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2011年5月28日,河北银行迎来其成立十五周年的日子。河北银行所历经的这十五年正值中国金融业飞速发展的时期,此时中国金融业规模迅速放大,金融业发展规范化市场化程度不断加强,金融业服 相似文献
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本文就区域中心城市发展布局进行讨论,选取2009年和2011年广深两地的金融业数据,运用偏差份额分析法对两地进行产业竞争力评价研究.从金融产业结构和竞争力两方面进行深入具体分析,指出两地金融业发展中的问题,并针对两地金融业的未来错位发展提供政策建议. 相似文献
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2011年面对严峻复杂的国内外形势,内蒙古金融业保持了良好的发展态势,呈现出总量扩大、速度加快、结构优化、运行安全的良好态势,实现了"十二五"良好开局。本文在对2012年国内外及区内宏观经济发展形势、内蒙古经济发展规划与政策支持、内蒙古金融业自身发展环境分析的基础上,展望2012年内蒙古金融业发展形势,并提出内蒙古金融业2012年发展目标及发展重点。 相似文献
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2011年11月17日,财政部、国家税务总局正式发布了《营业税改征增值税试点方案》。本文就金融业“营改增”的可行性、难点进行了探讨,并借鉴世界范围内的金融业征收增值税的做法,提出了我国金融业“营改增”的路径选择。 相似文献
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2011年,是我国金融业"十二五"规划的开局之年.在即将到来的2011年,作为金融业走向瑰代化的一个重要支撑和手段,金融信息化在"十二五"期间的发展将是何种趋势,将在哪些重点领域进行建设与创新?处在转型期的金融机构信息化建设将如何开展?本期专题力邀国家外汇管理局、中国银联、商业银行、咨询机构等单位领导、专家共同畅想"十... 相似文献
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金融科技作为信息技术驱动的金融创新,正改变金融市场格局。但伴随金融与科技深度融合,综合性的金融主体、技术泛化的金融产品与异化的金融权利却诱致复杂的金融风险。由于传统金融监管在应对上述风险时存在对象错配、方式滞后与机制失效的局限,穿透式监管成为回应现实需求的最佳选择。金融科技的穿透式监管应坚持以实质重于形式为核心,突出对金融数据、内置算法与金融科技机构的多向穿透,并遵循适应性原则、系统性原则与比例原则指导具体监管实践。在实践中,金融监管层不仅应利用智能化、嵌入式的监管科技和全面、严格的信息披露刺破金融科技的复杂结构,还应搭建统一的监管协调体系、制定详尽的监管规范、划定主体的责任边界,以落实穿透式监管理念,提高金融科技监管有效性。 相似文献
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本文基于深交所推行的投资者实地调研制度及相关信息的披露,研究机构投资者实地调研活动对上市公司财务信息质量的作用,以及在该作用中调研便利性所发挥的影响.结果 表明:机构投资者的实地调研能改进上市公司当年及后一年的财务信息质量;较高的调研便利性会强化机构投资者实地调研提升财务信息质量的作用. 相似文献
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Oscar Stålnacke 《European Journal of Finance》2019,25(15):1351-1376
What information do individual investors use when making their financial decisions and how is it related to their stock market expectations, their confidence in these expectations, and the risk and return of their stock portfolios? I study these questions by combining survey data on the information usage among individual investors in Sweden with detailed registry data on their stock portfolios. I find that investors use filtered financial information (e.g. information packaged by a professional intermediary) more frequently than they use unfiltered financial information (e.g. information from annual reports and financial statements). Investors who frequently use filtered financial information are, however, more confident in their stock market expectations and take larger risks in their stock portfolios. Investors that instead use unfiltered financial information take lower portfolio risks and obtain higher portfolio returns. The findings in this paper thus suggest that investors can improve their financial decisions by using more unfiltered financial information rather than filtered financial information when they make their financial decisions. 相似文献
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Does the location of a firm’s headquarter effect ownership concentration? Do stock market participants value ownership concentration differently for firms located at different geographic locations? Using data from India, this paper shows that firms headquartered in Mumbai, the main financial center of a country, have lower ownership concentration than firms headquartered elsewhere. We argue that clustering of firms in the financial center reduce information asymmetries and lower the incentives for concentrated ownership. Our results also show that as the extent of analyst following increase, the difference between ownership concentration of firms headquartered in Mumbai and firms headquartered elsewhere goes up. We argue that higher analyst coverage reduces information asymmetries quicker for firms headquartered in the financial center and results in larger difference between the two groups. In addition, we also show that ownership concentration is value relevant only for firms headquartered in the non-financial centers. We show no relationship between ownership concentration and firm performance and valuation in the financial centers. This paper provides evidence that location of a firm’s headquarter in the financial center can significantly alter its information environment. Reduced information asymmetries lower the incentives for concentrated ownership in the financial centers. 相似文献
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金融风险的信息质量特征与我国金融会计制度改革 总被引:4,自引:1,他引:4
本文着眼于巴塞尔新资本协议第三次征求意见稿提出的金融风险监管和信息披露框架,以我国金融会计制度的国际化协调为切入点,分析了信用风险、市场风险和操作风险等金融风险的构成要素,指出现有监管信息系统和会计体系存在的问题.同时,本文还评价了我国新<金融企业会计制度>等规范对金融风险的披露和监管特征,分析了新制度对银行类上市公司所产生的影响,并提出了建立以风险计量会计披露为核心的监管体系的构想.本文最后对协同新巴塞尔协议的监管原则,建立完整的银行业信息披露框架,形成动态信息披露机制提出了一些建议. 相似文献
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Information concerning past delays in submitting financial statements to Companies House has been found to be an important variable in predicting small company financial failure. However, a distinctive feature of the small company reporting environment is that a large proportion of small companies approaching financial failure fail to submit any accounts in the year(s) immediately prior to failure. This paper presents evidence suggesting that non-submission information can usefully be incorporated into a failure prediction model along with information concerning finite delays in reporting and conventional financial ratios. 相似文献
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Equity of access to information for listed entities is a key principle in an efficient and effective market. Direct mailing is a mechanism for achieving this. This study examines equity of access by identifying the half‐yearly financial information, if any, voluntarily mailed out by Australian listed entities and associated stakeholder characteristics. We find that certain stakeholder characteristics (presence of audit committee and shareholder dispersion) are associated with voluntary mail‐out of half‐yearly financial information, along with certain control variables (size of entity, industry and audit opinion). This study further identifies that there are very few instances of the higher level of assurance (audit) being chosen, and where half‐year information is disseminated there are very few instances of the level of assurance on this information being communicated to shareholders. 相似文献
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Timothy Wang 《Australian Accounting Review》2019,29(1):143-157
The study assesses the use of non‐financial information in predicting financial distress in private companies by developing credit risk models tailored to Italian private companies. The in‐sample and out‐of‐sample prediction test results are indicative of the incremental predictive ability of the two new non‐financial variables, that is, number of shareholders and number of subsidiaries, over accounting ratios and other widely used non‐financial information, including firm age and industry dummies. To be more specific, number of shareholders and number of subsidiaries are negatively associated with private company failures, and the models augmented by the two non‐financial variables improve forecasting performance from acceptable discrimination to excellent discrimination over one‐ to three‐year time horizons. 相似文献
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Do financial analysts convey intellectual capital information in their recommendations? This study of a sample of analyst reports on large, listed Spanish companies provides some evidence on the question. Analysts usually report information regarding a company's strategy, customers, and processes; they less often provide information about research, development, and innovation. When controlling for endogeneity, we find that certain firm characteristics appear to influence the use of intellectual capital information. Analysts use this information in the case of highly profitable companies. The results also show a significant effect of growth opportunities on intellectual capital disclosure by financial analysts. 相似文献
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Cathy Beaudoin Nandini Chandar Edward M. Werner 《Advances in accounting, incorporating advances in international accounting》2011,27(1):99-110
This paper investigates whether the newly required recognition of the funded status of defined benefit (DB) plans under SFAS 158 is incrementally value relevant in its adoption year (2006) relative to the corresponding amounts which were previously disclosed from both equity investor and credit rating perspectives. In equity valuation models, we use a sample of 878 firms (1756 firm years) offering DB plans in 2005 (disclosure year) and 2006 (recognition year), and find no incrementally significant association with market prices of newly recognized amounts under SFAS 158 over the same information that was disclosed pre-SFAS 158. Our credit rating tests, using a sample of 428 DB firms (856 firm years) for 2005 and 2006 also show no differential impact of recognition over disclosure. Overall, we find that equity investors price the SFAS 158-imposed pension differential while credit rating agencies do not, regardless of whether such information is recognized or disclosed in the financial statements. Our results are consistent with efficiency in both equity and credit markets with respect to pension information and suggest that SFAS 158 has not changed the way market participants in aggregate use pension-related financial statement information. 相似文献