在规范中发展证券市场

关于发展证券市场，我认为可以换一个角度来看，不妨跳出市场音币场，如果不跳出市场看市场，小国的股市或者说中国的整个证行市场的问题就说不清，看不明，Y样跳出来呢？我觉得从两个方叫来看，一是从企业来看市场，二〔从政府来看市场。所以我想谈以下几个问题。第一个问题我想重点谈谈股巾国陆期货化个用说厂，反正已经关了，虽说暂时的，但什么时候开也不清楚。我觉得中国股市处于今天这种状况，回头来看非常关键的就是我们的基础不牢。就说股票市场的发展吧，实际上，它的基础有赖于股份经济的发展，有赖于股份公司的发展。但是从中国…     

破解证券市场发展十大难题

中国证券市场经过10多年的快速发展,已经初具规模,在中国经济发展中发挥了重要的作用。但同时,证券市场发展中的各种问题也逐步暴露出来,尤其是2001年6月以来的一年多时间里,股票市场持续下跌,这与国内良好的政治经济环境和加入WTO之后的开放要求明显相背离。 中国经济的可持续发展需要一个健康、持续、快速发展的证券市     

“三个代表”思想与证券市场发展

“三个代表”及其把中国新的社会阶层方面的优秀分子吸收到共产党内来,并通过党的大熔炉不断提高广大党员的思想政治觉悟,从而不断增强党在全社会的影响力和凝聚力的重要理论,给中国社会、经济与股票市场带来广泛而深远的影响,为一系列“新的经济组织”、新社会阶层及其上市公司带来前所未有的新机遇。     

对中国证券市场稳定发展问题的浅见

对中国证券市场稳定发展问题的浅见樊黎明新中国的证券市场，从形成到发展至今，仅有短短的三年多的时间，但它却走完了许多国家所经历的数十年的路程。现在，作为社会主义市场经济体系的重要环节，它已成为企业经营机制转换的新企业制度创立、进行企业产权明晰和产权转移...     

我国发展证券市场的制约因素及对策

我国的证券市场,是随着我国社会主义商品经济迅速发展的需要而形成的,它一旦形成和发展,就打破了传统的资金分配格局,成为我国筹措资金的重要渠道.然而,我国现处在社会主义初级阶段,生产力不发达,证券市场的发展必然受其客观经济条件的制约.目前,要在深化改革、扩大开放的新形势下,使刚起步的     

证券市场借东风

3月7日,沪深股市走出了2006年中国股市开盘以来的一条大阴线,上证综指以1259．92点收盘。尽管年初股指出现上升的局面,但股市在总体上仍然难见驱熊迎牛的亮色。这种情况,使中国股市再次成为两会代表委员们讨论的热点话题之一。“国内股票市场持续低迷,经历了一个新兴市场发展壮大过程中难以避免的转型阵痛。然而,这种相对压抑的生存环境并未影响资本市场各个层面‘亡羊补牢’、共谋发展的意志。”人大代表、吉林敖东药业集团股份有限公司董事长李秀林告诉记者。     

在WTO规则下加快上海证券市场的发展

上海市市长陈良宇在最近召开的上海市金融工作会议上提出,到2005年,上海力争实现"四个基本确立"的目标:基本确立金融在上海经济发展和城市功能运作中的核心作用,金融业增值占全市GDP的比重力争达到20%左右;基本确立国内外金融机构主要集聚地的地位,形成较为完整的中外金融机构和金融中介服务机构体系;基本确立国内体系完善、辐射力强的金融市场中心的功能,成为资本营运中心和资金调度中心;基本确立公开、公平、公正的金融环境,全面实现金融市场的有序运行和依法监管,用10至20年时间,基本建成国际金融中心之一.     

1996年深圳证券市场发展的回顾与思考

深圳证券市场建立以来，在国务院有关部门和市委、市政府的正确领导与大力支持下，取得了可喜的成绩。尤其是自1996年4月份以来，市场规模迅速扩大，由一个区域性市场发展成为全国性市场，并逐步走上了法制化、规范化及现代化的轨道，为大中型企业的改革和现代企业制度的建立，     

股票指数与宏观经济关系的研究

从理论和实证两方面来研究股票指数与宏观经济之间的关系,得到结论:股票指数与宏观经济之间相互影响,长期存在均衡关系。具体而言,股票价格指数与宏观经济景气指数、汇率呈正相关关系,而与狭义货币供给之间的关系则不确定。     

股票市场功能传导机制分析

股票市场功能对宏观经济的作用是通过一定的传导机制实现的。一个好的传导机制不仅能够正确传送股票市场功能对经济增长的积极作用 ,而且还可以使这种作用得到放大和强化。因此 ,在研究股票市场功能时 ,把传导机制作为一个重要部分来进行分析显得格外重要。一、股票市场功能传导机制的基本内涵1 股票市场功能传导机制的概念我们知道 ,在抽象和静止的状态下 ,股票市场功能对经济增长的影响 ,是潜在的 ,并没有直接起作用 ;而在具体的和运动的状态下 ,股票市场功能对经济增长的影响才是现实的 ,直接起到了刺激作用。因而 ,股票市场功能要从潜在…     

证券交易制度与股票价格探析

报价驱动系统和指令驱动系统是证券市场的两种主要交易制度。本把证券交易过程描述成为博弈模型，从而分析股票价格的形成机理。     

建立规范的股票期股制度

目前,我国一些高科技企业积极尝试股票期权与期股制度,如四通集团、联想集团、方正集团。这些尝试取得了良好效果,产生了积极的社会影响,许多高科技公司纷纷探索实施各具特色的股票期权与期股制度。     

论股票市场的收入分配功能

从国内外股票市场的发展历史看，凡是股票市场处于持续稳定发展的时候，股票价格会上扬，广大投资者从中可以获得丰厚收益，带来消费需求的增强，从而促进相关生产部门和服务部门提高生产能力和服务水平，最终实现对经济增长的拉动。反之，当股票市场发展失常、扭曲时，股票价格就会暴跌，投资者从中会受到极大的损失，以至减少需求，缩小消费，拖累经济的增长。这一切都是由股票市场收入分配功能造成的，因此，在分析股票市场与经济增长的关系时，我们应当把股票市场收入分配功能放到一个重要的位置进行研究。一、股票市场收入分配功能的特…     

稳步推进我国证券市场的国际化进程

我国证券市场建立１０年以来，证券市场的对外开放乃至国际化已经成为共识，并不断地从设想走向现实。我国加入ＷＴＯ，证券市场对外开放将会在质的规定性和量的履盖性方面发生内在的重大变化，并对国际证券市场产生深远影响。事实上，我国加入ＷＴＯ后，证券市场国际化的机遇与挑战并存，风险与收益并存。因此，必须认真分析利弊，探讨并制定相应的对策，稳步推进我国证券市场的国际化进程。一、ＷＴＯ对成员国证券业的要求证券业对外开放与证券市场对外开放的范畴不尽相同。前者是允许国外证券公司参与国内证券业务，属于服务贸易范围；后…     

运用价格形成机制启动国内市场

从对我国经济面临的两个主要困难的分析中,我们可以得出"问题在于市场,关键在于价格"的基本估计,市场疲软导致经济疲软,价格走势低迷是市场疲软的形成原因,解决当前经济问题出路在于启动市场,关键在于实现价格回归价值,围绕实现价格回归价值这个目标,根据市场价格形成机制的规律,必须"采取综合措施,价格启动市场"等措施.     

Social Security cost-of-living adjustments and the Consumer Price Index

OASDI benefits are indexed for inflation to protect beneficiaries from the loss of purchasing power implied by inflation. In the absence of such indexing, the purchasing power of Social Security benefits would be eroded as rising prices raise the cost of living. By statute, cost-of-living adjustments (COLAs) for Social Security benefits are calculated using the Bureau of Labor Statistics (BLS) Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Some argue that this index does not accurately reflect the inflation experienced by the elderly population and should be changed to an elderly-specific price index such as the Experimental Consumer Price Index for Americans 62 Years of Age and Older, often referred to as the Consumer Price Index for the Elderly (CPI-E). Others argue that the measure of inflation underlying the COLA is technically biased, causing it to overestimate changes in the cost of living. This argument implies that current COLAs tend to increase, rather than merely maintain, the purchasing power of benefits over time. Potential bias in the CPI as a cost-of-living index arises from a number of sources, including incomplete accounting for the ability of consumers to substitute goods or change purchasing outlets in response to relative price changes. The BLS has constructed a new index called the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) that better accounts for those consumer adjustments. Price indexes are not true cost-of-living indexes, but approximations of cost-of-living indexes (COLI). The Bureau of Labor Statistics (2006a) explains the difference between the two: As it pertains to the CPI, the COLI for the current month is based on the answer to the following question: "What is the cost, at this month ' market prices, of achieving the standard of living actually attained in the base period?" This cost is a hypothetical expenditure-the lowest expenditure level necessary at this month's prices to achieve the base-period's living standard.... Unfortunately, because the cost of achieving a living standard cannot be observed directly, in operational terms, a COLI can only be approximated. Although the CPI cannot be said to equal a cost-of-living index, the concept of the COLI provides the CPI's measurement objective and the standard by which we define any bias in the CPI. While all versions of the CPI only approximate the actual changes in the cost of living, the CPI-E has several additional technical limitations. First, the CPI-E may better account for the goods and services typically purchased by the elderly, but the expenditure weights for the elderly are the only difference between the CPI-E and CPI-W. These weights are based on a much smaller sample than the other two indices, making it less precise. Second, the CPI-E does not account for differences in retail outlets frequented by the aged population or the prices they pay. Finally, the purchasing population measured in the CPI-E is not necessarily identical to the Social Security beneficiary population, where more than one-fifth of OASDI beneficiaries are under age 62. Likewise, over one-fifth of persons aged 62 or older are not beneficiaries, but they are included in the CPI-E population. Finally, changes in the index used to calculate COLAs directly affect the amount of benefits paid, and as a result, projected solvency of the Social Security program. A switch to the CPI-E for the December 2006 COLA (received in January 2007) would have resulted in an average monthly benefit OASDI benefits are indexed for inflation to protect beneficiaries from the loss of purchasing power implied by inflation. In the absence of such indexing, the purchasing power of Social Security benefits would be eroded as rising prices raise the cost of living. By statute, cost-of-living adjustments (COLAs) for Social Security benefits are calculated using the Bureau of Labor Statistics (BLS) Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Some argue that this index does not accurately reflect the inflation experienced by the elderly population and should be changed to an elderly-specific price index such as the Experimental Consumer Price Index for Americans 62 Years of Age and Older, often referred to as the Consumer Price Index for the Elderly (CPI-E). Others argue that the measure of inflation underlying the COLA is technically biased, causing it to overestimate changes in the cost of living. This argument implies that current COLAs tend to increase, rather than merely maintain, the purchasing power of benefits over time. Potential bias in the CPI as a cost-of-living index arises from a number of sources, including incomplete accounting for the ability of consumers to substitute goods or change purchasing outlets in response to relative price changes. The BLS has constructed a new index called the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) that better accounts for those consumer adjustments. Price indexes are not true cost-of-living indexes, but approximations of cost-of-living indexes (COLI). The Bureau of Labor Statistics (2006a) explains the difference between the two: As it pertains to the CPI, the COLI for the current month is based on the answer to the following question: "What is the cost, at this month ' market prices, of achieving the standard of living actually attained in the base period?" This cost is a hypothetical expenditure-the lowest expenditure level necessary at this month's prices to achieve the base-period's living standard.... Unfortunately, because the cost of achieving a living standard cannot be observed directly, in operational terms, a COLI can only be approximated. Although the CPI cannot be said to equal a cost-of-living index, the concept of the COLI provides the CPI's measurement objective and the standard by which we define any bias in the CPI. While all versions of the CPI only approximate the actual changes in the cost of living, the CPI-E has several additional technical limitations. First, the CPI-E may better account for the goods and services typically purchased by the elderly, but the expenditure weights for the elderly are the only difference between the CPI-E and CPI-W. These weights are based on a much smaller sample than the other two indices, making it less precise. Second, the CPI-E does not account for differences in retail outlets frequented by the aged population or the prices they pay. Finally, the purchasing population measured in the CPI-E is not necessarily identical to the Social Security beneficiary population, where more than one-fifth of OASDI beneficiaries are under age 62. Likewise, over one-fifth of persons aged 62 or older are not beneficiaries, but they are included in the CPI-E population. Finally, changes in the index used to calculate COLAs directly affect the amount of benefits paid, and as a result, projected solvency of the Social Security program. A switch to the CPI-E for the December 2006 COLA (received in January 2007) would have resulted in an average monthly benefit $0.90 higher than that received. If the December 2006 COLA had been adjusted by the Chained CPI-U instead, the average monthly benefit would have been $4.70 less than with current indexing. Any changes to the COLA that would cause faster growth in individual benefits would make the projected date of insolvency sooner, while slower growth would delay insolvency. Hobijn and Lagakos (2003) estimated that switching to the CPI-E for COLAs would move projected insolvency sooner by 3-5 years. A projection by SSA's Office of the Chief Actuary estimated that annual COLAs based on the Chained C-CPI-U beginning in 2006 would delay the date of OASDI insolvency by 4 years.     

Reforming China's Stock Market: Institutional Change Chinese Style

In this article we examine the dual-track pricing system in China's stock market since its inauguration, a legacy of its economic transition and a major source of institutional predation in the market. We then examine the share structure reform initiated in 2005 that sought to eliminate the distortion this predation had elicited. We interpret the reform push as a process of institutional change and focus on the drivers and theoretical explanations of such changes in China's stock market. We thus advance a model for understanding institutional change, Chinese style. We argue that, initially, the institutional arrangement was constructed by the dynamics of transition – the juxtaposition of the Leninist state and the emerging stock market. This provided huge incentives for state corruption in the emerging market. As the market transition proceeded, the societal and political costs of corruption and market distortion also grew, which produced a crisis that eventually attracted the attention of powerful leaders of the party state. We argue from this case that the broader political context in which specific examples of institutional change occur needs to be examined. Specifically, we argue that powerful agents who are external to given institutional environments can play an important role in institutional change, thus highlighting the political dynamics of an authoritarian state amid systemic transition and global integration.