2000年10月25日，北京同仁堂在报刊上发布公告，它将其子公司（同仁堂科技）分拆到香港上市，这是我国资本市场分拆上市的第一家。首先，本文简单地介绍了同仁堂分拆其子公司的背景及其过程，并从分拆以来的经营绩效来探讨了同仁堂分拆其子公司上市的经济动因，研究发现，解决投融资不足以及激励管理层是该公司分拆上市的主要动因；其次，研究也发现，在董事会决议公告期，同仁堂流通股股东获得了显著正的累计超额收益率（25.61%），而在后两次公告期间，同仁堂流通股股东也获得了正的累计超额收益率；再次，研究也发现，同仁堂的同业竞争者在董事会公告期都获得显著负的累计超额收益率，支持了资产剥离利得假说，同仁堂科技的同业竞争者在公告期也获得了显著负的累计超额收益率，也支持了资产剥离利得假说。同时研究也侧面反映了我国目前的证券市场效率并未达到半强式；最后，本文对存在的研究局限做了探讨。

主要内容有： 商业银行合规文化的理论基础及功 目前商业银行合规文化建设的难点 商业银行合规文化的培育

科学的风险等级评定是银行项目贷款决策的重要基础。针对我国当前银行项目贷款风险等级评定的一些不足，应用定性与定量相结合的模糊综合评价法，从项目风险角度构建了风险等级的指标评价体系和评价因素集及权重集，通过实例给出了银行项目贷款风险等级评价方法的应用。

非线性科学不仅起到开阔眼界、解放思想的作用，而且已经成为解决复杂系统问题的有效手段。金融交易市场（股票、期货）价格波动是非线性的，对价格进行描述只能是一个非线性方程组，而非线性科学研究表明，孤立波正是非线性方程的解。“金融市场交易价格波动投机模型”是凯恩斯“选美问题”求解途径。基于复杂系统理论和非线性动力学，相信在新世纪将会涌现出金融学的新纪元。

We propose two nonparametric transition density-based speciÞcation tests for continuous-time models. Unlike the marginal density used in the literature, the transition density can capture the full dynamics of a continuous-time process. To address the concerns of the Þnite sample perfor- mance of nonparametric methods in the literature, we introduce an appropriate data transfor- mation and correct the boundary bias of kernel estimators. As a result, our tests are robust to persistent dependence in data and provide reliable inferences for sample sizes often encountered in empirical Þnance. Simulation studies show that even for data with highly persistent depen- dence, our tests have reasonable size and good power against a variety of alternatives in Þnite samples. Besides one-factor diffusion models, our tests can be applied to a broad class of dynamic models, including discrete-time dynamic models, time-inhomogeneous diffusion models, stochas- tic volatility models, jump-diffusion models, and multi-factor diffusion models. When applied to Eurodollar interest rates, our tests overwhelmingly reject a variety of popular one-factor diffusion models. We Þnd that introducing nonlinear drift does not signiÞcantly improve the goodness of Þt, and the main reason for the rejection of one-factor diffusion models is the violation of the Markov assumption. Some popular non-Markovian models with GARCH, regime switching and jumps perform signiÞcantly better than one-factor diffusion models, but they are still far from being adequate to fully capture the interest rate dynamics. Our study shows that, contrary to the general perception in the literature, nonparametric methods are a reliable and powerful tool for analyzing Þnancial data.

This paper examines both the time series and cross-country patterns in the development of stock markets around the world. It adopts a flexible modeling framework that allows for the breakdown of changes in equity market capitalization into changes in macroeconomic and financial fundamentals, shifts in valuation technology and market sentiment, and improvement in valuation efficiency. Using panel data on 32 countries, I show that for developed countries, the size of their equity markets is positively related to the correlation of these markets with the global portfolio, and is negatively related to government consumption. For developing countries, the level of financial intermediary development and openness to trade are found to be conducive to the development of local equity markets. For given levels of market fundamentals, developed countries with greater economic freedom and stronger shareholder protections are associated with more highly valued equity markets, while the French or German civil law countries and countries with insider trading legislation tend to have relatively poorly valued equity markets. For developing countries, ceteris paribus, high quality of accounting standards is found to be associated with higher valuation of their equity markets. I find that only equities in emerging markets become more highly valued, indicating an improvement in valuation efficiency over time. Australia, Canada, the United States, Hong Kong, and Singapore have the most highly valued equity markets in the developed world, while Malaysia has the mostly highly valued equity market in the developing world. It appears that favorable shifts in valuation technology and market sentiment contribute the lion’s share of the growth of global equity markets.

从20世纪90年代以来, 中国对外资本流动最引人注目的特点就是大规模的国内储蓄与大规模的国际资本流入与国内资本流出的同时并存, 以及对外资本净输出的资金循环模式。本研究结合美国及新兴市场(Emerging Markets)国家的国际资本流动的外部环境, 以及中国加入WTO之后面临着开放资本市场的现实, 依据资金循环分析的基本理论, 运用资金流量统计及国际收支等统计数据,探讨中国对外资金循环的特点及问题

随着中国加入世界贸易组织（WTO），中国的保险市场的发展、保险公司的运营以及保险业监管，都面临着国际规范运作的挑战。而保险市场的培育与监管关键还在于参与竞争的保险企业的素质。面临激烈的市场竞争，如何客观评价自己在市场中的竞争能力，并有针对性地加以调整和完善，形成企业核心竞争力，这对面临国际化竞争的保险企业至关重要。建立保险公司竞争力评价体系，不仅是保险公司自身发展的需要，也是促进整个保险市场健康有序发展的需要。以往对保险公司的评价主要停留在财务指标和信用指标，是不全面的。本文试图通过对竞争环境与竞争要素的分析，利用系统工程理论与技术，建立一套具有可操作性的保险公司竞争力评价体系的框架。

路桥区民营企业在经历了原始积累和快速发展阶段后，正处于二次飞跃阶段。民营企业涉足的领域不断扩大，资本及技术含量大为提高，对融资及金融服务在规模和方式上均有了更高的要求。认真分析我区民营企业融资现状，并在现有条件下如何进一步拓宽融资渠道，是本文的主旨。

金融市场价格波动预测是一个举世公认的国际性科学难题，打破长期徘徊在以线性的、完全理性的均衡范式的现代（主流）金融学为基础的经验性预测局面，转向研究以非线性动力学为基础的金融市场价格波动数值预测，将非线性金融市场动力学的理论、模拟试验和实际观测，数据同化和计算软件的开发作为今后研究的重点，并借助数值分析天气预报、物理建模地震预测和航位推算弹道导弹等学科领域的经验，强化多学科，多部门的组织协调，在中国股市和期市开展金融市场价格波动动力学数值预测的科学试验，金融市场价格波动数值预测研究将极大地促进中国金融市场基础研究和金融风险预警系统的进一步发展。