初识美国证券法

在有关《证券法》修改的讨论如火如荼之际,我们看到了一本好书——《美国证券法》。 马克思曾经指出,发达国家给发展中国家指出的是他们未来的前景。那么,成熟市场的证券法经验,无疑也给我们提供了某种重建未来的框架。美国无疑是目前世界上证券市场、证券立法最为发达、成熟、完善的国家。证券市场要不要监管,在美国学界还有不同的观点,法学界争论最多的是监管实质性问题。本书的作者索德奎斯特坚定地认为,证券市场必须要有实质性管制。     

金融危机对我国证券市场监管的启示

席卷全球的金融危机深刻地说明了证券市场是高风险市场，对证券市场进行有效监管已成为世界各国都无法回避的问题。从金融危机产生的金融监管制度问题出发，研究我国证券市场的金融监管协调机制、证券监管国际合作机制、证券监管法律现状和对策，对于完善我国证券市场监管具有重要意义。     

防范二板市场风险的法律思考

二板市场在我国建立的时间表一推再推 ,显示出决策者对二板市场高风险所持的谨慎态度。二板市场的高风险主要来自于自身管理、上市公司和投资者三个方面。国外成熟的二板市场已形成了一整套防范和化解风险的法律制度 ,建立了完善的监管体系、严格的信息披露制度、完善的法人内部治理结构、严格的保荐人制度、健全的做市商制度、以机构投资者为主的投资体系。而我国的证券市场起步较晚 ,防范风险的法律制度还存在着很大的缺陷。我们应借鉴国外成熟的经验制度 ,结合我国证券市场的特点 ,在二板市场的监管体系、信息披露制度、法人内部治理结构、保荐人责任、投资体系、市场退出机制等方面完善相关立法 ,建立起适合我国二板市场风险防范的法律体系。     

我国证券市场国际化法律监管问题探讨——以信息监管为视角

证券市场的国际化是风险与利益并存的矛盾体,我们在享受国际化带来利益的同时应该加强防范风险意识。金融危机的爆发表明了资本市场的脆弱性,这需要我们加强对资本市场的监管,证券市场做为资本市场最主要的组成部分当然是监管的核心。本文以证券信息监管为视角,分析金融危机的爆发在信息监管方面的缺位,比较金融危机爆发后世界各主要国家采取的信息法律监管措施,结合我国证券信息监管的现状,分析证券市场的国际化必须加强证券信息的监管,提出完善我国证券信息法律监管的对策,为我国证券市场的国际化进程保驾护航。     

我国新三板市场引入传统做市商制度的监管问题

新三板市场在交易制度方面已明确在保留协议转让方式的基础上,可并行实施竞争性传统做市商制度。然而,传统做市商制度在纳斯达克证券市场中暴露出的弊端,值得我国监管层高度关注。本文通过美国纳斯达克证券市场的经验教训指出了传统做市商制度的弊端。但是,本文认为在采用传统做市商制度的情况下,监管机构对做市商并非完全束手无策,并对我国新三板市场做市商监管提出了几点建议。     

对QFII制度下证券信息不对称问题的法律思考

QFII制度是我国证券市场对外开放过程中所采用的一种过渡性制度,其目的是为了通过让合格的海外机构投资者在一定限制之下进入国内证券市场,以推动市场的成熟发展与逐步开放。然而QFII的进入加剧了我国证券市场存在的信息不对称现象。本文通过对QFII进入我国证券市场引起的信息不对称现象的分析,指出只有强化信息监管制度,才能有效缓和信息不对称的状态。     

上市公司收购法律制度的商法解读

《公司法》第四章“上市公司的收购”确立了我国上市公司收购监管的基本法律制度,中国证监会也通过《上市公司收购管理办法》细化了上市公司收购的监管规则与操作流程.尽管如此,相较于境外成熟证券市场的监管规则,我国上市公司收购监管无论是在定义、法律条文、监管措施还是在监管理念、立法技术和制度设计上都存在着不少差距,甚至从很大程度上存在着收购监管制度不能适应日趋市场化、复杂化的收购行为的问题.为此,本文希望通过制度分析的方法,重新梳理与审视我国现有上市公司收购监管制度存在的法律问题,并根据我国证券市场“新兴+转轨”的特点对上市公司收购监管制度提出更为细致的设计方案,以推动立法者、监管者与学者们在上市公司收购监管方面的进一步研究.     

全流通时代证券内幕交易监管面临的挑战与对策

伴随着股改的基本完成,我国证券市场也将迎来一个全新的时代即全流通时代。而在全流通时代,新的市场环境也使得内幕交易这一市场"痼疾"不断呈现出一些新特点,从而使全流通时代的内幕交易比股改前更为严重,内幕交易监管因此面临严峻挑战。应对挑战要求我们必须完善相关立法与相关制度,夯实内幕交易监管的法律基础与制度基础。     

证券市场内幕交易的法律规制

内幕交易在证券市场发展的初期就有,但当时法律并没有明文禁止内幕交易。随着证券市场的发展,到19世纪20年代,人们才反思到,不对证券市场的内幕交易等问题进行有效的防范和监管,不仅会损害投资者的利益,挫伤他们的投资积极性,还会破坏证券市场的秩序,难以发挥资源的优化配置作用。我国证券业起步较晚,由于一些制度和规则还不尽健全和完善,内幕交易等不法行为也有所表现。本文就内幕交易的法律规制问题作一探讨。一、对证券市场内幕交易的防范和监管证券市场应当是公平开放的市场,诚实信用是被各国广泛确认的基本原则。而内幕交易却违反了这…     

论我国证券市场的政府监管及其完善

经过十几年的摸索,我国证券监管形成了以证监会为中心的政府集中型监管模式。但是在现实的运作过程中,我国证监会在为克服市场中出现的各种问题而不断加强监管的同时,我国证券市场上的违法违规行为仍然层出不穷。这就促使人们思考我国政府监管到底存在着什么问题,以及该如何完善我国证券市场的政府监管制度。     

A Fresh Look at Stock Market Short‐termism

In this article, we develop a novel understanding of stock market short‐termism as a social phenomenon. Contrary to formerly popular academic belief, short‐termism is a problem that is highly unlikely to be structurally self‐correcting. An important driver of short‐termism typically elided within standard legal‐academic analyses is the informational centricity of modern stock markets, and resulting pressure on corporate managers to generate fresh ‘news’ indicative of perceived business ‘progress’. We highlight the growing enthusiasm of policy‐makers for a discriminatory ‘two‐tiered’ approach to public company investor relations. Accordingly, long‐term and committed investors are expected to be brought into the company's governance ‘inner circle’, while other investors are implicitly relegated to lowertier ‘outsider’ status. We argue that this supports a discriminatory approach to the allocation of voting entitlements in newly listing companies, enabling committed investors to develop cooperative and sustained governance relations with management unencumbered by ‘outside’ stock market pressures for short‐term financial‐performance outcomes.     

Transition, the Evolution of Stock Market Efficiency and Entry into EU: The Case of Romania

In this paper we demonstrate that the measurement of stock market efficiency is an important activity in establishing whether eastern European countries satisfy the Copenhagen Criteria for EU membership. Specifically, we argue that developing an efficient stock market should be an important policy focus for countries with aspirations to join the EU as it helps to demonstrate the existence of a functioning market economy. We illustrate this issue by examining the evolution of stock market efficiency in the Bucharest Stock Exchange from mid-1997 to September 2002. We use a GARCH model on daily price data and model the disturbances using the Student-t distribution to allow for ‘fat-tails’. We find strong evidence of inefficiency in the Bucharest Stock Exchange in that the lagged stock price index is a significant predictor of the current price index. This result is robust to the inclusion of variables controlling for calendar effects of the sort that have been observed in more developed stock markets. The level of inefficiency appears to diminish over time and we find evidence consistent with stock market efficiency in Romania after January 2000.     

Oil price changes and stock market returns: cointegration evidence from emerging market

The aim of this paper is to examine whether changes in nominal oil prices (Brent and West Texas Intermediate (WTI)) affect the stock market returns in the context of an emerging market framework. The Autoregressive Distributed Lag bounds testing approach of cointegration is used to test for the long run relation between the two variables, where the daily stock market index return is calculated using the first difference in the natural logarithms of stock market index. Further, we test for the stability of the cointegration relationship by examining the sensitivity analysis where diagnostic tests for serial correlation (namely the Breusch–Godfrey serial correlations LM test) and cumulative sum of recursive residuals (CUSUM) are employed. Using daily data from January 3, 2000 to December 9, 2015, the findings suggest that there is long run integration between oil prices and stock returns series in which the daily oil price shocks have a negative impact on stock returns. The highly significant error correction coefficient indicates high rate of convergence to equilibrium. In addition, the Toda and Yamamoto (J Econom 66(2):225–250, 1995) Granger non‐causality test indicates significant bidirectional causality between stock market returns and Brent nominal oil price, meanwhile there is unidirectional causality running from WTI oil price to stock market returns. These findings are, up to some extent, meaningful for investors, portfolio managers and policy makers.     

Oil price shocks and stock market returns of the GCC countries: empirical evidence from quantile regression analysis

This paper examines the effects of oil price shocks on the stock market returns of the Gulf Cooperation Council countries. The empirical method used is quantile regression analysis. In addition, we allow for structural breaks and asymmetry by differentiating between positive and negative oil price changes. Unlike OLS analysis, quantile regression allows the coefficient estimates to vary throughout the distribution of the dependent variable, which provides a complete picture of the relationship between the explanatory variables and the dependent variable. Our results suggest that the coefficient estimates have not been constant throughout the distribution of stock returns; that oil price shocks have asymmetrical effects on stock returns; and that the effects of oil price shocks on stock market returns are affected by stock market conditions. Overall, the results suggest that rising oil prices increase stock returns only when stock markets are bullish (high quantiles) and normal (medium quantiles), and that falling oil prices lower stock returns only when stock markets are bearish (low quantiles) and normal (medium quantiles). This suggests that oil and stock markets are more likely to boom together or crash together.     

股价信号、项目价值与公司投资行为选择

资本市场和实体经济之间存在密切关系,资本市场资源配置效率决定了股价信号与公司投资的关系.将股价信号、项目价值与公司投资纳入一个统一的框架体系,利用逐步回归方法,对我国长江三角洲地区制造业上市公司资料的实证检验表明,股价信号对公司投资决策有一定的影响,在我国目前信息不对称、市场投机严重等不完全市场的条件下,对公司投资会产生过度的激励.     

The Causal Relationship between Stock,Credit Market and Economic Development: An Empirical Evidence for Greece

This paper examines empirically the causal relationship among financial development, credit market and economic growth by using a trivariate autoregressive VAR model in Greece for the examined period 1988:1–2002:12. The results of cointegration analysis suggested that there is one cointegrated vector among the functions of stock market, the banking sector development and economic growth. Granger causality tests have shown that there is a bilateral causal relationship between banking sector development and economic growth and a unidirectional causality between economic growth and stock market development whereas there is no causal relationship between the stock market and banking sector development.     

论证券信息披露法律制度的理论依据

针对现代证券市场的核心内容——证券信息披露法律制度进行理性分析,认为公平是各国制定证券法的法理基础、市场失灵是证券信息披露制度客观存在的经济理论依据。     

论司法效率

司法效率是解决司法资源如何配置的问题,即司法效率的核心应当被理解为司法资源的节约或对司法资源有效利用的程度。效率之所以成为司法改革的目标,最主要的理由是由市场经济的性质决定的。公正目标依赖效率目标。司法改革绝不是枝尾末节的修修补补,其实质是政治体制改革的一个重要组成部分。要实现司法效率目标,我们要认真进行司法成本与收益的分析。     

中国保险基金的困境及其出路

当前，我国保险业又一次面临着巨大危机和困境，保险资金投资渠道狭窄，投资方式、投资工具单一，难以支持我国保险业全面应对加入WTO后年资保险公司纷至沓来的局面。中国保险基金必须加快和更大规模地进入资本市场，这既是保险业摆脱困境的必然选择和唯一出路，更是中国金融市场体系得以完善的必然要求和客观规律。中国证券市场、特别是股票市场当前还存在严重缺陷，保险基金大规模贸然入市风险很大。中国保险基金进入资本市场的途径主要有：成立各种形式的投资基金，大规模增加购买企业债券，提高购买金融债券和国债的比重等。     

破解大学生就业困境的“二位一体”路径

市场配置和政府调控是人力资源配置的两种基本形式.面对市场配置的缺陷以及政府在大学生就业中所应承担的职责,只有将市场配置与政府调控相结合,使二者形成合力,才能有效解决大学生就业难的问题.