投资银行在资产证券化中的作用分析

资产证券化 (ABS)作为一种重要的金融衍行工具 ,成为当今国际资本市场中发展最快、最具活力的金融产品 ,在国际资本市场上有着巨大的发展潜力。目前 ,资产证券化在我国还是新生产物 ,我们应面对现实 ,借鉴国外的一些成熟做法 ,对我国投资银行拓展资产证券化业务提出具有建设性的方案和思路。     

Sustainable consumption and the financial sector: analysing the markets for responsible investment in Hong Kong and Japan

The origins of the modern socially responsible investment (SRI) movement can be traced to the turbulent period in the 1960s when powerful social undercurrents including environmentalism and anti‐war activism fuelled a rise, in a radical change, in the way society viewed faith, values and commerce. Today, nearly 1 out of every US$9 under professional management in the US is currently invested using social investment strategies while the European green and ethical investment market is estimated to be €1 trillion or as much as 10–15% of the total funds under management. While some preliminary figures and analyses exist for countries outside these two regions, SRI has been, to date, largely explored within the context of North America and Europe. This is unfortunate as the sustainability of SRI as a consumer market is going to depend, to a great extent, to what happens outside of North America and Europe, and most notably in the rapidly developing Asian economies. In this article, I will explore the development of SRI as a mainstream financial consumer instrument in industrialized (Japan) and emerging (Hong Kong/China) economies of the Asia Pacific region. To fully analyse the SRI market development in Hong Kong and Japan, I will examine the following three issues and questions: first, how does the sustainable consumption framework offer a useful lens from which to explore SRI, and why is the Asia Pacific market and policy context so important for the broader issue of sustainable consumption? Second, what precisely is SRI and how did it develop into an important global financial investment vehicle? Third, how did the SRI market develop in the case of Hong Kong and Japan? I will then conclude the article with some analysis on the important lessons SRI market development in Hong Kong and Japan hold for market sustainability of the financial sector and sustainable consumption.     

The Social Pedagogy of Wall Street: Stock Trading as Political Activism?

In this paper, it is argued that the connectivity of the networked market permits market participants to perceive causal relationships between consumer behaviour and its effects on others. The thesis is put forward that the globally networked markets of the information age give birth to new cognitive structures that underlie consumers’ novel sense of responsibility, aid the re-orientation of consumers’ self-interest, and inculcate in consumers what historian Thomas Haskell calls humanitarian sensibility. Drawing from interviews with individual online investors, a model of the market is presented that posits the market as a source of social consciousness and moral decision-making. Furthermore, it is illustrated that individual online investors often incorporate such sensibilities into their consumer decision-making. Based on these results, the authors propose a corrective to the current trend among economists, social scientists and consumer researchers to conceive of the market as a threat to consumer autonomy, social and moral responsibility and an enlightened citizenry. Instead, it is asserted that the market has many faces, one of which, specifically the globally networked market, provides possibilities to recognize and perform consumption as a critical, moral and socially conscious political act.     

The Performance of European Socially Responsible Funds

Recent years have witnessed an increasing growth in mutual funds that invest according to social criteria. As a consequence, the financial performance of these portfolios has attracted the interest of academics and practitioners. This paper investigates the performance of a sample of socially responsible mutual funds from seven European countries investing globally and/or in the European market. Using unconditional and conditional models, we assess the performance of these funds in comparison to conventional and socially responsible benchmark portfolios. The results show that European socially responsible funds present in general neutral performance in relation to both conventional and socially responsible benchmarks. However, performance estimates seem to be slightly higher when funds are evaluated in relation to socially responsible indices. Our results also show that socially responsible funds are more exposed to conventional than to socially responsible indices. Furthermore, conventional benchmarks are better able to explain fund returns than socially responsible benchmarks. These findings are robust to both unconditional and conditional models of performance. We also observe that conditional models lead to a slight improvement of performance estimates and to the explanatory power of the models, both when conventional and socially responsible benchmarks are considered. This is consistent with most previous empirical findings on conditional performance evaluation. Our results show that investors who wish to hold European funds can add social screens to their investment choices without compromising financial performance.     

Value,Values, and Valuation: The Marketization of Charitable Foundation Impact Investing

Journal of Business Ethics - Based on an abductive analytic study, we examine financial and social value incorporation in the multi-valued market of impact investing. This paper draws on interviews...     

论社会保险基金进入货币市场的可行性

货币市场应成为社会保险基金进行流动性管理的主要场所。货币市场利率的变化对社保基金产生的短期效应和长期效应是有区别的。货币市场和社保基金的互动对一国金融市场和社会保障事业的发展都有积极的促进作用。我国应加快货币市场上的短期金融工具的创新 ,为社会保险基金进入货币市场创造条件。     

Romanticism,Introspection and Consumption: A Response to Professor Holbrook

This paper is concerned to challenge representational discourses which profess to identify the existence of a distinct and objectively identifiable “women's market” for financial services. Aided by an array of postmodern deconstructive techniques this paper reveals the discourse of a “women's market” as productive of, as well as constituted by, a particular form of modern society, one dominated by mass consumption to individualised subjects desperate for a sense of collective meaning and identity both as distinctive and embedded in a recognisable culture.     

Some Challenges of Social Screening

The ultimate challenge with which we are presented in connection with social investing is no more and no less than this: enhancing the function of conscience in the modern global business corporation. As with individual conscience, however, corporate conscience can be influenced in two ways: from the inside and from the outside. Investment decisions provide external influences, while management values provide influence from the inside.     

The performance of socially responsible equity mutual funds: Evidence from Sweden

This paper presents a comprehensive analysis of socially responsible (SR) funds in Sweden by assessing fund managers' abilities and performances across different market states. These issues are analyzed at the aggregate and individual fund levels. The paper also presents several new statistical tests that allow more precise inferences about differences in performance and the variability in fund returns arising from different benchmarks. In general, SR and conventional funds perform similarly to the market. At the aggregate level, SR funds investing in Sweden and Europe perform similarly to conventional funds, while those investing globally tend to underperform. This underperformance seems to be linked with poor selectivity abilities of global SR fund managers. For individual funds, the performance of both types of funds is more similar. Most funds perform similarly in crisis periods compared to non‐crisis periods. Overall, our results are consistent with a mature market for SR investing and support the view that the similar performance of SR and conventional funds is associated with the mainstreaming of SR investment in Sweden. These findings encourage SR investing both by socially conscious investors, who wish to align their social values with their investment decisions, as well as by conventional investors, who will not be penalized by investing in these funds. We also call attention to the difficulties investors face when trying to identify funds with high social standards, considering that there is scarce information on the extent to which each fund (SR or conventional) holds stocks that comply with ethical and social criteria.     

商业银行金融商品的开发与营销

随着经济全球化 ,金融市场一体化 ,加入世贸组织后的中国商业银行面临激烈的市场竞争。同时 ,由于社会大众投资理财观念的变化以及财富效应也使得金融商品的经营空间不断拓展。因此 ,如何树立市场意识、竞争意识、服务意识 ,大力开展金融商品的开发与创新、推广与营销已显得日益重要     

Social Investing: Mainstream or Backwater?

Social investing, though not yet fully mainstream, has the potential to obtain such status. Questions relating to the future of social investing include the following. (1) What properly falls within the ambit of social investing? Assuming that no single definition of social responsibility is feasible, what then are the limits? (2) What do we need to know about investor psychology concerning social investing? What motivates people to buy socially screened investments and why do they sometimes act inconsistently? (3) How can we improve the measures of social performance? Is it possible to develop GAAP and GAAS equivalents for social reporting? (4) Should social reports by firms be audited? If so, how? (5) What sorts of public policies are necessary to support the social screening of investments?     

A hybrid approach to international market selection: The case of impact investing organizations

Social enterprises are hybrid organizations that concurrently pursue social and economic goals and hence are mid-way between conventional capitalistic firms and non-profit organizations. Many social enterprises are becoming international; delivering services across borders. With the objective of understanding the internationalization of these unconventional organizations, this paper examines their international market selection decision based on host countries’ macroeconomic conditions. Generally, we hypothesize that the international market selection decision of social enterprises is tied to their hybridity, an overarching characteristic that sets them apart from other types of organizations. We build an original dataset with information on 41 European and North American impact investing organizations and 153 developing countries. Largely, our findings support the hypothesis, suggesting that social enterprises operate in foreign countries that offer a desirable balance between their social and financial goals. However, they avoid contexts with high country risk, factors that could cause a shortfall in expected returns.     

构建区域产业结构调整的和谐投融资环境

产业结构的调整需要金融支持和推动.更需要有一个和谐的投融资环境.否则,不仅难以实现资本集聚·也难发挥资本配置的功能,必然影响区域产业结构的调整.所谓投融资环境,主要包括:区域金融生态环境、基础设施建设的倾斜政策、优美的宜居城市环境,教育投资与扶持力度等.     

关于中国证券市场实施QFII制度的冷思考

QFII制度如果能顺利实施 ,对中国资本市场的逐步开放和发展是有利的。但目前中国资本市场的制度性缺陷却对QFII制度的顺利实施构成了障碍。必须从改善资本市场制度和促进法制建设入手营造一个良好的投资环境 ,才能为QFII制度的顺利实施奠定一个坚实的基础。     

关于优化湖北省投资环境的思考

优化投资环境对于提升区域综合竞争力具有非凡的意义,总结改革开放30多年来的经验与教训,加强投资环境建设是实现湖北省持续发展的重要途经。介绍了投资环境的概念、优化投资环境的作用和意义,并结合湖北省投资环境存在的主要问题,提出优化湖北省投资环境的对策建议。     

金融衍生工具投资风险特征探析

金融衍生工具的产生和发展,给西方资本市场注入了新的活力。目前,我国经济正处在快速发展的上升通道,经济的快速发展,必然产生对资金的极大需求,客观上要求有广阔的融资渠道与之相适应。因此,为活跃我国的资本市场,开展对金融衍生工具投资风险特征的分析和研究,是摆在我国经济工作者面前的一项迫切任务。     

The market valuation of ethical assets in Spain: an application of the hedonic pricing method

The aim of this paper is to calculate the market valuation of non‐financial characteristics, namely, the social responsibility criteria (social, ethical and environmental) included in the Spanish Socially Responsible Investment Funds. The hedonic price method is applied for this purpose. This method relates the price of Socially Responsible Investment Funds with both financial and social responsibility characteristics. Because of the large number of social responsibility characteristics included in these funds, prior to application of the hedonic price method, the principal components factor analysis technique is used. The data are taken from the prospectus for each fund and from the data provided by the National Securities Market Commission. Results indicate that the Spanish market is sensitive to the social responsibility practices of companies. In particular, the market value practices related to environmental sustainability, the enforcement of labour rights, sustainable production and consumption and non‐abusive market practices.     

改革投融资体制 拓宽投融资渠道

十五期间黑龙江省存在投资不足的问题,如何增加投资总量。顺利实现十五计划目标,对现行投融资体制进行剖析,完善改革投资管理制度,加快资本市场建设和银行商业化改革,界定政府投资范围和投资管理职能,建立规范的投资中介贬务体系寺建议,针对黑龙江省的具体情况,争取国家产业政策的更多支持,扩大企业债券发行规模,增强财政贴息功能,大力发展民间投资。     

Do Corporations Invest Enough in Environmental Responsibility?

Proponents of corporate environmental responsibility argue that corporations shortchange shareholders by investing too little in environmental responsibility. They claim that corporations can improve their financial performance by increasing their investment in environmental responsibility. Opponents of corporate social responsibility argue that corporations shortchange shareholders by investing too much in environmental responsibility. They claim that corporations can improve their financial performance by reducing their investment in environmental responsibility. Yet, others claim that corporations serve their shareholders well by investing just enough in social responsibility, not too little and not too much. If so, corporations increase their investment in environmental responsibility when an increase improves financial performance and reduce their investment in environmental responsibility when a decrease improves financial performance. Our evidence is consistent with this last claim. We find that the behavior of corporations is consistent with the claim that they act in the interest of shareholders, increasing or decreasing their investment in environmental responsibility as necessary to improve their financial performance.     

关于当前农村市场开拓问题的思考

在当前圆际金融危机对我国经济影响不断加深的形势下,要高度重视开拓农村市场,这是扩大内需的迫切要求.但受农村居民收入水平、社会保障制度、流通体系、消费环境、金融服务等因素制约,农村市场开拓困难重重.要搞活农村市场,需要从增加农民收入、完善社会保障体系、健全流通体系、优化消费环境、加强金融服务等方面采取系统的对策.