谨防农发行商业性贷款风险

通过近两年的改革发展，农发行正在从过去纯粹粮棉油收购贷款经营向多元化、多功能的经营支农贷款过渡，粮棉油产业化龙头企业贷款、粮棉油加工企业贷款、其他粮食企业贷款和粮棉油转贷款等商业性贷款业务在农发行贷款中的比重迅速增加，种子贷款等新的贷款品种也陆续开始营运，农发行将在三农领域发挥更大的作用。同时，随着商业性贷款经营的不断扩大和延伸，如何进一步加强风险防范已经被放在农发行各项工作的首要位置。     

世界银行贷款种类有哪些

长期以来,世界银行一直把贷款划分为项目贷款和非项目贷款,以后发展起来的中间金融机构贷款也归纳在项目贷款之内.但近年来,为适应一些借款国,特别是拉丁美洲和非洲的一些债务国的需要,世界银行引进了一种政策性的结构调整贷款和部门调整贷款.世界银行按贷款的用途及其与投资和组织机构的联系,将贷款划分为以下几类:     

农行汽车贷款圆您汽车梦想

一、产品简介汽车贷款是指银行向借款人发放的用于购买符合公安部门(车管所)注册条件(工程机械除外)的人民币贷款。借款人可为个人客户,也可为法人客户,所购买汽车包括家庭轿车、客运车、货运车、工程机械等。二、贷款程序到农行金融超市或营业机构进行业务咨询———提出申请并提供相关资料———银行受理、调查、审查、审批———签订借款合同———办理担保和放款手续———银行将资金划入借款人账户———再从借款人账户将款项划入汽车经销商账户作为支付车款———借款人提车上路和按合同约定偿还贷款本息三、贷款条件(1)个人客户的:持…     

房地产抵押贷款不能按期归流的原因及对策

当前,房地产抵押贷款成为金融机构最为普遍采用的贷款方式,然而实践证明,房地产抵押贷款大多不能按期偿还,有的甚至长期沉淀,形成这种状况的原因是什么,金融机构又将采取何种对策,本文试作初浅的分析。影响房地产抵押贷款按期归流的原因贷款难、手续繁是贷户不及时归还贷款的原因之一。当前,我国各种性质的商业银行都将安全性、流动性、效益性作为经营的基本原则。对贷款的投放慎之又慎,特别是国有商业银行,基本收缩了基层     

升值之言该如何听

自今年6月中国暗示将松动人民币汇率以来,人民币升值幅度仅为0．4％,这大大低于华盛顿的期待,因此,中美两国的关系日益紧张起来。随着失业率的膨胀,以及选举年即将到来,美国国会再一次将人民币汇率摆上了议事日程：9月6日,华盛顿两位高官为缓和中美关系前往北京,就人民币及其他重要问题进行高峰会晤,以期达成共识。     

商业银行如何应对利率市场化

最近,中国央行的利率政策传达出利率市场化步伐骤然加快的信号,沉浸在央行利率管制环境下的国内商业银行突然感到"利基"竞争的性质发生了重要变化。那么.在利率市场化环境下商业银行应采取怎样的风险偏好,才能使贷款定价覆盖风险溢价?这是银行管理者必须回答的问题。     

When to ally & when to acquire

Acquisitions and alliances are two pillars of growth strategy. But most businesses don't treat the two as alternative mechanisms for attaining goals. Consequently, companies take over firms they should have collaborated with, and vice versa, and make a mess of both acquisitions and alliances. It's easy to see why companies don't weigh the relative merits and demerits of acquisitions and alliances before choosing horses for courses. The two strategies differ in many ways: Acquisition deals are competitive, based on market prices, and risky; alliances are cooperative, negotiated, and not so risky. Companies habitually deploy acquisitions to increase scale or cut costs and use partnerships to enter new markets, customer segments, and regions. Moreover, a company's initial experiences often turn into blinders. If the firm pulls off an alliance or two, it tends to enter into alliances even when circumstances demand acquisitions. Organizational barriers also stand in the way. In many companies, an M&A group, which reports to the finance head, handles acquisitions, while a separate business development unit looks after alliances. The two teams work out of different locations, jealously guard turf, and, in effect, prevent companies from comparing the advantages and disadvantages of the strategies. But companies could improve their results, the authors argue, if they compared the two strategies to determine which is best suited to the situation at hand. Firms such as Cisco that use acquisitions and alliances appropriately grow faster than rivals do. The authors provide a framework to help organizations systematically decide between acquisition and alliance by analyzing three sets of factors: the resources and synergies they desire, the marketplace they compete in, and their competencies at collaborating.     

How to Tie Equity Compensation to Long-Term Results

Companies, investors, and regulators around the world are now seeking to tie executives' payoffs to long-term results and avoid rewarding executives for short-term gains. Focusing on equity-based compensation, the primary component of top executives' pay, the authors analyze how such compensation should best be structured to provide executives with incentives to focus on long-term value creation.
To improve the link between equity compensation and long-term results, the authors recommend that executives be prevented from unwinding their equity incentives for a significant time period after vesting. At the same time, however, the authors suggest that it would be counterproductive to require that executives hold their equity incentives until retirement, as some have proposed. Instead, the authors recommend that companies adopt a combination of "grant-based" and "aggregate" limitations on the unwinding of equity incentives.
Grant-based limitations would allow executives to unwind the equity incentives associated with a particular grant only gradually after vesting, according to a fixed, pre-specified schedule put in place at the time of the grant. Aggregate limitations on unwinding would prevent an executive from unloading more than a specified fraction of the executive's freely disposable equity incentives in any given year.
Finally, the authors emphasize the need for effective limitations on executives' use of hedging and derivative transactions that would weaken the connection between executive payoffs and long-term stock values that a well-designed equity arrangement should produce.     

NYSE execution quality subsequent to migration to hybrid

In October 2006, the NYSE began rolling-out phase three of a four-phase plan initiate its new Hybrid trading mechanism. The results show that this new trading platform introduced a much larger proportion of electronic transactions relative to floor auction transactions. This migration to electronic transactions is further evidenced by a mirror shift in price discovery from floor trades to trades marked for automatic electronic execution. In addition, the move to Hybrid trading introduced a significant decrease in inventory control costs, as well as a noticeable increase in trade persistence. Finally, the new trading platform has increased the speed with which orders are met, and has also decreased the proportion of executed shares which receive price improvement.

How to stop the race to the bottom

Standard tax multipliers are a widespread feature of fiscal equalization systems. A simple theoretical model shows that actual tax multipliers respond positively to changes in standard tax multipliers. This theoretical prediction is tested empirically using data on municipalities in Germany. A quasi-experiment in the state of North Rhine-Westphalia is exploited to identify the incentive effect. The empirical results confirm that local business tax policy is shaped by standard tax multipliers. They provide a straightforward practical tool to avoid a race to the bottom in local business tax rates.