Table of Content

16 June 2000, Volume 20 Issue 3

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PROPERTY RIGHTS DEFECTS AND ETHICAL CONFLICTS

LIU Wei

2000, (3):  5-10. 

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This paper thinks that,among various social systems,property rights system is the most fundamental,and property rights defects would certainly lead to moral disorders. On condition that property rights leech on to franchise,real market economy wouldn't exist;on condition of a monopoly system,resources utilizing efficiency would be low;and on condition that rights are separate from functions,that is,when classical firms transfer to modern ones,there would be at least three potential cases that can cause moral hazard.

EMPLOYEES' STOCK PLAN VERSUS EXECUTIVES' STOCK PLAN:FROM THE U. S. TO CHINA

ZHUANG Li, LU Xiongwen

2000, (3):  11-15. 

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By introducing and analyzing the U. S. employees' stock plan vs.executives'stock plan,it points out that at current stage in China,the former is suitable only for several small firms and high-tech firms;the latter is suitable for most SOE,but it needs the effectively coordination with stock markets and principal governing structures,etc.

FINANCIAL DERIVATIVES MARKET IN CHINA:TENDENCY IN THE FUTURE OF TEN YEARS

LI Yan

2000, (3):  43-48. 

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With the coming of Chinese entring WTO,it would be inevitable for Chinese financial market to open,and the market unrest would also be seen.So is the tendency of establishing and developing the Chinese financial derivatives market,and the process must be gradual.According to the changing of the demand,the derivatives would come as:stock index futures,stock index options,transferable bond,stock warrant,interest rate futures,bond futures,interest rate swap,bond options,interest rate options,foreign exchange futures and options.