本文对当前我国的银行卡联网通用的现状、存在的问题进行了总结和分析，指出这些问题已经严重阻碍了银行卡联网通用市场的发展。对导致这些问题的各种原因，从体制上，结构上等方面进行了深层次的剖析。并对解决这些问题的方法以及银联发展改革的方向提出了自己的设想和可行性方案。

Grinblatt 和Keloharju（2001）利用芬兰股票市场1995-1996年的交易数据，对什么促使投资者交易进行了研究。本文利用某一营业部近万个帐户在1998-2000年的交易数据，对哪些因素影响以及如何影响投资者的卖出与持有选择、卖出与买入选择进行研究。结果表明：（1）投资者所处的亏损或盈利状态对选择卖出还是持有具有重要的影响。历史价格或成交量等因素的变化导致盈利状态或亏损状态的投资者的卖出或持有倾向发生不同方向的变化。在剔除投资者所处的亏损或盈利状态与其他因素的交互作用所产生的影响后，处于中等亏损程度的小投资者具有较强的处置效应，而大中型投资者的严重亏损使其卖出倾向增加。（2）与Grinblatt 和Keloharju（2001）一样，近期个股价格的变化、个股价格的历史波动、大盘历史走势与波动均对卖出与持有选择、卖出与买入选择有不同程度的影响，影响方式与Grinblatt 和Keloharju（2001）有所差异。（3）在本文新增变量中，个股历史换手率变化、重大政策和事件、历史价格和成交量的变化趋势及形态、市场普遍大涨（大跌）等均对卖出与持有选择、卖出与买入选择产生显著影响，但对大投资者和小投资者的影响方式和方向是不一样的。

股价指数或股票价格犹如儿童玩的积木。儿童把积木当作玩具，市场把资金当作玩具。儿童在垒积木时，当把所有的积木用完，玩具模型建好之际，正如二级市场中把所有的资金全部买入股票之时，也正是股指或股价的图形自我实现之时。当积木模型建成时，把玩的儿童也许会把它保留一段时间，欣赏自己的杰作，然后会把模型推倒，有的儿童也会正在搭积木之际，自己对认为模型不满意，连思考都不思考，连看一眼都不看，就挥手把它推倒。正如股票二级市场上的股价指数或股票价格，轰然倒地。这时，二级市场上的风险突现，整个市场就会发生多米诺骨牌效应，各种股票价格纷纷下跌，金融风险（危机）就发生了。

This paper presents exploratory and qualitative research into the evolving decision-making processes of venture capital (VC) investors in China based on field research interviews with 40 VC investors between February 2003 and February 2004. It examines underlying decision-making processes that VC investors have adopted to operate in the Chinese market and to what extent these have been influenced by internal and external factors. A VC investment decision-making process based on the Western VC experience acts as the baseline process to examine the specific context of Chinese decision-making processes, and examines if hypotheses derived from Western VC decision-making hold true in China, a market characterized by high uncertainty, risk, and institutional barriers. Rather than concentrate on one specific part of the VC decision-making in China, this paper view decision-making as an integrated process with inter-linked challenges. This paper highlights key success factors and emerging trends that will shape the future of VC in China.

目前我国官方公布的住房消费没有反映我国城镇居民住房制度改革的变化、没有考虑住房消费行为的中外差异、不具有国际可比性等。据测算，由于使用不合理的住房价格，致使计算CPI的居住类权数至少低估12个百分点，应提高幅度相当于原有权数的85.7%。同时，由于低估居住类本身的价格，最终低估我国居民消费价格指数（CPI）。

本文对我国资本市场发展和经济增长间的关系进行了实证检验，并从资本结构的角度进行了原因分析，其结果表明：在我国今后资本市场的发展中，应着力改进我国上市公司的资本结构，以最大化企业价值，促进经济增长

对经济增长的支持是银行义不容辞的责任，对一个有经验和尽心尽责的信贷人员来说，除了熟悉银行业务、熟练进行财务评判外，更应注重国家宏观经济形势的分析和国家产业政策的把握，及时地发现借款人将要发生财务困难的预警信号，使银行远离不良资产的困扰。

In this paper, the author observes a stationary volume/price pattern, while studying the relationship between volume and price through the amount of transaction in stock market. The probability of accumulated trading volume (actual supply/demand volume) that distributes over its price range gradually emerges the maximum around the price mean value in a transaction body system when it takes a longer trading time regardless of its price fluctuation path or time series in the time interval. The volume/price behaves a probability wave toward an actual supply/demand equilibrium price, forced by a linear central actual supply/demand potential. In terms of physics, the author establishes a transaction (actual supply/demand) energy hypothesis, defines a measurable actual supply/demand restoring force, derives a time-independent security transaction (actual supply/demand) probability wave differential equation, and obtains an explicit volume/price distribution function, the distribution of absolute zero-order Bessel eigenfunctions, in a stable transaction body system when its supply/demand is in a dynamic state. By fitting and testing the function with intraday real transaction volume/price distributions on a considerable number of individual stocks in Shanghai 180 Index, the author demonstrates its validation at this early stage, and attempts to offer a micro and dynamic actual supply/demand volume/price wave theory.

散户投资者是中国股市参与人的主体,他们的投资行为受着报刊投资建议的很大影响.为了分析散户投资者的投资行为和业绩,本文采用案例研究的方法,研究了文献很少涉及的一种报刊投资建议------个体投资者投资日记.本文选取了《成都商报》1999年1月9日至4月30日连载的“道达投资手记”作为样本,构造了模仿型投资策略,研究了样本时间段内该策略的获利可能性.结果发现,机械模仿进行投资的收益无法达到原投资建议战胜大盘的水平,业绩基本与大盘走势持平. 针对这一结果,我们讨论了投资策略的一些改进方法,定性地得到结论:以“投资手记”为基础进行的有一定灵活性的投资策略业绩将大大改善,有可能战胜大盘. 最后我们分析了该结论所蕴涵的意义和本文研究方法改进的思路与扩展的方向.

This paper constructs a new data set of repeated sales of artworks and estimates an annual index of art prices for the period 1875-2000. Contrary to earlier studies, we find art outperforms fixed income securities as an investment, though it significantly under-performs stocks in the US. Art is also found to have lower volatility and lower correlation with other assets, making it more attractive for portfolio diversification than discovered in earlier research.There is strong evidence of underperformance of masterpieces, meaning expensive paintings tend to under-perform the art market index. The evidence is mixed on whether the "law of one price" holds in the New York auction market.