中国应加快多层次资本市场的建设

资本市场是现代经济发展的重要推动力。大力发展资本市场,不仅仅是要在总量规模上把中国资本市场推上一个新台阶,更需要资本市场能够形成一个层次清晰、结构合理的体系。加快多层次资本市场体系的建设是中国经济社会发展的紧迫要求,是进一步完善社会主义市场经济体制的内在需要,也是提升中国资本市场国际竞争力的需要。     

建立适合浙江中小企业发展的多层次资本市场

浙江根据经济发展的要求和中小企业的特点,应培育和建立多层次的资本市场,其架构包括三大层次,即主板市场、二板市场和区域性资本市场等三级资本市场,分别对应浙江不同类型中小企业的资本需求.     

充分利用资本市场发展北京经济

资本市场是社会主义市场体系的要素 ,资本市场的发展能够极大促进地方经济的发展。作为全国重要的经济中心 ,北京市在资本市场发展方面还有很大的空间 ,为此需要利用北京市开创知识经济的良好契机 ,积极开拓资本市场 ,促进首都经济发展     

资本范畴与资本市场属性

资本范畴与资本市场属性宋冬林一、中国发展资本市场问题的提出《中共中央关于建立社会主义市场经济体制若干问题的决定》（以下简称《决定》）指出：当前我国培育市场体系的重点之一是发展和完善以银行融资为主的金融市场。在发展金融市场的过程中，资本市场要积极稳妥地...     

集体性社会资本对社区参与的影响——基于多层次数据的分析

“社会资本的后果”是社会资本研究的一个重要议题。现有研究倾向于认为,中国城市社区中的集体性社会资本对社区参与具有积极的影响。本文认为,由于社会资本与社区参与都具有多个维度,两者的关系不能一概而论。基于2006-2007年在上海收集的调查数据,本研究使用多层次logistic回归模型考察了集体性社会资本对三种类型的社区参与（抗议型、体制化与公共型参与）的影响。统计结果证实了社会资本与社区参与之间复杂的联系。此外,对多层次模型的方差成份分析发现,社区社会资本可以解释60%或更多的社区间的差异。这说明,社区参与的影响因素不仅取决于居民的个人特征,还取决于居民所在的社区特征。     

健康强大的资本市场是中国经济发展的巨大助推器

中国资本市场总市值目前居全球第四,却强而不大、不够健康。健康强大的资本市场是一国经济发展的巨大助推器。经济学理论、世界经济发展历史和我国经济建设实践中的问题都说明,要由经济大国成为经济强国,使国民经济保存可持续发展,我国亟需一个强大的资本市场。     

多层次股票市场的国际比较与借鉴

本文在简要分析我国多层次股票市场建设现状的基础上,分别对比研究了美国、日本多层次股票市场的发展历史、结构现状及各层次市场的准入标准.本着借鉴国际经验和紧密结合国情的原则,提出了以沪深两个交易所各有侧重、协调发展为前提,逐步建立完善包括高标准优选市场、创业板市场和代办转让市场在内的多层次股票市场体系的具体建议.     

论市场时机理论对资本结构影响的持续性

以深沪两市1994—2004年可以确定IPO的数据,运用多元回归的方法,研究市场时机理论对资本结构影响的持续性。研究发现,中国资本市场存在明显的市场时机选择行为,对上市公司的资本结构具有显著影响。由于中国特殊的监管制度,盈利性更好的公司在市场时机的选择上拥有更多的灵活性。但在选择了排他性的市场时机代理变量后发现,市场时机的选择对资本结构的影响不具有持续性。     

资本市场开放的市场效应及其优化

党的二十大报告同时提出了建设更高水平开放型经济新体制和强化金融安全保障体系的重要战略任务。借助恒瑞医药股价和中美大盘指数，文章从微观和宏观两个视角探究了外资流入A股的行为特征和市场效应。研究发现，境外资金流入有明显的稳定性和趋势性特征。在超预期突发扰动中依然保持理性，多采取逆势交易策略，资本市场开放并未引起股票价格的超调。同时，超额收益率验证了其聪明钱属性，具有信息优势的境外投资者入市提高了资本市场价值发现功能和资源配置效率。基于此，文章就推进中国资本市场有序开放提出对策建议，以期为构建对外开放新格局提供有益参考。     

道德风险与资本市场诚信的关系

资本市场的诚信问题一直困扰着学术界和政府监管部门,不同主体对资本市场的诚信有不同的理解和不同的诉求。资本市场诚信在制度和规则相对有效的条件下,其低效率本质上是相关主体的道德风险所致。要加强资本市场的诚信建设,必须加强资本市场主体的道德风险管理,加强资本市场道德风险管理应采取相应的对策。     

“Social” “capital”?

This paper analyses several concepts of social capital to show what meanings have been constructed around the phrase, “social capital.” By looking at the roots of “social” and capital,” it demonstrates that the use of the phrase “social capital” is an inappropriate one. The phrase does not fit the phenomenon it tries to explain. Ideological roots of “capital” suggest that it is individualistic, that despite multiplication it tends to accumulate and concentrate often through exploitative means, and that it follows paths of gender and class discrimination. On the other hand, the phenomenon, which the phrase social capital captures, does not tend towards the individualistic, but to the social. It multiplies and spreads to families, communities, and groups. It also does not concentrate or accumulate like capital. By analyzing such contradictions in the phrase, the paper explores appropriate alternatives and suggests implications for policy and practice.     

‘‘With the greatest respect and fidelity:’ a Cherokee vision of the ‘Trust’ doctrine”

The trust relationship is the conceptual/philosophical framework against which all relations between the federal government and indigenous groups are conducted. Yet despite the centrality of this concept, federal policymakers have no consistent or agreed upon definition of what the trust relationship actually entails (Wilkins, 1997). And, more importantly, indigenous conceptions of trust have rarely been assessed. This article analyzes and advances one tribe's—the Cherokee—perspective on trust. In focusing on how the Cherokee perceive trust, this section emphasizes that from an indigenous viewpoint the trust relationship embodies a complex and sophisticated understanding that both the tribe and the United States have reciprocal responsibilities to maintain positive relations towards one another. The leaders of the Cherokee people—one of the more diverse indigenous groups— understood in the federal government's actions, whether these were expressed in treaties, policy statements, congressional laws, or court decisions, that the federal government was pledged to protect Cherokee property and sovereignty, would act with utmost integrity in its legal and political dealings with the people, and would insure that the United States political and judicial representatives would act in a moral manner regarding the tribe's rights. Notwithstanding the federal government's tremendous variety of treaty and trust violations, the Cherokee conception of trust is regenerative from generation to generation. This breathes new life into a seasoned concept and offers hope for the often difficult political/legal relations between the federal, state, and tribal governments. And here we beg leave to ask of our father that, in future transactions of a public nature between the United States and our nation, the American Government will not require of our nation any thing which, as our protectors and guardians, they will not, after due deliberation, advise us to comply with; and having no doubt of the magnanimity and benignity of the Government, we shall return home satisfied, and report to our nation the result of our mission to this. With the greatest respect and fidelity, we subscribe our names (Going Snake, et al., 1817, p. 147)     

‘Techniques’ for governance

Issues relating to governance are among the most critical in terms of sustaining viable political and social arrangements. In terms of democracies and their bureaucratic organizations, understanding how governing works leads to improved understandings of how to government best. In this article, the works of three important political thinkers, Alexis de Tocqueville, Max Weber and Michel Foucault are synthesized to create a tool for analyzing the effects of certain techniques used to govern. In particular, aspects of the techniques known as Zero Based Budgeting and the GPRA of 1993 are subjects of analysis.     

“官场+市场”与中国增长故事

本文运用和拓展了“官场+市场”理论,重新解析中国独具特色的经济增长机制以及政府与市场的互动模式。地方官员之间围绕着辖区经济发展的官场竞争嵌入在不同辖区企业之间的市场竞争之中,而辖区企业参与的市场竞争又嵌入在官场竞争之中。作为一种分析框架,“官场+市场”的理论贡献在于揭示了政府与市场的良性互动、政企的有效合作必备的三个条件,即内部的政治激励（“把事做对”）、外部的市场约束（“防止做坏事”）和必要的信息反馈（“做对的事”）。中国“官场+市场”的增长模式在总体上提供了这三个关键条件,在最积极的意义上实现了辖区内政治企业家与民间企业家精神的结合,政治精英与经济精英的结合,中国历史悠久的官僚政治传统与西方国家市场经济传统的结合,为我们揭示中国增长之谜开辟了新的视角。