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。     

中国广西东兴与越南广宁芒街投资合作探讨

中国广西东兴市和越南广宁省芒街市山水相连,区位优势明显,两地有友好合作传统。两地分别列入两国的重点经济建设区,这为两地之间开展全面合作创造了良好的前提条件。本文在分析东兴市和芒街市的基本情况和投资环境基础上,提出双方投资合作的领域,作为抛砖引玉,希望能为两地之间的合作作出贡献。     

Social Return on Investment Analysis of Government Purchases of Social Service Projects

Whether government purchases of public services is worth？It draws great attention from the public, but the objective method has not been found to respond to this issue. Concerning the value measurement in government purchases of social service projects, this paper examines the applicability of the existing evaluation methods, reconstructs evaluation models based on the Social Return of Investment (SROI) analysis model, and makes a preliminary study of one case. The study found that SROI not only can fully describe all the stakeholders’ input, output and outcome in the project, but can quantify the cost, effect and a return on investment, which checked whether services have created a default value of efficiency, quality, effect and fairness. However, SROI still faces restrictions on calculating cost and effect, collecting assessment data and effect pricing of stakeholders. Consequently, this paper suggests to establish evaluation criterion of project value, to build information platform of public service evaluation, and to develop relevant analysis tools, thus we can construct value measurement framework of government purchases of social service projects.     

TCL集团在越南的投资战略分析

近年来,在越南投资的中国企业数量越来越多,投资规模越来越大,中国企业对越南投资有成功的经验,也有失败的教训,TCL集团对越南的投资相对比较成功。文章分析TCL集团在越南投资的不利因素和有利因素,分析TCL集团相应的投资策略,进一步分析TCL集团在越南投资的未来挑战及其对策。     

附条件不起诉问题研究

本研究在已有文献的基础上,对附条件不起诉机制从理论上探讨附条件不起诉的可行性;在实践方面,检察干警越来越认识到将宽严相济的精神融入到司法实践之中的重要性和紧迫性,因此,对附条件不起诉机制进行研究,有着重要的现实意义,同时,建立基于SD的附条件不起诉适用模型也具备实际操作价值,为检察机关法律监督工作的有效开展提供借鉴意义。     

Financial investment via ADRs in Mexico and South America

American depository receipts (ADRs) are dollar-denominated, negotiable instruments issued by a depository bank to represent ownership of a foreign security in the bank's possession. They are the primary method employed by Latin American corporations to raise equity capital in the United States. One flequently overlooked aspect about ADRs is that their investment performance provides a gauge not only on management's performance but also a measure of the foreign government's ability to provide a political, legal, economic and social climate that is conducive to international investment. This paper investigates the returns and risks associated with foreign investment in Mexico and South America. First, we show that the weekly returns to Latin American stocks are weakly correlated with the U.S. stock market which suggests that they can reduce the risk of a portfolio that is fully diversified within the U.S. market. Second, we find that ADRs from this region are more risky than U.S. common stocks. However, we find little evidence that foreign exchange rate risk should be a major factor in the investment decision. Third, we examine the effects of the devaluation of the Mexican peso and show that political factors can significantly increase the risk and reduce the return to foreign investment. Finally, the results show that investors do not pay a significantly larger relative transaction cost premium for investing in Mexican and South American equity vis-à-vis U.S. common stock. We conclude that ADRs provide the ability for the U.S. investor to realize potentially superior gains from companies located in these emerging economies. However, the willingness by the U.S. investor to disinvest means that politicians and managers have a powerful incentive to continue reforms that lead to improved standards of living for their citizens and employees.     

State intervention and neoliberalism in the globalizing world economy: lessons from Singapore's regionalization programme

The recent 1997-98 Asian economic crisis has thrown Asia's divergent pathways to development into serious question. Protagonists of neoliberalism argue that their agenda is now becoming a global orthodoxy when several ailing Asian economies have accepted IMF packages which come with neoliberal economic programmes. Drawing on lessons from Singapore's regionalization programme, this article contends that it is far too early to conclude that Asian developmental states are giving up their governance of domestic economies. Instead, there is evidence that these Asian developmental states are re-regulating their domestic economies to ride out of the economic crisis. The article first starts with the debate between neoliberalism and state developmentalism in our understanding of global political economy. It then examines the political economy of Singapore's regionalization programme through which Singapore-based transnational corporations are strongly encouraged by the state to regionalize their operations, followed by a critical discussion of the impact of the recent Asian economic crisis on the re-regulation of the regionalization programme by the state in Singapore. Some lessons for Asian emerging economies are suggested in the concluding section.     

Environmental policy implications of investor-state arbitration under NAFTA Chapter 11

Chapter 11 of the North American Free Trade Agreement requires governments to treat foreign investors the same as domestic investors, to afford them international standards of due process of law, and to compensate investors for any actions that expropriate their investments or are “tantamount” to expropriation. It allows foreign investors to submit compensation claims to international arbitration. To the alarm of the environmental community, four of the early Chapter 11 claims involved challenges to government measures that were, or appeared to be, environmental protection measures. The first three of the four claimants ultimately received compensation; the fourth claim was denied as being outside the scope of Chapter 11. This paper takes an in-depth look at the circumstances of these four claims to determine whether the claimants had thwarted or avoided bona fide environmental protection measures and to try to assess whether these claims have “chilled” government imposition of new environmental measures. The facts of the cases and developments subsequently indicate that the government actions in the first three cases were not truly environmental protection measures, but were motivated by local political and economic considerations. The fourth claim, which involved a bona fide environmental protection, was rightly rejected. Meanwhile the number of “environmental” claims under Chapter 11 has dwindled. The paper concludes that environmentalists have little ground for alarm, and much reason to be encouraged, about how Chapter 11 has influenced environmental protection.

房地产投资信托运作中的几个相关问题

中国目前的房地产投资信托只部分实现了美国房地产投资信托的设立要求,只能算是准房地产投资信托,因而研究美国房地产投资信托运作中的相关问题很有必要。美国房地产投资信托中存在着一种单位(unit),这种单位是一种证券,它受到相关的联邦和州证券法关于证券注册和注册豁免规定的约束。房地产投资信托中存在各种利益冲突,可通过选择治理结构来减轻或避免。