定向降准对农业上市公司业绩增长的驱动机制研究

在总量性货币政策传导机制理论的基础上,探究定向降准货币政策驱动农业企业业绩增长的微观机理,并采用倍差法检验定向降准货币政策对农业上市公司与非农业上市公司业绩增长的影响效果差异,结果表明：相对于非农业上市公司而言,定向降准货币政策对农业上市公司业绩增长的驱动效应更加显著;定向降准货币政策对高融资约束农业上市公司业绩增长的驱动作用强于非农业上市公司,而对于低融资约束农业上市公司与低融资约束非农业上市公司业绩的驱动效应没有显著差异;定向降准货币政策对高风险农业上市公司业绩的驱动作用与高风险非农业上市公司相比有显著的差异,而定向降准货币政策对于低风险农业上市公司业绩增长的驱动作用机制并不显著。     

货币宽松应与提收入促消费并行

以＂精细化、定向化、问责化＂为方针的定向宽松,有利于改善流动性环境,增加流向三农、小微和政策扶持产业的资金,有望促进经济结构内在优化。然而,在当前实体经济扩大生产意愿不强、货币政策传导机制受阻的情况下,货币宽松对振兴实体经济的作用还有待观察。货币政策放松的效果可能会受银行坏账压力的掣肘,金融机构未必愿意加大对三农、小微企业的贷款力度。一季度商业银行不良贷款率达1.04%,为近三年来最高值。     

关于疏通当前货币政策传导渠道的六项具体措施建议

１９９８年以来，为治理国内通货紧缩，人民银行总行陆续制定了许多货币政策措施，但由于货币政策传导机制不畅，没有完全实现预期效果。根本原因有三方面：（ｌ）造成通货紧缩的根本原因不是货币供给不足，而是有效需求不足和经济结构不合理，增加货币供应量的扩张性总量政策就不是最有效的反紧缩对策选择；（２）人民银行实施货币政策“窗口指导”的宏观政策取向与商业银行的企业化行为存在矛盾；（３）人民银行货币政策工具的运作不太适合市场经济体制下调控主体的经济行为，切入点选择不准。为疏通当前货币政策传导渠道，特提出如下六项…     

股票市场影响我国货币政策传导机制的实证分析

根据西方金融理论，股票市场对实体经济作用的途径主要有托宾(Tobin)q效应、非对称信息效应、财富效应和流动性效应。通过将股票市场因素引入修正凯恩斯模型，建立一般均衡下的扩展IS-LM模型，采用TSLS定量分析股市对我国宏观经济及货币政策传导机制的影响。实证分析显示，目前我国股票市场传导货币政策的机制并不畅通，并提出了相应的政策建议。     

改善金融调控 促进经济发展

一、改进金融调控机制 1．完善货币信贷政策传导渠道。就我国目前货币政策传导渠道的现实来看，信贷渠道发挥着关键性作用，从目前的传导情况看，还有必要继续完善信贷传导渠道。一是必须在市场机制的基础上强化信贷传导渠道的作用。作为商业银行有自主的选择信贷客户的权力、具有自主的基于风险收益的定价权；作为企业可以便利地、无歧视地获得商业银行的贷款。二是有必要优化信贷双方的行为。商业银行要加快改革，降低不良资产比例、提高资产质量，完善内部的法人治理结构，强化激励与约束机制，增强赢利能力的持续性。     

金融科技赋能与结构性货币政策有效性——基于有调节的中介模型检验

从融资可持续性视角，基于2010～2021年新三板企业面板数据，运用有调节的中介模型探究金融科技背景下定向支持政策对特定部门信贷融资的有效性及传导机制。结果表明，定向中期借贷便利提高了小微企业信贷可得性及长期信贷获得率。尽管定向中期借贷便利增加了银行体系流动性供给，但主要以利率渠道便利了小微企业融资。尤其是通过金融科技赋能增强了利率传导的正向效应，并有助于弱化流动性渠道的负向作用，进而提高了定向中期借贷便利工具的调控效果，增强了商业银行服务小微企业信贷的可持续性。据此，解决结构性货币政策调控的可持续性问题，关键在于加快现代商业银行服务模式数字化转型。     

银行规模、资本与货币政策传导效应——基于中国的实证研究

商业银行是货币政策传导的重要载体,而规模和资本水平不同的商业银行在货币政策传导中的效应存在差异.文章就我国银行业的数据实证检验银行规模、资本与货币政策传导的效应之间的关系.结果表明,银行贷款规模波动与银行规模正相关;银行信贷增长率与银行的杠杆率负相关;资本充足率和信贷规模正相关.     

关系型融资对货币政策传导的影响效应探析

中国文化在一定程度上是一种关系本位的文化。渗透于我国社会生活的所谓关系网,对我国的经济活动有深刻的影响。本文选择了关系型融资对货币政策传导的影响这一视角,通过构建关系型融资对货币政策传导的影响的模型,考察了银行收益与融资量和概率间的关系,同时考察了企业融资需求与价格间的关系。通过研究发现央行单一紧缩货币总量、管制利率政策都难以有效控制商业银行的关系型贷款量,而关系型融资情况下信息不对称和预算软约束的存在更使央行的货币政策难于有效传导,央行的总量性货币政策难于奏效。为此,本文探讨了提高央行货币政策有效性的对策,以期达到货币政策对关系型融资的有效传导。     

商业银行贷款与风险防范模型的研究

本文通过对商业银行贷款体系的研究，提出了商业银行贷款收益模型，贷款业务与风险模型，并以此为基础建立了商业银行贷款业务风险防范模型，同时给出了风险防范策略的求解方法。     

影子银行与货币政策传导：理论分析与实证检验

文章依托于现有研究，梳理了影子银行影响货币政策传导的基本渠道，在此基础上，将委托贷款、信托贷款和未兑现的银行承兑汇票作为反映影子银行规模的变量，实证分析了影子银行规模变动对货币供给渠道与信贷渠道的影响，实证结果显示，无论在长期还是短期内，货币供给量对物价均存在较强的正相关关系，影子银行规模变动对货币供给渠道的冲击相对有限；而物价水平与信贷规模的相关关系则不显著，影子银行对货币政策传导的信贷渠道具有明显的阻滞效果；此外，影子银行规模在长期和短期内均对物价具有推动作用。     

农业企业融资问题调查分析

本文通过对72家农业企业的调查表明,大型农业企业的资金主要是自身积累,且国家财政对其支持力度较大;而中小型农业企业则以商业贷款为主渠道,国家财政对其支持力度较小;商业银行愿意给大型农业企业贷款而不愿意给中小型农业企业贷款;导致小型农业企业贷款难的原因主要是农业风险大和有效抵押不足。金融支持农业产业化发展面临的主要问题是外部金融支持体系缺位与农业本身的弱质性,对此需从发挥政府服务功能和提高金融机构服务能力两个方面予以解决。     

Federal Home Loan Bank advances and bank risk

The Federal Home Loan Bank system (FHLB) has evolved into a major source of liquidity for the banking system with the demonstrated ability to borrow over a trillion dollars in world financial markets based on an implied U. S. Treasury guarantee. The FHLB loans the borrowed funds to commercial banks at reduced rates that are not adjusted for the risk of an individual bank. Moral hazard could cause member banks using FHLB loans to increase financial leverage and exposure to high risk assets. Conversely, the FHLB offers banks additional liquidity and specialized debt instruments that help them manage interest rate risk. We use dynamic panel generalized method of moments estimation to test the relation between FHLB advances and bank risk. We find that if banks have relatively normal default probabilities, advances are not associated with increased bank risk but, instead, advances are related to decreased interest rate risk. However, when bank default probabilities are high, our evidence suggests advances and higher bank risk are related.     

Systemic liquidity contagion in the European interbank market

Systemic liquidity risk, defined by the International Monetary Fund as “the risk of simultaneous liquidity difficulties at multiple financial institutions,” is a key topic in financial stability studies and macroprudential policy-making. In this context, the complex web of interconnections of the interbank market plays the crucial role of allowing funding liquidity shortages to propagate between financial institutions. Here, we introduce a simple yet effective model of the interbank market in which liquidity shortages propagate through an epidemic-like contagion mechanism on the network of interbank loans. The model is defined by using aggregate balance sheet information of European banks, and it exploits country and bank-specific risk features to account for the heterogeneity of financial institutions. Moreover, in order to obtain the European-wide topology of the interbank network, we define a block reconstruction method based on the exchange flows between the various countries. We show that the proposed contagion model is able to estimate systemic liquidity risk across different years and countries. Results suggest that our effective contagion approach can be successfully used as a viable alternative to more realistic but complicated models, which not only require more specific balance sheet variables with high time resolution but also need assumptions on how banks respond to liquidity shocks.

     

Environmental Credit Risk Management in Banks and Financial Service Institutions

How do Canadian banks integrate environmental risks into corporate lending and where are they located compared with their global peers? In this paper we report a mixed method analysis of the integration of environmental risks into the credit management. The qualitative and quantitative analyses suggest that all analyzed Canadian commercial banks, credit unions and Export Development Canada manage environmental risks in credit management to avoid financial risks. Some of the institutions even connect environmental and sustainability issues with their general business strategies. Compared with other countries, Canadian banks are best in class, as all six Canadian commercial banks, comprising over 90 percent of Canadian assets, systematically examine environmental risks for credits, loans and mortgages. We conclude that Canadian banks are proactive regarding environmental examinations of loans and that there is a need for a more accountancy related reporting on environmental risk management in financial institutions. Further research is needed to be able to calculate costs and benefits of integrating environmental and sustainability issues into the credit risk management. Copyright © 2011 John Wiley & Sons, Ltd and ERP Environment.     

3. Money, Credit, and Crisis

The financial crisis of 2008–2009 has antecedents in earlier crises, including the Great Depression. In order to understand how the current crisis arose, we must review the most fundamental principles of banking. Doing that, we find that the main service performed by banks is the creation of liquidity, a collective good that can be destroyed by the behavior of individual financial institutions. The key element in creating liquidity is the monetization of various types of collateral. When collateral takes the form of land or capital that turns over slowly, banks lose liquidity. That is why major banking crises have frequently been associated with real estate lending. The best way to restore health to the financial system is by restoring the principles of the "real bills" doctrine that requires loans to be self-liquidating.     

浅谈土地储备项目贷款风险及其对策

目前,项目贷款融资模式是我国土地储备项目的主要融资方式。而我国商业银行对土地储备项目贷款的风险防范意识较为淡漠,风险管理水平也十分有限,对土地储备项目贷款风险的控制主要还是事后控制,没有将土地储备项目贷款风险作为一个整体对象加以预防和控制。因此,本文在分析土地储备项目贷款中各种风险的基础上,提出了可操作的对策方法与途径,可以提高银行土地储备项目贷款管理水平,促进土地市场和金融市场稳定发展。     

What makes Islamic banks different? A multivariate approach

Using data from 8615 banks (including 123 Islamic banks) in 124 developed and developing countries for the period between 2006 and 2012, we examine the financial characteristics that distinguish between conventional and Islamic banks. As banks’ financial characteristics are multi-faceted concepts, our indicators are constructed using principal component analysis. We find that Islamic banks are more capitalized, more liquid and more profitable, but have more volatile earnings compared to US and European banks. However, similarities in terms of liquidity and earnings volatility are more noticeable when the sample is limited to banks operating in countries where both systems coexist. Finally, we find that higher capital makes the returns of Islamic banks more volatile, while higher liquidity decreases the profitability of conventional banks.     

The federal funds market,excess reserves,and unconventional monetary policy

Following the bankruptcy of Lehman Brothers, interbank borrowing and lending dropped, whereas reserve holdings of depository institutions skyrocketed, as the Fed injected liquidity into the U.S. banking sector. This paper introduces bank liquidity risk and limited market participation into a real business cycle model with ex ante identical financial intermediaries and shows, in an analytically tractable way, how interbank trade and excess reserves emerge in general equilibrium. Investigating the role of the federal funds market and unconventional monetary policy for the propagation of aggregate real and financial shocks, I find that federal funds market participation is irrelevant in response to standard supply and demand shocks, whereas it matters for “uncertainty shocks”, i.e. mean-preserving spreads in the cross-section of liquidity risk. Liquidity injections by the central bank can absorb the effects of financial shocks on the real economy, although excess reserves might increase and federal funds might be crowded out, as a side effect.     

流动性对中国商业银行业绩影响的实证研究

金融危机反映了银行在面对资金压力时持有的流动性资产不足,同时也凸显了银行流动性监管的重要性。为了建立既能够确保金融体系稳定,又能够兼顾银行盈利能力最大化目标的监管标准,有必要对银行流动性资产对业绩的影响进行实证研究,本文利用2003～2010年中国14家上市商业银行数据,检验了流动性资产对于银行业绩的影响,研究发现流动性资产和银行业绩之间存在非线性关系,而且四大国有商业银行和十家股份制商业银行流动性管理行为存在显著差异。