基于债务协商视角的债转股定量研究

针对我国政府、企业和银行等金融机构共同关注的债转股问题，基于债务协商谈判思想，建立部分债务股权互换模型，计算公司证券价格，探讨了债转股对公司价值、破产概率、破产损失成本和资本结构的影响，给出了银行等债权人愿意债转股的充分条件。结果表明：在事先破产清算协议贷款下，事后全部债转股总能提高公司股权价值，但并不一定能提高债券价值。只有其协商谈判能力满足一定条件，公司债权人才愿意事后选择债转股，实现帕累托改进、提高社会福利水平。其次，在公司股东协商谈判能力的一定范围内，部分债转股能提高公司价值，其最优转股债息比例随着公司资产风险的增大而增加。再次，债转股能降低公司破产风险和破产损失成本，但同时也提高了债券风险溢价。最后，随着股东谈判能力增强，最优协商转股债务比例、杠杆率都减少，而债券风险溢价增大。本文所得结果对我国政府、企业和银行如何实施债转股提供理论参考和实践指导。     

挣脱生态牢笼的路径探幽——《共产党宣言》中马克思生态思想解读

《共产党宣言》蕴含着深刻的生态思想,其体系以人、社会、自然整体为背景,其核心观点认为生态问题是由资本主义生产方式引起的.马克思在唯物史观视野下,科学论证了资产阶级的所有制必然灭亡、共产主义必然实现的历史发展逻辑,廓清了人与人、人与自然之间双重和解的演化路径.其中关于科技提升、市场拓展、交通和通信发展等引起世界市场“生态扩张”的思想,对全球化程度日益加深境况下“生态文明”和“人类命运共同体”的构建具有重大的理论和实践指导价值.     

What are you thinking? Acculturation as an activating event for negative evaluative beliefs among Latinos/as

Negative evaluative beliefs and other cognitive structures have been tied to psychological distress across various populations but have not been sufficiently incorporated into acculturation models. The current study examines the relationships between acculturation and various activating events and mediating sources of support related to negative evaluative beliefs among people of Mexican descent (N = 319). Overall, model variables explained 26% of the variance in negative evaluative beliefs. Acculturation, marital commitment, and social capital associated with friends were negatively related to negative evaluative beliefs. Conversely, single relationship status, marital reward value, psychosocial stressors, and bridging social capital were positively related, and likely serve as activating events for negative evaluative beliefs. Identifying mechanisms related to psychological distress as well as supportive structures may help in constructing interventions that will address the specific needs of different groups. Future research should continue to explore appraisal and associated beliefs in acculturation models to understand why acculturative experiences may become stressful.     

Land markets and migration trends in Tanzania: A qualitative‐quantitative analysis

While migration has been found to enhance welfare across a range of settings, most of the literature focuses on rural‐to‐urban migrant flows. Using a unique dataset from north‐western Tanzania, this article probes an important, yet overlooked, link between land markets and rural‐to‐rural migration. A mixed‐methods approach is used to discern how these two forces are intertwined in village life. Results indicate that household decisions to migrate are particularly influenced by the ease of market‐based land access in their new communities. This suggests that labour mobility may be facilitated through the development of a well‐functioning land market.     

Gender Differences in Union Formation in Mexico: Evidence From Marital Search Models

Although increasingly appreciated for their explanatory power in developed societies, marital search models have yet to be widely applied to developing nations. This article evaluates the applicability of marital search models to marriage timing in Mexico. The analysis compares separate models of union formation for men and women that include individual and marriage market predictors. Results show that union formation is closely linked to the uncertainties surrounding the transition to adulthood and the availability of marriageable partners. Improvements in women's economic position do not diminish the attractiveness of marriage, as female independence arguments would suggest. Instead, they are a central force behind the stability of marriage behavior in Mexico. A central transformation identified in the analysis is the reduction in sex differences in age at marriage as women expand their education and labor force participation.     

人力资本投资与个人收入能力

讨论了人力资本的经济价值，通过建立教育投资模型，训练投资模型及流动投资模型，指出了正规教育投资，在职培训投资，迁移与流动投资对人力资本收入能力的影响。经分析表明，个人的人力资本现时存量与个人的未来收入能力之间存在正相关。     

正式英语的语言特征

正式英语是人们在辩论、演讲、写作和各种仪式等正式场合中使用的标准英语。掌握正式英语的语体风格、词汇色彩和语法结构 ,对英语学习者提高语言交际水平 ,增强英语语感大有裨益     

人力资本产权化挑战公司治理理论

在对已有公司治理理论评述的基础上,从人力资本产权特征和公司治理效率的贡献两个方面,论述说明人力资本产权所有者将成为公司治理的核心主体。提出谈判控制理论,以资本剥夺程度的强弱作为衡量谈判控制力大小的依据。对非人力资本与人力资本,无论是谁侵蚀谁的利益都必须纳入“公司治理”范畴;应以两者是否在谈判控制的平等合约内建立作为判断是否侵权的标准;认为判断控制力大小的主要因素应该是专有性大小。提出分类治理的理念,得出对我国公司法人治理的三点启示。     

“风险投资无风险”的反思——论我国风险投资组织模式再造

近两年,风险投资如雨后春笋般在全国各地建立起来.但由于这些风险投资公司几乎都是由行业部门和地方政府组建的,民营风险投资公司微乎其微,其风险投资活动也不很活跃.相反,来自IDG、高盛这类公司的海外风险投资军团却在中国风险资本市场异常活跃,但因受到种种限制,海外军团在我国的风险投资总额不到3亿美元.本文从风险投资组织模式选择的角度,分析了我国主要风险投资公司存在的问题.并且通过国际比较和借鉴,探讨了适合我国国情的组织模式再造问题.     

论资本市场全球一体化趋势

资本市场全球一体化是当前全球资本市场发展的基本趋势。是指相对独立的全球各主要资本市场日益融合形成的统一市场网络组织结构体系。表现为市场组织形式的全球网络化 ;筹资主体的国际化 ;投资者的机构化及投资活动的国际化 ;资本流动的全球化 ;同质的金融资产价格趋同化 ;金融机构经营业务的混业化和全球化。资本市场全球一体化降低了市场主体的交易成本 ,提高了市场效率 ;为一些国家调节国际收支失衡与国际储备的保值增值提供了便利条件 ;有利于长期资本的优化配置 ,促进世界经济增长。同时也使各国运用货币政策调控宏观经济的有效性降低 ;市场的系统性风险增大 ;金融监管面临新的挑战