Strategies for China’s Response to and Improvement of Third-Party Funding in International Investment Arbitration

China should prioritize the establishment and enhancement of a third-party funding system.It should actively refine the existing arbitration rules,addressing any loopholes in the current regulatory framework.Comprehensive measures should be implemented to regulate third-party funding,aligning with international trends.This is crucial not only to safeguard the foreign investment of the Chinese government and enterprises but also to position China as a globally influential arbitration center.

INVESTMENT FUND INDUSTRY IN CHINA : ITS PRESENT SITUATION,PROBLEMS AND DEVELOPMENT

This paper examines the present situation of China's investment fund industry and some main problems in its development. The authors conclude that the rapid growth of the nation's financial assets and the establishment of a social insurance system provide a good prospect for the development of investment funds in China. Especially, “Government Bond Fund” and “Joint Fund” are expected to be established in the near future.

Investments of Milk Processing Capacities from Romania, through the Funds Provided by the ＂NPRD 2014-2020＂

In this paper, an analysis of the possibilities of development of milk processing activity was made, using as financing source the public funds provided by the Common Agricultural Policy and the distribution of the investments in Romania. All the EU member states gain 99.6 billion through the European Agricultural Fund for Rural Development, the period 2014-2020, of which Romania has received the total of 8.128 billion euros. Through the 2014-2020 National Rural Development Program （NRDP 2014-2020）, sub-measure 4.2 ＂Support for investment in processing/marketing of agricultural products＂ （2014）, Romania is falling Regulation （EC） 1305/2013 in measure 4 ＂Investments in physical assets＂ （2013） and contributes to increasing the value added of products on local markets and inter-professional organizations, the establishment and development of small businesses and job creation. Until now, in the milk processing sector, investments of 93,918,043 euros were made, about 50% （47,667.41 euros） of which from public funds.

Evaluating the Performance of Investment Funds in Turkey

It is important to determine the most appropriate levels of risk and return for small investors. For that purpose, the investment funds are very important tools to create a portfolio for small investors, to deploy the potential risks in optimal proportions, and to direct investors. In this study, the performance of 83 pieces of investment funds will be evaluated which are treated in Turkey dates from January 1, 2010 to December 31, 2012 with performance evaluation methods such as Sharpe, Modigliani （M2） that is based on the standard deviation, and Treynor, T2, Jensen that is based on systematic risk （beta）, and the highest and lowest performance investment funds will be presented. The aim of the study is to examine the success of the investment fund managers whether they could estimate the course of the market well or not regarding time period. The empirical results show that the investors who invest on the funds that have negative risk premium by investing in the investment funds getting under the risk cannot get more excess return than getting the return from the risk-free interest rate as treasury bills. The result implies that it could be said that the systematic and total risks of all investment funds are low and they are not sensitive to the developments in the market, and thus, regarding funds could be called as conservative funds.

CHINA-AFRICA DEVELOPMENT FUND:Providing a bridge for investment

THE Durban COP 17 gathering was always seen as a station on the long journey of global climate change consensus and not the destination.

CHINA-AFRICA DEVELOPMENT FUND:Providing a bridge for investment

Establishing a China-Africa Development Fund(CADFund) to encourage and support Chinese enterprises to invest in Africa was one of the eight measures implemented to strengthen China-Africa cooperation pledged by China at the Beijing Summit of the Forum on China-Africa Cooperation(FOCAC) in 2006. The Fund became operational in June 2007 with a first-phase funding of $1 billion provided by China Development Bank(CDB).The funding is expected

Corporate managers,price noise and the investment factor

This study investigates the impact of flows between bond and equity funds on investment factors over the period 1984–2015.It determines contemporaneous mispricing effects and a statistical reversal relation between these flows and both legs of the investment factor.The statistical reversal relationship between previous flows and the investment factor is economically significant.A one-standard-deviation shock to flows causes a 0.29%decrease in investment factor returns,which are reversed within 5 months.A trading strategy based on signals from past flows and the investment factor outperforms the market by 0.68%in the months following positive flows and produces significant alphas after accounting for well-known equity risk factors.The findings are interpreted as evidence in favor of a behavioral explanation,in which sentiment influences actual managerial decisions.When retail investors and managers are swept up in market euphoria,retail investors shift their holdings from bond to equity mutual funds,and high-investment firms invest more aggressively.Market-level euphoria has a different impact on high-and low-investment firms,and thus the investment factor can be influenced.Hence,the mispricing occurs during these periods,and the reversal relationship is especially pronounced for a high-investment portfolio versus a low-investment portfolio.As a result,during the months following periods of positive flows,the investment factor outperforms the market factor.Interestingly,this study’s measure of flows,which serves as a proxy for market-level euphoria,outperforms other measures of investor sentiment.

Outlook for Investment from Insurance Institutions in the Belt and Road Initiative

Chinese insurance companies has been adopting offshore capital operation practices,according to regulation and supervision policies on overseas investment,since 2012 when the former China Insurance Regulatory Commission(CIRC)relaxed the restrictions on offshore asset allocation of funds of insurance companies,encouraging insurance companies to actively diversify their global asset portfolios.

Investment Strategy of the Temasek Holdings

Sovereign Wealth Funds （SWFs） are generally known as investment funds owned by national governments and financed by the country＇s foreign currency reserves （dollar, euro, and yen）, often through their central banks or via direct investments. The study investigated the investment strategy of the Temasek Holdings as one of the most successful SWFs which is owned by the government of Singapore. Temasek Holdings was founded in 1974 to manage part of the government＇s revenues. Present turbulent times create a big pressure on healthy investment strategy of the SWFs. But total shareholder return for Temasek since its inception in 1974 has been a healthy 17% compounded annually. The main objective of the paper is to focus on the role of the Temasek Holdings as a company managed on commercial principles with an aim to achieve long-term sustainable returns. The study also analyzed Temasek Holdings＇investment strategy. The study provides answers to questions like： why Temasek is of the most successful SWFs and what is the fund risk management？ Another part of the paper compares investment strategy of the Temasek Holdings with other SWFs. The study has been conducted mainly on the basis of literature survey, secondary information and with using various web sites and research paper. The analysis has been also based on disclosures appearing in the Temasek annual reports over the period from 2008 to 2010.

Risk and Regulation of Chinese Online Investment Products

The emergence of Yu＇E Bao and the like provides Chinese investors with a new and flexible investment option. Such new investment instrument forces up the cost of capital of local banks and also takes away the market share from them. Yu＇E Bao has allocated most investments in inter-bank money market due to the liquidity concerns. This study investigates Yu＇E Bao＇s portfolio allocation and potential risk, and also provides policy implications for regulators. The research findings suggest that regulators should issue more provisions to further regulate the operation of online investment products and keep the liquidity risk under control, i.e. require money market funds to hold more capital in reserve on a gradual basis. By examining the case of Yu＇E Bao, a new online investment product in China, this study sheds light on the recent financial development and reform of China.

How Product Importance Perception, Need for Cognition and Enduring Involvement Influence Investors＇ Knowledge of Investment Products？

The lack of proper knowledge about investment products can have a large negative influence on the financial well being of investors. Inspire of that, there is a dearth of studies conducted, specifically to investigate the factors influencing the knowledge of investors about investment products. This paper propose a model and investigates the direct and indirect （mediated through investor＇s enduring involvement with product） influence of investor＇s product importance perception （PIP） and need for cognition （NFC） on investor＇s knowledge of investment products. The hypothesized relationship is empirically validated in the context of mutual fund schemes （MFs）. Survey conducted on the sample of 268 MF investors suggests that there is an insignificant direct influence of investor＇s PIP and NFC on investor＇s knowledge of investment product （KIP）. However, when mediated through enduring involvement with product （EIP）, the influence was found to be significant. The results suggest that EIP perfectly mediates the influence of PIP and NFC on investor＇s KIP. The relevance of the results to the policy makers is also discussed.

Main Factors Affecting the Balance of Investments in Serbia and New Trends of Investment

The importance of investment for the development of some country is undeniable. In today＇s economic conditions, it is necessary to observe all the influencing factors and examine their impact on the investments in the economy of some country. The goal of each country is to create a favorable climate （conditions） for the investments, because they stimulate the growth and development of the country. The aim of this paper is to point of the current situation （the past few years） of the foreign investments in Serbia＇s economy and to highlight the main factors that influenced this situation. In a past few years, there is another trend of unexploited resource of investment seen in Serbia, which is more and more attractive in the region, but unfortunately unjustly neglected in Serbia. These sources are venture capital and private equity funds. Some of the influencing factors that must be emphasized are the country＇s general economic situation, political risks, taxation, the financing of the investments, the government＇s incentives （subsidies）, support from some specialized institutions, etc..

Research on the Impact of Venture Risk Tolerance on R&D investments:Based on Entrepreneur Ability

How do start-ups enhance risk tolerance and core competition through product,technology,and service development?What is the relationship between the core competitiveness of start-ups and R&D investments?Based on the perspective of entrepreneurial ability,222 questionnaires were used to study the factors affecting the risk tolerance of start-ups and analyze the effect of risk tolerance on R&D investments.The research shows that the interactions of entrepreneur ability and start-up funds have a positive effect on the risk tolerance of start-ups,and the risk tolerance can positively promote R&D investment willingness and intensity for new products,technologies,and services.Also,R&D investment willingness plays a partial intermediary role between the risk tolerance of start-ups and the intensity of R&D investments.

Empirical Analysis on Practice of Venture Investment in China

Organizational policy innovation in venture investment is an important measure to prompt making venture capital. This paper begins with introducing limited partnership, corporation and trust funds which are organizations suitable for venture investment, and then combines detailed case at home to analyze, reflect the develooment situation of venture investment in China.

产业政策、基金投资与企业股权再融资

如何有效引导资金流向政策支持的产业,是产业政策发挥效果、促进金融服务经济的关键。根据“产业政策引导基金投资,基金投资与产业政策的有机结合影响企业再融资”的思路,研究了产业政策对基金投资行为的影响,并进一步研究了产业政策影响下的基金投资能否促进企业再融资问题。研究发现:产业政策能引导基金投向政策支持的企业;基金持股与产业政策的交互作用引导资本市场资金流向政策支持的企业,促进企业再融资。研究有助于深入理解产业政策、资本市场主体行为和市场资源配置之间的关系,更好发挥产业政策的导向作用和金融支持实体经济的功能。

私募投资基金涉罪的争点问题思考

私募投资基金行业在快速发展的过程中,不仅暴露了不少违规经营、管理失范等问题,而且涉及相关刑事犯罪。私募投资基金涉罪,包括纯正的私募基金犯罪和不纯正的私募基金犯罪两类。从非法性要素看,私募机构未经登记备案而擅自募集基金有可能涉嫌非法集资,但也不能仅仅因为行为违反了私募基金管理有关规定就直接认定为构成非法集资犯罪,要构成非法集资犯罪必须同时违反关于非法集资的相关法律规定。从金融性要素看,“私募基金管理公司”不属于有关《刑法》条文规定中的“基金管理公司”范围。从募集性要素看,私募基金管理人采用代持、拼单或非法拆分等间接投资方式募集基金,突破合格投资者限制,涉嫌变相非法集资。私募基金涉罪的监管规制路径包括完善有关刑事立法、司法解释规定,重视企业合规管理。

典型水利产业投资基金情况调研与思考

近年来,一些省份积极探索设立水利产业投资基金,推进水利基础设施建设,取得了一定成效。通过对贵州、湖南、江西和河南等地的典型调研发现,目前水利领域产业投资基金面临管理趋于严格、实际应用不充分、基金吸引力不强等挑战。为推动水利领域用好产业投资基金,建议加强宣传培训提高认识,结合当地实际分类推动,加大政策支持优化设计,推进市场化改革提高收益。

优化地方政府投资基金运作的路径与思考

政府投资基金是落实宏观经济政策的重要手段、支持产业发展的有力方式、破解企业融资瓶颈的有效渠道。我国政府投资基金从初步探索、快速发展转向高质量发展。但在运营方面仍存在诸多不足,政策导向和盈利导向之间存在矛盾,市场化运作受决策程序、产业发展方向制约,资本逐利影响了产业政策落实,基金投资与市场主体争利问题突出等。本文分析了济宁市政府投资基金运作的困境压力,提出优化政府投资基金运作需要进一步明确支持方向、完善投后管理和赋能机制、强化基金投资运作过程管理等。济宁市政府投资基金优化运营,重点应加大基金注入,完善基金制度体系,围绕项目、突出平台、强化联动,提升基金投放质效。

市场情绪与基金投资策略:迎合还是修正?

基金投资策略选择是学术界、监管者和市场参与者共同关注的焦点.本文根据行为资产定价理论将基金投资策略量化为组合收益的市场情绪敏感度,首次在微观层面对其按照市场状态分类界定为迎合情绪策略与修正情绪策略,通过理论模型和实证检验探究基金的投资策略选择对其流量、风险和经理努力程度产生的系统影响,从行为委托代理视角剖析基金业绩的影响机制.研究发现:基金采取迎合策略时,对投资者特别是个体投资者更有吸引力,但会对投资者利益造成隐性侵害,表现为基金未来的风险增大、收益降低,且基金经理在无需付出更多努力的情况下可获得更高报酬.进一步分析表明,基金经理为取悦投资者的消极放任行为是其业绩表现不佳的重要原因;基金采取修正策略时,产生的系列影响则完全相反.本研究为中小投资者的投资实践、基金治理与监管,及解释基金市场异象提供了新的思路与启示.