汇金公司增持四大国有商业银行对A股市场的影响——基于市场数据的比较分析

汇金公司作为国有重点金融企业出资人,在证券市场极度低迷时增持四大国有商业银行股份有利于维护市场信心,稳定国内金融形势。通过事件分析法对汇金公司增持公告前后上证指数收益率进行分析,结果表明增持短期提升了上证指数累积非正常收益率,但A股市场对增持的反应程度依次递减。此外,采用邹至庄突变点检验结果表明增持公告短期对上证指数造成了明显冲击,成为市场收益的一个突变点,但并不能影响股市中长期的趋势。由于汇金公司持股比例已经非常高,进一步增持空间有限,因此未来稳定A股市场的手段应该更加多样化,不能仅靠单一的增持。     

Investment decision-making under economic policy uncertainty

It is widely established that economic policy uncertainty (EPU) affects investment decisions and performance, yet research in this area has overlooked the direct property investment market. This article seeks to rectify this and proposes a multistage multilevel analytical framework to offer new insights and a richness of findings. Using a news-based measure of EPU in the United Kingdom, and controlling for economic conditions, a national-level analysis reveals some evidence of Granger-Causality between EPU and total returns, indicating that pricing is responsive to uncertainty. These findings suggest that EPU is an important risk factor for direct property investments, with pricing implications. Differences in data and performance measure are important, however, with income returns unresponsive. A micro-level investigation begins to reveal some of the asset-pricing decisions underpinning the national results, indicating investors’ concerns for income streams are consistently high, regardless of varying EPU. Pricing can also cause changes in EPU, such as in the retail and industrial markets (increasingly linked through logistics) reflecting sector-specific stakeholder groups and newsworthy issues. This evidence highlights how important it is for policy-makers to understand the complex and bi-directional relationship, that indecision can undermine investment confidence and cause investment market volatility, in turn raising EPU.     

Impacts of urban renewal on the place identity of local residents – a case study of Sunwenxilu traditional commercial street in Zhongshan City,Guangdong Province,China

ABSTRACT

This paper studies the impacts of urban renewal on local residents’ place identity by examining the changes in local residents’ place identity in Sunwenxilu, a traditional commercial street in downtown Zhongshan City, Guangdong Province, China, which carried out urban renewal relatively early in modern China. Applying Breakwell’s [(2015). Risk: Social psychological perspectives. In J. D. Wright (Ed.), International encyclopedia of the social & behavioral sciences (2nd Ed.). New York, NY: Elsevier] identity process model and using the renewal process as a starting point, data concerning local residents’ place identity in Sunwenxilu were collected through in-depth interviews, observations, and literature analysis. The results reveal that local residents had established a strong place identity on Sunwenxilu before it changed to be a community of “incompetents” in the 1990s. In the late 1990s, Sunwenxilu was transformed into a cultural tourism pedestrian street. Right after the transformation, local residents regained their self-esteem with the improvement of the physical environment and intensification of cultural symbols, and re-established their place continuity by maintaining their collective memories. However, a failure to improve the local residents’ self-efficiency of place during the “superficial” renewal had resulted in vulnerability of the local residents’ place identity in terms of self-esteem, continuity and distinctiveness, thus causing another crisis of place identity. Obviously, the construction of place identity results from the interaction of all elements, so too much emphasis on only one element may trigger a new identity crisis.     

国外商业银行社会责任的良好表现与借鉴

总体上,就企业社会责任(CSR)的实际表现而言,我国商业银行与国外同行相比,还存在不少差距.我国商业银行社会责任价值观存在某种弱化趋势,这一问题可能会最终影响其市场竞争力和可持续发展.文章探讨了国外商业银行在社会责任方面的良好表现,并结合我国商业银行实际提出了一些改进意见.     

我国商业银行个人理财业务现状分析

我国商业银行个人理财业务在银行经营结构转变、国内民众财富增长、金融机构个人业务服务发展扩大等背景下迅猛发展。作为一种新兴业务,我国商业银行个人理财业务存在诸多制约发展的问题,文章对此进行深入思考与分析。     

完善我国重大疾病商业健康保险的若干建议

本文通过对我国社会医疗保险和商业健康保险的比较,揭示重大疾病商业健康保险的必要性和重要性,并基于我国当前商业健康保险的种种缺失提出若干意见和建议。     

商业地产的定位流程与内容

文章认为商业地产的定位包括产品、主题形象、商业经营、目标市场等多方面的内容,需要结合当地市场特征、项目地块特征、商家及消费者的需求等,采用科学的流程与方法,才能具备较高的成功率。     

商业物业与居住物业在我国的发展现状对比与对策分析

随着社会的发展,近年来,物业市场呈现出不同的态势。在激烈的市场竞争中居住物业与商业物业体现出不同状态,这一社会现象社会各界对此给予关注。从物业管理企业的发展现状进行对比、分析成因,从居住物业管理的现状出发,分析了居住物业弱势形成的原因,根据自身特点、借鉴商业物业强势发展现状提出解决该问题的几点建议。     

论商法的私法本质

商法在本质上是私法,与民法一起构成完整的私法体承。笔者从公法、私法的区别入手,阐明商法的私法本质,并从商法的公法化趋势阐明,现代商法虽然具有了某些公法性质,但这并不改变商法的私法本质。     

商业流通企业的客户关系管理策略

面对竞争日趋剧烈的市场环境,商业流通企业必须将客户关系管理提升到战略的层面,从客户获取、客户增进与客户维持三个方面加以思考,将＂以客户为中心＂的理念落实固化到公司的服务流程中,通过制定经营决策、客户服务与信息技术应用三个方面的策略来达成客户关系管理的战略目标。