信用类债券的政府信用及违约承担机制研究

建立信用违约承担机制是转变政府一再为信用类债券违约兜底的前提,也是债券信用风险得以合理分散的根本途径。通过对中国信用债市场发展现状、发展原因和国家政策等方面的分析,揭示出信用债市场目前存在的突出问题:信用债以政府信用为主导、信用风险依然集聚在银行体系。针对以上问题提出解决方案,尝试建立以信用违约互换(CDS)为中心、专业评级机构、信息披露制度和信用债券合理定价为支撑的信用违约承担机制。

The Pact for Mexico as a Mechanism of Governance and Legitimacy

Govemability is the quality of a political community, according to which its institutions of Government act effectively within its space, in a way considered legitimate by the citizens, thus allowing the flee exercise of the political will of the Executive branch through civic obedience of the people. Recently in Mexico, it has referred repeatedly to the precariousness of the governability by the incidence of insecurity, unemployment and extreme poverty. The Pact for Mexico--attempts to answer to these problems--is a political agreement between the President of the Republic and the three main parties--Institutional Revolutionary Party （PRI）, the National Action Party （PAN）, and the Party of the Democratic Revolution （PRD）--for big actions and specific reforms which, according to the signatories, will see Mexico toward a more prosperous future, leading the democratic transition and drive economic growth that generates quality jobs and allow to reduce poverty and social inequality. In this sense, the main axes of the Pact include those related to economic growth, competitiveness, employment, security and agreements for governability. The purpose of this paper is to analyze the Pact for Mexico from the perspective of govemability, since its dimensions of legitimacy and effectiveness. It will analyze the main reforms and political agreements, the role of Congress and the main actors; as well as the arguments of those who defend the Pact stating that it is a mechanism of governability and those who reject it that it overshadows the work of the legislature.

Real Options and Govemment Supports to Infrastructure Investments： An Empirical Study

This paper provides evidence for the relationship between various forms of real options in infrastructure projects and the types and levels of government supports to the infrastructure investments. It analyzes the common real options and real options-based strategic investments and aligns them with the common types of public-private partnership （PPP） infrastructure projects. It then develops models to show that the real options incorporated into the different types of PPP infrastructure projects affect the level of direct government cash supports to the projects and hence the viabilities of such projects. The paper however shows that the relationship between the embedded real options and viabilities of infrastructure projects can be influenced by such factors as contract period and percentage of private sector contributions to the projects.

Relationship between environment policy and technical transformation:industry pollution control in Three Gorges Reservoir

Ecological objective promotes local government who is in a reservoir area adopting new environmental policies which encourage firms to save energy and reduce emissions.Based on real option theory,we characterized the arrival of new environmental policy as a Poisson jump process.Under the situation that neither the policy arrival time nor contents can be determined,with the real option theory,we focused on problems for firms to decide best investment timing and scale,provided the cumulative probability distribution function of investment timing,and gave a numerical analysis.By analyzing the relationship between policy and investment decision,we found a perverse result that the high subsidy does not always encourage investment all the time,which can be a valuable reference for government to control industry pollution and make reasonable policies.

Major Power Diplomacy with Chinese Characteristics Is Moving forward Steadily

The year of 2016 witnessed the balance of internal and external situations, calm and steady actions and proper planning in major power diplomacy with Chinese characteristics. Those were reflected in the success of the G20 summit, the vigorous promotion of the"One Belt, One Road"(B&R) Initiative and the active promotion of international cooperation on development, which acquired positive response and general agreement from the international community and made special contributions to building a more just and reasonable international order.Those were also reflected in the active management of major power relations and sound responses to the changing situation in the surrounding area to create good external environment for domestic development. In addition, further expansion and defending of overseas interests set higher standards for Chinese diplomacy. Having been pushed by the era to the forefront, China is performing its responsibility as a major power in a peculiar way and will certainly make greater contributions to world peace and development.

Effectiveness of Supervisory Boards in Coordination With Audit Committees in China

China＇s supervisory mechanism is peculiar in that it integrated the supervisory board （SB） of the German corporate governance （CG） model in 1993, and has simultaneously adopted the audit committee （AC） of the Anglo-American model since 2002. This paper aims to reveal the effectiveness of SBs in coordination with ACs in China. The regulations for Anglo-American and Chinese systems are compared and further evidence is provided through interviewing two governors of all listed companies in the SSE and of 79 investment corporations in Hangzhou. Both statements indicate that China still faces difficulties and problems in meeting the two indexes of independence and expertise of supervision to give effective supervisory functions. Both opinions differed in terms of the co-ordination of SBs and ACs in the future. The evidence presented forms a basis for proposals of how key characteristics of effectiveness and co-ordination can be improved to make supervisory functions in China more effective.

For a Still “Social” Housing： The Fluent Governance

Network governance, widely used as theoretical model in investigations on social housing, is not free from critiques, first of all, for the fact that it has a uni-directionality of bottom-up processes, when oriented to public deliberation, or top-down when decision-makers are technical experts at the political level. Given the new complexity of the social housing issue and the considered limits of the network governance, this work aims at looking for a possible different theoretical framework able to give different tools to simplify decision making processes without any alteration of any basic decisional element. The contribution given by this work is the proposition of what has been called ＂fluent governance＂ as a framework of decision making able to represent the whole spectrum of interventions in the process, also taking into account aspects not captured by standard models. The paper reports an experimentation of the proposed model conducted in Italy in the field of renovating social housing policy.

Corporate Governance and Earnings Quality： The Experience of Listed Companies in Iran

This study examines the relationship among independent boards of directors, board size, managerial share ownership （MSO）, and earnings quality. The study of these relationships is controlled by firm size based on a sample of 114 companies listed on the Tehran Stock Exchange （TSE） for the period from 2008 to 2010. The results demonstrate that there was an insignificant positive relationship among independent boards of directors, managerial ownership, and earnings quality. Subsequent analysis shows an insignificant negative relationship between board size and earnings quality. It also provides evidence of the negative relationship between firm size as a control variable and earnings quality. This can be attributed to the fact that large firms are claimed to be politically sensitive and thus have the incentive to lessen variances in changes in their reported earnings.

A Summary of the Developments Regarding the Economic Regime Implemented in Developed and Developing Countries

Since the developments regarding the economic regime in developed countries follow a different path as opposed to those in developing countries, in this article, these two groups of countries will be examined separately. Priority will be given to investigate the economic regime in developed countries due to historical and theoretical reasons. Today, both in developed and developing countries the economic activities basically are taken up by the private sector, nevertheless the government contributes to these activities through intervention, guidance, protectionism, and investment. Still the level of government intervention, protection and public investments in developed countries appears to be at the minimum. The role of government in developing countries, however, seems to be more significant. The gravity of the government＇s role depends on the degree of development for the countries concerned In the countries where the level of development is low, the role of government increases, in other words, the improvement in development decreases the role government.

Family Ownership Type and the Intemational Involvement of SMEs： Empirical Study of Agency Theory in East Java Indonesia

This paper briefly draws the dimension of small, micro and medium enterprises＇ （SMEs） behavior in terms of internationalization strategy based on the ownership structure among SMEs in East Java. The finding is very interesting when there is no ownership structure variation, so the decision to choose international involvement could not be supported. Also, the scale determination is not becoming constraint of SMEs in East Java to involve internationally, especially thought export strategy. However, several aspects are considered to control the export behavioral dimension which is research and development （R＆D） and sales, significantly. The result shows that there still are other elements except ownership type could impact internationalization strategy choices of SMEs in East Java.

Standards and Regulatory Stewardship Workshop

How govemment think about regulation in the 21st century is changing. This workshop as the first session of Pacific Area Standards Congress 2019 will bring together standardizers and regulators to Look at how standards can play a part in regulatory stewardship, an innovative and proactive approach for government regulatory agencies.

Analysis of functions of government＇s role in health care reform

Since reform and opening, China＇ s medical system reform has achieved remarkable success, but also brought a lot of problems, such as： hospitals are ill-defined in for-profit and nonprofit, the Office of the Ministry of Health hospitals and managed hospital are also ill- defined, solving our health care reform issue is urgent, the crux is the government and market positioning and how to build a service-oriented government, provide medical supplies, establish fair and equitable health care system which is the basic duty of government, are also urgent needs for building a socialist harmonious society.

Research on the Positioning of Government Functions in China under the Background of Smart City Construction

In the process of smart city construction, Beijing, Shanghai, Shenzhen and some other cities are facing many problems, among which the most essential one is the government＇ s leading role cannot give a better play due to the constraints of the traditional government functions. Therefore, it is necessary to carry out a reasonable position for the government functions in the construction of smart city. This paper issues that the government should reflect functions in the construction of smart city, such as the planning function of top-level design and unified planning; the organizational function of providing funds and talent protection; the coordinating function of promoting multiple-subject cooperation; the controlling function of establishing technical standards and legal norms.

Analyses between Chinese and England Culture through＂Government Office Worker Craze＂

In recent years, more and more people choose to become civil servants for stability of the work and respect of the society. Civil servants not only have a better treatment, but also a higher social status. However, the condition is not true in England. This thesis will demonstrate the current condition of ＂Government Office Worker Craze＂, meanwhile, analyze the reasons of this phenomenon by comparing with England. The thesis will firstly display the advantages and disadvantages of this phenomenon; then demonstrate traditional understanding of the two countries separately to find out common characters; the reason of ＂Government Office Worker Craze ＂ in China by exploring the historical cultures; finally, the thesis shows intersections between the two countries and give proper suggestions.

Perfect Shanghai Community Support Mechanism importance

With the aging of our population is growing significantly, pension issues are also increasingly prominent in the family pension, social pension and retirement communities, and retirement communities have both advantages and both have their own characteristics and become an effective means to solve the pension problem, Shanghai is currently analyzing the situation and problems of the pension on the basis of the Shanghai community care services continue to improve mechanisms to forward the healthy and orderly development of Shanghai pension service mechanism.

Impact of Chinese Characteristics on the World Trade Organization： Challenges and Strategies

Following China＇s accession to the World Trade Organization （WTO）, it has been impossible to overlook the influence of its economy on the multilateral trading system. Many published studies have examined why China joined the WTO and the comprehensive impacts of WTO membership on China, but few studies have focused on China＇s impact on the WTO. This article attempts to fill this gap by examining China＇s changing role in the multilateral trading system from political and legal perspectives, seeking to shed light on how Chinese characteristics have reshaped the power structure and rule-based system of the WTO. While its accession has made the WTO more relevant in regards to global trade governance, China has been accused of upsetting the WTO＇s rules-based system because of its unique political and economic regime. The WTO and its members should take the Chinese characteristics into consideration and regulate China＇s practices through using the dispute settlement mechanism, promoting China＇s accession to plurilateral agreements and adopting a ＂＇soft law ＂＂ approach.

Decision-making governance for the Hong Kong-Zhuhai- Macao Bridge in China

The complexity of the Hong Kong-ZhuhaiMacao Bridge and the political environment of "One country, Two systems" have brought a vital influence on the decision-making recognition, decision-making analysis, and decision-making management related to this crossborder infrastructure mega-project. Based on case study,this study systematically analyzes the complexity of the decision-making related to the Hong Kong-Zhuhai-Macao Bridge, and explains the general principles that were used for its decision-making management. The research examines the decision-making management system of the Hong Kong-Zhuhai-Macao Bridge, its adaptive behavior, and specific coordination mechanism on different decisionmaking problems in different decision-making stages. This result provides reference for decision-making management system design of cross-border projects.

State versus private sector provision of water services in Armenia

Despite increasing advocacy and adaptation of public-private model of water governance worldwide since the 1990s, today only 5% of the world＇s population is served by water utilities with private involvement. The present article examines the experience of the water sector in Armenia with private sector participation. The study describes the process of the introduction of public-private partnerships in the water sector and focuses on analyzing the impact of privatization on water utility performance. The analysis employs the partial indicator method for evaluating the impacts in relation to operational, finance, and environmental performance, done by drawing on the database for the five water companies in Armenia. The empirical evidence shows that private participation in general led to improved overall performance. In particular, private involvement resulted in increased operational efficiency in terms of labor productivity, water metering, continuity of service, and revenue collection efficiency. There were mixed improvements in the operating cost coverage ratio. As for environmental performance, there were gains in the reduction of residential water consump- tion, accompanied, however, by an increase in non- revenue water.

Violence Is Intolerable

On the evening of July 21,some radical demonstrators stormed the Liaison Office of the Central People's Govemment in Hong Kong Special Adrministrative Regjon(HKSAF),defaced the national emblerm and painted insulting words on the wall.The vicious acts have trampled the rule of law in Hong Kong and challenged the authority of the Central Govemment,and are absolutely intolerable.