发行制度对证券—级市场效率的影响分析

从概念上对市场有效性与市场效率进行区分之后,以发行价中会计信息含量和发行费率为标准,实证分析了我国证券一级市场效率在不同发行制度下的变化情况.结果表明,我国证券一级市场效率在短暂的核准制阶段达到最高,这意味着行政干预会导致市场效率的降低.     

企业借壳上市之背景分析

在资本市场日益走向国际化今天,随着国际金融市场的迅速发展,国际融资方式也正在发生深刻变化。作为直接融资方式的一种,借壳上市在境外很普遍,其历史可以追溯到上世纪30年代。历史上有许多大公司是通过借壳成为上市公司的,如特纳广播公司(CNN的前身)、美国RadioShack公司等。但更多通过借壳上市的公司是不符合通过首次公开发行上市(IPO)标准进行直接上市的中小公司。中小公司通过借壳上市进入资本市场后,利用资本市场的资源,可以成长为一个更大型公司,股票将升级到更高一级的资本市场。     

英国电影数字发行占据全球领先地位

英国已成为全球电影数字发行步伐最快的国家。在2008年，227部首轮放映影片已全部或部分采用数字发行，占全部电影发行总量的43．1％，几乎达到2007年的两倍和2006年的四倍。从2008年7月-2009年5月的市场调查中发现，在最初3个月，数字发行比例为46．4％，在最后3个月，数字发行比例达到68．%A，平均值是57．1％，由此可见，2009年数字发行的影片比例将大幅度提高。下表为1999~2008年英国电影数字发行的概况。     

市场经济条件下开展电影放管技术工作的探讨与实践

党的十一届三中全会后，我国的电影发行放映体制正在从计划经济逐步走向市场经济。浙江以拷贝专用资金为纽带，走全省“团结联合、规模经营”之路，使我省在全国电影发行放映市场处于相对疲软的态势下，尚能保持电影市场的相对稳定，其放映、发行收入一直处于全国前列。成...     

数字电影卫星发行和地面网络发行步伐加快

据《银幕摘要》（ScreenDigest）分析预测，到2013年底，胶片发行将在美国等主要电影市场消失，全球预计在2015年末全面实现银幕数字化。目前，世界各地区的主要任务已经聚焦在发行传输领域的信息化和网络化。     

关于文化市场综合执法改革的几点探讨

推进文化市场综合执法改革是发展社会主义文化的必然要求，是文化体制改革的一项重要任务。我国自开展文化市场综合执法试点以来，不断摸索不断前进，进一步提高了执法效率，理顺了执法体制。本文介绍了现阶段城市文化市场的基本特点以及存在的问题，分析了文化市场综合执法改革中面临的一些障碍，并根据笔者的相关工作经验提出了一些对策。     

Deluxe公司加强数字影院力量并向欧洲市场拓展

Deluxe公司是美国最大的洗印公司之一，几年来一直致力于实现数字发行和传输等幕后工作，大力支持好莱坞制片商的数字电影发行，并为配有数字化设备的北美影院的运营提供服务。目前正在准备把相关业务向欧洲数字影院市场扩展。     

浅谈售后回租

售后回租作为一种国际上通行的租赁交易形式，相比手续复杂的银行借款、发行证券、发行股票等其他融资方式，有着其独到之处，具有方便、快捷的特点，因而受到企业欢迎。     

国际金融危机对有效市场理论的冲击

在国际金融危机的大背景下，通过对有效市场理论的分析，发现其在信息成本、信息效率及对称性、市场主体的理性批判及行为等方面存在各种弊端，而主流的金融学理论又是以有效市场假说为基础的，本文通过事实分析提出对有效市场理论的质疑。     

利用数字电影启动我国中小城市电影市场

根据广电总局对全国数字电影市场的规划，高端和农村的数字电影发展呈现出欣欣向荣的繁荣景象。但是处于中间层次的广大中小城市影院仍旧处于艰难生存的状态。为了充分利用数字电影的优势，启动这部分电影市场，广电总局拨款为中小城市影院发展中档数字电影放映进行试点，并要求华夏电影发行有限责任公司组建数字电影院线，向拥有《电影放映经营许可证》的县级（含）以上城市的专业电影院和有固定放映场所、具备售票放映条件的其它放映单位发行数字电影。     

基于市场和生产效率的排产研究

就生产而言,若能维持单品种长期生产,效率肯定是最高的,但考虑了市场因素以后,又是不现实的,因为生产必须随市场而动。如何更科学地编排每月的生产日计划并组织实施,尽量延长每台卷包设备生产同一品种或规格相似品种的时间,减少设备改动和换牌频次,同时又要满足上述市场的要求,这就需要在市场和生产效率间找到较佳的平衡点。     

对广东计量检测市场的考察与思考

通过对广东省计量校准机构的考察，从市场观念、管理运行机制、高质量的综合服务、高效率、高效益等方面做了深入的分析与思考，总结出广东同行走在全国前列的原因和成功的经验，同时也指出我们的差距和在市场经济竞争中潜在的生存危险。     

高端3CCD数码摄像机的新机型综述

目前，一般数码摄像机都装备有单个的CCD影像传感器，必须通过三原色滤色片捕俘彩色影像，因而影响实际显示的像素的总数目、彩色还原和彩色饱和度。为了获取更高的影像质量，新型的专业数码摄像机装备有三个CCD，可同时分别捕俘三原色彩色影像，从而可获得更高的总像素数量和更好的彩色还原和饱和度。本文综述了几种近期出现在市场上的高端3CCD数码摄像机新机型。     

Empirical Test of "Barometer Function" of China''''s Stock Market

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Empirical Test of “Barometer Function”of China‘s Stock Market—With Discussion of Lasting Price Falling in the Stock Market since 2001

Through the empirical test of the economic and stock market price index from 1994-2001.6, this article finds that the price tendency of the stock market in China could reflect the economic status and the future trend, thus has the function of barometer, additionally through the normal analysis of the continuing falling of the stock price since July 2001, so,the paper comes to the conclusion that the falling price is the reflection of the weak macro economy and the accelerating recession of the industries, and therefore is a warning of the possible worsened economic tendency. Suggestions are to adjust the macro fiscal and financial policy to prevent the economy from recessing. By the way the article conducts some of the primary analyses of punishments against market defiance and reducing state owned shares, thus to clarify some of the unclear concepts and prevent the misleading of economic adjustment.     

Positive implications of market valuation under asymmetric quality information

We investigate a buyer’s contract design problem in which the buyer’s supplier has private quality cost information and is concerned with market valuation. We characterise the parameters of the contract menu (including quantity, quality level and transfer payment) and determine the market price. Our results show that the supplier’s market value concern (MVC) has positive implications and mitigates the distortion of quality level. Although both the buyer and the entire chain system benefit from this MVC, it may give advantage or disadvantage to the supplier of the low-cost type, depending on this supplier’s efficiency and the extent of the MVC. Numerical study reveals that the buyer is insensitive to the pricing decision, which suggests that contracts subject to the optimal market price without MVC serve as a good heuristic.     

Role of local governments in fostering the development of an emerging industry: A market-oriented policy perspective

This research investigates the role of local governments in stimulating an emerging industry and focuses on the specific growth of the new energy vehicle industry in Hangzhou, China. This research confirms that enabling firms to access emerging technology, acquire financial support, and touch customers and/or suppliers are critical to foster the emergence and development of industries. Moreover, the primary contribution of this study is to emphasize the support of the local government in the development of emerging industries on the perspective of the creation of a large-scale market demand. The creation of large-scale market demand may inspire actors to be proactive in responding to these incentives; thus, public and private actions may help increase the accessibility to technology, infrastructure, and finances. Hence, a market-oriented policy that incentivizes the creation and expansion of market demand among diverse public and private actors should be seen as the key issue for the emergence and growth of emerging industries. Policies should also be adopted promptly with the development of the market.     

基于市场效率的输电项目效益度量

电力产业重组使电力市场主体多元化,输电项目投资决策不再由垂直一体化的电力公司决定,必须考虑输电项目对各市场主体的效益影响。从市场效率的角度,度量了新建输电项目对各市场主体所产生的效益,提出了计算输电项目效益的模型。采用IEEE-14节点系统作为算例,分析评价了3种新建输电项目情景的效益。通过计算得到的结果具有一定的实用价值,能够为输电项目投资者提供辅助支持,做出有利于全社会的项目投资决策。     

改革开放以来境内外汇市场发展质量:历程、成效与展望

基于人民币汇率制度演变和改革开放以来境内外汇市场发展历程,研究提出外汇市场高质量发展的核心内涵是服务实体经济高质量发展并构建高水平的金融基础设施,其实践逻辑应坚持基于实需原则的汇率市场化改革,并与人民币国际化和资本项目开放相互促进、协调发展。研究初步构建了基于汇率制度、市场效率、市场开放、市场公平、市场风险和市场多样性六个维度的外汇市场质量评估体系,研究发现境内外汇市场发展水平与人民币汇率市场化程度、人民币国际化水平和我国资本项目可兑换现状基本相称,但较英美等成熟外汇市场还存在较大差距。研究建议从深化汇率制度改革、丰富市场主体类型、发展场内外汇交易、深化资本项目开放、提升风险应对能力等方面稳步推动境内外汇市场高质量发展。     

Blockchain-based Distributed Power Market Trading Mechanism

Distributed power market trading has the characteristics of large number of participants, scattered locations, small single trading scale, and point-to-point trading. The traditional centralized power trading model has the problems of large load, low efficiency, high cost, reliance on third parties and unreliable data. With the characteristics of decentralization and non-tampering, blockchain can establish a point-to-point trusted trading environment and provide effective solutions to the above problems. Therefore, this paper proposed a distributed power market trading framework based on blockchain. In this framework, the distributed power supply characteristics and trading needs of each participant are analyzed, a complete distributed trading process based on blockchain is designed. In addition, we have studied the key technologies of distributed power market trading. With the goal of power service reputation and maximum revenue of distributed power providers, we have established a matching degree model, a distributed power market trading optimization model, and designed a smart contract-based power market trading optimization strategy and power trading settlement strategy. Finally, we designed experiments to verify the performance of the proposed framework.