: ( 100037) :,,,,,, :,,,,,,,,,,,,, ( Electronic Money, E - money),,, ( Internet) (BCBS, 1998),( ),,,,,, (token),( ),, : 11,,,,,,, 21,,,,,,, 31,,,,, 24
2001 4 ;, 41,,,, 51,,,,,,, :M 0 M 1 M 2,,,,,,,,,,,,,,, M 2,,,,, ( ),,, ( ),,,,,,,,,,, :, : M d P = f (i,y),,,,: M d P = f ( Y p,r b - r m,r e - r m, e - r m ), :,,,,,,,,,,,, 25
:,,,,,,,,,,,,,,, :,,, M H m, C D M = mh M = C + D (RR ER) : H = R + C = RR + ER + C, (),,,,,,,,,,,,,, 50 %,,,,,,, : f (X) E = p (X - ER),p, X,,, r,r,, : r = pf (X) dx ER,p r, ; r,, p r 26,, : m = M H = C + D RR + ER + C = RR D C D + 1 + ER D + C D
2001 4,C/ D,RR/ D,ER/ D,,,: M = C e + E +,C e, : m e = M H = C e + E + RR e + ER e + C e = C e + E + 1 RR e + ER e + C e ; 11,C e Π C/ D, C e + E C/ D, 21,,, RR e,c e C,E + D, + ER e,,, 11 : M1 M2 ;,,,,,,,, (),,,,,,,,,,,,,, 21,, :,50 %, 27
: ;,, ;,,,,,,,,,,,,,,,,,,,,,,,,,, 31,,,,,,,,,,,,,,,,,,,,,,, 41,, ( ),, Internet,,,,: 28
2001 4,,,,,, :,,,,,,,, 1860, (Western Union),1918 ( Fedwire),20 70 SWIFT (CHIPS), (information) (routes orders) (executes) (clears and settles),,, Fedwire CHIPS 1 %, 80 % 300,CHIPS 600, ( EFTS : Electronic Funds Transfer System), : ( ECNs) 1997, SEC (OHR : Order Handling Rules), (ATS : Alternative trading systems) ATS : ( ECNs : electronic communications networks), Arizona Stock Exchange, Optimark, ITD Posit, ECNs, ECNs,,,,,, 1997, ECNs : Instinet,1999 9 ECNs, Island ECNs, Archipelago, Tradebook, REDIBook, BRUT, Strike Island ECNs, DELL, 12 % 1, (Big Board) 22, Island ECN, Island ECN 0. 0025, 6 Island ECN MarketXT 8, (Reuters Group PLC) Instinet 5 :15, 30 % ECN,, ECN, (CBOT), 30 %,9 Eurex, CBOT, 29
:,90 %,,,,,,,,,,,,,,,,,, 85 % SuperDot, 20 80, (SOES),,, ( ),,,,,,,,,1998 3,, 1999,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 30,,
2001 4,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, :,1989 :,, Aleksander,1998, Monetary Policy Implications of Digital Money, International Review of Social Sciences, Vol. 51. BCBS,1998, Risk Management for Electronic Banking and Electronic Money Activities, Basle Committee on Banking Supervision, March. BCBS,2000, Electronic Banking Risk Management Issues for Bank Supervisors, Electronic Banking Group Initiatives and White Papers, Basle Committee for Banking Supervision, October. BIS,1996, Implications for Central Banks of the Development of Electronic Money, Basle, October. Friedman, 1999, The Future of Monetary Policy : The Central Bank as an Army with Only a Signal Corps?, Benjamin M. Friedman, Inter2 national Finance. Goodhart,2000, Can Central Banking Survive the IT Revolution?,International Finance, July. Moody,1996, Moody s International Manual, Moody s Investor Service, Inc., New York. (: ) ( : ) 31
The Finanical Theory and the Financial Governance under Internet Economy Xie Ping & Yin Long Internet economy based on the information revolution has affected both the financial industry and theory funda2 mentally. Internet finance will be mainstream in this century. Electronic money will take more important place in social and economic activities. The changes of financial industry organization and menetary form give a se2 ries of development and evolution of monetary theory, supply and demand, monetary policy, and financial mar2 ket. It is necessary to adjust the financial governance timely on order to catch the new risk. The Firm s Dividend Policy and Stock Market Fluctuation in China Yu Qiao & Cheng Ying This paper examines the price and volume reactions to stock and cash dividend announcements in China s emerging equity market. The empirical results indicate that contrary to practice in mature markets, stock divi2 dend has stronger impact than cash dividend. Furthermore, initiation, as an extremely visible change in divi2 dend policy, causes no significant increase of stock price and trading volume compared with subsequent non2 initiation announcement, regardless of cash, stock share, or mixed dividend. These findings are robust as spil2 lover of ex2date effect and measurement bias are taken into consideration. Our basic explanation is that Chinese listed firms are seldom bound to sustained dividend policy and adjust the payout ratio randomly because of earning instability. Initiation, therefore, conveys little information about future performances of firms. E2mail, E2mail,,,, E2mail, E2mail, 95