中国ETF基金价格“已实现”波动率、跟踪误差之间的Granger关系研究

在高频数据条件下,中国ETF基金价格"已实现"波动率与跟踪误差之间是否存在着因果关系并存在着信息的先导效应？基于"已实现"波动、跟踪误差计算方法及Granger因果检验过程、VAR模型等,本文对此进行了深入研究。研究结果认为:中国ETF基金价格"已实现"波动率与两种跟踪误差分别具有Granger因果关系,后者是前者的Granger原因;中国ETF基金价格"已实现"波动率序列与两种跟踪误差序列的同期及一、二阶滞后相关性较高,而跟踪误差滞后于"已实现"波动率;当ETF基金的跟踪误差受外部市场条件的某一冲击后,将给ETF基金价格"已实现"波动率带来同向的冲击,这一冲击具有一定的持续性和滞后性。     

江苏省基本养老保险基金收支失衡及对策研究

养老保险基金收支平衡是养老保险制度正常运行的基础,保持养老保险基金长期的收支平衡是养老保险制度运作的根本目标。江苏省作为我国经济发达省份,基本养老保险基金收支失衡严重,具体体现在：基金需求加大、支出增加;基金区域间发展不平衡;个人账户＂空帐＂日益严重;基金收支缺口不断扩大等。本文在对江苏省基金收支失衡分析的基础上,对基金收支失衡进行了历史因素、社会因素、制度因素、经济因素等四个方面的原因分析。为实现江苏省基本养老保险基金收支平衡,本文提出了切实、可行的对策建议,例如：提高社会劳动生产率;缩减隐性债务;差别化逐步做实＂个人账户＂;扩大养老保险覆盖面、提高基金征缴率;确保基金保值、增值等。     

我国农村妇女土地权利的制度考察

从制度安排上分析当前我国农村妇女土地权利状况。研究方法：定性分析法、产权分析法。研究结果：在对影响农村妇女土地权利的土地制度、民间法规等相关制度安排考察和解构的基础上,探讨了我国农村妇女土地权利的现状和特征。研究结论：需要增强法律的性别敏感性;清晰界定集体经济组织成员资格;开展夫妻共有产权登记;协调法律和民间法之间的不一致;建立和健全农村妇女土地权利司法救济制度;加强对村民自治的权力监督。从而消除制度上的漏洞和潜在的制度供给不平等,为维护农村妇女土地权利提供一个公平、有效的制度环境。     

推进城乡义务教育均衡发展的财政政策分析

教育的发展是关乎国家发展的大事,尤其是义务教育阶段的发展,直接关系着我国人才培养的质量和水平。近年来,由于教育政策的倾斜,出现了义务教育阶段的区域、城乡、校际以及教育群体之间的不均衡。文章从国家财政政策的角度对义务教育均衡发展问题进行分析,揭示了当前我国义务教育发展不均衡的基本状况,剖析了其根本原因所在,并从加大政府教育财政投入、合理分配各地区教育经费、建议实施区域内城乡生均均等化拨款制度和正确引导国民教育意识四个方面提出对策建议。     

在华外资并购绩效实证分析——以饮料、洗涤用品、化妆品和汽车制造业为例

跨国并购是外国直接投资进入中国市场的一种主要手段。自中国加入WTO后,外资在华掀起一波接一波的并购浪潮,国内很多行业出现外资垄断现象,一些知名民族品牌开始淡出市场。以国内饮料、洗涤用品、化妆品和汽车制造业这四个行业的进出口贸易数据为基础,以贸易指数和竞争优势指数为工具来分析这种并购的绩效。结果发现,并购加快了中国产业结构调整,但对产业竞争优势的提高没有太大的效应,同时还阻碍了某些行业民族企业的发展。     

灵活化时代劳动力市场灵活安全性研究

劳动力市场灵活安全性战略的提出是为了应对劳动力市场灵活化改革中出现的安全性问题。在西方国家劳动力市场中,＂丹麦模式＂以及＂荷兰模式＂被认为是实行灵活安全性战略的典范。文章旨在分析借鉴国外成功经验,探讨适合我国国情的灵活安全性劳动力市场模式的路径选择。     

A call for more elaborate and transparent pension data to inform policy‐making: A critical examination of World Bank data for Eastern Europe

This article offers a critical analysis of the methods by means of which data relating to the performance of second pillar pension schemes are collated, compared and reported. This is done with regard to the performance of mandatory private second pillar pension funds in Eastern Europe. By critically examining data published in a number of World Bank studies, and through the identification of data problems and irregularities, the article argues that a much more elaborate and transparent approach to the collation, comparative analysis and reporting of data is needed. Required is the establishment of a consensus regarding what should represent a robust basis for making credible policy recommendations, not least with regard to pension re‐reforms in the countries of Eastern Europe and elsewhere. In the absence of such a consensus, unresolved data problems and irregularities may potentially continue to influence the formulation of incomplete national policy conclusions regarding the performance of second pillar pension funds and, in turn, the ability of policy‐makers to evaluate appropriately the need for, and assess the feasibility of implementing in a sustainable manner, pension re‐reform.     

From pension funds to piggy banks: (Perverse) consequences of the Stability and Growth Pact since the crisis

As part of their strategy for economic and monetary union, European governments committed themselves to fiscal discipline – particularly by placing limits on annual deficits and on public debt. Subsequently, and as they sought to respond to the “current crisis”, they embraced the view that only if public finances were kept under control would sustainable recovery be possible. Rules of fiscal governance were strengthened. To help them meet these rules, the governments of many member States of the European Union made changes to their pension systems or to funds they had established specifically to pay the costs of population ageing. The intention was not to cut retirement benefits or to improve the efficiency of the relevant pension schemes and institutions. Rather, it was to free up resources immediately. Funded pension schemes and pension funds were treated like “piggy banks” that were raided when times became hard. Moreover, the policies pursued succeeded in meeting their objectives only because the system of national accounts according to which outcomes are judged does not recognize the way in which most of the fiscal gains are matched by future fiscal liabilities.     

清代浙东地区会田研究

田会是中国古代农村民间的一种互助性合作组织。它至少在清末浙东地区较为普遍地存在。在祀田、义田以外,会田又是另一种新的集体土地所有制形式。其基本特征在于它是一种跨家族的村民之间的经济互助组织。     

信息技术与集团资金管理

随着科学技术尤其是信息技术的飞速发展,信息技术给企业生产、管理活动的方式带来了根本性的变革。信息技术对企业管理提出了重大的挑战,促使其考虑如何利用信息技术改进企业管理模式,适应信息社会,在日益激烈的竞争中保持不败的地位。本文将讨论如何利用信息技术改进集团资金管理,实现企业管理信息化的第一步。