海外资金与中国的不动产

2005中国(北京)国际不动产高峰论坛于2005年9月21～23日首次在中国举办,此次论坛由中国房地产协会、<人民日报>经济部、<北京现代商报>、<中国消费者报>主办.凯雷投资、瑞士信贷第一波士顿、雷曼兄弟投资银行等金融机构的代表以及相关不动产基金决策者参加了论坛,就中国不动产经营模式如何与国际接轨,亚太地区不动产发展的问题和趋势,世界不动产投资企业和资本如何进入中国,如何处理好发展与环境的关系、实现可持续发展的目标等共同关心的问题发表了各自的观点.     

抚远三角洲开发建设融资机制创新研究

构建抚远三角洲开发建设融资机制,应该考虑背景、融资任务、融资规律性等三大方面的影响。银行贷款、外来直接投资以及发行证券等传统的融资方式对抚远三角洲融资机制的建立仍有很大贡献,但抚远三角洲要开发成功,需要构建具有巨额、长期、现代化特征的创新型融资机制。投资基金、项目融资、信托融资、证券化融资以及所有权证等创新融资模式的引入则成为必然选择。     

资产证券化的经济学本质:马克思经济理论的视角

资产证券化在演进中形成了种类多样、内容丰富及结构复杂的发展态势,并在金融领域乃至整个经济领域显示了风险积聚和释放的威力.运用马克思的经典经济学理论,阐释资产证券化的经济学本质是虚拟资本虚拟化.作为以信用为基础的虚拟资本的虚拟化过程和社会资本周转的加速机制,资产证券化并不是次贷危机的真正原因,但证券化本身所包含的风险不容忽视,必须通过适度监管,保障资产证券化在金融稳定框架内的安全运行.     

资产证券化趋势与我们的选择

资产证券化是近 30年来金融领域的重大创新之一。由于其具有创新的融资结构和高效的载体 ,满足了各类融资者和投资者不断变化的需求 ,从而成为当今世界各国资本市场发展最快、最具活力的金融产品。资产证券化产生的动因是活化抵押贷款二级市场 ,随创新的深化 ,人们将其发展成为沟通传统的直接融资和间接融资的一个有效通道。资产证券化起源于美国 ,现在已形成一种资本市场创新趋势。改革开放以来 ,持续快速发展的中国经济对资本一直有着旺盛的需求 ,因此 ,目前在我国推行证券化融资工具正当其时。     

英美日公益信托社会的发展现况与比较分析

公益信托是以慈善、文化、艺术、宗教或其他公益性质为目的的信托模式,因公益信托具有设立手续弹性简便与营运成本低的优点,较容易引导大众支持参与。但现阶段的非营利组织面临着同构型的机构募款竞争以及企业界对非营利组织的商业化包装竞争,导致发展空间处处受限。本文先以老牌信托王国的英国开始探讨公益信托事业的历史演变,再参酌重视资本运营效益的美国模式,最后以信托业融入东方社会价值观的日本进行比较分析,借鉴国际公益信托事业可持续发展的运作手法。相对于中国公益信托事业还处于萌芽阶段,除了不具英国有庞大民间财力可左右城市开发政策之外,加上人民过度依赖政府、信托法令不周全、中央地方政策冲突、领导过于重视经济开发、企业社会责任淡薄、非营利管理人才欠缺等等都让公益信托事业无法深入民心。因此本文以第三部门为视角,探索除政府、企业职能之外,对自然环境与文化资产保护该如何协助政府对公共利益观念的落实并因此创造可观的文化观光财。     

阻碍兰州公益信托发展的问题研究

公益信托作为一种具有公益性质的特殊信托制度在发展公益事业方面具备了利于保值增值、运作灵活、管理科学等优势。兰州地处西部，公益事业的缺口很大，但公益信托由于其制度上的缺陷和在宣传、运作模式等方面的不足大大影响了其发展。如果借鉴发达国家和已有公益信托项目的成功经验，大力开展公益信托项目，将会大大促进兰州市公益事业的发展。     

土地整治项目PPP模式及其资产证券化问题探讨

土地整治是国家保障发展、保护耕地、统筹城乡土地配置的重大战略,但其所需资金数额巨大,仅靠财政资金难以为继,土地整治项目PPP运作资产证券化或许将成为解决融资这一关键问题的新途径.目前土地整治项目PPP运作有四种可能的模式,包括全域整治PPP模式、农用地整治+现代化农业产业经营PPP模式、农村建设用地整治PPP模式以及整村整治PPP模式,但都存在着一些局限性和不足.基于此,文章提出具有实现各方多赢可能性的新途径——土地整治项目PPP运作资产证券化,其具体运作过程中应注意谨慎使用于适当项目,理顺政府和社会资本的关系,健全利益分配机制,识别与分配风险,引入中长期投资群体.     

从资产证券化的理论体系看中国突破模式的选择--兼论现有的八大建议模式

从资产运营和广义资产证券化的角度来考察 ,资产证券化的理论体系包括 :一个核心原理———现金流分析 ,三个基本原理———资产重组原理、风险隔离原理和信用增级原理 ,从这个理论出发 ,选择资产证券化突破模式时必须遵循三个原则 :基础资产必须满足“资产重组原理”的要求 ;能为资产证券化在中国的进一步开展提供示范效应和经验 ;在制度和环境方面只能是两个选择 ,一个是选择与现行制度和环境冲突最小的交易形式 ,一个是最有条件突破现有制度和环境约束的交易形式。依据这三个原则对现有的八大建议模式进行考察 ,可以得出中国开展资产证券化有两个突破模式 :“住房抵押贷款模式” +“准表外模式” ;“基础设施收费模式” +“离岸模式”。     

住房抵押贷款证券化定价模式比较研究

住房抵押贷款是资产证券化的重要内容。住房抵押贷款证券化的四种定价模式,即静态现金流量报酬率法、静态利差法、总回报率情景分析法与期权调整利差法。四种定价方法各有利弊,因此,在对住房抵押贷款进行证券化定价时应充分考虑到各种定价模式的特点。     

"多测合一"背景下的《不动产测量与管理》课程教学改革研究

自2019年起,我国工程建设项目实行"多测合一",统一竣工验收图纸和验收标准,统一出具验收意见,这就要求不动产测量人员必须为工程建设项目全过程提供技术支撑.为适应"多测合一"的新形势,探讨不动产课程改革的重要内容,包括适应"多测合一"的新教材建设,测绘新技术、新方法、新手段的引入,校外实习实训基地建设,不动产测量实践能力竞赛组织模式等.     

“Crowding in” or “crowding out”? An examination of the impact of the welfare state on generalized social trust

Generalized social trust is correlated with increased levels of civic engagement, lower crime rates, and greater economic growth. Many scholars believe that equality provides the conditions in which social trust can flourish. Thus, welfare programs might be one way to generate social trust. However, the relationship between social spending and trust is contested: Some argue it is negative, while others argue it is positive. This study examined the effects of total social welfare expenditures on social trust in 18 OECD countries, holding constant individual characteristics, country characteristics, and country and year effects. Fixed effects analyses indicate that every additional percent of gross domestic product spent on social expenditures 5 years prior is associated with a 4.7 percent increased likelihood that respondents of that country will endorse trusting other people. Further testing for reverse causality found no significant association between trust and later social expenditures, supporting the claim that expenditures drive trust instead of the reverse.     

Marital status and generalized trust in other people: A population-based study

The association between marital status and generalized trust in other people was investigated. The public health survey in Skåne 2008 is a cross-sectional study including 28,198 persons (55% participation rate) aged 18–80 in southern Sweden. Logistic regression models investigated associations between marital status and trust, adjusting for age, country of birth, education, emotional support, instrumental support and economic stress. 33.9% of the men and 35.7% of the women had low trust. The significantly higher odds ratios of low trust for unmarried men and women and divorced men remained throughout the analyses, while the significant association disappeared for divorced women in the final model. In contrast, the odds ratios of low trust for widows/widowers remained not significant compared to the married/cohabitating category throughout the analyses.     

Focusing the mediating role of institutional trust: How does interpersonal trust promote organizational commitment?

Numerous organization scholars point out that trust is crucial for well-functioning organizations. However, trust in organizational settings could differ according to the objects of trust. This study compares two conceptually different models: main-effect model and mediation-effect model. The main-effect model assumes that both interpersonal trust and institutional trust promote organizational commitment independently, but the mediation-effect model assumes that institutional trust is cultivated by interpersonal trust and increases organizational commitment. The results of structural equation modeling (SEM) show that the mediation-effect model fits better than the main-effect model and that the structural coefficients of the mediation-effect model are neatly interpreted by social scientific studies of trust. This study's findings have two important implications: First, there seems to be sequential order between different types of trust in organizational settings. Second, interpersonal trust promotes organizational commitment only if it facilitates institutional trust, providing an explanation for the inconsistent findings of previous studies.     

Political trust,young people and institutions in Europe. A multilevel analysis

The constant decline of political trust has been shown in political sociology. Young people in particular seem to display lower levels of political trust, which is a challenge for the sustainability of democracy. Still, these levels of political trust among youth differ greatly from one country to another. This article therefore seeks to answer the following question: How can we account for cross‐national diversity with regard to young people’s political trust? To answer this question, I performed multilevel analyses based on data from the European Social Survey. I show in the article that cross‐national diversity stems from the institutional arrangements that structure entry into adulthood, i.e., what I call ‘youth welfare citizenship regimes’: The more inclusive is the youth economic citizenship and the more individualised is their social citizenship, the higher is young people’s political trust – which could buffer the decline in political trust.     

Home country impact on Outward FDI from India

The altering policy environment in emerging markets and the surge in their outward foreign direct investment (OFDI) calls for an empirical investigation. Accordingly, this paper examines the effect of home country macroeconomic conditions and Government policies on the OFDI flows from India during the period 1984 to 2015. Incorporating the structural breaks in the empirical model, results indicate the existence of a long-run relationship between OFDI flows and home country macroeconomic and Government policies. Government policies relating to foreign trade and investment and financial sector development are found to be significant determinants. The results also suggest the need for the Government to enhance its effort on the development of knowledge infrastructure in order to support the OFDI from India's manufacturing sector and thereby contribute to the success of “Make in India” programme. Policy implications are discussed.     

Conditional reciprocity in the investment game

This paper investigates whether people are conditional reciprocators in an investment game experiment, in the sense that the more they are trusted, the more they reciprocate. The results show that the majority of participants are conditional reciprocators but that they can be classified into three types: (1) exploitative reciprocators who do not reciprocate and exploit trust; (2) egoistic reciprocators who neither exploit nor reward trust; and (3) generous reciprocators who reward trusting behavior.     

我国企业购并重组的法律问题研究

在社会主义市场机制中 ,企业购并应该由主体根据自身利益作出选择 ,政府不宜介入 ;政府必须拥有独立的国有资本投资机构 ,该机构没有行政权利 ,只作为市场中的平等民事主体。在我国目前市场经济发展初期 ,公司法对公司转投资行为施以一定程度的限制是很有必要的。对于公司合并的债权人保护程序 ,我国公司法的相关规定可能会加重合并当事公司的负担 ,不利于合并进行 ,因此应加以修改。随着市场经济的发展 ,我国企业购并公司立法在未来应向鼓励交易、促进投资和资源优化配置的目标转变。     

Uncertainty, Trust and Pensions: The Case of the Current UK Reforms

Trust is valuable in facilitating social cooperation and is often thought to be helpful in the running of a complex modern welfare state. However, a number of sociologists, psychologists and political scientists have recently argued that trust in social institutions is in decline. One approach argues that the issue is compounded by a shift towards a more active and discriminating trust as part of a social transition towards a more reflexive society, and goes on to suggest that people often choose to place their active trust in non‐state provision. This paper examines recent quantitative and qualitative evidence on trust in state and non‐state pensions in the UK, as a context where current policy developments throw the general issues into sharp relief. It shows that patterns of trust in this setting can be understood in active terms, but that social divisions remain important in determining how active trust operates in practice. More vulnerable groups put their trust in the state, through lack of an alternative, while more confident and better‐off groups tend to pursue investment strategies which they believe will give them more individual control over their money. Social divisions remain important during current social transitions, and often receive less attention than they merit in theoretical writing.     

论我国海外投资保险制度的建立

随着我国加入WTO ,中国企业跨出国门从事海外投资的将越来越多。但海外投资可能会遇到的风险将远远大于国内投资的风险 ,特别是政治风险的危害更大。为了保护我国海外投资者在东道国的利益 ,减少海外投资的政治风险 ,鼓励我国企业扩大海外投资 ,建立健全我国的海外投资保险制度势在必行。并且探讨了海外投资保险制度的含义 ,特征及性质的基础上 ,提出了建立我国海外投资保险制度的设想及立法建议 ,并详细阐明了其法律框架。     

Giving money to strangers: European welfare states and social trust

Jensen C, Svendsen GT. Giving money to strangers: European welfare states and social trust Int J Soc Welfare 2011: 20: 3–9 © 2009 The Author, Journal compilation © 2009 Blackwell Publishing Ltd and the International Journal of Social Welfare. Why would you give money to strangers? That is the fundamental question posed by a new body of research into the relationship between social trust and willingness to accept high taxes and extensive welfare states. The literature argues that generalised trust causes and upholds universal welfare state institutions, an entirely plausible explanation of the Scandinavian social democratic welfare states. However, it cannot explain the presence of very large welfare states in Continental Europe, where the level of generalised trust is much lower than in Scandinavia. The article adds to the existing literature by arguing that the ‘bumblebee’ of conservative welfare states is characterised by particularistic trust and familiaristic welfare institutions, which are functional equivalents to the mechanisms found in Scandinavia. Future research into the trust–welfare state relationship should therefore focus on the trust profile of a country to understand how the welfare state provides its citizens with benefits.