Evidence of Credit Risk Contagion Between Corporate and Financial Sectors

We propose a copula-GARCH framework to analyze the credit risk dependence structure between the European corporate and financial sectors. Empirical study is conducted on two representative iTraxx indices. In order to better capture the dynamic behavior of dependence we allow copula parameters to be time-varying by specifying them as a function of past values and standardized score of the copula log-likelihood. The results obtained indicate a time-varying dependence structure with statistically significant tail dependence coefficients supporting the existence of credit risk contagion effects. Goodness-of-fit tests are used to indicate which model is closest to the true conditional copula. Our findings provide further evidence supporting the interconnectivity of credit risk between corporates and financial institutions operating on the European market.     

Impact of Advance Notice Periods on the Performance Persistence of Hedge Funds

This paper examines the impact of the advance notice period on hedge fund performance persistence in investors＇ portfolios. As investors in hedge funds face several trading restrictions related to the funds＇ common investment terms and conditions, it is hypothesized that the advance notice period generates illiquidity for investors and impairs their ability to benefit from performance persistence in hedge funds. Using a sample of 4,788 hedge funds over a period from 1994 to 2008 and contingency table based standard methodology for returns and Sharpe ratios, the results suggest that accounting for individual funds＇ advance notice periods has a negative impact on the performance persistence of hedge funds. The proportion of significantly persistent funds declines when incorporating the advance notice period, especially for short time horizons. Furthermore, a considerable part of hedge fund performance persistence is related to asset class-specific terms and conditions, reducing the amount of short-term performance persistence in practice.     

宏观经济因素、信用风险与压力测试

通过文献综述发现宏观经济因素波动是导致银行产生信用风险的重要原因之一。美国金融危机以来,我国经济面临的最主要问题是进出口大幅下降,我国商业银行在这样的宏观经济发生重大变动的情况下面临怎样的信用风险?本文在评介现有的宏观压力测试方法的基础上,提出并用实证证明利用投入产出模型建立宏观压力测试方法可以对出口大幅下降展开有效的行业内生影响分析并分解到每一个企业身上,从而为银行分析贷款不良率,管控信用风险提供直接的参考依据。     

Research on the risk of the collateral in Chinese commercial banks

Credit risk mitigation is an efficient bank＇s credit management instrument, there is some barriers in using collateral ＆ guarantees in China. The article analyzes the operational risks from bank governance and legal environment aspects. Then, the paper puts forward some suggestions.     

我国企业出口信用风险管理的新思考

加入WTO后,我国对外贸易增长迅速,与此同时,我国出口企业中存在的信用风险问题也越来越突出.面对出口信用风险的不断扩大,出口企业应如何面对? 文章对我国企业出口信用风险管理存在的问题和原因进行了分析,并在此基础上,提出了加强出口信用风险管理的建议.     

Regional Incentives to Increase the Competitiveness of a Renewable Energy Business Cluster in a Small Island Like Corsica （France）

Renewable energy （RE） has grown to become part of mainstream economics, industry, and energy. The process started in the wake of oil shortages amid the 1970s energy crisis, when the major industrial countries of the world sought out an array of energy security strategies. Diversifying energy import-export trade, restructuring GDP, and increasing and backing home-sourced offers are all basic essential measures that different countries have adopted to different degrees in an effort to reduce dependency on imported oil. The last of these measures counts RE as a vector of local generation. The past decade has seen the RE sector really take off, driven by now well-structured industries starting to mobilize now-mature technologies. This developmental shift towards RE has been framed by different policy measures that nevertheless share the same core rationale climate change. Among the pro-renewables policies adopted by France, the deployment of competitive clusters has proved an effective tool for leveraging the growth of renewables. Business clusters are geographically-concentrated economic structures assuring the often tenuous link between efficient national industrial policy .efforts and regional planning and branding issues. From this perspective, the logic of synergy by connecting global to local issues remains to be created around a new paradigm： regional attractiveness/place branding. In today＇s fast-globalizing world, the much-hyped concept of place branding has become critical for regions in fierce global competition to capture and secure geographically-mobile investment. In this context, promoting and attracting inward investment is a multidimensional challenge where business clusters have a pivotal role to play. Corsica, a small island economy, represents a case-in-point target of analysis through its long-standing plan for the regional and sustainable development of Corsica （French decentralization policy on Corsica under the law dated 22 January 2002） and the CAPENERGIES business cluster a key l     

Marketing and Territorial Factors： An Integrated Study of the Accommodation Choice in the Island of La Palma

The literature has highlighted the relevance of segmenting the tourism market as a start point for developing the right tourism policy recommendations. The present study examines the rural tourism market on the island of La Palma （Canary Islands） and its relationship with territorial factors. Specifically, it attempts to establish the role played in tourists＇ accommodation location choice by territorial and related factors （for instance, the area of the island, proximity to the beach, hours of sunshine, etc.） compared to other factors. A sample of 316 tourists who holidayed in rural tourism accommodation in La Palma during the period from July to September in 2007 was selected for this purpose. The methodology consisted of a preliminary analysis of the associations between the variables and their modalities, followed by a multiple correspondence analysis （MCA）. The results of the study allow to conclude that the weight of territorial variables in the choice of destination and accommodation location can vary substantially depending on the market segment considered.     

小额贷款公司中小企业法人客户信用风险评估研究

论文选取我国商业性小额贷款公司面临的信用风险作为研究对象,集中研究针对中小企业法人客户的小额贷款信用风险的评估。文章结合小额贷款公司经营模式和放贷对象的具体特点,基于软硬信息框架设计出一套适合我国小额贷款公司中小企业法人客户的信用风险评估体系,并通过层次分析法和模糊综合评价方法确定各个指标的权重配置。案例试算表明,该模型对于小额信贷公司的信用风险具有良好的评估效果,能为小贷公司的信用风险防范和信贷决策提供有效指导。     

我国商业银行信贷风险管理及对策分析

信贷业务是银行的主要利润来源，然而信贷风险也是银行面临的主要风险。由于我国商业银行资产负债比例管理问题突出和信贷管理机制弊端明显，以致信贷资产不良率还处于高位上运行。做好信贷风险管理，优化信贷风险控制，一要培育一种新型的信贷文化，增强信贷人员的风险意识；二要健全风险等级评定制度；三要规范贷款的损失预测与定价管理；四要加强信贷风险的监测与监督；五要完善内控制度建设，规避操作风险和道德风险。     

The Significance of Costs Calculation in Evaluation of the Value Added

In the article, a problem of importance of proper costs calculation caused by risk factors which emerge in logistic processes is presented. On the basis of literature analysis, there was shown the costs structure of the value chain. The concept of customer value and the concept of enterprise value were extracted. It presents also dependence between actions in internal value chain and generated cash flows. It signalizes also the meaning of risk management influence on the problem of achieving established value added, understood as net income from operational activity by the main enterprises processes. Basis of theoretical modeling using the Gorbatov＇s principle of characterization was discussed. The research material relates to food businesses. The study was conducted on the basis of questionnaires, surveys, and direct conversations with employees. To build the model, the theory of characterization was used. Its essence is in the mutual interpretability model of the test object to the model structure. Mutual interpretability of models is achieved by selection of the proper functioning of the universal laws （expressed in the functional model） and the structural interpretation of the functional model, the one of representative character is Hasse diagrams. The functioning of the model is illustrated experiment research of the study. The results show the great importance of the correct calculation of the cost of risk factors in logistics processes. Not taking into account the actual cost of risk factors may have a significant influence on errors in decision-making, giving an incorrect picture of the financial situation. A false idea of the creation of value-added may consequently result in the deterioration of the conditions of the enterprise market functioning.     

Innovations in the Application of Insurance-linked Securities in Non-financial Companies

Recently, capital market innovations within transferring insurable risk have grown in diversity. It initiated the development of innovative financial instruments, with the prime role of Insurance Linked Securities （ILS）. Financial institutions （insurers in particular） remain the key players on this market. However, ILS are applicable in non-financial companies as well. Accordingly, the aim of this study is to broadly discuss the application of ILS in non-financial companies. In particular, the purpose of this paper is to provide answers to the crucial questions： （1） What are the potential areas of the use of ILS in non-financial companies？ （2） What are the consequences of the use of ILS in non-financial companies？ The paper is based on the application of document analysis and literature studies as its main research methods. The literature review was directed to enable the provision of systemized characteristics of 1LS. Additionally, case studies were implemented to indicate the areas of ILS applications in non-financial companies. Overall, ILS in the class of financial instruments （including cat bonds, insurance derivatives, and contingent capital structures） may find potential use in non-financial companies. However, significant limitations of such a use are identifiable, mainly within the expert knowledge need and accessibility.     

我国商业银行信用风险管理体系研究

巴塞尔新资本协议鼓励世界各国的商业银行采用先进的内部评级法管理信用风险。本文立足于我国商业银行信用风险管理的现状,结合我国商业银行改革的实践与方向,建立了基于内部评级法的我国商业银行信用风险管理体系。     

论我国商业银行小微企业信贷风险控制

我国银行对小微企业的信贷风险控制普遍存在着信贷风险评估建设滞后、贷款类型单一、贷款审查制度欠规范、缺乏针对小微贷款风险控制机制等问题,主要是由于信息不对称、微型贷款的成本较高、银行缺乏信贷风险控制思想、小微企业自身的内部控制不健全等原因所造成的。针对小微企业不同的信贷风险类型,运用各种风险防范手段,严格控制小微企业信贷业务流程的创新优化思路,并从经营管理思路、贷款营销、贷前调查、贷款审查、贷款审批、贷后管理方面提出了科学可行的对策。本文对小微企业信贷风险控制进行了系统深入的研究,力求对我国商业银行未来小微贷款的发展起到一定的指导作用,对其他银行发展小微企业贷款也具有借鉴意义。     

基于可拓综合评价模型的高新技术企业信用风险评价——以N银行300家高新技术企业为例

加快建立适合高新技术企业特点的商业银行信用风险评价体系,对提升科技创新与金融创新的融合深度、解决高新技术企业融资困境具有重要意义。以高新技术企业为研究对象,通过深入剖析企业财务表现、创新能力、企业信用、外部环境支持等不同维度的影响因素,建立多层次信用风险评价指标体系,并基于此构建可拓综合评价模型。以N银行300家高新技术企业客户为样本,实证检验该模型在实践过程中对高企信用风险评价的适用性和科学性。研究结果表明,在商业银行传统的业务审贷视角下,该模型对高新技术企业信用风险评价具有良好的适用性,能够为商业银行审贷提供更加科学、高效的决策依据。     

The Significance of CSF Among Enterprises in Latvia： An In-depth Analysis

The present research paper is dedicated to the in-depth analysis of the significance of critical-to-success factors （CSF） among enterprises in Latvia. The goal is to distinguish and find key success factors of Latvian companies who survived the economic crisis, which started in 2008, and executed the enabling objectives of the paper. Research methodology involves the analysis of the existing theoretical literature, in-depth interviews with the top management representatives of large Latvian business entities were interviewed by GFK （Custom Research Baltic agency） on behalf of the authors of the paper. It is found out that 10 largest industries for the big companies are： fuel retail and wholesale, energetics, food retail and wholesale, chemical products, logistics, metal processing, financial services, information technologies service and production, passenger transportation, and telecommunication services. For medium companies such industries are： food retail and wholesale, logistics, fuel retail and wholesale, wood processing, automotive industry, construction, financial services, pharmaceutical products, metal processing, and beverage wholesale and production. The authors also scrutinised 72 articles of 38 Forbes magazine archiving from the years 2010-2014. Thirty CSF were defmed. The most significant CSF according to the Forbes interviews are specific market niche, export, technological innovations, and high quality of products and services. The in-depth interviews with the top management representatives prove the importance of the above mentioned factors. Relevant recommendations are provided in the end of the paper.     

基于FAHP的商业银行小微企业信贷风险因素影响度分析

随着我国商业银行小微企业贷款余额的不断增加,如何有效控制小微企业信贷风险成为商业银行不得不积极面对的问题。本文结合小微企业的特点,通过对商业银行小微企业信贷风险影响因素的分析,构建了小微企业信贷风险的影响因素体系,运用模糊层次分析法对各个影响因素进行量化比较研究,为商业银行小微企业信贷目标客户的确认及建立合理的小微企业信贷评价体系提供参考。     

基于Elman神经网络的商业银行信贷风险识别及评估模型

建立了基于Elman神经网络的商业银行信贷风险识别及评估模型，并通过实例验证了模型的准确性和可靠性。研究过程及结果表明，基于Elman神经网络的商业银行信贷风险识别及评估模型能够很好地反映信贷过程中的非线性因素，准确地预测出完整的信贷风险评估指标和信用等级之间的映射关系，能快速评估和有效减低商业的信贷风险。一组实例结果显示该评估模型的准确率接近90％。     

完善我国商业银行信用风险量化管理体系的对策与建议

为了构建和完善信用风险量化管理体系,商业银行以及监管机构应当加强商业银行基础数据库的建设;开发适合我国实际情况的内部评级方法;研究与发展信用风险度量模型;建立健全以内部评级为核心的信用风险管理体系;促进资信评级行业健康发展。     

应用经济资本强化我国商业银行的风险管理

经济资本是国际先进银行正在使用的一种信用风险管理的方法,我国国有商业银行在近期也开始在风险管理体制的变革过程中引入这一方法。本文就是通过对经济资本概念的理解,对经济资本作用的阐述,进而说明经济资本的引入对于我国现阶段商业银行风险管理改革的促进作用。     

Analysis on Development Strategy of China＇s Commercial Street： A Case Study of Hangzhou City

China is arranging a boom of commercial street development across the country and Hangzhou works as an outstanding example. Commercial street economy is boosting China＇s urbanization and industry prosperity. Concerning on the rapid and sound development of commercial street in China, this paper introduces many problems and conflicts that block domestic commercial street development. With the guidances of China Commercial Walking Street Committee and Hangzhou Bureau of Economy and Trade, data analysis by Hangzhou Municipal Bureau of Statistics, and case study of commercial streets in Hangzhou, the paper states that commercial street development beyond China＇s socialism economic system should follow the guidance of scientific outlook on development, insist on government-led and market-driven, design first and service-oriented, and highlight core feature and comprehensive facility. Also, it is essential to unify and ensure legal status of management committee, and streamline organizational structure, balance between interest groups, weaken conflicts of public and private, and promote industry association development and privately-operated public affairs to ensure sustainable development of commercial street, which will truly benefit domestic urbanization as well as improve people＇s material and cultural life. For the other developing countries in the urgent progress of industrialization and urbanization, the paper is expected to be guidelines.