我国国有企业利润分配制度的回顾与展望

国企利润分配制度改革一直都是国企改革的工作重点,从历史视角梳理了建国以来我国国有企业利润分配制度的演进过程,对现行国企利润分配制度存在的利润上缴水平偏低、大量红利回流国企、国企红利分配的民生导向尚未确立等问题进行了剖析,在此基础上对国企利润分配制度的改革模式进行展望,应该扩大红利收缴范围且提高上缴比例,建立以民生为导向的红利分配模式,并且强化国企利润分配制度的刚性机制。     

IPO抑价研究述评：制度监管与投资者引导

IPO抑价是指新股发行定价存在低估现象,表现为新股发行价明显低于新股上市首日收盘价,上市首日即能获得显著超额回报的现象。IPO抑价是由制度失效与供需失衡、承销商的自利作用、市场泡沫与投资者非理性、企业质量与抑价弥补等原因造成的。可采取市场化的监管手段、投资者心理引导等措施来降低IPO高抑价,促进证券市场健康、稳定发展。     

Commodity prices and global economic activity

Commodity prices provide useful information about current and future global economic activity. First, we show that overall commodity prices indeed tend to comove with economic activity. Second, we try to extract the global demand factor(s) using many commodity prices. While commodity prices reflect both demand and supply factors, by relying on a wide variety of commodity prices, supply shocks can be filtered out as they tend to be commodity-specific idiosyncratic shocks except for widespread supply disruptions confined to a few historical periods. In this paper, we then show that factors extracted from commodity prices movement contain useful information to nowcast and forecast global GDP and industrial production.