信贷管制、隐性契约与贷款利率变相市场化——现象与解释

本文将视角聚焦于利率市场化改革之前,重点研究金融抑制对银企信贷契约的异化。研究发现,在金融抑制背景下银企之间存在以留存贷款为表现的隐性契约,用以帮助银行在满足管制要求的同时追求利润最大化。本文对这一现象进行了理论分析与实证检验,发现隐性契约的发生与否会随着货币政策、企业特征等因素的改变而有所差异,这在一定程度上起到了利率变相市场化的作用。进一步研究则发现,这一隐性契约对企业价值产生了负向影响。     

落实“四到户”需争取政策支持—访河北省栾城县供电局局长胡宝玉

前不久,河北省栾城县委、县政府"两办"共同制定了<栾城县农村生活用水参考管理办法>,并发出通知,建议各村民委员会采取措施,加强水费的收缴和管理工作,改变目前村民吃水、用水、缴纳水费不规范的现状.了解内情的人都知道,这项<管理办法>的出台,是县供电局在背后争取和推动的结果.     

Market Is A Dinner An exclusive interview with Zhang Bin, President of China National Foreign Trade Transportation (Group) Corporation(Sinotrans)

2005 is the last year of China's No. 10 Five-year Plan. With China 's booming economic development, domestic enterprises are facing up with not only quite a lot of opportunities, but also some potential challenges, for instance, with the upgoing oil prices, the energy and the raw materials are no longer in efficient supply, this is a problem that domestic enterprises, especially state-owned enterprises have to face. How to deal with the situation, Zhang Bin, President of China National Foreign Trade Transportation (Group) Corporation (Sinotrans) gives his comments when interviewed by China's Foreign Trade.     

沙洋：农网管理求精路

建好,还要管好,是构建坚强电网不可或缺的两个方面。建好,需要的是资金;管好,需要的则是思路。在城网、农网大规模建设与改造基本结束后,改善曾长期存在的生产管理粗放状况,就变得尤为迫切。     

山东：户户通电10年间

1996年2月18日,山东省在全国第一个实现了户户通电。10年后,国家电网公司积极服务社会新农村建设,提出到2010年,基本实现国网公司供电范围内户户通电目标。回顾山东户户通电所走过的历程,我们有理由相信,作为农村社会进步的重要标志,实现户户通电将具有划时代的意义。电,改变了他们的生活昏暗的油灯,日出而作、日落而息的生活方式,曾经是广大农村的真实写照。但这些不能永远属于农民。电,能改变这一切。临沂地处沂蒙地区,20世纪80年代,有7个县被国家和山东省列为重点扶贫县,1996年2月实现户户通电后,农村建设步伐加快,在全国18个连片贫困点…     

Timing earnings

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more earnings during bull markets and this phenomenon is more evident in companies that are more profitable and have higher valuations. We also find that executives who do not release more earnings during bull markets are more likely to be dismissed.     

成渝经济区城际轨道交通网空间布局合理性分析——基于空间经济学原理

根据中心地理论及空间经济学的基本原理,首先通过引入冰山运输成本建立了一个以重庆、川南、川东北、成都平原四个城市圈为支撑点的空间菱形经济模型,然后分析了不同的运输成本对产业集聚的影响,最后将成渝经济区城际轨道交通网的空间布局与城市圈的空间菱形模型相结合,阐释了城际轨道交通网规划的合理性。结果表明,城际轨道交通网的空间布局可降低各城市圈之间的运输成本,从而促进经济区内专业化分工和产业集聚、加快成渝城市群一体化进程。     

Austrade Commissioner Tells Australian Market

As a large country with 7.69 million sq.km, is Australia a vast market for Chinese products such as cars and some traditional arts and crafts as people expect？ With such questions bear in mind, China＇s Foreign Trade interviewed Mrs.Liu Bing, Commissioner of The Australian Trade Commission （Austrade）. Let＇s hear what she said.     

宏观经济波动对工业所有制结构的影响——"国进民退"的回顾与前瞻

本文利用1998—2008年的样本数据,通过实证方法研究宏观经济波动对工业所有制结构的影响,结果表明经济增长速度、货币存量、出口增长率以及通货膨胀与国有工业比重下降速度均呈负相关关系,这说明国进民退是宏观经济景气度影响的结果。因此,我们认为宏观调控政策应从优化国有与非国有企业的融资环境、对微观结构影响的程度等方面去改善国有与非国有工业企业的经营环境。     

Tongrentang, A Pearl of Chinese Traditional Medicine——Interview with Mei Qun, General Manager of China Beijing Tongrentang（Group） Co., Ltd.

On June 10, China Beijing Tongrentang （Group） Co., Ltd. celebrated its first Day of Cultural Heritage because its brand Tongrentang had been registered in the Directory of Chinese Intangible Cultural Heritages. Tongrentang is welknown in China for its effective Chinese traditional medicine, but what is the core value of the brand？ Mei Qun, General Manager of China Beijing Tongrentang（Group） Co., Ltd. let the secret out when interviewed by China＇s Foreign Trade.