次贷危机前后中印上市公司退市问题比较研究

次贷危机后,为了应对金融市场受到的冲击,中印各自在上市公司退市制度的设计和执行方面根据本国实际状况做出了相应调整和完善。而印度的证券市场制度体系较中国更为完善和成熟,因此其退市机制的实施效果也较之中国更为有效。中国应当借鉴印度和国外证券市场的经验,进一步完善市场机制,实现证劵市场健康发展。     

美国的公司财务丑闻及对我国的启示

上市公司接连出现财务丑闻 ,暴露了美国公司治理结构中存在着重大缺陷。缺陷产生的原因在于制度创新的过程中风险与约束机制之间不对称 ,缺乏必要的约束。受这次财务丑闻的影响 ,美国正在进行范围广泛的改革 ,内容包括规范信息披露制度 ,加强对公司高层经理的约束 ,外部审计独立化等方面。这些改革措施 ,对于完善和规范我国上市公司的治理结构很有借鉴。     

东北地区价值损伤型上市公司的宏观环境分析

东北地区上市公司参差不齐的发展状况现已成为东北老工业基地整体经济协调发展的巨大障碍。通过采用2010年国资委推出的EVA绩效评价方法,对东北地区上市公司2007~2009年间的业绩进行重新排序,可以发现这些上市公司价值损伤情况越发严重。环境分析结果表明,产业结构不合理、民营经济先天不足以及区域经济发展失衡是导致企业价值损伤的宏观因素。     

美联储经济刺激政策“退出计划”分析

目前，美联储货币政策的重点仍是强调推动经济复苏，防止通货紧缩仍是当前宏观经济政策第一优先选择。因此，关联储已做好“退出计划”的政策准备，但现在不是采取“退出计划”的最佳时机。美国退市不会走在他国前面。美国“退出计划”对中国的退出政策有5点启示。我们应研究美国“退出计划”时中国经济的影响．     

基于DEA方法的中印上市公司股权融资效率比较研究

本文以中印两国股票市场为基础,从企业股权融资效率理论着手,运用DEA模型研究中印两国上市公司股权融资资金的使用效率,比较两国股权融资效率,以找出中国上市公司股权融资使用效率不足的原因和改进措施。     

吉林省证券业发展对策研究——基于“十一五”期间数据

"十一五"以来,吉林省证券业试图壮大上市公司队伍,通过买壳、借壳等多种方式扩大直接融资的规模。但由于各种原因,辖区上市公司数量不但没有增加,反而减少。与国内发达省区比较依然存在一些差距。针对吉林省证券业现状出现的问题,应加快培养本地综合类券商或引进综合类券商推进重组工作、提高上市公司再融资能力、加快培育上市公司后续资源、力争长春高新技术产业开发区进入代办股份转让系统等对策。     

中印股票定价模式的比较研究

比较中印两国平均股价对上市公司财务因素的多元回归模型可以发现,两国投资者对盈利能力、现金流量、偿债能力、营运能力和发展能力信息的反应模式存在明显的差异。中国投资者高度重视盈利能力,而印度投资者则把关注的焦点集中在现金流量上。印度投资者对偿债能力恶化的负面反应强于中国投资者,对发展能力提升的正面反应则弱于后者。对于常被中国投资者忽视的营运能力信息,印度投资者则极为重视。印度投资者之所以表现出更强的风险反感倾向,在很大程度上是由两国的文化差异所致。     

亚欧区域合作进程中的制度化问题:差异与前景

本文以“亚欧会议”为洲际区域合作研究对象 ,分析亚欧区域合作走向机制化进程中存在的阶段性差异和制度化建构方式差异 ,包括合作模式、美国因素、内聚力不足以及对域外依附要求等问题。从中国参与的政策和前景看 ,“亚欧会议”为标志的亚欧区域合作 ,构成了我国新型的外部环境 ,意义重大     

大湄公河次区域非传统安全治理探析

随着大湄公河次区域经济合作的深入,非传统安全治理逐渐形成。目前,次区域非传统安全治理主体实现多元化,治理范围不断扩展,治理机制框架基本完善,治理成就显著。但次区域非传统安全治理仍面临着众多挑战,如：各国对中国存有戒心,政治经济差异和安全治理协调机制不健全等。未来的次区域非传统安全治理要取得突破性进展,就必须在加强政治互信,促进经济合作与完善沟通机制等方面采取有效对策。     

二十国集团的转型选择和发展前景

2008年的全球金融危机催生了二十国集团(G20)机制的升格,3年后的G20正处于从应对国际金融危机的有效机制向促进国际经济合作的主要平台转变.在此转型过程中,G20内部的不同群体因利益和理念差异而对转型具有不同的看法,从而需要在发展方向、指导思想、组织机制、议题设置及其有效性、合法性等五个方面进行整合.中国逐步形成了其关于G20转型和发展的基本战略和思路,正在努力通过G20转型而推动国际体系改革.     

China outperforms India in the oil industry in Angola and Nigeria

ABSTRACT

The article asserts that China’s NOCs have trumped Indian oil companies in four ways. First, Chinese NOCs have more oil blocks in Angola and Nigeria relative to Indian oil companies. Second, NOCs from China are able to outbid Indian oil companies if and when they directly compete for the same oil blocks. Third, Chinese NOCs have better quality oil blocks compared to Indian oil companies. Fourth, Chinese NOCs are preferred as partners by African NOCs and international oil companies. It provides a more comprehensive explanation of the above observations by examining macro level factors such as difference in the economic, political and diplomatic support received by the Chinese and Indian oil companies from their respective governments and foreign exchange reserves and micro level factors such as access to capital, rate of return on investment, pricing of oil and risk aversion.     

Outsourcing and China's Rising Economic Power

U.S. firms are outsourcing more and more of their core manufacturing activities to companies in lower-cost countries such as China. However, U.S. policymakers and businesspeople often do not fully understand the complex relationship among outsourcing, corporate sources of competitive advantage, and U.S.-Chinese geo-economic and strategic relations. U.S. companies often must surrender key technologies to Chinese partners and suppliers in order to gain access to the Chinese market. This knowledge transfer helps spawn Chinese rivals that are likely eventually to compete with foreign companies in the global market. This article considers some of the long-term implications of outsourcing on China's regional development and on U.S. competitiveness and national strategy.     

我国民营上市公司多元化经营与绩效的实证分析

引 言 企业多元化经营是一个在理论界颇具争议的话题,也是企业在发展到一定规模的时候无法回避的一个发展战略的选择问题.在国外,以美国为代表的西方发达国家的学者分别以各自国内的公司为样本,其研究成果不相一致,以持反面意见较多,即多元化经营会降低公司绩效.存在多元化折价.     

Chinese Enterprises in Laos and Cambodia

In recent years there has been a rapid increase in Chinese enterprises investing in Laos and Cambodia. However, this increase has drawn both praise and criticism. Praise is mainly concerning Chinese enterprises＇ efforts to support local development, and their assistance in achieving power-sufficiency in power generation and stabilizing domestic prices. Criticisms, which mainly concentrate on their lack of transparency, environmental awareness, and communication with local communities, reflect the challenges Chinese companies face in going global. To address these criticisms, the Chinese government needs to strengthen their oversight capacity with respect to Chinese overseas enterprises and help them develop an awareness of corporate social responsibility （CSR）. Enterprises themselves should improve their overseas image by internalizing the idea of CSR in their business model, and interacting more with local communities and NGOs.     

Does China have a geoeconomic strategy towards Zimbabwe? The case of the Zimbabwean natural resource sector

The Chinese party-state and Chinese companies have become increasingly active in Sub-Saharan Africa, especially in the natural resource sector. Accessing natural resources is assumed to be one of the main goals of both the Chinese government and relevant Chinese companies in resource-rich African countries. In the article, the interplay between Chinese party-state and state-owned enterprises in Zimbabwe is analyzed from the viewpoint of China’s geoeconomic strategy. While existing literature has focused on various facets of China’s Africa policy, details of collaboration between Chinese party-state and corporate actors remain largely unexamined. In the natural resource sector, such collaboration ranges from negotiating access to natural resources to arranging large Chinese-financed projects repaid or collateralized in natural resources. The article analyzes in detail the cases of three companies that have been involved in such arrangements in Zimbabwe’s natural resource sector between 2000 and 2013: NORINCO, AFECC, and CMEC. The central argument advanced in the article is that China’s Ministry of Commerce, Eximbank and CDB have pressured the Zimbabwean government to offer resources as collateral for further Chinese loans, in particular in the mid-2000's. The article concludes that while a geoeconomic strategy seems to be in place, its implementation is hindered by the great variety of actors involved.     

Stuck in the Middle: Taiwan's Semiconductor Industry,the U.S.-China Tech Fight,and Cross-Strait Stability

The Trump administration has worked to restrict the People's Republic of China's ability to manufacture and acquire semiconductor chips since 2018. Caught in the crossfire of this burgeoning tech war is Taiwan, which is home to Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest semiconductor chip manufacturer. With the United States banning companies that use U.S. technology in their chip manufacturing process from doing business with Huawei, TSMC can no longer do business with the Chinese tech company, one of its most important clients. Until the Trump administration announced the license restriction on Huawei, TSMC had managed to walk the fine line of doing business with both China and the United States, without riling either. This article argues that the TSMC example is indicative of how great power competition between the two countries will play out for the foreseeable future. TSMC has announced that it will build a new factory in Arizona as it faces Chinese firms poaching its employees and Chinese actors hacking its systems and code for trade secrets—all actions demonstrating how great power competition will play out for tech dominance. Avoiding direct live-fire conflict, China and the United States will work to restrict the other's actions and development by forcing important tech companies, such as TSMC, into picking a side.     

中国在非洲的经贸合作区发展浅析

经济特区是有中国特色的发展模式,非洲国家希望能学习这一模式,促进本国经济发展。中国企业也希望利用工业区增强在非洲市场的竞争力。在互惠的基础上,中非双方决定建设经贸合作区,探索经济合作的新方式。目前,在非洲的7个合作区大多进入基建阶段,有两家已开始运营。它们对中非经贸关系与当地经济发展的意义将是长期和多方面的,但在合作中也存在问题与挑战。双方政府与企业之间的积极沟通与协调将是合作区成功的关键,全面考虑和灵活计划则是成功的保证。