寿险公司资产负债管理技术的应用研究--动态资产负债管理的视角

资产负债管理是抵御利率变动对寿险公司经营的一种有效的方法,但如何将资产负债管理具体化到日常的财务控制工作中来,并建立具体的资产负债管理的评价指标和信息系统,寿险公司尚无实践的经验.本文以动态资产负债表为切入点,研究了寿险公司日常管理活动中,资产负债管理的技术和方法的应用,以资产份额分析法为例,分析了寿险公司动态资产负债管理的过程,对寿险公司引进资产负债管理有一定的实践意义.     

对我国寿险公司资产负债管理的客观评价及建议

鉴于我国寿险公司资产负债管理中存在的诸如利差损、资产负债时间和品种的不匹配等问题 ,应如何加以客观评判 ,并努力改变目前盲目追求业务规模、寿险资金运用渠道单一、监管条例不完善等弊病就显得刻不容缓。本文主要从利差损的概念出发 ,阐述了国外寿险公司对资产负债不匹配问题的解决办法 ,并针对我国寿险公司的实际情况进行客观评价 ,最后提出改变目前状况的具体建议。     

商业银行资产负债管理目标规划模型

资产负债管理是商业银行经营管理的核心，追求的是银行资金的安全性、流动性和盈利性的统一。本文根据商业银行资产负债管理的目标，利用风险调整后资本收益率作为衡量银行的盈利性指标，建立了资产负债管理的目标规划模型     

不同频率水平下的水权配置模糊多目标规划模型

在需水满足最大化、公平最大化、效益最大化的目标下,考虑不同频率下的可分配水量,结合各类用水的保证率,建立初始水权配置的模糊多目标规划模型。通过对浙江省11个地区不同频率下的水权初始分配分析,该模型能在考虑多目标、水资源频率和水权保证率等多种因素下合理配置水量,模型设置合理,并能考虑现实中可能的水资源调配手段,具有较强的实用性。     

美国寿险公司董事会效率的实证分析及借鉴意义

文章利用1998—2006年间被收购的328家和未涉及并购的6 508家美国寿险公司的数据,采用lo-gistic多元回归方法研究美国寿险公司并购的动机及董事会的效率。文章发现美国寿险公司间并购主要出于提高目标公司经营业绩和摆脱财务困境的目的;在美国寿险业,独立董事制度并未能有效地发挥股东利益最大化的作用;两职合一不利于股东利益最大化;而规模较小的董事会更可能做出有利于股东的并购决策。在此结论上,文章对中国保险业公司治理结构的建设提出若干建议。     

中国寿险业当前面临的利率困境及策略选择

利率风险是寿险业面临的主要风险,具体表现在利率变动影响公司的承保业务、资产价值和资产负债匹配。近年来,随着银行利率的调整,我国寿险业陷入了多重利率困境之中,影响了寿险业的健康持续发展。为缓解寿险业的利率困境,可供选择的措施有:提高寿险公司的经营管理水平、大力发展保障型险种、积极发展新型寿险产品、建立预定利率变动机制、推进寿险费率市场化改革、加强公司资产负债匹配管理等。     

利用尾部条件期望方法实现非寿险公司的现金流匹配

依据非寿险公司的负债特性,建立动态财务分析(DFA)模型.通过DFA模型来随机模拟非寿险公司的负债现金流.采用尾部条件期望方法,将非寿险公司的现金流匹配问题转换成一个线性规划问题,并引入置信水平因子对再投资风险进行控制.模拟结果运算表明,置信水平因子越高,现金流匹配成本越高;非寿险公司的可能最佳资产负债匹配方法应该是在现金流量匹配限制下的最优方法.     

论公司理财目标及其选择

公司理财目标是公司理财的基本理论问题,也是评价公司理财活动是否合理有效的标准。现有公司理财的目标有多种,其中利润最大化、股东财富最大化和企业价值最大化等目标最具有影响力和代表性。从现代理财学理论出发并结合我国国情分析,在充分认识影响公司理财目标实现的各个因素的基础上,应选择合理的、实用的、可操作的公司理财目标。     

企业财务管理目标的多样性

企业财务管理的目标分总体目标和具体目标,总体目标具有代表性的提法是：总产值最大化、利润最大化和财富最大化,其中财富最大化是最合理的理财目标。具体目标主要有：筹资目标、投资目标、利润管理目标、经济效益目标和社会效益目标。企业理财不仅要实现具体目标,而且要实现总体目标,才能提高资金的使用效益。不同类型的企业财务管理目标的侧重点不同。     

浅谈资产负债管理策略

资产负债管理可分为静态的资产管理和动态的资产负债管理。这两种情况有不同的管理技术和不同的管理策略,我们要区别对待,从而实现资金配置的流动性、安全性和盈利性目标。     

International knowledge spillovers and wage inequality in developing countries

In this paper, international knowledge spillovers are incorporated in a horizontal innovation model, designed to explain the observed uncertain effects that openness of trade can have on wage inequality in small developing countries. Openness of trade can produce two different effects: an increase in the relative price of less-skilled labor-intensive products and a wider skill discrepancy due to knowledge spillovers from the more to less developed country. The former triggers a fall in the wage premium, while the latter widens the wage premium gap in a developing country. These two opposing forces explain the observed uncertain effects of openness to trade on wage inequality in developing countries.     

Does Outsourcing Provision Lead to Wage Inequality? New Evidence from Thailand's Establishment‐level Data

The impacts of outsourcing provision—the arrangements whereby a firm carries out production stages for other firms—are examined on wage differentials between skilled and unskilled workers using Thailand's establishment‐level data. The estimates based on a translog production function indicate that outsourcing provision augments productivity of both skilled and unskilled labor and contributes positively to wage inequality. The model predicts that a 1% increase in outsourcing provision leads to a rise in wage differentials by nearly 2.5%. The robustness check further reveals that the impacts of services provision on wage inequality are more pronounced than those of materials provision. These results highlight the importance of outsourcing provision as a new explanation of the widening skilled–unskilled wage gap in developing countries which typically emerge as a hub of outsourcing provision.     

外包与技术转移:基于发展中国家异质性模仿的分析

本文构建了一个模型来研究外包以及依附于外包活动中的技术转移,对发展中国家经济发展的多重影响效应.我们的研究表明,在发展中国家为低模仿类型时,外包活动中发达国家对发展中国家的技术转移,有利于发达国家与发展中国家双方的福利增进;在发展中国家为高模仿类型时,技术转移有利于发达国家,而不利于发展中国家可持续发展能力的培育.我们的研究支持这样一种观点:外包条件下发达国家对发展中国家的技术转移,并不必然会带来发展中国家的经济可持续增长,一个不可忽略的必要条件是,发展中国家自身制度条件制约了外包与技术转移对发展中国家可持续发展能力的作用.     

Intellectual property rights and skills accumulation: A product-cycle model of FDI and outsourcing

This study investigates the effects of stronger intellectual property rights (IPR) protection in the South on innovation, skills accumulation, wage inequality, and patterns of production based on a North–South general-equilibrium model with foreign direct investment (FDI) and international outsourcing. We find that stronger Southern IPR protection raises the extent of outsourcing and reduces the extent of FDI. This increases the proportion of unskilled Southerners and mitigates Southern wage inequality. In the North, stronger Southern IPR protection raises the proportion of skilled Northerners and wage inequality. The effects of international specialization, R&D cost, and Northern population are also examined.     

Wage inequality in developing countries: South–South trade matters

The relationship between trade liberalization and inequality has received considerable attention in recent years. The major purpose of this study is to present new results on the sources of wage inequalities in manufacturing taking into account South–South (S–S) trade. Globalization has not only lead to increasing North–South (N–S) trade, but it has also changed the direction and composition of trade as more trade is carried out among developing countries. In this study, we find that increasing wage inequality is associated more with the South–South trade liberalization than with the classical trade liberalization with northern countries. A part of this increasing wage inequality due to S–S trade comes from the development of N–S trade relationship in S–S trade that increases wage inequality in middle-income developing countries. This study also seeks to shed some light on the link between the direction of trade and technological change. We explore the fact that S–S trade leads to a technological change biased toward skill-intensive sectors more than N–S trade. This indirect effect increases wage inequality for all developing countries, but it is more important in low-income countries.     

International Outsourcing, Technological Change, and Wage Inequality

This paper analyzes the impact of international outsourcing on UK wage inequality during the 1990s by applying the mandated wage approach proposed by Feenstra and Hanson (1999 ). The methodology is extended in order to obtain additional insight into the relative importance of the factor and sector bias of international outsourcing and technological change. The results indicate that technological change is the predominant force behind the increase in wage inequality, but international outsourcing also contributed significantly. In explaining the increase in wage inequality the factor bias of technological change was slightly larger than its sector bias, while for international outsourcing the sector bias was much more important. The relative importance of the two effects hinges crucially on the estimated rate of productivity passthrough.     

外包与工资差距:基于工业行业数据的实证研究

笔者以Feenstra等人的三要素模型为基础,分析了国际外包影响发达国家及发展中国家熟练劳动力与非熟练劳动力之间工资差距的理论机制,运用我国工业行业面板数据,实证检验了外包对我国工业行业总体及分部门工资差距的影响。结果表明:外包和技术进步对我国工业行业熟练劳动力与非熟练劳动力之间工资差距的扩大均存在明显的正效应,但外包对劳动力资源密集型部门和中等技术部门的影响效应相对更强。     

技能型技术进步、南北贸易与工资不平衡

本文试图将技能型技术进步与产业内贸易置于一个框架中对工资不平衡现象进行理论解释。自由贸易通过促使发达国家产品质量阶梯提升型的技术进步而加剧了该国的工资不平衡程度;同时,自由贸易通过促使发展中国家产品种类数增加型的技术进步而加剧了该国的工资不平衡程度。南北贸易在拉大相对工资差距的同时促进了技能型技术进步。     

Trade, product cycles, and inequality within and between countries

Abstract.  This paper incorporates Northern product innovation and product‐cycle‐driven technology transfer into the continuum‐of‐goods Heckscher‐Ohlin model. The creation of very skill‐intensive goods induces the North to transfer production of older, less skill‐intensive goods to the South. These relocated goods are the most skill intensive by Southern standards. Hence, product cycles raise the relative demand for skilled workers and thus wage inequality within both regions. This runs contrary to the Stolper‐Samuelson theorem, but accords well with the fact that wage inequality has risen in both Northern and Southern countries. Moreover, product cycles increase income inequality between countries. JEL classification: F1     

Tracing the impact of large minimum wage changes on household welfare in Indonesia

Minimum wage legislation has been introduced and expanded in many developed and developing countries, in the hope that it would improve the living standards of the poor and reduce inequality. This study examines the impact of large minimum wage changes in Indonesia. The results indicate serious limitations of the minimum wage for improving living standards and reducing inequality.