The PLA and regionalism in Hong Kong

This article examines the linkages between changes in international capital movements and currency values on the one hand and Asian regionalism on the other. It argues that economic ties within Asia in the late 1980s and early 1990s can be traced primarily to the increasing values of currencies in Japan, Taiwan, South Korea and Hong Kong. Foreign-direct investments from companies in these countries increased throughout the Asian region. Intra-regional trade grew rapidly as well. Still, by the turn of the century, in contrast to regionalism in Europe, that in Asia remained deeply institutionalized and far less responsive to any central direction from potential leaders such as Japan.     

Informal institutions and foreign investment in China

During the reform era, China has been very successful in attracting foreign direct investment (FDI) for its economic development. That this has taken place despite a rather weak legal system in China challenges conventional institutional theories, which emphasize the centrality of effective state institutions to economic development and international cooperation. This article suggests that the solution to the puzzle lies in the informal institutions underlying FDI development in China. On the basis of extensive interviews in the mid- and late 1990s, I find that networks of personal connections (guanxi), which are pervasive in Chinese society, have played a major role in facilitating FDI flows to China. They have done so by complementing and compensating for the weak Chinese legal system. This article dispels a number of misconceptions about the nature of guanxi, discusses its relationship with friendship, bribery, and social capital, and analyzes the conditions underlying the transnationalization of guanxi networks. It concludes with some important caveats to the major thesis and a discussion of possible future scenarios of institutional development in China.     

Austerity's Wasted Years

Austerity has become the norm of economic management in the EU, Britain and the USA. In each it is offered as the answer to different problems but everywhere the result is cuts in public spending, higher unemployment and low growth, none of which helps recovery from recession. Labour's response should not be to endorse or continue austerity but to initiate a Keynesian expansionary stimulus based on borrowing and spending on a huge programme of building public housing for rent. This should be accompanied by a competitive exchange rate, an industrial policy to boost the manufacturing sector and a National Investment Bank, the aim being to expand the production base so that it can pay the nation's way in the World and support the structure and the improvements Labour needs. This makes the choice at the next election the issue of what kind of Britain the electorate wants to see: a low wage, mean economy or a determined attempt to rebuild a stronger nation with a more powerful economy.     

经济危机下我国农村卫生保健投资的意义与内容——基于人口学视角的分析

中国政府应对金融危机的四万亿的投资中,包含用于医疗卫生、文化教育事业的投资400亿。长期以来,受我国城乡医疗卫生资源可用性差距的影响,城乡居民健康水平存在着较大的差距。因此,充分利用这一契机来增加对农村卫生保健的投资将具有巨大的人口学意义。在投资内容上,要改变以往单独对硬件的投资,使硬件和软件都成为投资的内容。     

我国证券投资基金定投回报效应分析

基金定投是中国金融市场较为常见的一种投资模式。本文试图在对基金的收益率、风险衡量和风险调整的基金绩效指标的研究成果和方法论基础上,通过运用符合基金定投性质的时间调整和权重调整等方法,寻求检验基金定投的收益和风险消散优势。     

我国绿色证券投资基金绩效分析北大核心SSCI

当前,构建绿色金融体系已成为推动绿色经济快速发展、实现“碳达峰、碳中和”目标的重要途径。着眼绿色基金领域,通过分析基金重仓股明细,以及进行单因素评价模型的实证检验,探究我国绿色证券投资基金能否兼顾环境效益与经济效益的双重目标。结果显示,部分样本基金没能很好地执行投资策略,需调整资金配置,增加对绿色环保相关行业的投资;大部分样本基金在剔除掉风险因素的风险调整后收益的对比分析中,表现出了较强的获利能力,基金管理者市场调整和分散风险的能力较强。综合来看,我国绿色证券投资基金未能兼顾环境效益与经济效益的双重目标,环境效益有待进一步提高。为此,建议基金经理人对投资策略要充分予以执行,严格按照“绿色”标准选股投资;要进一步完善与绿色证券投资基金发展相关的配套机制和法律法规,丰富和完善绿色证券投资基金评价体系;提高投资者对绿色证券投资基金的认可度,建立多层次多元化投资主体结构。     

合伙企业所得税制度的困境和出路——从创业投资企业个人合伙人所得税争议切入

个人合伙人来源于创业投资企业的所得是否能够适用20%的所得税税率的争议,其实质是我国合伙企业所得税制度在理论上是遵循“集合论”还是“实体论”的争议。根据这两种不同理论构建的合伙企业所得税制度之间存在巨大的差别。我国对合伙企业所得税只在合伙人层面征收仅仅是一种形式上符合“集合论”的政策选择。如果以我国《个人所得税法》为前提考察有关税收规范中的具体规则可以发现,支撑我国合伙企业所得税制度的核心是“实体论”。这种形式上采用“集合论”而实质上为“实体论”的混合模式使得合伙企业所得税制度形成了独有的内在逻辑,即合伙企业虽然不作为纳税主体但其是阻隔所得穿透的实体,这需要一个理论清晰、具有普遍适用性的单行立法来体现。在不改变当前以“实体论”为主的路径下,合伙企业所得税制度的立法还应当区分有限合伙人和普通合伙人的税收待遇,从而更好地促进税负公平。     

社会影响力债券:利用社会资本解决社会问题

社会影响力债券是公共部门吸引私人资本投资社会公益服务项目的一种新型社会合作治理工具。从资源依赖、新公共管理、网络治理和多中心治理等理论视角,可以把社会影响力债券阐释成一种以结果为导向的多方、多层次合同,将政府、市场和社会三者结合在一起的特有的合作治理模式;以共同解决社会问题,产生良性的社会影响效应,私人投资同时获得回报为目的。通过梳理现有文献和总结社会影响力债券近十年的实践发展可以看到,社会影响力债券相对于政府购买社会服务和PPP模式,具有将风险从政府转移到私人投资者、更多元主体参与和评估机制更严谨等特点。社会影响力债券以其多主体合作与共赢模式,以项目组织方为连接中心形成协同运作机制,能够有效解决传统社会公益项目资金不足、资源吸引能力弱、治理绩效低、评估监测不足等问题。尽管社会影响力债券在世界各国得到很大的关注,但是现有案例显示,它仍存在着风险过高、项目结果不确定性大、吸引的私人投资者不足等问题。在未来,社会影响力债券在风险机制、评估机制、问责制等方面都具有很大的研究空间。在日益复杂的社会治理领域,社会影响力债券的研究和发展对各国社会问题的改善和解决都具有很好的借鉴和启发。     

GMS经济合作机制下的柬埔寨矿业投资环境分析

本文分析评价GMS经济合作机制下影响我国矿业企业投资经营的柬埔寨区位自然环境、政治经济社会环境、矿产资源潜力、矿业发展前景和矿业管理体系。提出我国矿业企业“走出去”与柬埔寨矿业企业进行合作的对策建议。     

中国企业投资越南之法律环境OT分析——以《越南投资法》与《中国——东盟全面经济合作框架协议投资协议》为视角

在全球投资自由化、中国企业走出去战略的背景下,中国企业向海外投资的步伐与程度在加快加深。海外投资中分析资金投向地的法律环境是投资安全的重要前提。以越南为投资目的国,将《越南投资法》与《中国—东盟全面经济合作框架协议投资协议》进行文本实证比较分析,析透出在越南外商投资法律环境的机会与挑战,为中国企业安全走出去提供参考。