反思与启示：对有限合伙私募基金的有限合伙人权利保护制度的检视

有限合伙私募基金作为一种新型的投资方式从一出现便受到了广大投资者的青睐和追捧。然而“高度自治”的立法理念极大地增加了投资者即有限合伙人的投资风险,有限合伙人的权利保护面临严重挑战。作者在比较美国有限合伙人权利保护的立法经验并借鉴我国《公司法》对于中小股东的权利保护措施的基础上,提出完善有限合伙人权利保障的构想。     

证券投资基金绩效评价方法与实证研究

传统的基金绩效评价方法具有诸多局限性,而DEA方法克服了传统评价方法因市场组合选择不同和无风险收益率确定不当而带来的评估结果失真的问题,从而提高了基金绩效评价的科学性和准确性。运用DEA方法对中国22支封闭式基金2000年至2002年间的相对投资绩效进行的实证分析,结果表明,在中国目前的证券市场环境下,多数基金的运作处于无效状态,基金绩效不存在明显的持续性和规模效应,不同投资风格的基金绩效也没有显著的差异。     

市场经济条件下企业筹资初步分析

论述了市场经济条件下资金供应和企业筹资的要求和条件,并通过对企业筹资的分析,选择出经济合理的筹资渠道及方式,实现企业最佳资金筹集和运用。     

我国欠发达地区失业面临的难题及对策

通过社会调查、文献研究对经济欠发达地区与经济发达地区的失业保险现状及发展趋势进行比较分析,指出我国经济欠发达地区失业保险面临失业压力巨大,保障功能脆弱,基金筹集困难和支出结构不合理,管理不科学等四大难题。提出国家在就业培训方面应给予不发达地区更多支持,实行多元化筹资,调整基金支出结构,基金征、管、用三分离,把失业保险纳入法制化、规范化轨道,提高失业保险机构管理水平等具体政策建议     

2004年度新疆完成社科基金项目成果综述

国家和自治区社科基金项目是新疆产生高质量研究成果的重要途径。宣传推广好这些优秀成果,对于新疆的改革、发展、稳定具有多方面的积极意义。该文旨在根据专家组鉴定意见,对部分研究成果的主要内容、突出特色、学术价值和应用价值,作简要、客观的叙述。     

基金组合风险与规模关系的实证分析

证券投资基金通过证券的组合投资来降低投资的风险,根据基金组合投资的原理,通过随机简单等权模型对基金样本进行组合结果表明:基金组合投资者选取比较大的基金组合规模才能有效地减少组合的总风险或排除非系统性风险;由于基金管理费用等费用因素将随组合规模扩大而增加,在组合规模选取中需要权衡风险和费用的利弊,一般而言选取7-13只基金作基金组合比较合适。     

Relocating investments by Tunisian insurance and pension funds towards alternative assets opportunities

This article explores the different barriers preventing Tunisian insurance and pension funds relocating their investments to alternative assets as a source of diversification and the different policy-led measures that could be put in place to support them during their initial years of existence. Data analysis techniques, namely multiple correspondence analysis and hierarchical classification, are employed to hold the analysis in alignment with the research aim. The study investigates four groups of Tunisian insurance and pension funds, each characterized by its own investment challenges regarding alternative assets. Subsequently, the study examines certain improvement areas, for instance, reforming the legislative framework to facilitate a supportive tax environment, ensure information symmetry and transparency, etc. The approach of this study is novel for being the first of its kind to explore Tunisian insurance and pension ‘funds’ investments in alternative assets through data analysis techniques. In view of the fact that the history of research on this topic has been brief and fragmented, limited mostly to mature markets, the outcomes of this research can offer useful insights for policymakers in the emerging economies, particularly those undergoing reforms in young democracies like Tunisia in Africa, Eastern and Central Europe, and Latin America.     

Using a genetic algorithm-based RAROC model for the performance and persistence of the funds

Assisting fund investors in making better investment decisions when faced with market climate change is an important subject. For this purpose, we adopt a genetic algorithm (GA) to search for an optimal decay factor for an exponential weighted moving average model, which is used to calculate the value at risk combined with risk-adjusted return on capital (RAROC). We then propose a GA-based RAROC model. Next, using the model we find the optimal decay factor and investigate the performance and persistence of 31 Taiwanese open-end equity mutual funds over the period from November 2006 to October 2009, divided into three periods: November 2006–October 2007, November 2007–October 2008, and November 2008–October 2009, which includes the global financial crisis. We find that for three periods, the optimal decay factors are 0.999, 0.951, and 0.990, respectively. The rankings of funds between bull and bear markets are quite different. Moreover, the proposed model improves performance persistence. That is, a fund's past performance will continue into the future.     

贫困村互助资金与农民收入增长——基于5省50个贫困村调查的实证分析

贫困村互助资金填补了农村金融服务空白,缓解了贫困农户借款难题。通过5省50个贫困村2 656个农户样本,用DID方法分析互助资金对农户收入增加的影响。研究发现:互助资金有利于农户收入增长;互助资金对低收入农户、中等收入农户和高收入农户收入增长的影响存在差异,中等收入农户和高收入农户收入增长的幅度更大;贫困村基础设施和村委会一年开会次数有利于互助资金促进试点贫困村农户收入的增长。     

农村警务室建设的问题与出路——基于益阳市赫山区的调查

新时期农村警务室建设存在着重“开门”轻“营业”、重“硬件”轻“软件”、重“独唱”轻“合唱”、重承诺轻践诺等问题。引起这些问题的原因主要有经费保障不足、警力资源紧张、传统警务观念与现代警务观念之间存在矛盾、考评机制不完善等。为此,应积极寻求地方党委政府、人民群众的支持,借用民力解决警力资源不足问题,因地制宜地探索符合实际的农村警务室工作模式,转变观念,完善考评机制和制定向农村警务民警倾斜的政策等。