债券市场建设与国家开发银行使命

本文从历史角度出发，以国家开发银行转型前后与债券市场关系的实证分析为视角，在肯定债券市场研究对开发银行发展有重大贡献的前提下，同时看到开发银行的转型将对债券市场产生潜在的影响。通过短中长期影响分析，提出了一些有针对性的应对策略。     

Volatility‐Spillover Effects in European Bond Markets

Volatility spillover from the US and aggregate European bond markets into individual European bond markets using a GARCH volatility‐spillover model is analysed. Strong statistical evidence of volatility spillover from the US and aggregate European bond markets is found. For EMU countries, the US volatility‐spillover effects are rather weak (in economic terms) whereas the European volatility‐spillover effects are strong. The bond markets of EMU countries have become much more integrated after the introduction of the euro, and in recent years they have become close to being perfectly integrated. The main driver of the integration appears to be convergence in interest rates.     

美国市政债券偿债机制经验及启示

美国市政债券从发行策略、资金用途、偿债来源、举债控制和债务重组五个方面构建完备的偿债机制。我国地方政府应借鉴美国的经验,根据资金用途发行债券以减少偿债风险,开征房产税作为债券偿还的稳定来源,通过立法和社会监督建立地方政府发债的硬约束,通过地方政府破产程序建立地方政府债务重组机制,把地方政府负债作为政绩考核的重要指标,抑制地方政府发债的道德风险。     

试论入世后我国环保机械企业融资与公司治理问题

在对我国环保机械企业发展的现状和加入WTO后面临的困难和机遇进行归纳的基础上 ,从债权治理的角度分析了环保机械企业融资方式选择的利弊 ,同时提出了我国环保机械企业进行企业债券融资的具体措施。     

我国企业债券融资问题研究

我国资本市场的一个重要特点是企业债券融资发展速度缓慢,其主要原因在于政府政策和制度的管制以及企业自身产权制度不合理、治理机制不健全。尽快形成以市场机制为主导的企业债券管理制度,加强企业产权制度改革,塑造真正的企业债券市场主体,提高全社会资源配置效率,改善资本市场融资结构,是保证国民经济健康发展的当务之急。     

Repurchases of convertible preferred stock and shareholder wealth

In this paper we provide the first comprehensive examination of the stock price reaction to announcements of convertible preferred stock repurchases over the 1981 to 2005 period. We document a positive and significant average common stock abnormal return of 3.27% around announcements of these repurchases. We test signaling and free cash flow explanations for the observed wealth effects by studying abnormal returns and changes in operating performance around repurchase announcements. We find that abnormal returns are positively related to size of repurchases and managerial ownership. We find no evidence of higher stock price reactions for low-q and high free cash flow firms. In addition, we find significant improvements in accounting profitability subsequent to repurchases, but not for low-q firms. Collectively, our results are most consistent with the signaling hypothesis.     

Exploring the dynamic spillover of cryptocurrency environmental attention across the commodities,green bonds,and environment-related stocks

We analyze the dynamic spillover impact of cryptocurrency environmental attention (ICEA) on three asset classes: commodities, green bonds (GBs), and environment-related stocks. Our wavelet-based analysis suggests that ICEA is sharply escalated after the first quarter of 2021. During this period of intense attention, only the soybean commodity and Solactive GB tend to move positively and negatively with ICEA, respectively. Accordingly, the clean energy, sustainability, and Environmental, Social, and Governance (ESG) stock indices are positively associated with ICEA during 2018–2019 at the medium frequency bands. In most periods and frequency domains, most commodities, GBs, and environment-related stocks are not strongly linked to ICEA. Moreover, Diebold and Yilmaz’s (2014) spillover estimations signify no strong spillover effect of ICEA on the asset classes considered in this study. These findings are further corroborated by the wavelet-based Granger causality analysis. Moreover, our quantile regression (QR) estimations suggest that most assets are adversely influenced by ICEA, depending on the market conditions. Our research conveys some novel and vital policy ramifications to both investors and policymakers.     

学术期刊发展与地域相关性研究——以辽宁社科类学术期刊为例

从媒介地理学研究视角,以辽宁社科类学术期刊为应用范式,论证了学术期刊发展与地域性存在相互联系,提出要正确处理好学术期刊与地域的关系,即学术期刊发展在依赖、借助地域性的同时,更要做到超越地域性。     

国债期货最便宜交割债券的确定与实证分析

国债期货是指买卖双方通过交易所,约定在未来的某一时间,按照事先约定的价格和数量,进行券款交割的国债交易方式。虽然交易所对国债期货合约标的做了明确规定,但实际上这种名义标准债券并不存在,其对应的是一篮子可交割债券。由于付息和交割日的不同,可交割债券之间也有很大区别。投资者可以选择成本最低、最有利的债券进行交割,该债券就被称为最便宜可交割债券。最便宜可交割债券可通过隐含回购利率法、净基差法来确定。     

金融中介职能、会计质量与债券违约风险——海龙短期融资券案例分析

利用案例分析方法分析了短期融资券11海龙CP01的发行和兑付过程,发现债券发行公司在发行债券前后均存在会计质量、公司运营以及内部治理等方面的问题,包括评级公司、承销商和会计师事务所在内的金融中介机构并未对这些问题及时披露,而这不利于信用风险市场化体系的建立,阻碍了债券市场的长期健康发展。