虚拟经济与实体经济的关系及对我国经济发展的启示

在虚拟经济与实体经济的相互关系中,实体经济是虚拟经济产生和发展的基础,虚拟经济对实体经济的发展具有重要影响。虚拟经济在对实体经济的发展做出重要贡献的同时,也可能由于其过度膨胀,导致泡沫经济从而危害实体经济发展。因此,我国在大力发展虚拟经济的同时,应积极采取措施防范其风险。     

非实体研究中心建设与学科发展关系研究——以中国社会科学院金融研究所学科发展为例

由于非实体研究中心机制灵活、管理开放的特点,近年来在中国社科院得到了迅速发展,有力促进了学术交流和学科发展建设。文章结合中国社科院有关规定,尤其是《中共中央关于进一步繁荣发展哲学社会科学的意见》对社会科学发展的有关要求,在归纳分析了非实体研究中心的职能的基础上,结合中国金融学科发展面临的问题,以中国社科院金融学科建设的主要研究单位——金融研究所为例,系统分析非实体研究中心与学科发展的关系,并对今后中国社科院非实体研究中心的发展提出建议。     

国际风险资本进入中国的作用与影响分析

国际风险资本进入中国是九十年代新出现的一种投资行为 ,本文在分析国际风险资本在中国的总体概况基础上 ,探讨了国际风险资本的进入对中国风险投资业的发展、对促进我国中小科技企业发展的技术创新、对我国的资本市场开放与监管、对我国知识产权的威胁等方面的作用与影响 ,以便我们制订相应对策     

社会资本及其非均衡性分布的负面影响

本文在对前人关于社会资本界定的简单回顾和辨析后 ,提出了自己关于社会资本的定义 ,并且认为 ,社会资本的最大特征之一就是它分布的非均衡性。如果这种非均衡性超出一定的限度 ,就有可能产生负面影响。笔者认为 ,这些负面效应主要表现在三个方面 :①形成社会封闭 ,使社会流动受阻 ;②使团体内整合过强 ,团体间“链合”过弱 ;③扼杀人的独立精神 ,造成社会屈从与盲目崇拜。在此基础上 ,本文对我国现阶段社会资本的改造、建构提出了简单的合理化建议 ,即对传统社会资本进行合理改造 ,依靠制度创新来建构合适现代社会需要的现代社会资本。     

论日本的风险企业与风险资本

战后日本以其卓有成效的发展导向型经济模式 ,迅速实现了工业化和经济赶超任务。但是进入 90年代 ,这种沿即定赶超轨迹获得经济发展的旧有模式 ,由于其追求稳定 ,忽视创新而越来越无法为具有高风险性和发展的不确定性的风险企业与风险技术提供健全的运行机制 ,这就是日本在泡沫经济后缺乏新的经济增长点 ,并在高科技产业领域落后于美国的根本原因所在。因此 ,研究日本的风险企业与风险资本早期发展态势并总结其经验与教训 ,对我国刚刚起步的风险事业有着重要的现实意义。一、风险企业与风险资本的概念及二者的运行机理　　一般认为 ,从事高…     

当代资本演进的三大趋势及其意义

资本是资本主义和市场经济的核心范畴。在科技革命的推动下 ,在当代信用经济、股份经济和信息经济发展中 ,资本的内涵和特征发生了重大变化 ,出现了从私人资本向社会资本、从实体资本向虚拟资本、从物质资本向人力资本演进的三大趋势。这三大趋势从不同角度推进了生产力和资本主义经济的发展 ,加剧了市场经济的投机性和风险性 ,也冲击着生产资料私有制和资本主义制度 ,为结束物支配人和资本统治劳动的历史开辟了道路     

产权缺失与日本风险资本发展的路径

产权缺失是日本风险资本发展缓慢的一个重要原因。造成产权缺失的原因是日本所特有的一系列制度问题,而且随着经济环境的改变,制度问题愈加突出。所以,日本为打破当前风险资本的停滞均衡,实现向发展均衡的转变,就必须进行以确立完整私人产权为核心的制度创新。在采取一系列措施实现制度变迁过程中,应特别注意克服路径依赖问题。     

日本风险资本产权缺失与投资偏向

产权安排对风险资本的发展致关重要。日本风险资本的典型特征便是产权缺失。产权的缺失使日本风险资本处于另类均衡状态,其直接的结果就是导致风险资本投资偏离正确的轨道,投资效率低下。     

论实体正义的困境

文章试图从司法裁判过程的不同阶段,说明在证明案件事实、明确规范事实、得出个案法律结论的活动中,实体正义的困难和不确定性,得出实现实体正义的科学研究的理论前提;并指出实体正义与程序正义的一般关系和强化程序正义的必要性。     

The risk aversion measure without the independence axiom

The risk premium (conveniently normalized) is defined as the measure of risk aversion. This measure does not require any relevant assumption in the theory of choice under uncertainty except the existence of a certainty equivalent. In particular, the independence axiom is not required. The measure of risk aversion of an action is provided not only for the case with one commodity and two consequences but also for the case with many commodities and consequences. The measure of mean risk aversion of all actions with given consequences is introduced and the local measure of risk aversion is obtained by making all these consequences approach the consequence under consideration. This measure is demonstrated to be zero when the von Neumann-Morgenstern utility function exists. In this case a measure of risk aversion of the second order is introduced, which turns out to be equal to the Arrow-Pratt absolute index when there is only one commodity and similar to the generalized measures proposed by several authors when there are many commodities and two consequences.Helpful comments by I. Gilboa and suggestions by the referee are gratefully acknowledged.     

Ross' measure of risk aversion and portfolio selection

This article shows that if Ross' definition of riskier is replaced by a more traditional definition, such as a mean-preserving spread or second-degree stochastic dominance, then the application of Ross's stronger measure of risk aversion to the portfolio problem may no longer produce the desired result. It is also shown that the stronger measure may not perform satisfactorily when applied to exponential utility functions.The authors are grateful to John Pratt for his helpful comments.     

国有商业银行面临的主要操作风险及防范对策

随着国有商业银行各项改革的不断深化,各银行在信用风险和市场风险的管理方面都取得了一定的成效,但在操作风险的管理方面还处于起步阶段,因此,必须全面提高银行操作风险的管理水平,这样才能有效地保证改革的胜利成果。要有效地管理操作风险,必须将其真正纳入全面风险管理的范畴,实施全面的股份制改革和组织架构改造,严格加强内部控制管理,应用信息技术建立操作风险模型和监控系统,培养专业化的人才队伍。     

The impact of risk sharing on efficient decision

A group of risk-averse members must choose among monetary risks and payoff-sharing rules. Departure from the status quo requires unanimous consent. Such groups drill for oil, bail out nations, and make hostile takeover bids. Assume agreement on probabilities. As is well known, if all members have identically shaped HARA utility functions, efficient group act-choices follow another such function independently of payoff sharing. We show that all other groups inevitably have complex efficient behavior, accepting gambles among individually unacceptable lotteries in almost every status quo position. We also develop proper risk aversion for groups, and treat disagreement on probabilities.Support of the Associates of the Harvard Business School (Pratt) and the Business and Government and Energy and Environmental Policy Centers (Zeckhauser) is gratefully acknowledged. We received helpful comments from Scott Johnson, Mark Machina, and a referee. Jay Patel provided assistance beyond the call of collegiality.     

国家经济安全的外部风险与防范

冷战结束后,中国经济最紧迫的课题即加强外部风险防范,对各种涉及到国家安全的外部风险进行有效监测,并形成预警机制。国家经济安全的外延扩展,其与国家利益的依存度增大,则经济安全系数愈低。经济风险与经济安全成反比关系。国家经济安全的风险链效应,综合表现为“钟摆效应”;其博弈游戏性质揭示着参与国际分工愈深,不安全性就愈强。外部经济风险的逃选与聚敛现象作用于国家经济安全与稳定。对其防范的关键是进行风险识别与评估,构建国家经济安全总体战略。     

风险投资机制与黑龙江经济发展

风险投资机制为黑龙江科技创新企业的培育,产业结构的调整、升级,新经济增长点的形成提供了条件.国外有美、日两种,风险投资模式处于起步阶段,投资模式主要是政府主导.黑龙江必须对风险投资不同发展阶段政府的角色进行定位,并按市场规则建立投资人、风险投资家和风险企业相互激励、制衡机制.     

The value of mortality risk reductions in Delhi,India

We interviewed commuters in Delhi, India, to estimate their willingness to pay (WTP) to reduce their risk of dying in road traffic accidents in three scenarios that mirror the circumstances under which traffic fatalities occur in Delhi. The WTP responses are internally valid: WTP increases with the size of the risk reduction, income, and exposure to road traffic risks, as measured by length of commute and whether the respondent drives a motorcycle. As a result, the value of a statistical life (VSL) varies across groups of beneficiaries. For the most highly-exposed individuals the VSL is about 150,000 Purchasing Power Parity (PPP) dollars.

产业集群与经济增长关系的模型构建与分析

传统经济增长理论,没有考虑到配置资源和协调经济活动的组织——产业集群,而产业集群的兴起及其对经济增长的促进作用向传统经济增长理论提出了挑战。在基于产业集群的新视角下,知识资本、组织资本和社会资本将成为经济增长的内生变量,并通过规模收益递增、外部规模经济和范围经济、区域创新优势三种传导机制作用于经济增长。把基于产业集群的知识资本、组织资本和社会资本作为无形资本,构建了内生经济增长模型。     

Threshold effects of liquidity risk and credit risk on bank stability in the MENA region

This paper studies the relationships between both liquidity and credit risks on bank stability for a panel data set of 75 conventional banks belonging to 11 countries of the MENA region observed during the period 1999–2017. By performing a Panel Smooth Threshold Regression (PSTR) model developed by Gonzalez et al. (2005), estimation results show that the relationships between bank stability-credit risk and bank stability-liquidity risk are non-linear and characterized by the presence of two optimal thresholds which are equal to 13.16% for credit risk and 19.03% for liquidity risk. Contrary to their positive effects below these optimal thresholds, credit risk and liquidity risk become detrimental to bank stability in high regime.To ensure their stability, banks are encouraged to revise the primacy given to credit activity and diversify their activities to improve profitability. They are also recommended to strengthen their own funds and opt for appropriate restructuring to ease their small size. As for the States of the selected countries, they have to deeply reform their financial systems and develop the legal framework relating to new techniques of external management of banking risks including securitization and defeasance. Likewise, these states are fortified to ensure political stability, which is a key factor for banking and financial stability.