The Systematic Politicization of China’s Stock Markets

The paradox that the performance of China’s stock market has not matched the performance of China’s real economy has been puzzling. This article argues that one of the major causes of the poor performance of China’s stock markets is that ever since their establishment, China’s stock markets have been systematically politicized by the ruling party to promote its political agenda. The mantra of ‘socialism’ of the ruling party has turned the stock markets into a mere fund-raising vehicle largely for failing state-owned enterprises, with investors’ interests being only a secondary consideration. The regulation of stock markets is subject to the principle of maintaining one-party ruling. Such a systematic politicization of stock markets has caused some serious consequences for China’s stock markets and economic growth.     

中国股票市场发展与经济增长关系实证研究

文章对中国股票市场与经济增长关系的实证研究表明,股票市场的发展对我国经济增长的作用是相当有限的,更有甚者,股票市场的扭曲性存在可能会不利于经济的发展。     

MARKET WATCH

China remains an attractive destination for foreign investments,despite signs that capital inflow is tapering off.China’s textile manufacturers are generating handsome returns,but uncertainties still loom large.The country’s funds spill red ink due to less-than-favorable stock market outcomes.The sovereign wealth fund China Investment Corp.cashes in on its expanding global presence.The Chinese search giant Baidu.com gains momentum thanks to robust traffic growth and business diversification.     

MARKET WATCH

Searching for New Markets In a search of export strength,Chinese manufacturers are increasingly turning their eyes to emerging markets that were spared the worst of the financial crisis.     

MARKET WATCH

By allowing foreign investors greater access to Chinese equities,regulators try to firm up the fickle stock markets. China's export woes show signs of healing,though uncertainties still loom large. Regardless of controversies swirling around the deal,the Sichuan heavy machinery maker Tengzhong agrees to buy the General Motors Co.'s Hummer brand. China's auto market burns hot as September sales soared 77.88 percent year on year. Citibank China has recently opened its third lending company in China.     

MARKET WATCH

Stock Market Woes The benchmark Shanghai Composite Index has retreated more than 12 percent so far this year as lingering concerns over tightening monetary policies keep the mood subdued.     

中国推出股指期货的市场影响

该文分析了股指期货交易的特点,剖析了中国股指期货交易制度和市场影响,提出来了股指期货改革的具体建议。     

MARKET WATCH

China's Currency China's renminbi exchange rate reform will be a gradual process,but its impact on the markets has already been felt. The central parity of the renminbi (yuan)to the U.S. dollar reached 6.7980 on June 22, a substantial appreciation of 0.43 percent over the previous day, the highest since China unpegged the yuan to the U.S. dollar.     

股票指数期权在中国的适用性：基于期权定价模型的分析

FischerBlack、MyronScholes和RobertMerton于1973年就建立了Black—Scholes模型，该模型为股票指数期权定价提供了理论依据。本文假定了一份欧式沪深300指数期权合约，并对波动率、无风险利率等5个参数进行了估计，然后利用Black—Scholes模型对该股票指数期权进行了定价研究，并以此为基础，对股票指数期权在我国证券市场的适用性进行了分析。结果表明，股票指数期权在我国是适用的。     

MARKET WATCH

China has maintained its attractiveness to foreign investors with foreign direct investments leaping 17.4 percent last year. Meanwhile, domestic companies are rushing to extend their global reach, boosting outbound direct investment to a record high. Despite gloomy stock markets, China has taken a leading position among global IPO markets. The logistics industry picks up momentum, though problems remain. Home appliance giant Haier has fared well, with profits soaring 78 percent last year.     

山东省上市公司财务危机状况统计研究

财务危机是一种公司盈利能力实质性地减弱,并伴随持续亏损的渐进式的积累过程,其发生会给各方利益相关者带来严重损失。随着我国证券市场的发展,进行财务危机预警研究不仅必要而且可行。通过对山东省A股直接上市公司财务危机状况统计分析,对其共性特征有了初步探索,利于对其进行预警研究。     

MARKET WATCH

TO THE POINT: Chinese fund management companies spilled red ink in the first half of 2010 as the stock market turned bearish. The shipbuilding industry regains its lost ground but unsteady seas could capsize hopes for continued success.     

MARKET WATCH

Property Trap The Central Government is sparing no efforts to prevent housing prices from increasing too rapidly.     

MARKET WATCH

China's vehicle sales continue to pick up, putting the coun- try on track to retain its position as the world's largest auto market this year. Chinese companies flock to U.S. stock markets in hope of hitting the jackpot with successful IPOs. China remains the largest foreign holder of U.S. Treasury securities, after adding $23.3 billion in October. State-owned enterprises harvest handsome profits. The newly established Guoxin Asset Management Co. will be engaged in accelerating state-owned assets restructur...     

日本公司型投资基金法律制度及其对我国的启示

日本于1998年导入被称为“证券投资法人”的公司型投资基金制度,极大地促进了其基金品种的金融创新。公司型投资基金制度与其原有的契约型投资基金制度共同推动着日本投资基金业的发展。我国目前的立法虽然只对契约型投资基金作了具体规定,但应在条件成熟时,导入公司型投资基金制度,以促进基金品种的不断发展创新,扩大投资者的选择范围,同时还可通过完善公司型投资基金的法人治理结构以强化对投资者利益的保护,进而促使基金业发展和公正成熟的证券市场的形成。     

PROGRESS DESPITE PROBLEMS

China focuses on building a stronger financial system to support the real economy Compared with the progress and status of China's economy and trade, its financial system seems to be much less impressive and powerful. Many analysts regard it as a major vulnerability in China's economic development. The basic facts, however, underscore the success of the system and its global importance today: China has the second largest stock market and bond market in the world。     

Saving Food

正International conference calls for global efforts to reduce food loss Cui Chengxin, head of a rural cooperative in east China, estimated his cooperative had managed to reduce its grain loss rate from 4 to 1.5 percent by using machineries to harvest the crops.     

核准制下外资企业上市对国内上市公司的冲击

核准制的颁布实施 ,为国内外企业的上市带来了平等的机会 ,也为国内证券市场成功的引入外资开辟了新渠道 ,促进了国内资本市场与国际接轨。但是 ,由于国内证券市场的特殊性 ,使得外资企业的上市给国内上市公司带来巨大的潜在风险。如何实施相关策略化解潜在风险 ,至少应从两方面入手 :一是取消国有股、法人股只能在法人之间协议转让的限制 ;二是对外资企业通过持有上市公司的股票进行收购 ,在政策上进行限制。     

2021年中国外交:秉持天下胸怀,践行为国为民——在2021年国际形势与中国外交研讨会上的演讲

各位专家,各位朋友:大家好!很高兴与各位专家学者再次相聚,共同盘点今年的国际形势与中国外交。首先,我要对大家长期以来对外交工作的关心支持表示感谢,也真诚欢迎大家继续为中国外交提出真知灼见。纵观2021年世界形势,全球疫情跌宕蔓延,百年变局加速演进,世界进入动荡变革期。     

我国上市公司融资偏好的经济伦理探析

我国上市公司偏好于股权融资,这会对公司经营业绩、治理机制以及社会经济事业产生负面影响。控股股东义利观的倒置会造成公司经营业绩的下滑及公司治理机制的恶化,管理机构义利观模糊状态下的监管失位则会导致资本市场的不健康发展及公众利益受损．原因就在于股权分置。流通股股东与非流通股股东价值理念的冲突是股权融资偏好形成并发展的内生因素,而政府习惯性干预市场的思维方式则是外生因素。只有切实提高上市公司股东及政府经济伦理意识并完善以职业经理人市场和监管制度为代表的制度安排,才能改变股权融资偏好状况。实现经济的可持续发展。