卖方分析师佣金解绑改革与中国实践--基于MiFIDⅡ的思考

卖方分析师利益冲突问题损害了投资者利益以及市场稳定性。为提高分析师独立性,欧洲2018年出台的《欧盟金融工具市场指令Ⅱ》首次拆分了分析师的分仓佣金与研究费用。研究发现,该举措实施后,伴随着卖方研究质量提升、低质量分析师退出市场,分析师利益冲突问题得到缓解,促进了卖方服务内部化转型、买方研究加速形成以及投资者交易透明度的提升,但同时也带来了研报价格恶性竞争、市场信息环境受损、人才非优流动等负面影响。我国分析师佣金制度存在披露透明度不足、研究服务界定不明、佣金分配缺乏有效监管等问题,现阶段完全解绑佣金可能引发潜在风险,应采取相对柔性的改革思路。监管机构宜推动改革基金管理费用,塑造市场激励机制;券商应提升综合研究能力,推进业务模式转型,探索差异化发展之路。     

What lies beneath—Negative interest rates and bank lending

We study the transmission of negative interest rates to bank lending around an unexpected policy rate cut into deep negative territory by the Swiss National Bank (−0.75%). We exploit a rich data set on transaction-level corporate loans matched with bank balance sheet data. We find that banks more affected by negative interest rates offer looser lending terms and lend more than other banks. This result is consistent with the risk-taking channel, where a lower policy rate spurs bank risk-taking to maintain profits. The result implies that, even in such deep negative territory, the reversal rate has not yet been hit.     

Network based evidence of the financial impact of Covid-19 pandemic

How much the largest worldwide companies, belonging to different sectors of the economy, are suffering from the pandemic? Are economic relations among them changing? In this paper, we address such issues by analyzing the top 50 S&P companies by means of market and textual data. Our work proposes a network analysis model that combines such two types of information to highlight the connections among companies with the purpose of investigating the relationships before and during the pandemic crisis. In doing so, we leverage a large amount of textual data through the employment of a sentiment score which is coupled with standard market data. Our results show that the COVID-19 pandemic has largely affected the US productive system, however differently sector by sector and with more impact during the second wave compared to the first.     

Does the social security fund help non-financial enterprises to transform from the virtual to the real?

At its 19th National Congress, the Communist Party of China vowed to “strengthen the financial sector’s ability to serve the real economy.” However, many studies provide evidence of the opposite trend, a problematic “transition from the real to the virtual,” among Chinese enterprises. Meanwhile, the investment efficiency of China’s Social Security Fund (SSF), a public fund, attracts much attention. In this context, we use A-share listed companies in China from 2009 to 2018 to study the relationship between holding by the SSF and enterprise financialization. We find that SSF holding significantly inhibits financialization and that this effect is non-linear. Mechanism analysis indicates that SSF holding suppresses enterprises’ financialization mainly by improving their governance. Moreover, SSF holding more strongly inhibits small-scale (vs. large-scale), state-owned (vs. non-state-owned), and non-eastern (vs. eastern) enterprises in China. Furthermore, SSF holding can alleviate corporate value impairment caused by financialization. The conclusions enrich theoretical research and provide empirical evidence that may help regulatory authorities to guide investment by enterprises and prevent financial risks.     

我国公司法定类型的反思及逻辑建构

自公司诞生以来,公司这一组织形式就受到各国商业实践和立法的特别重视。各国商事立法均对公司类型加以规定,并分门别类地对公司设立、股东权利、公司治理等进行相应规范。虽然商事逻辑的共通性拉近了各国立法上的公司类型,但各国在公司法定类型及相应公司规制上的差异仍旧鲜明。这也反映在我国学界对公司法定类型的争议上。我国公司法定类型改革应坚持本土商业实践逻辑,并确保改革成本最小化。由此,保留有限责任公司和股份有限公司,并按公司规模大小进一步区分出大型公司与小型公司,就成为理性选择的结果。具体而言,在有限责任公司中,增设大型公司,明确大型公司认定标准,并在公司机关设置、财务会计制度等方面给予相对严格的例外规定;在股份有限公司中,增设小型公司,对其赋予更加灵活、便捷的自治,并将上市公司扩增为公众公司。     

国外农村劳动力迁移理论的演变与发展

根据对农村劳动力迁移决策的不同解释,把国外有关劳动力迁移的主要文献分为三类:传统的劳动力迁移理论(包括刘易斯模型、拉尼斯-费景汉模型、托达罗模型)、人力资本劳动力迁移理论和新劳动力迁移理论.目前国内研究劳动力迁移的文献主要以传统劳动力迁移理论和人力资本劳动力迁移理论为研究基础,而对新劳动力迁移理论的借鉴和应用还比较罕见,因此值得我们学习和研究.     

基于"星形模型"的中小企业区域竞争力研究——关于中部六省的实际测算

中小企业竞争力作为区域竞争力提升中不可忽视的力量,已愈来愈受到人们的重视。文章以中小企业竞争力和区域竞争力理论为出发点,提出了中小企业区域竞争力概念,并在回顾波特国家钻石模型的基础上,提出了中小企业区域竞争力星形模型,同时将其应用于中部六省的中小企业区域竞争力的测算中,检验了模型的有效性和实用性。     

美国金融业对外直接投资流向的实证分析

美国1995年～2000年金融业对外直接投资流向分布极不均衡,对投资流向分布进行统计分析发现,非金融领域直接投资、1994年金融业对外直接投资存量、双边贸易量、东道国经济金融发展水平是金融业对外直接投资的主要决定因素,证明了邓宁国际生产折衷主义理论对金融业对外直接投资的解释力。据此简要分析美国对中国金融领域直接投资现状,并分析了今后发展趋势。     

Do stock market returns predict changes to output? Evidence from a nonlinear panel data model

Recent empirical work suggests a predictive relationship between stock returns and output growth. We employ quarterly data from a panel of 27 countries to test whether stock returns as useful in predicting growth. Unlike previous research, our approach allows for the possible non-linear effect of recessions on the growth-return relationship. There is strong evidence to suggest that a linear model would be misspecified and provide potentially misleading inference. Using a switching regression approach, we find evidence that returns are most useful in predicting growth when the economy is in recession.First version received: November 2002/Final version received: April 2003This paper benefited greatly from discussions with Kalvinder Shields, Mark Harris, Pete Summers, and Vance Martin. Two anonymous referees provided useful comments on an earlier version of the paper for which we are grateful. The usual disclaimer applies to any errors and omissions. Funding from The University of Melbourne greatly assisted in the completion of this paper.