融资难题提供了有效路径。     

Environmental regulation and trade pattern：a case of China

As a growing number of countries, including both developed and developing countries, have in recent yearstaken environmental regulation at different levels, a question of great concern has been raised： can the regulation alterthe existing trade volume and trade pattern, and ultimately drive pollution-intensive industries to countries with low-levelregulations or even those without regulations at all？ Starting from the three different propositions concerning therelationship between environmental regulation and trade pattern, this paper applies cointegration analysis and errorcorrection model to empirically testing the relationship between environmental regulation and trade in China during theperiod of 1985-2005. Our empirical results indicate that in the short run the collection of pollution discharge fees bearsa positive impact on the export share of clean products of total exports. Thus, higher pollution discharge fees raise theratio of clean products exports to total exports. This further indicates that more stringent environmental regulationpromotes the exports of clean products. In the long run pollution discharge fees are positively correlated with the exportshare of clean products but negatively associated with their import share. Such correlations imply that environmentalregulation tends to facilitate the international specialization in line with comparative advantages.     

有关外贸企业信用风险及其管理的研究

随着我国市场经济的不断发展,外贸企业之间的竞争日益激烈。很多外贸企业为了占据国外市场,会推出优惠的信用条件,以此作为增加客户的手段,但其信用风险也会随之增加。分析了导致外贸企业信用风险增加的原因,并提出对应管理措施。只有不断降低信用风险,以此提高外贸企业的竞争力,才能使企业不断扩大经营规模,促进企业的不断发展。     

信用衍生品的信用风险转移对金融稳定性的影响

银行信用风险转移激励与监管当局提高金融稳定性的目标是一致的,监管当局应该通过鼓励金融机构之间的总信用风险转移,使得信用风险转移的收益最大化;研究还发现,随着跨部门之间信用风险转移的出现,为了使得个体激励与提高信用风险管理中金融机构稳定性的社会目标相一致,应该鼓励部门之间的差异化监管。     

信用卡发展与我国商业银行市场结构变迁研究——基于Panzar-Rosse模型的实证研究

首先采用Panzar-Rosse模型定量研究近几年来我国商业银行业市场结构的变迁,在此基础上进一步研究信用卡的发展与商业银行市场结构变迁的关系。对我国商业银行近十年数据的实证研究表明,由于近些年我国对于银行业的政策不断放开,市场竞争总体来说越来越激烈。但是,信用卡的发展却减弱了商业银行业市场的竞争强度。