2012年中国A股市场分析报告

本文主要分析了2012年影响中国A股市场的主要因素。首先,简要回顾了2011年中国A股市场;然后,着重分析了影响2012年中国A股市场的主要因素。本文的主要结论是：2012上半年A股市场受国内经济周期性回落以及欧债危机等因素影响会继续振荡下行,下半年在外围经济和市场好转等因素作用下,A股会振荡上行。     

Detroit’s Municipal Bankruptcy: Racialised Geographies of Austerity

ABSTRACT

Urban geographer Jamie Peck theorises austerity urbanism as a dominant state practice of financially ‘restructuring’ the fiscal agendas of local governments in order to reduce government budget deficits in times of economic recessions. This project seeks to investigate the role of race in the context of austerity urbanism in Detroit following the subprime mortgage crisis in 2008. What is clear is that subprime lending in Detroit was explicitly a raced event. Analysis of austerity politics in Detroit demonstrates that the city is clearly spatially divided along racialised lines. Black city pensioners, former public sector employees, and ‘deliquent taxpayers’ were blamed for Detroit’s municipal bankruptcy in narratives centering on their bloated and generous benefits during the city’s financial decline. The policy outcomes of austerity programmes during the city’s financial crisis impacted racialised, poor communities, specifically the outcomes of privatising the city’s water services that led to state-sanctioned water shut-offs. This paper explores the ways in which race figures in the causes (race-based credit redlining/subprime super-inclusion lending practices) in the way the crisis was narrated to wrongly apportion blame to the racialised poor and city pensioners, and in the effects of the crisis, where water shut-offs wrought punishment on the racialised poor.     

Corporate financial soundness and its impact on firm performance: implications for corporate debt restructuring in Slovenia

This article studies the extent of corporate leverage and range of excessive debt of Slovenian firms during the recent financial crisis. Half of all firms (of those with some non-zero debt and at least one employee) are found to face an unsustainable debt-to-EBITDA leverage ratio beyond 4, accounting for almost 80% of total outstanding debt. Moreover, a good quarter of all firms experience debt-to-EBITDA ratios exceeding 10 and hold almost half of total aggregate net debt. We then examine how this financial distress affects firm performance in terms of productivity, employment, exports, investment and survival. We find that, while less important during the good times (pre-recession period), lack of firms’ financial soundness during the period of financial distress becomes a critical factor constraining firm performance. The extent of financial leverage and ability to service the outstanding debt are shown to inhibit firms’ productivity growth as well as the dynamics of exports, employment and investment. Micro and small firms are found to suffer relatively more than larger firms from high leverage in terms of export and employment performance during the recession period.     

BARGAINING AMONG FARMERS,GOODWILL, AND THE SUCCESS OF COOPERATIVES

A model of concessional bargaining among farmers explains the success (or lack thereof) of cooperative institutions in rural farm settings in the developing regions. Concessional bargaining in day‐to‐day interactions generates goodwill, which helps smoothen future dealings amongst farmers as well as with outside agents. In particular, we model the existence of goodwill amongst farmers as enhancing their ability to collectively bargain with an outside dealer that buys their farm produce. Results suggest that when dealing with each other, farmers offer higher concessions when the risk of loss or reversal in bargaining power is high; however, the level of concession is also influenced by the degree of reciprocity and parameters that affect bargaining surplus. Findings provide further insights over the success of cooperative institutions in rural farm settings where inter‐farmer goodwill dynamics determines the cooperative's bargaining outcomes. Specifically, when farmers generously reciprocate each other's goodwill gestures, it leads to better outcomes through increasing their cooperative reservation price. In contrast, when the degree of reciprocity is lower, or when the risk of bargaining power switching is higher, farmers extract more surplus from other farmers, and this also lowers the cooperative's bargaining outcomes and makes the cooperative arrangement unviable in the long term.     

资产重组在河南省国有企业改革中的有效运用

随着经济体制改革的全面推进,国有经济经历了最深刻、最全面、最大规模的资产重组和结构调整。国有企业改革的实践和理论为中国企业资产重组奠定了良好的制度基础和理论基础,资产重组成为国有企业改革中的＂重头戏＂和实现国有资产保值增值目标的有效手段。因此,认真研究资产重组的有关问题,具有积极的现实意义。通过对河南省国有企业资产重组的现状分析指出资本资产重组中需要解决的问题,从而提出继续深化河南省国有企业资产重组的对策措施。     

新企业会计准则的主要变化及对企业的影响

新企业会计准则已于2007年1月1日在上市公司正式实行。它的发布和实施,使我国会计准则与国际会计准则之间有了实质性趋同,给会计实务带来了诸多的挑战与机遇,同时对我国企业也将产生重大影响。特别是公允价值概念的适度引入及债务重组准则,对企业利润的影响是重大而深远的。     

中外出版产业的比较及其启示

在我国出版业转制加速进行的形势下,论述了新中国出版业在不同历史时期的情况和作用,并从出版业扩张方式、产权关系、人员管理和激励机制三个方面对中外出版业进行了分析比较。以此为基础,对出版业的改革和发展提出了一些建议。     

我国中央企业的成长特征与战略重组研究

成长是企业永恒的主题,重组是企业成长永恒的主题。公司重组是破解成长难题、实现企业做大做强的有效途径。2006年,中央政府开始加大力度推行中央企业重组,解决中央企业做大做强问题。时至2009年,与世界优秀企业相比,中央企业不大不强的特征依然十分明显,制约企业做大做强目标实现的问题还未得到根本有效解决。面对国际产业升级、产业融合的趋势和经济发展方式转变的背景,进一步加大中央企业战略性重组力度,提升重组效率水平已成为现阶段中央企业改革的关键。本文在对中央企业成长特征和重组现状分析的基础上,提出了若干促进中央企业战略性重组实现中央企业做大做强目标的基本思路。     

调整优化经济结构 促进发展方式转变

调整和优化经济结构,促进经济发展方式转变是长期而艰巨的战略任务,要考虑多方面因素,制定长期目标和阶段性目标。调整和优化经济结构,转变经济发展方式既要依靠政府政策,更要发挥市场配置资源的基础作用。     

Measuring the impact of restructuring and country-specific factors on the efficiency of post-crisis East Asian banking systems: Integrating DEA with SFA

This paper investigates the relationship between post-crisis bank restructuring, country-specific conditions and bank efficiency in Asian countries from 1997 to 2001 using an approach that integrates data envelopment analysis and stochastic frontier analysis. We focus on restructuring measures related to bank ownership. The results indicate that although domestic mergers produce more efficient banks, overall, restructuring does not lead to more efficient banking systems. Banking system inefficiencies are mostly attributed to country-specific conditions, particularly, high interest rates, concentrated markets and economic development.