Central SOEs and State-owned Assets Management System Witness Great Reform&Development

Since the beginning of 2005, the central SOEs (state-owned enterprises) earnestly carried out and put into effect various strategies and policies as well as work plans of the Central Committee of the Party and the State Council.They kept forging ahead and carved out in an innovative spirit, and made great achievements worth celebrating in their various work.Both sales revenue and total profits of the central SOEs have been growing rapidly and synchronously, and the quality of the stateowned assets have been further improved and appeared a good momentum.……

The Separation of Powers from Functions and the Establishment of a New Structure of Management and Operation of State-owned Assets

The development of the socialist market economy demands the furtherintensification of the reform of the management operating system (MOS)of the state-owned assets, the strengthening of the efficiency in the man-agement of state-owned assets,and the improvement of the operating bene-

Exploring New Ways to Deepen the Reform of State-owned Foreign Economic and Trade Enterprises

By the end of the century, the reform and development of China’s state-owned enterprises will create new prospects. The reform of state-owned foreign economic and trade enterprises should also see further breakthroughs. At present, the following aspects are important: 1. Implement a Holdings System in the Reform of State-owned Foreign Economic and Trade Enterprises. The holdings system plays a major role in transferring the management mechanism of state-owned foreign economic and

30 years of reform of China's state-owned asset management system

Reform of China’s state-owned asset management system is an important component of China’s economic system reform,but also a key factor in rejuvenating the national economy.In this article,the authors analyzed the background of the reform,summarized the reform process and discussed related question on how to deepen the reform.

Regulations on AsSet Appraisal for Foreign Organs in China

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美国冻结和处分俄罗斯主权资产的法律路径与挑战

俄乌冲突已持续两年,美国及其欧洲盟友提供的外国援助是乌克兰获得财政资源的最直接的方式。随着对乌援助在国内外面临的经济压力和政治压力不断增大,美国政府不得不开始寻找新的资金来源。拉拢盟友一起冻结和处分俄罗斯的海外主权资产,将之用于协助乌克兰应对冲突和战后重建,成为美国当前最为中意的方案。美国的决策者正在积极研究论证实施该方案的现有法律和政策路径,试图从法理、国内法、司法判例和国际法中发掘充分的法律依据,甚至酝酿推出转移俄罗斯海外主权资产的强制性法案,意图以所谓的“合法手段”达成目的。美国此举的本质是以法律战打经济战,将冻结和处分外国主权资产的手段合法化、正当化,这不仅会伤害美国的软实力,受到国际社会的广泛质疑,还会对解决俄乌冲突带来不利影响。

Building State-owned Assets Supervision System and Conducting Mixed Ownership Reforms to Reinforce Each Other’s Collaboration

Improving the state-owned assets supervision system(SOASS)can effectively get over the defects of systems and mechanisms and further promote the reform of mixed ownership of state-owned enterprises(SOEs);and the deepening of the reform can advance the change of the SOASS to the supervision on capital.By analyzing the relationship between the SOASS and the reform of mixed ownership of state-owned enterprises,we have found that collaborative promotion of the change of the SOASS to the supervision on capital and promotion of the reform of mixed ownership can do good to ameliorating the corporate management mechanism,improving the market-oriented management mechanism of enterprises and completing the medium-and long-term incentive mechanisms,etc.to enhance business operation efficiency.Due to such prevailing problems as relative dispersion and vagueness of the policies relating to deepening the reform of SOEs,inconsistent progress of the reform of state-owned assets(SOAs)and SOEs,and corporate reform focusing on apprence,improving the SOASS and deepening collaborative development of the reform of mixed ownership of SOEs are hindered by some constraints.To construct and improve the SOASS and the reform of mixed ownership collaboratively,we should make efforts to promote the reform in the following five aspects,namely,placing importance to policy coordination,boosting synchronism of the reform of SOAs and SOEs at different levels and in different areas to coordinate the nationwide reform of SOAs and SOEs,facilitating reform of the mechanism of enterprises of mixed ownership through mixed capital,and promoting the SOASS and stimulating classified monitoring and reform of mixed ownership based on classified reform of SOEs.

Management of Foreign Investment in Scientific Research Institutions

Based on the premise of promoting the sustainable development of scientific research institutions,this article analyzes the key points that should be emphasized in the management of foreign investment.It summarizes the practical significance of foreign investment management and determine the necessity of this management.According to the problems encountered in the management,three suggestions have been put forward.The scientific optimization suggestions are summarized from three aspects which are strengthening the standardization of foreign investment management,standardizing the financial accounting mode of foreign investment,and paying attention to the cultivation of foreign investment supervision personnel.There are accumulated experiences in the area of foreign investment management and the management system is constantly being improved in order to strengthen the efficiency of foreign investment projects in scientific research institutions.

货币国际化会增加一国外部净资产吗?——基于估值效应和经常项目的比较研究

文章利用160个国家和地区的EWN II数据库样本,检验了货币国际化对一国外部净资产变动的影响,研究发现:货币国际化对一国外部净资产变动有显著正影响,具体而言,货币国际化对估值效应的正向影响大于对经常项目的负向影响,从而整体上对一国外部净资产产生了正向影响。机制检验发现,本币国际化主要通过汇率机制影响一国外部净资产,而非资产价格。进一步的异质性结果显示,在记账国际化程度更高、经济体量更大及发展中国家或地区,本币国际化更易增加该国外部净资产。作为发展中国家,我国应适当推进人民币国际化进程,进而通过正估值效应增加自身“隐性”外部净资产。

数字化转型与跨国企业海外市场进入模式选择——基于A股上市公司的经验证据

本文基于2007-2020年中国A股制造业上市公司数据,探究了数字化转型对跨国企业海外市场进入模式选择的影响。结果表明:(1)数字化转型能提高企业特有资源的可转移性、降低企业对东道国互补性资源的依赖,从而提升跨国企业以独资模式进入海外市场的可能性。(2)企业创新能力在数字化转型对跨国企业海外市场进入模式选择的影响过程中发挥中介作用,即数字化转型有助于增强跨国企业的创新能力,而具备创新能力的跨国企业出于保护自身特有资源优势的考虑会选择资源承诺更高的独资模式。(3)数字化转型对跨国企业海外市场进入模式选择的影响随双边政治关系、高科技行业性质、高管海外背景的不同而存在异质性。(4)进一步研究表明,数字化转型可以通过提升跨国企业以独资模式进入海外市场的可能性,实现海外子公司经营绩效的改善。

基于产业需求的外汇储备实物资产配置

外汇储备管理应突破仅追求投资收益的限制,建立为产业对资源需求提供支持的战略思想。为了在投资收益性、管理流动性和产业需求之间寻得平衡,文章提出基于产业需求的外汇储备实物资产配置目标与方案,通过期货投资,给出了实物资产的投资结构。通过追踪适应中国产业需求发展的商品期货价格指数,不仅可以增加战略储备、为产业发展提供支持,而且可以分散化风险、获得很好的投资收益,从而为外汇投资提供了投资依据。

美国金融风暴对我国外汇储备的影响研究

本文以Deaton(1991)[5]的预防性储备模型为基础,研究我国外汇储备的适度规模以及外部因素对规模的影响。研究发现外汇储备的最优规模主要取决于预期未来外汇收入的趋势与波动程度,以及外汇资产的预期收益率。当外汇收入呈上升趋势时,即使外汇资产能获得较高的收益率,也不应当扩张其规模,同时风险资产的比例应该保持在较高的比例。当外汇收入呈平稳性波动时,外汇储备的最优规模与其收益率及外汇收入的波动程度均呈正相关关系,且风险资产的最优比例相对较低。当美国金融风暴引起我国外汇收入呈剧烈波动甚至大幅下滑时,即使外汇资产的预期收益率不高,也应当扩外汇储备的规模。

基于混合C藤Copula模型的外汇资产组合VaR研究

本文在对资产组合的风险分析研究中以VaR作为风险度量工具,采用基于Pair Copula高维建模方法的混合C藤Copula风险分析模型,构建了反映多个资产收益实际分布和相依性的联合分布函数。该模型对C藤图形化建模工具作了进一步改进,根据变量间相关性强弱确定变量顺序,并对各Pair Copula都依据一定的标准选择最优函数族。以此建立的模型不仅考虑到了维数影响,而且能捕捉到资产组合因子间的相关性差异,从而能更好描述资产组合的相依结构。在此基础上,利用MonteCarlo方法计算了中国外汇市场上七种外汇资产投资组合的VaR,并通过实证分析验证了该模型的有效性。

基于产业需求的外汇储备战略投资

鉴于产业发展对大宗资源需求价格的不确定性和外汇储备面临的机会成本,建立了基于产业需求的外汇储备战略投资优化模型。该模型结合了组合套期保值和均值方差两个模型,在确保外汇储备投资收益大于机会成本的约束下,实现了进口价格波动最小,进而降低了外部市场价格的冲击。实例表明,该战略投资等价于进行实物资产配置,可以成为拓展外汇储备投资结构的一种良好途径。

中国人民银行资产负债结构的经济学分析

中国人民银行资产负债表反映了我国的货币政策操作,与发达国家中央银行高政府债权比例和高通货比例的情形完全相反,高外汇资产比例与低通货比例是它的突出特征。从货币政策作用于宏观经济的收益成本来看,人行资产负债结构的变迁具有合理性。但是,货币发行以"外汇资产——人民币"为主的模式降低了人民币的信用价值。不合理的资产负债结构揭示了我国金融运行中的潜藏风险。文章提出了改善人民银行资产负债结构的有益思路。

不成熟债权国、估值效应与中国的财富流失风险

中国从20世纪90年代初期开始转变为净国外资产持有者,目前是全球最大债权主体之一。但由于人民币尚未国际化,中国处于不成熟债权国地位;从债权结构看,由官方储备和债务性资产所构成的"风险资产"是中国净国外债权的主体部分;这一债权状况增加了中国的财富流失风险。基于向量误差修正模型和状态空间模型的实证检验结果表明,中国净国外债权变动中存在相当大的负估值效应,在国际金融危机期间尤为显著,人民币汇率变化是引起负估值效应的重要因素之一。因此,调整对外投资策略、稳定人民币汇率并积极推进人民币国际化是增强中国外部资产管理水平的关键。

当前地方政府存量债务置换的优化方案及相关建议

本文分析了我国地方政府存量债务置换的背景及利弊,认为当前推行的地方政府债务置换对于缓解地方政府债务问题、防范化解金融体系风险具有重要意义。但同时,置换方案在发行定价机制、综合改革效应等方面存在一定优化空间。针对现行存量债务置换存在的不足,本文建议借鉴1998年以来我国两次发行特别国债推动国民经济债务重组的经验,通过发行特别债券和开展外汇储备资产证券化实行第三次国民经济债务重组。

对外直接投资对企业利润率的影响——来自中国工业企业的证据

基于中国工业企业数据库(2003~2011年)和商务部《境外投资企业(机构)名录》的合并数据,运用基于倾向得分匹配的倍差法检验了对外直接投资对企业资产利润率的影响,发现中国企业对外直接投资总体上显著降低了企业利润率,无论企业投资于单个或多个国家(或地区)。基于企业投资动因的分类检验发现,OFDI行为显著降低了商贸服务类和当地生产类OFDI企业的利润率,而对技术研发类和资源开发类OFDI企业的利润率影响不显著。此外,对发达国家的对外直接投资显著降低了企业利润率,而对发展中国家的投资对利润率的影响不显著。最后,滞后性检验发现,对外直接投资对企业利润率的影响在投资后的3年和5年仍然显著为负。