中国资本市场情况分析

当前我国资本市场正经历深刻的变革，包括股权分置改革在内的一系列改革将彻底解决十五年来制约中国资本市场发展晟重要的制度瓶颈，重塑中国资本市场发展的平台，发挥资本市场扶优汰劣的作用，促进中国资本市场长期持续稳定发展。     

投资者关系管理再造——股权分置改革的制度安排与市场化的挑战

本本文阐述了投资者关系管理在我国资本市场上的发展与应用,并结合股权分置改革的历史机遇,分析了投资者关系管理在新制度安排、全流通环境下的发展趋势,以及它对提高我国上市公司质量和健全资本市场的积极意义。     

中国资本市场情况分析

当前我国资本市场正经历深刻的变革,包括股权分置改革在内的一系列改革将彻底解决十五年来制约中国资本市场发展最重要的制度瓶颈,重塑中国资本市场发展的平台,发挥资本市场扶优汰劣的作用,促进中国资本市场长期持续稳定发展。"我国资本市场现状1992年以来,我国居民储蓄存款余额持续增长,增速一直高于G DP的增长(见图1)。1992年以来(除1993年),我国银行吸收存款总量一直大于发放贷款总量,同时,外汇储备稳步增长。我国外汇储备自1981年起直线上升:上世纪80年代年均增速17%,90年代年均增速加快到31%,本世纪头五年年均增长37.6%。今年第一季…     

全流通下的财务报告与信息披露

我国资本市场股权分置改革基本完成。这就要求上市公司在全流通后的财务报告及信息披露将更为完善。本文分析了目前我国上市公司的财务报告及信息披露存在的问题,对规范上市公司会计信息披露提出了对策:上市公司不仅需要提供公司的财务信息,而且需要提供公司治理、内部控制、风险控制、社会责任等相关情况,并从企业内部监管、法律监管、社会监管等方面规范上市公司的会计信息披露。     

港口上市公司股权分置改革探讨及影响

自4月29日证监会宣布启动股权分置改革以来，相继已有清华同方等4家企业发布上市公司改革试点公告，一场对今后证券市场有深远影响的改革已拉开序幕。本文结合4家上市公司已发布试点方案情况，对港口类上市公司在股权分置方面的解决方案和影响进行初步的探讨。     

发展股权投资基金完善多层次资本市场

被金融界誉为中国企业制度改革里程碑的《合伙企业法(修订案)》于今年6月1日实施,这将对我国发展股权投资基金,建立多层次资本市场产生重大推进作用。     

观察

在2016年初，华尔街对航运市场信心跌至2008年金融危机以来的最低。在这场史无前例的阴霾中，美国海事投资银行杰富瑞全球负责人Jeff Pribor仍然保持乐观，他对Fairplay表示，一旦资本市场回归稳定，IPO和其他金融操作也将会启动。我们需要燃油和其他大宗商品价格停止下跌，也需要投资人确信中国可以避免经济硬着陆，顺利转型成消费型经济。据AMA资本总经理表示，由于经济疲软，供应过剩，市场达到转折点还需要一段时间。航运业利用其他一些金融手段，比如永久优先股、小额债券、高收益债券等的前景也比较暗淡。Pribor认为，今年将会有许多的兼并和收购行为。兼并通常能够起到降低成本的作用，像干散货市场，每年节省几百万美元的意义非常重大。而Karatzas则表示，航运企业需要利用传统方法来获得资金。在美国，有一些信贷资金愿意给航运公司贷款，但贷款利率为8%左右。航运企业有机会利用一些金融工具，比如债券类和股权类的混合物。如果是以股权投资为主，则可以利用结构化的股票，以固定收益的方式保护投资者。如果是以债券为主，则可以给偏好风险的投资者设计一些类似股权的金融组合。     

天津港股权激励机制的构建、运用及评价

目前,如何激励企业中的杰出人才一直是困扰港口企业发展的一个重要问题,现阶段作为上市公司的天津港面临的股权分置改革无疑是促进天津港在激励方式上进行股权激励改革的很好契机。一、天津港股权激励机制构建的可能性(一)国家对股权的改革提供了政策上可能性早在十五届四中全会党中央就提出对部分国有上市公司的高级管理人员实施股票期权与货币分配相结合的分配制度改革。国资委主任李荣融在2005年8月19日召开的中央企业负责人会议上表示,国资委正在抓紧拟订和出台大型国有企业负责人中长期激励的办法,积极稳妥地引入股票期权等激励方式。…     

发展股权投资基金完善多层次资本市场

被金融界誉为中国企业制度改革里程碑的《合伙企业法（修订案）》于今年6月1日实施，这将对我国发展股权投资基金，建立多层次资本市场产生重大推进作用。目前，各地对于发展此类基金热情高涨，但也存在认识误区，亟待政府明确指导原则，根据国际规范和市场化规则，建立基金管理人团队，推动股权投资基金健康、快速发展。     

我国集装箱港口市场的垄断趋势分析

<正>改革开放以来,我国港口生产经营特别是集装箱运输快速增长,外资纷纷进入我国港口市场,到2004年末,共有28家外商股权(含台、港、澳资本)投资我国沿海集装箱码头企业。这些合资企业2004年完成的集装箱吞吐量占沿海港     

航运企业的最优资本结构及其确定

随着我国市场经济体制的建立与投、融资体制的改革，企业已成为投、融资的主体，其资本结构问题相应地成为了企业财务管理中的核心问题之一。本文从航运业的固有特性出发，论述了航运企业的资本结构及其与企业收益之间的关系，在这一基础上，提出了航运企业的最优资本结构及其确定方法，并对影响航运企业资本结构的因素进行了分析。     

船舶全寿期动态信息模型及系统结构研究

船舶全寿期动态信息模型是船舶全寿期动态模型的最重要部分之一,是创建信息系统的基础.从信息完整性分析,文章叙述了船舶全寿期动态信息按结构、全寿期各个阶段、涉及的机构和部门及其它特殊情况进行分类的思想,并用数学表达式和三维图形形象地描述了这些信息项、它们之间的关系及随时间变化的状态.信息编码及其标准化是实施信息共享的基础性工作.船舶完整性大纲是实现船舶全寿期整体优化的重要概念,而信息系统是基础.依据已给出的信息模型提出了基于船舶设计建造和船舶运行公司为两个信息处理中心的全寿期信息系统结构以及基于internet/intranet的信息共享实施技术.     

家族企业路在何方——关于加快我国家族企业向现代企业转变的法律思考

改革开放以来,我国私营经济获得了长足的发展,并为我国经济和社会发展做出了重要贡献,成为社会主义市场经济的重要组成部分。但随着市场外在条件和社会经济发展格局的变化,作为私营资本形式之一的家族企业,其自身的不适应性逐步凸现出来。克服家族式管理的不足,转换管理机制和管理方式,通过法律制度和资本市场的完善使家族企业完成由家庭化向专业化、由宗法化向市场化的转变,主动改造企业的产权结构和治理结构,实现家族企业制度向现代企业制度的转型,是使其真正做大做强的必由之路。     

浅析金融危机对中交系统施工企业资金管理的影响及对策

在金融危机下，施工企业想在市场竞争中寻求发展，强化资金管理尤为重要。文章以中交集团及其所属施工企业为例，针对当前金融危机影响，从行业的特殊性、金融危机影响的表现等方面详细阐述了施工企业解决资金紧张、破解资金风险的对策，指出强化资金集中管理，强化应收帐款管理，强化海外资金管理，控制帐户总量，控制债务规模及结构，转变资金经营方式，建立资金的预算管理和预警机制等措施是缓解施工企业资金紧张的有力保证。     

新一代82000t卡尔萨姆型节能环保散货船电气设计特点

自2009年以来,随着金融危机的爆发,国际航运市场日益低迷,而占据我国船舶业约六成的散货船市场更是首当其冲。82000DWT 卡尔萨姆型节能环保散货船是在79600t散货船的基础上开发的新一代船型,8万载重吨新一代散货船投放市场不到两年接单量就达到30艘,这些说明,卡尔萨姆型散货船已经被充分地认为是“新一代船型”。     

The impact of MTSA on financial risk and volatility of marine firms

This paper documents research analysing the effects of the Maritime Transportation Security Act (MTSA) on a set of marine operator stocks listed on Nasdaq and the New York Stock Exchange (NYSE). The paper investigates whether MTSA resulted in a structural change in systematic risk for these companies. The paper conducted event studies using the market model to estimate the effect of MTSA on systematic risk. The empirical evidence shows that MTSA resulted in a structural reduction in systematic financial risk. These results had positive implications for the cost of these operators in raising capital. The results also show a substantial reduction in idiosyncratic risk and conditional systematic risk following MTSA which had a positive effect on market risk and liquidity. As a whole, MTSA was able to mitigate some of the increased financial risk associated with 9/11 for marine operators. From a policy standpoint, MTSA provided ancillary economic benefits by reducing these risks.     

Participation in the global labour market: experience and responses of chinese seafarers

This paper documents research analysing the effects of the Maritime Transportation Security Act (MTSA) on a set of marine operator stocks listed on Nasdaq and the New York Stock Exchange (NYSE). The paper investigates whether MTSA resulted in a structural change in systematic risk for these companies. The paper conducted event studies using the market model to estimate the effect of MTSA on systematic risk. The empirical evidence shows that MTSA resulted in a structural reduction in systematic financial risk. These results had positive implications for the cost of these operators in raising capital. The results also show a substantial reduction in idiosyncratic risk and conditional systematic risk following MTSA which had a positive effect on market risk and liquidity. As a whole, MTSA was able to mitigate some of the increased financial risk associated with 9/11 for marine operators. From a policy standpoint, MTSA provided ancillary economic benefits by reducing these risks.     

The value of time

This paper investigates, for the first time, the relationship between prices and trading activity in a market where real assets are traded, i.e. in the sale and purchase market for second-hand dry bulk vessels. Investigation of this issue is of interest since the level of trading activity may contain information about the sentiment and the future direction of the prices in the market. Several important conclusions emerge from this analysis. It is found that price changes are useful in predicting trading volume, which suggests that higher capital gains encourage more transactions in the market. Additionally, it seems that volume has a negative impact on the volatility of price changes. More specifically, in contrast to what is reported for financial markets, we find evidence that, in the market for ships, increases in trading activity lead to a reduction in market volatility. This can be explained by the unique underlying characteristics of the market for ships, including thin trading, which imply that increases in trading activity result in price transparency and stability. These findings indicate that practitioners in the market may use the information contained in the level of trading activity so as to guide their market decisions in the sale and purchase market.     

The price-volume relationship in the sale and purchase market for dry bulk vessels

This paper investigates, for the first time, the relationship between prices and trading activity in a market where real assets are traded, i.e. in the sale and purchase market for second-hand dry bulk vessels. Investigation of this issue is of interest since the level of trading activity may contain information about the sentiment and the future direction of the prices in the market. Several important conclusions emerge from this analysis. It is found that price changes are useful in predicting trading volume, which suggests that higher capital gains encourage more transactions in the market. Additionally, it seems that volume has a negative impact on the volatility of price changes. More specifically, in contrast to what is reported for financial markets, we find evidence that, in the market for ships, increases in trading activity lead to a reduction in market volatility. This can be explained by the unique underlying characteristics of the market for ships, including thin trading, which imply that increases in trading activity result in price transparency and stability. These findings indicate that practitioners in the market may use the information contained in the level of trading activity so as to guide their market decisions in the sale and purchase market.     

A cross-section analysis of stock returns: The case of shipping firms

This paper undertakes an analysis of the determinants of the cross-section of expected stock returns of 19 shipping companies listed in the US, Norway, Stockholm and London. Various factors, including company stock market beta, divided yield, and financial leverage have been identified in the finance literature as determinants of share price performance. We capitalize on these findings and add one more industry specific factor, the average age of the company's fleet, to quantitatively analyse the determinants of the performance of shipping shock returns. We use the Fama-MacBeth methodology to empirically test whether the five factors above have a significant effect on shipping stocks' performance. Our results indicate that the industry specific factor (the average age of the fleet) plus financial leverage, are significant in explaining shipping stocks' returns, wheras the stock market beta and the dividend yield are far less significant.