中国FDI进入模式的影响因素

本文综合交易费用理论和谈判力量理论分析框架,探讨了FDI进入中国市场模式(合资／独资)的影响因素。应用两分Logit模型进行实证分析,结果显示区位因素、来源地因素、投资项目的经营期限以及投资规模都对FDI进入中国市场模式产生了重要的影响,而产业因素的影响则统计不显著。     

俄罗斯、波兰固定资产投资统计制度和固定资本形成总额核算方法研究

本文从理论和实践的角度出发,深入研究了俄罗斯和波兰固定资产投资的统计原则、统计方法、统计范围和统计信息发布等内容,认真梳理了两国固定资本形成总额核算的标准、原则和方法。借鉴两国经验,对我国开展固定资产投资统计制度方法改革的原则和方法提出了意见和建议。     

Risk minimization for an insurer with investment and reinsurance via g-expectation

Abstract

This paper is devoted to the study of a risk-based optimal investment and proportional reinsurance problem. The surplus process of the insurer and the risky asset process in the financial market are assumed to be general jump-diffusion processes. We use a convex risk measure generated by g-expectation to describe the risk of the terminal wealth with investment and reinsurance. Under the aim of minimizing the risk, the problem is solved by using techniques of stochastic maximum principles. Two interesting special cases are studied and the explicit expressions for optimal strategies and corresponding minimal risks are derived.     

阿拉伯国家联盟决策机制研究

阿盟采取不同的决策程序和方式来满足成员国复杂的利益关系和要求,其决策机制由多种要素构成,拥有多层次决策机构.阿盟决策机制既具有自身的特点,又存在一定的缺陷.从阿盟决策机制的历史变迁、决策要素的权责分配、决策程序与方式等方面进行分析,有利于系统理解阿盟决策机制的本质,也有助于理解阿盟在阿拉伯国家间以及中阿关系中所能起到的真正作用.     

The coevolution of trade agreements and investment treaties: Some evidence from network analysis

Regional trade agreements (RTAs) and bilateral investment treaties (BITs) are expected to promote trade and investment relationships. One critical feature of such agreements is the network, so the multiplex coevolution of RTAs and BITs should be captured by the dynamics of their two networks. Although many studies have examined the roles of RTAs and BITs, most studies do not account for crucial network properties. This study explores how RTAs and BITs coevolve by applying a stochastic actor-oriented model of multiplex network evolution. In particular, we examine the roles of (i) cross-network dyadic interinfluences and (ii) within- and cross-network preferential attachments to discuss the dynamic relationships between RTAs and BITs. The results are as follows. First, our estimation supports cross-network dyadic interinfluences. Countries that sign a BIT are willing to establish an RTA, while those that sign an RTA are reluctant to establish a BIT. Second, concerning preferential attachments, countries prefer to sign BITs with partners that have more RTA and BIT links. However, countries tend to form RTAs with partners that have more BIT links but are reluctant to form RTAs with those that have more RTA links. We discuss possible justifications for these results, including arguments regarding the benefits and costs associated with the formation of RTAs and BITs.     

上海自贸试验区负面清单转化为全国负面清单的路径和措施

目前,在中国(上海)自贸试验区的各项实施制度中,"负面清单"制度是其中重要的一项,也将是未来自贸区可复制、可推广的一项关键制度。对此,可借鉴《美国双边投资协议2012年范本》,将上海自贸试验区负面清单转化为全国负面清单,向全国推广。     

Reconsidering the philanthropic foundation minimum payout policy under a “new normal”

With the increasing salience of foundations in many policy fields, and recent changes in market conditions, policies towards foundations designed decades ago seem outdated. In this article we suggest reassessing foundation payout minimums. To examine the impact of payout rates on grantmaking foundations lifespan and performance under “new normal” economics, we simulate multiple foundations lifecycles using Monte Carlo methods in diverse capital market conditions, with varied investment and payout strategies.We find that while under past market regime perpetuity seems to be a given, under more probable future scenarios, foundations might face increasingly early mortality and endowment depletion, limiting their potential impact. Furthermore, lower payout rates allow for higher lifetime grantmaking, higher mean annual grantmaking, and lower giving volatility. Accordingly, we suggest a tiered payout policy, in line with foundations’ missions and proper financial planning.     

试论1930年代商业银行对农村的投资活动--围绕农村合作社的探讨

1930年代商业银行对农村的投资是在都市银行剩余资金膨胀、农村金融需求加剧的情形下展开的。这一时期农村合作社的迅猛发展为商业银行在农村投资开辟了一个极好的渠道。商业银行通过农村合作社投资农村,对于调剂农村金融、挽救濒于崩溃的农村经济起了一定的积极作用,但由于商业银行的这一投资活动并非出于“救济农村”的本意,又使其不可避免地具有一定的历史局限性。     

ICT投资、互联网普及和全要素生产率

本文使用DEA-Malmquist指数方法对2002-2012年我国分行业全要素生产率、技术效率与技术进步进行测算,并基于我国地区投入产出表构建了ICT资本投入强度。在此基础上,本文就ICT投资对生产率的影响进行了实证检验。研究发现,ICT投资对全要素生产率提升具有积极作用,并且主要通过ICT投资促进技术效率提升实现。面板门限回归模型的结果显示,只有达到一定互联网普及率时,ICT投资促进技术效率提升的作用才显现,并在高互联网普及率时进一步增强;但在高互联网普及率下,ICT 投资对技术进步存在抑制作用,在全要素生产率层面表现为ICT 投资的促进作用消失。因此,现实的ICT 投资应重视通过信息化管理提升行业资源的有效利用能力,以最大化技术效率对全要素生产率的贡献;应充分考虑不同行业和地区的互联网普及程度,以深度激发“连接经济”对于释放ICT效能的互补性作用;还应注意配套相应产业政策,以减轻互联网发展对技术进步的阻碍作用。