我国商业银行开展投行业务的理论依据和模式选择

为了适应市场竞争需要,改变收入增长模式,提高竞争力,国内商业银行纷纷开展投资银行业务推进业务转型.本文从一些经济学、金融学的理论入手,希望找到可以支持商业银行开展投资银行业务的依据;从我国资本市场、商业银行、企业的角度,探讨它们之间的逻辑关系,分析比较几种主要的投资银行业务经营模式,对我国商业银行投行模式选择提供借鉴.     

商业银行开展投资银行业务问题探析

商业银行的投资银行业务在国外已相当成熟,而我国正处于起步阶段。本文从我国商业银行开展投资银行业务的必要性和业务定位两个侧重点进行阐述,并提出“从特色投行业务、传统投行业务、衍生投行业务三条主线探索实践”的思路。     

简析我国商业银行投资银行业务风险管控

随着投资银行业务在商业银行的广泛开展,商业银行在获得可观的中间业务收入的同时,也存在潜在的风险隐患。本文从国内商业银行的实际出发,首先简要阐述了我国商业银行的投行业务开展状况,其次以某一具体的投行产品分析了投行业务在开展过程中面临的风险,最后有针对性的就商业银行投行业务的风险管控提出了几点建议。     

国内商业银行开展投资银行业务的模式及策略

适应国际金融业发展趋势，国内对商业银行业务发展的监管趋势逐渐放松，在政策上商业泵石开展投资银行业务成为可能。对商业银行来说，开展投资银行业务对其具有重大意义，各家银行都把投行业务作为未来业务转型的重要方向。商业银行必须根据自身优劣势和外部资源条件，建立有效的投行业务发展模式，制定正确的策略以抓住机会，发挥优势，弥补劣势，迅速拓展投资银行业务。     

我国商业银行发展投资银行业务的模式及创新

我们调研的五家商业银行在发展投资银行业务过程中,有一些成功经验和做法值得银行同业借鉴,主要体现在组织结构、配套政策措施和创新业务模式等三个方面。我国商业银行发展投行业务处于财务顾问业务阶段。同这五家银行相比,我国商业银行发展投行业务存在的问题,主要体现在发展战略不明确、激励措施不到位、配套政策不完善和业务模式不清晰等四个方面。针对我国商业银行在发展投行业务过程中存在的几方面突出问题,结合我国商业银行发展投行业务的阶段特征,从发展战略、激励机制、政策配套措施、业务模式等创新方面提出了有针对性的措施。     

我国商业银行的投资银行业务

从商业银行与投资银行的概念定义出发,分析了商业银行开展投资银行业务的理论依据和我国商业银行开展投资银行业务的必要性,探讨了在2006年金融业全面对外开放的形势下我国商业银行开展投资银行业务的战略重点和模式,并就我国商业银行开展投资银行业务的风险控制提出了若干建议。     

我国商业银行的投资银行业务

从商业银行与投资银行的概念定义出发,分析了商业银行开展投资银行业务的理论依据和我国商业银行开展投资银行业务的必要性,探讨了在2006年金融业全面对外开放的形势下我国商业银行开展投资银行业务的战略重点和模式,并就我国商业银行开展投资银行业务的风险控制提出了若干建议。     

国外商业银行发展投资银行业务对我国的启示

我国国有银行的投行业务正处于起步阶段,借鉴国外经验,并结合现阶段我国商业银行发展投行业务的特点,提出商业银行发展投资银行业务的方向。     

我国商业银行开展投资银行业务的思考

在金融分业经营的体制下，目前我国商业银行虽不能开展股票证券承销、经纪和交易有关业务，但仍可开展许多投资银行业务，包括银行问债券市场承销经纪与交易、企业重组并购、财务顾问、结构化融资与银团贷款、资产证券化、资产管理、衍生品交易等。目前，投资银行业务已成为各家商业银行重点拓展的领域之一，商业银行开展投行业务前景广阔。     

商业银行兼营投行业务的防火墙机制研究

本文旨在探讨商业银行在兼营投资银行等新兴业务时,如何通过防火墙机制来隔绝风险向传统业务蔓延.面对近年来我国商业银行纷纷涉足投行业务这一趋势,在比较美式“防火墙”和英式“围栏”两种风险阻隔机制的特点后,针对当前我国商业银行开展投行业务的四种组织形式提出了相应的防火墙机制设计路径.     

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.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.