信贷扩张下的楼市发展思考

1信贷扩张的现状 随着国内经济形势变化，以及国际金融危机的蔓延，在2008年9月之后，我国的货币政策开始发生转向：从年初的“从紧”向“适度宽松”转变。为支持扩大内需的“4万亿投资”计划，国务院于2008年12月颁发《关于当前金融促进经济发展的若干意见》，提出30条金融措施，强调了要认真执行适度宽松的货币政策，加大金融支持力度，促进经济平稳较快发展。此后，我国信贷扩张明显加速。     

适度宽松货币政策对商业银行资本充足性的影响及对策分析

为应对国际金融危机对我国经济的冲击,2008年下半年开始,中央银行实施适度宽松的货币政策.适度宽松的货币政策较好地满足了地方政府促进经济增长、国企投资扩张以及商业银行扩大经营的需求,并导致了2009年上半年信贷"井喷式"增长.     

2009年上半年新疆货币信贷形势分析报告

进人2009年，国际金融危机对新疆经济金融的滞后不利影响进一步加深，我区经济运行遇到了前所未有的困难，增幅有所下降。随着国家和自治区采取的一系列促进经济发展的政策措施逐步显效，我区经济从3月份开始出现回暖迹象，各金融机构认真贯彻落实适度宽松的货币政策，调整优化信贷结构，切实加大中央和地方项目投资力度，积极发展金融市场，拓宽融资渠道，经济金融增长总体情况好于预期。     

2009年东川区经济金融运行分析

<正>2009年,东川在省、市政府的领导下,沉着应对国际金融危机的影响和诸多困难,坚定信心、攻坚克难、抢抓机遇、顺势而谋,经济发展取得较好成绩。金融业更是紧紧围绕中央宏观调控政策和东川区委区政府的决策部署,认真贯彻落实适度宽松货币政策,进一步加大信贷支持力度,信贷结构不断优化,金融运行呈现快速发展的良好态势。     

欠发达地区贯彻适度宽松货币政策的思考

2009年3月,温家宝总理在十一届二次全国人大会议上指出:执行适度宽松的货币政策,一是改善金融调控,保证货币信贷总量满足经济发展需求。二是优化信贷结构,加强对信贷投向的监测和指导。三是进一步理顺     

2009年中国金融十件大事

<正>中国金融杂志社中国社会科学院金融研究所《中国金融》2010.1●1.适度宽松货币政策成功实施中国人民银行审时度势,认真贯彻适度宽松的货币政策,在2009年主要取得了以下成就:一是保证了货币信贷总量满足经济发展需求。二是优化了信贷结构。加强对信贷投向的监测和指导,加大对"三农"、中小企业等薄弱环节的金融支持,     

2009年山东省金融运行报告

2009年,山东省深入贯彻国家应对国际金融危机的一揽子计划和各项决策部署,紧紧嗣绕"保增长、扩内需、调结构、惠民生"的调控要求,积极作为、科学务实,全省经济实现"V"型反转,向好势头不断巩固,三次产业结构持续优化,节能降耗成效显著,经济发展内生动力明显增强.全省金融业继续保持平稳较快发展,规模、效益同步提升.货币信贷运行良好,存贷款等多项指标创历史新高.资本市场融资加速,保险保障功能增强.金融市场交投活跃,资源配置效率提高.银行业改革步伐加快,金融体系日趋完善,金融生态环境建设稳步推进.2010年,山东省金融机构将按照"总量适度、优化结构、把握节奏、防范风险"的总体要求,继续认真贯彻实施适度宽松的货币政策,扎实推进金融改革,保持货币信贷适度增长,着力优化信贷结构,不断加大对黄河三角洲高效生态经济区、山东半岛蓝色经济区和经济社会发展薄弱环节的支持力度,努力促进全省经济平稳较快发展.     

《政府工作报告》摘要 加强和改善宏观调控 保持经济平稳较快发展

国务院总理温家宝在今年两会《政府工作报告》中指出:●要实施适度宽松的货币政策,保持货币信贷快速增长;●要加快经济发展方式转变和经济结构调整,使GDP增长8%左右;●要保持货币政策的连续性和稳定性,保持经济平稳较快发展;●要推动经济进入创新轨道,加大对中小企业金融支持;●要健全金融体系,应对国际金融危机。     

事件

央行认可信贷增长继续保持充裕流动性央行6日发布的《2009年第一季度货币政策执行报告》强调,在国际金融危机的特殊环境下,近期我国货币信贷适度较快增长利大于弊,是适度宽松货币政策有效传导的体现,有     

金融危机背景下"保增长、调结构"的信贷资源配置研究——以山东省为例

囿于现阶段中国经济实际,信贷政策必然成为货币政策的一个组成部分,并承担着促进经济增长和引导经济结构凋整的双重使命.2008年下半年以来,在应对国际金融危机冲击、实施适度宽松货币政策的背景下,信贷资源配置成为中国经济"保增长、调结构"的重要手段.本文通过对信贷结构与经济产出结构进行协整检验和格兰杰因果检验,验证了信贷增长对于经济产出增长的积极作用,为经济结构调整中的信贷资源配置提供了思路.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.