寿险证券化的理论框架分析

寿险证券化是寿险公司通过发行以标的业务现金流为支撑的资产支持证券的融资或转移寿险风险的过程。与一般资产证券化相似,寿险证券化的基本原理包含风险重组、风险隔离和信用增级三个原理,但融合了寿险业务的特殊性。寿险证券化可分为内含价值证券化、责任准备金证券化、风险转移证券化三类,且每类均包含特有的经济学与保险学原理。前两类证券化的目的是融资套现,而后一类则是为了转移极端死亡率风险和长寿风险。     

商业银行信贷资产证券化业务的风险管理研究

商业银行信贷资产证券化,是把资产流通较差的金融资产转化为市场上自由流通的证券。商业银行信贷资产证券化扩大了商业银行的发展规模,优化了银行资产模式,与此同时也产生了巨大的风险,是否能有效控制风险,直接影响着我国商业银信贷的管理。针对此类现象的产生,本文将对我国银行信贷资产存在的问题进行研究,通过研究结果有效的改善我国商业银行信贷资产的相关业务。     

资产证券化作用商业银行流动性风险机制研究

作为现代金融市场最重要的创新工具之一,资产证券化将商业银行所发放的缺乏流动性的资产,转变为可在资本市场上出售和流通的证券,将成为我国商业银行流动性风险管理中的一个重要工具。研究表明银行进行信贷资产证券化能降低其流动性风险。     

资产支持证券风险和流动性分析

资产证券化是目前我国关于投融资体制改革的一个讨论焦点。本文从分析资产支持证券(ABS)在风险、流动性方面的独特性入手,通过建立简化的微观模型,量化证券的风险和流动性,并将其融入证券收益计算中。     

寿险证券化及其借鉴

寿险证券化是指寿险公司通过发行以标的业务现金流为支撑的资产支持证券的过程。与将巨灾峰值风险转移到资本市场的产险证券化不同,寿险证券化主要是作为融资方法。寿险证券化一般可归结为三大类:(1)内含价值证券化可将无形资产转换成货币,减小资金压力,扩大承保能力;(2)责任准备金证券化可以减轻准备金压力,并满足监管准备金要求;(3)极端死亡率或长寿风险证券化可将极端死亡风险或长寿风险转移到资本市场。     

证券投资组合的风险与收益分析

随着我国金融体系的逐步建立和完善,人们的投资方式越来越多样化,为了分散和降低风险,组合型投资成为比较理想的理财方式。在配置资产组合时,如何衡量资产的风险收益,如何将财富在多种资产中合理分配成为重要问题。通过研究金融数学中期望和方差的关系,对证券投资中的风险和收益等问题进行了简要的讨论和分析和探讨,以帮助投资者更深入地了解证券,最大限度地规避投资风险,获得更高的收益。     

商业银行信贷资产证券化业务的风险管理研究

商业银行通过信贷资产证券化,使得原本流通性较差的金融资产转换成为了可以在资产市场自由流通的证券。这一过程在扩展商业银行的融资渠道、优化其资产结构等方面有着明显的优势,但同时也存在诸多的风险,能否对其风险进行有效的管理,将直接关系到商业银行信贷资产证券化业务在我国的健康、稳定发展。     

浅谈基层行信贷风险防范

商业银行的资产业务中,贷款业务所占的比重最大,也是目前我国商业银行获取利润的主要渠道。如何在当今错综复杂的形势下,防范信贷风险依然十分必要。防范信贷风险是社会主义初级阶段一项长期的战略性任务,依据法规,加强对各金融机构的监督管理,督促金融机构加强管理,提高防范和化解金融风险的能力,维护公众利益和社会稳定,在现代经济发展中已显示出越来越重要的作用。信贷风险虽与收益并存,但只要防范机制完善,就可控制风险获取收益。因此,如何提高信贷管理工作水平,消除信贷资产风险,已成为亟待解决的问题。     

商业银行信贷资产证券化风险探析

近年来，随着我国信贷资产证券化规模不断扩大，进一步凸显信贷资产证券化业务对商业银行经营的重要性。信贷资产证券化在给商业银行带来一定收益的同时，其风险也不容忽视。本文在介绍信贷资产证券化定义及机理基础上，分析商业银行开展信贷资产证券化风险问题，并提出对策建议，以推动商业银行信贷资产证券化更好地发展。     

互联网金融企业资产证券化的实践——以蚂蚁花呗为例

我国资产证券化进程紧跟市场方向,基础资产的选择越来越广泛,业务不断变革创新。文章探究互联网金融企业资产支持专项计划,以花呗的资产支持证券为实例,建立模型计算发行成本和收益,并分析风险及其应对措施。研究发现,发行资产支持证券的平均成本在行业中不高,优先级证券都能通过压力测试。对于投资者来说,优先级产品具有内部增信,预期年收益率也相当有吸引力。对于发起人来说,凭借发行资产支持证券达到筹资目标,并且自身持有的次级证券很少,并且得到了高额回报。企业要进行严格的风控管理,降低基础资产的违约率,企业自身持有的次级产品收益率就能得到大幅提升。     

Japan's Lost Decade and its Financial System

After briefly explaining the causes of the Japanese asset‐price bubble in the 1980s, this paper analyses why the bursting of the bubble developed into a full‐fledged financial crisis in the late 1990s. In order to cope with this crisis, the Government has injected capital directly into the banking sector and banks have written off enormous amounts of bad loans. However, the Japanese financial sector remains very weak and Japan still faces a number of problems in its financial system. Firstly, the profit margin of banks is too small to cover the increased default risk following the bursting of the bubble, and there are market distortions created by the government‐backed financial institutions and the requirements on new lending to small and medium sized companies. Secondly, banks still have excessive stock investment and crossholding of shares between banks and other companies has weakened the market discipline on entrenched management. Thirdly, the government guarantee of all banking‐sector liabilities should be removed. Once the financial system is stabilised, a risk‐adjusted deposit insurance premium should be introduced so as to strengthen market discipline on banks, and the huge postal saving system should be privatised to create a level‐playing field among deposit taking financial institutions. Besides the foregoing, the weak corporate governance structure of Japanese financial institutions has to be remodelled. The management of banks has shielded themselves by extensive cross‐shareholdings, especially with life insurance companies. There has been extensive mutual provision of capital, most large life insurance companies have weak corporate governance, and many of the large shareholders of banks are life insurance companies. This double gearing between banks and life insurance companies has therefore weakened the market control of Japanese financial institutions.     

由金融危机引发的对金融资源配置方式的思考

推行金融自由化以来,美国银行业面临着来自内、外部的双重竞争压力,持续宽松的货币政策所导致的流动性泛滥,进一步激化了银行间的过度竞争。为应对过度竞争和追求超额利润,商业银行过度依赖高收益、高风险的金融创新,投资银行、保险公司和政策性银行也偏离自身业务边界,导致金融体系风险快速膨胀、金融生态失衡,这是本次金融危机产生的深层次原因之一。美国、巴西和日本等国家金融资源配置方式的经验教训表明,基于银行是具有巨大外部性的特殊企业,政府可以通过采取界定政策性金融与商业性金融以及政府与政策性金融的责利边界等金融约束政策,以维护金融体系的稳定,充分发挥其正外部性,降低负外部性。     

对我国建立存款保险制度的思考

建立存款保险制度有利于保持存款人信心,增加银行制度的稳定性,减少政府对国有商业银行的干预。为了维护存款人的利益,摆脱政府的隐性担保,保护我国金融体系运行的安全稳定,我国银行应建立存款保险制度。并高度注意道德风险、金融监管、基本制度保障等问题,以保证存款保险制度的有效性。     

金融混业经营的冲击与对策研究

金融资本对利润追求的本性、金融市场一体化的发展、跨国公司 (银行 )市场内部化的发展和计算机网络技术的进步使混业经营在金融全球化背景下成为了一种趋势。加入世界贸易组织后 ,我国金融业不得不经受外资金融机构混业经营模式在金融机构利润、金融市场资源配置效率、金融机构风险管理、金融监管等四个方面的冲击。目前 ,分业经营仍是我国金融制度的现实选择 ,混业经营是我国金融业不可回避的必然趋势     

Direct marketing in the financial services industry

This article presents empirical research findings on the use of direct marketing by a representative sample of UK financial services institutions. A number of similarities and differences between banks, building societies and insurance companies are identified in relation to direct marketing programmes and the use of particular direct marketing techniques. While acknowledging some exceptions the research concludes that there is scope for a greater appreciation of the strategic value and workings of direct marketing. Institutions could usefully focus attention on achieving fuller integration of direct marketing with other marketing and communication activities and securing improvements in testing, database quality and timing.     

From listening to the customer to controlling with customer focus: facing the barriers in Nordic financial services

Increasing competition and demanding customers in the financial retail sector challenge the monitoring and control systems in banks and insurance companies, because traditional systems seem to be of little help in focusing on profitable customers. This article compares how Danish and Finnish financial companies are responding to the information-processing challenge of getting and using customer-related data. Results based on two nation-wide surveys among accounting managers indicate that companies are confronted with different barriers to customer-oriented management control, as Danish companies seem to have the more sophisticated market intelligence and control systems while the Finnish companies have the more focused customer-oriented strategies. Nevertheless, differences between companies seem more important than differences between countries. In both countries access to advanced information technology plays a basic but minor role in the development of the technology of listening and control, which in turn may lead to increased competitive advantages. Despite the differences, most companies are faced with major obstacles related to organisation and poor use of market research and it is argued that ‘supported empowerment’ is a viable road to improvement.     

我国中小企业融资与保险支持研究

近年来,随着我国中小企业的进一步发展,其自身积累已无法满足对资金的需求,必须通过各种渠道进行融资。目前,商业银行仍是中小企业信贷的主力军,虽然大部分商业银行成立了专门为中小企业融资的贷款机构,但在贷款条件方面依然不比大型企业宽松,融资难问题仍制约着中小企业的发展。针对这一问题,保险介入成为中小企业融资的需要以及商业银行降低风险的需要。应积极推进保险业相关法制建设,加大政府支持力度,科学组建承保机构,加强产品研发,强化风险控制,促进保险支持中小企业融资。     

汽车金融及其风险问题浅析

国外流行多年的汽车金融,在我国的发展是失败的.究其原因,主要是个人信用体系缺失,参与主体的风险分担机制不合理,开展机构专业性不强,配套政策不完善以及汽车产业发展不稳定.我国应加强汽车金融公司的自身建设以及与商业银行和保险公司之间的合作.要深刻认识汽车金融的本质和特有风险,深入分析参与汽车金融的主体及其行为,改善汽车金融服务业的发展环境,加快信用评估体系建设,积极探索适合我国目前情况的汽车金融风险防范的模式和控制机制.     

Principles,problems and perspectives of Islamic banking

Since the late 1970s, financial institutions (banks, investment companies, insurance companies) have grown up in many countries in the Moslem world with the intention of conducting their business in accordance with Islamic, or Shariah, law. Above all else, this means business involving no interest payments. The following article explains the most important principles of Islamic banking and outlines some of the problems which appear to be most central to this sphere.     

The impact of banks and non-bank financial institutions on economic growth

Empirical studies examining the relationship between financial sector development and economic growth without including non-bank financial institutions (NBFIs) will likely generate biased empirical results. This study provides evidence that NBFIs can have a statistically significant negative impact on economic growth using cross-country data for both emerging and advanced countries. This finding suggests that these non-bank institutions, often loosely regulated, may introduce an excessive level of risk into the financial sector and the general economy. It is consistent with the current global financial crises where NBFIs, such as investment banks and insurance companies, introduced an excessive level of risk into the global economy. Hence, policy-makers may need to consider more timely and effective regulation of NBFIs and insure that adequate transparency and disclosure is provided to all financial markets participants.