Table of Content

16 September 2007, Volume 27 Issue 9

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SOME CONSIDERATIONS ON CURRENT CHINA'S CAPITAL MARKET

WU Xiao-qiu

2007, (9):  5-11. 

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China's capital market is entering a new historical stage. Keeping macro policy stable is crucial for the development of China's Capital market. Some phenomena, such as revaluation of RMB appreciation, excess liquidity and sustaining growth of national economic growth create a historical opportunity for China's capital market. The development of capital market will have comprehensive and profound impact on the reform and development of China's commercial banks.The development of domestic capital market per se is a necessary condition for the sustainability of Chinese future economic growth.

REVENUE-RISK ANALYSIS OF SOCIAL SECURITY FUNDS INVESTING IN CAPITAL MARKET

HU Ji-ye

2007, (9):  41-46. 

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Capital market can make the social insurance funds maintain and increase the values.Positive analysis of Chinese capital market during 1993-2006 shows:1% increase of the standard error of capital portfolio, the measurement of risk, will bring 0.221% increase of expected revenues.Therefore, social insurance funds can invest properly in stock market, though Chinese stock market has great risk, getting the dividends of economic growth and dispersing the risk.

CONVERSE INVESTMENT OF CHINESE ENTERPRISES IN DEVELOPED COUNTRIES:ANALYTICAL VIEW OF CREATED ASSETS

WU Xian-ming

2007, (9):  52-57. 

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Why should Chinese enterprises without monopoly advantage invest in developed countries? It can hardly be explained by the existing transnational corporation theory. The upstream investment of Chinese enterprises in developed countries is a strategic investment in seeking created assets. In the dynamic global competitive environment, the overseas investment aiming at seeking created assets doesn't rely on monopoly advantage. Through upstream investment, Chinese enterprise with local competitive advantage can try to set up local factories in developed countries, establish technology listening posts and carry out transnational merges and acquisition so as to seek and obtain the critical resource for future competition-created assets, and utilize the assets to build a new resource and capability basis through globalization.

A THEORETICAL ANALYSIS ON ORIGIN AND INVOCATION DEVELOPMENT OF JAPANESE CORPORATE GOVERNANCE

YANG Bin, WANG Shi-quan

2007, (9):  70-75. 

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Japanese governance model is the of the product of the firms' reduction of the complexity and uncertainty of the running environment in stages in order to protect its own survival and growth,facing the special market and social conditions of postwar age,and based on path dependency of the prewar and wartime institutional arrangement.At the beginning of the new millennium,because of the demand in enterprise field,and the promotion for the innovation in market field,the firm has been continually breaking the restriction of potential rules in social field,and finally realizes the innovation and development of corporate governance structure.A revelation could be achieved that the innovation of governance system is a process of causal transition,in which the enterprises'autonomous acts and the system's self-organization should be in the leading position.