ETFs:金融创新的硕果

一、关于ETFs定义综述 各界对ETFs的定义有很多种,但是最主要的有以下几种形式: 第一种观点认为:ETFs是一种在证券交易所买卖的有价证券,代表长期股票信托的所有权. 第二种观点认为:ETFs是一种存托凭证,是由某一机构将组成标的指数股票资产组合证券化,以真实的股票为基础,然后向投资者发行存托凭证,继而在交易所上市交易的存托凭证.     

存托凭证发展的国际趋势及其在中国资本市场流通的可行性分析

存托凭证是一种近年来在国际资本市场蓬勃发展的投资工具。特别是成为基金等机构投资首选的投资品种。随着中国资本市场的逐步开放，存托凭证在中国资本市场流通的可行性问题受到关注。本文在对存托凭证进行基本分析的基础上，概述了存托凭证发展的国际趋势，分析了存托凭证在中国资本市场流通的可行性，对于未来存托凭证在中国资本市场的发展得出了比较乐观的结论。     

金融创新产品系列讲座之二中国存托凭证(CDR)

所谓中国存托凭证(China Depository Re- ceipt,简称CDR),是存托凭证(DR)在中国市场的专门称谓。存托凭证也叫预托凭证,是指在一国证券市场流通的代表外国公司有价证券的可转让凭证,属公司融资业务范畴的金融衍生工具。存托凭证的交易中有国内、国外的当事人,国内当事人有证券发行公司、证券保管机构;国外当事人有存托银行、证券承销商及投资人。以股票转化为存托凭证为例：某国的上市公司为使其股票在外国流通,     

成渝地区双城经济圈金融一体化路径探索——基于世界城市群金融一体化经验

沪伦通以双向开放国际资本市场为宗旨，促进上市公司跨境融资与市场绑定。目前，在伦敦证券交易所西向发行全球存托凭证（GDR）的上市公司数量较多，而在上海证交所东向发行中国存托凭证（CDR）的上市公司却很少见。本文分析反向跨境上市的局限性和“法律绑定”假说理论，探讨东向发行DR的潜在优势，上市公司在交易所跨境发行两类存托凭证的条件和机制差异，以及相关的法律和监管问题。展望未来，我国应以提升境内交易所国际资源竞争力为抓手，在厘清存托凭证架构关系的基础之上，对沪伦通跨境监管机制及执行效力加强协调，进而实现我国资本市场的国际化。     

看好存托凭证

作为开展存托凭证业务最久的存托银行,摩根大通更关注于投资的水平和服务的质量,为客户提供最大化的增值服务。1927年,英国零售商Selfridges Provincial Stores Limited(现名为Selfridges plc)成为全球第一个发行美国存托凭证(ADR)的公司。在那个交通不便的年代,从英国将股票运到美国交到美国投资者的手中,着实很费时间。为了方便美国投资者投资和交易外国上市公司的股票,摩根大通银行发明了美国存托凭证,更重要的是存托凭证至今仍然是跨境上市最方便的工具。     

美国资本市场融资工具—ADR

ADR即美国存托凭证，是由美国存托银行向美国的投资者发行的，代表非美国公司股票所有权的一种可流通证券。它的交易市场由发行、市场内部交易和注销等一系列过程构成。ADR在许多方面都明显优于普通股，使得美国投资者的境外投资和非美国公司在美国资本市场的融资简便易行。其种类包括三个不同级别的ADR以及私募ADR。     

存托凭证的发展与工商银行业务创新

业务创新是一国金融发展不竭的动力。存托凭证在西方发达金融市场虽已是成熟的金融产品，但在我国还是一个新生事物。本文从介绍美国存托凭证的发展状况及其市场运作入手，分析了中国存托凭证的发展前景，认为中国存托凭证势在必行，其推出只是一个时间问题。存托凭证以商业银行为发行人和中介人，它的推出将给国内商业银行带来新的挑战和发展机遇，但更为深远的意义还在于它带给国内商业银行的创新推动。本文还针对工商银行的存托凭证业务及业务创新提出了调整业务创新重点、加快海内外相关机构的整合和构建、积极开展存托凭证的前期准备工作、加大人才的培养力度等一些对策建议。     

我国推出存托凭证制度的可行性分析

存托凭证是一种国际上流行的金融创新产品，它不仅可以作为企业进行国际融资的工具，还被许多发展中国家当作资本项目对外开放的突破口。加入WTO后，资本市场的国际化和人民币的可自由兑换纳入了我国金融发展的未来规划，此时推出中国存托凭证，能够为实现资本项目下的可兑换奠定良好基础。     

ADR的全球拓展与中国企业的选择

全球最主要的ADR存托银行之一Jp摩根美国存托凭证部曾指出，中国公司发行ADR将进入—个快速增长期，保守估计，未来3～5年内，中国ADR将上升到整个亚洲ADR总规模的50％以上。……     

存托凭证融资法

中国存托凭证(China Depository Receipts,简称CDR),是"存托凭证"这种联系国内外金融市场的投资工具中的一种.     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.     

浅议金融机构的举证责任

金融纠纷案件是当事人以存单或进账单、对账单、存款合同、保险单、票据、证券等凭证为主要证据向人民法院提出诉讼的案件,对于不同种类金融纠纷的当事人的举证责任,我国现行的金融法律、法规及司法解释有不同的规定。由于金融机构的特殊法律地位,发生金融纠纷时存在有关当事人将最后偿付风险转移给金融机构承担的主观故意,在客观上会使金融机构难以提供相应的证据来对抗不法债权人的诉讼请求,而导致金融机构败诉。为此,对金融诉讼案件中金融机构的举证责任加以研究具有重要的实践意义。     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…