人民币汇率与国际石油价格协整分析

自我国汇率制度改革实施以来,人民币汇率的走势受到国内外的广泛关注,而同一时期的另一热点问题是国际石油价格的剧烈波动.从理论角度分析,这两个经济变量并不是相互独立的,国际石油价格对人民币汇率的影响主要是通过国际收支渠道和国内经济渠道,国际石油价格变动将引起人民币汇率反方向变动;而人民币汇率对国际石油价格的影响主要是通过国际石油贸易途径,但影响并不显著.运用ECM模型对人民币汇率和国际石油价格数据进行实证分析,得到两者之间的一个长期均衡关系,而通过因果关系检验,证明人民币汇率和国际石油价格之间存在的是单向因果关系,国际石油价格变动将引起人民币汇率的同方向变动,与理论分析结论相反;而人民币汇率对国际石油价格的影响不显著,与理论分析结论一致.     

Measurement of Internationalization of “Enterprises+Banks” and Economics Periodicals

In the fifth plenary session of the 18th CPC Central Committee, China further emphasized the internationalization of China. Chinese scholars put forward measurement formula for internationalization of the commercial banks based on Measurement formulas for International Enterprises proposed by United Nations, which will solve prevalent international measurement problems both in economic and social aspects through measuring the “enterprise+bank” internationalization. Although there are significant differences between the economics periodicals and the “enterprise+bank”, it can still lead to the international calculation formula for the economic periodicals through the improvement of certain indexes, such as the assets, sales volume and the number of employees.     

Technology and democracy: validity in measurements of e-democracy

The use of information and communication technologies in democratic processes, often summarized by the term e-democracy, has seldom been analysed from a global perspective. Although the United Nations E-Participation Index provides one of the few examples of an international measurement of e-democracy, it has been thoroughly criticized; at the same time, however, a number of studies have broadened our understanding of the global determinants of e-democracy by using this very index. In this study, I approach this problem by considering (i) whether the UN E-Participation Index is a valid measurement of e-democracy and (ii) whether any alternative measurements of e-democracy present themselves. In answer to these questions, it would seem that the index, despite its flaws, is not necessarily as problematic as is assumed, although there are observations that violate essential theoretical assumptions and so reduce its validity. Furthermore, its use in combination with measurements of democracy agrees with the emphasis in the literature on e-democracy being embedded in democracy, and results in a measurement that better corresponds with theoretical ideas of e-democracy.     

我国集体土地征收补偿标准之重构

我国在土地征收中采用的补偿标准为统一年产值和区片综合地价的混合标准,该标准将农地转用过程中产生的级差收益收归政府及开发商,严重损害被征收人利益。因此,有必要改革现有补偿标准,将市场价格作为补偿的一般标准,并采用售价比较方式来确定被征收土地的市场价格。在这一标准下,被征收人可获取土地增值通过市场机制转化而成的货币表现,政府则通过征收土地增值税获得其应得的土地增值利益,从而实现私益与公益的平衡。     

中国高等教育顾客满意度指数模型的构建

办人民满意的教育是我国高等教育的宗旨,对高等教育质量进行评估是受教育者的权利.根据我国高等学校的具体情况,在借鉴美国顾客满意度指数模型(ACSI)的基础上,尝试建立了由高校形象、顾客期望、感知质量、顾客满意、顾客忠诚和顾客信任等结构变量构成的中国高等教育顾客满意度指数模型(CHE-CSI).依据顾客满意度测量理论,设计了包括自我发展、专业课程设置、教师队伍、教学质量、图书馆、文娱活动和校园服务等质量因子和通行的满意度测量因子的指标体系,并编制了相应的问卷.总量表信度达到0.8999.因子分析表明,学生对高校教育质量的感知主要包括教学质量和校园服务两个方面.利用结构方程分析软件LISREL8.7对沈阳市六所高校的596名学生样本数据进行了模型验证分析.各项拟合系数均表明数据与模型拟合良好,其中RMSEA达到0.064.     

权证市场风险监控法律制度的完善

从权证的市场表现来分析我国证券市场权证的活动特点和风险种类,对权证风险监控制度进行理论上的建构,有助于完善我国权证市场的风险监控法律体系.在我国,自权证再次上市交易至今,权证市场经历了从暴涨到暴跌的冰火两重天的发展态势,从中暴露出了一些严重的法律问题,尤其是以券商评级和价格监控为主的风险监控法律制度亟需得到完善.针对不同环节中出现的不同风险,提出有建设性的解决方案,以期对后来出现的金融衍生品监管法律制度的创新和完善提供一些启示.     

论发展我国股指期货的现实必然性

对股指期货交易进行比较优势分析,结合我国证券市场系统性风险大的特点,讨论在我国发展股指期货的现实必要性。提出我国设立股指期货的条件准备,以力争早日推出,推动我国股票市场的发展。     

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。