中国上市公司的送转行为一直颇受争议，本文从相对估值角度重新考察了上市公司的送转动机及其经济后果。本文利用反映经理人估值预期与股价差异的指标，将送转动机划分为估值提升和操纵迎合两类。研究发现，平均而言，当经理人认为股价被相对低估时，上市公司更可能实施送转。进一步地，估值提升类送转的短期公告效应显著高于操纵迎合类；操纵迎合类送转的短期公告效应虽为正，但一年内便会反转。这表明投资者可以识别不同的送转动机。最后，送转企业送转后内部人减持的规模显著高于未送转企业，这一现象对于操纵迎合类送转企业更加显著。本研究对理解上市公司送转行为、制定与送转和内部人减持相关的监管政策具有重要启示。【中国人民大学书报资料中心复印报刊资料《投资与证券》2019年第9期全文转载】

This paper investigates whether household beliefs on the determinants of success affect their stock market participation decisions. Using national survey data from China, I show that Chinese households believe that personal effort is the most influential factor in people’s success, followed by family social connections, aptitude, and luck. Moreover, households that believe more in effort are less likely to participate in the stock market, while those who place more emphasis on family social connections are more likely to participate. The negative (positive) effects of effort (family social connections) are more profound for agricultural (workplace-affiliated) households. Further, I offer belief mechanisms to explain the heterogeneity of stock market participation for different occupations.

第三方支付在支付体系中日益重要，新技术和新商业模式带来的潜在风险对其监管提出了更高要求。本文通过梳理中国、美国和欧盟第三方支付的相关法规制度，分析各自的监管目标及实现情况，并根据我国的第三方支付监管现状提出政策建议。本文认为，提高经济效率、降低系统风险和保护消费者权益是对第三方支付的主要监管目标，各国各有侧重。美国将第三方支付视为传统货币服务业务的一种，将经济效率作为优先考虑，奉行最低监管原则；欧盟将支付机构视为电子货币公司，在提高经济效率的同时尤为重视消费者保护；我国则将第三方支付视为非银行金融中介，由央行统一监管，主要立法诉求在于降低系统性风险。当前，我国第三方支付日益成为重要的商业基础设施，已在居民生活中得到广泛应用。鉴此，在控制总体风险的同时，应更加关注经济效率和消费者保护的问题。本文建议，设立有效准入、加强过程监管、明确退出机制，以提高经济效率；持续更新技术安全指标，建立常态审查机制，以进一步控制系统性风险；利用大数据分析完善可疑交易共享，在明确收益归属的基础上灵活管理沉淀资金，建立未授权支付的补偿机制，完善个人信息安全立法，以加强消费者权益保护。

This paper analyzes the determinants of stock market participation decisions using officially compiled aggregate stock account opening data in China. Different from the literature that often focuses on one particular dimension, our paper systematically evaluates the relative importance of disposable income, demographic variables, macroeconomic factors, stock market conditions, and social communication on both the level and the change of the participation rate. We find that the level of the participation rate is predominately determined by the income factor, followed by various measures of social communication. Social communication plays the most important role in the change of the participation rate, acting as a multiplier to stimulate stock market participation. The effects are more pronounced in high income, high education, high population density groups, and during the bull market period.