金融委办公室地方协调机制新进展

<正>我国金融监管体制经过多年改革演进,中央和地方金融监管分工格局逐步清晰,中央和地方之间的金融监管协调机制从无到有,不断探索形成,成为加强金融监管协作的基础性制度。2021年,根据党中央、国务院决策部署,在国务院金融稳定发展委员会(以下简称"金融委")的统筹指挥下,落实金融委办公室的具体要求,金融委办公室地方协调机制在服务实体经济、防控金融风险、支持金融改革等方面发挥了积极作用。     

对建立完善地方金融监管工作协调机制的思考

近年来,地方金融快速发展,地方金融风险也在不断累积,金融稳定形势日益严峻,现行地方金融监管工作面临较大挑战。如何改革完善地方金融监管协调机制,提高监管效率,既是地方金融适应经济发展中的重要课题之一,也是经济步入新常态后,构建宏观审慎监管框架的重要内容。本文介绍了当前地方金融监管工作现状,剖析了我国地方金融监管协调机制建设面临的问题,提出构建地方金融监管协调机制的建议。     

山东省金融稳定报告(2016)摘要

2015年,山东省金融业总体实力和运行稳健性不断提高,地方金融发展活力明显增强,各项金融改革取得新的成效。但受"三期叠加"及经济结构调整影响,全省经济下行压力持续加大,主要经济指标增势持续放缓,实体经济风险逐步向金融领域传导,金融风险形势依然严峻。     

海南县域金融发展状况、存在的风险和政策建议

近年来,海南县域经济持续快速增长,县域金融组织体系不断完善。随着县域经济金融的发展,其中也存在地方政府融资平台出现偿债风险、县域金融监管薄弱和金融风险案件突发等问题。对此,应着力控制地方政府融资平台中的风险,加强县域金融监管,完善地方金融机构的内控管理制度,有效防范地方金融风险,维护金融稳定。     

山东省金融稳定报告(2016)摘要北大核心

2015年,山东省金融业总体实力和运行稳健性不断提高,地方金融发展活力明显增强,各项金融改革取得新的成效。但受"三期叠加"及经济结构调整影响,全省经济下行压力持续加大,主要经济指标增势持续放缓,实体经济风险逐步向金融领域传导,金融风险形势依然严峻。     

海南县域金融发展状况、存在的风险和政策建议

近年来,海南县域经济持续快速增长,县域金融组织体系不断完善.随着县域经济金融的发展,其中也存在地方政府融资平台出现偿债风险、县域金融监管薄弱和金融风险案件突发等问题.对此,应着力控制地方政府融资平台中的风险,加强县域金融监管,完善地方金融机构的内控管理制度,有效防范地方金融风险,维护金融稳定.     

关于地方金融监管体制改革的若干思考

在发展变迁中,我国依据社会经济和社会环境的发展特点和需求,不断优化金融体制和金融监管工作。现阶段,我国“一行三会”为基本格局的金融监管体系,在中央金融监管和地方政府金融监管之间存在一些问题。从发展现状来看,无论是金融传统领域,还是新兴金融领域,都迫切需要完善地方金融管理体制,以促进我国金融业以更稳健、更有效和更有保障的状态发展。一、中央和地方金融监管体系的变迁我国中央和地方金融监管权力经历了“分久必合,合久必分”的循环发展过程。自1949年建国之后到1978年,为了与高度集中的计划经济体制相适应,我国的金融体系也呈现中央高度集中的特征。     

山东省金融稳定报告(2007)摘要

2007年,山东省认真落实科学发展观,着力调整经济结构、积极转换发展方式,实现了经济持续较快发展,区域金融稳定的经济基础进一步改善。在加强和改善宏观调控中,金融部门把贯彻产业政策、金融政策、环保政策与加快自身发展结合起来,通过推进改革和改进资产配置,有力支持了地方经济发展和结构优化,金融效益得到全面提升,金融业的整体抗风险能力得以增强。同时,经济金融领域长期以来积累形成的一些深层矛盾与问题尚未化解,在内外部环境趋紧的形势下有些问题逐渐凸现,对金融稳定形成一定冲击。对此,应采取有效措施,改善区域金融生态环境,增强金融机构抗风险能力,努力构建灵敏高效的风险预警防范和处置工作体系,切实维护山东省经济金融社会稳定。     

抓住机遇开拓进取全力支持自治区经济健康快速发展

一、伴随着自治区经济健康发展,金融业得以长足的发展和进步多年来,在自治区党委和人民政府的正确领导和关心支持下,我区金融业不断步入健康发展的轨道,金融宏观调控效果明显,金融监管体制逐步健全,金融市场体系不断成熟,金融组织体系趋于完善,金融服务功能日益增强,为新时期高效服务于新疆经济打下了良好的基础。截止目前,全区共有银行业机构近3500个。其中包括1行4局以及政策性银行、国有商业银行、股份制商业银行、城市商业银行、农村信用社、地方     

山东省金融稳定报告(2007)摘要

2007年山东省认真落实科学发展观,着力调整经济结构、积极转换发展方式,实现了经济持续较快发展,区域金融稳定的经济基础进一步改善.在加强和改善宏观调控中,金融部门贯彻产业政策、金融政策、环保政策与加快自身发展结合起来,通过推进改革和改进资产配置,有力支持了地方经济发展和结构优化,金融效益得到全面提升,金融业的整体抗风险能力得以增强.同时,经济金融领域长期以来积累形成的一些深层矛盾与问题尚未化解,在内外部环境趋紧的形势下有些问题逐渐凸现,对金融稳定形成一定冲击.对此,应采取有效措施,改善区域金融生态环境,增强金融机构抗风险能力,努力构重灵敏高效的风险预警防范和处置工作体系,切实维护山东省经济金融社会稳定.     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...