重构金融监管体系:三种整合模式的利弊与选择

2003年银监会分设,正式确立了我国金融领域分业监管的体系架构,但目前金融混业经营趋势日益明显,分业监管效率低下的弊端也逐渐暴露,对重构金融监管体系提出了迫切要求。本文设计了重构金融监管体系的三种模式：“新央行”模式、“国家金融监督管理局”模式和“一行三会”模式；在对三种模式利弊进行比较分析的基础上,指出“新央行”模式是最优选择。     

金融国际化、金融危机与金融监管

从本次金融危机对国际金融监管体系提出的新挑战出发,本文探讨了金融国际化与金融监管体系改革的关系,以及金融危机对金融监管体系改革的影响。未来,金融监管将日趋国际化,更加注重风险性监管和对创新业务的监管,重视金融机构的内部控制制度和同业自律机制,而统一监管将成为监管体系发展的趋势。在此基础上,本文提出中国金融监管体系改革应走综合监管、统一监管之路,以适应混业经营发展和金融创新的需要;要加强宏观金融审慎监管,保证整个金融系统的稳定;注重保护投资者的合法权益;并不断完善与金融监管体系改革相配套的其他制度与措施。     

后危机时代金融监管改革的几个问题

一、关于监管模式的改革 （一）积极推行“全面监管”的金融监管原则,构筑多层次、多机制、综合性监管体系“全面覆盖”的监管理念是金融监管发展的潮流。美国金融监管改革方案的主要目标之一就是要消除监管的“盲区”和“真空地带”,实现全面覆盖的监管理念。     

对我国金融监管体制若干问题的探讨

货币政策的间接化趋势对金融监管提出了新的要求，日渐流行的“混业经营”则对当前的监管体制提出了新的挑战，农村信用社体制改革要求金融监管扩展范围，我国金融监管体制在新金融时代面临着新的抉择。     

英美金融监管体制改革对我国的借鉴与启示

近期,英美等国纷纷公布了金融监管改革方案,目的是重构更加稳健的金融监管体系。这些改革方案反映了发达国家对金融监管体系的新认识,在一定程度上昭示了全球金融监管体系发展的理念与趋势。本文分析了金融危机前英美等国金融监管体制状况及改革的动因,重点研究此次英美金融监管体制改革的内容,从中吸收和借鉴先进的监管理念及经验．并结合实际提出我国金融监管改革的建议。     

国家审计、社会审计、内部审计在金融监管体系中的作用及如何形成监管合力之研究

<正> 1997年以来,巴塞尔委员会先后出台了《有效银行监管的核心原则》和《新资本协议》,显示了全球范围内对金融风险和金融监管的高度关注。为此中央多次提出要优化金融资源配置,加强金融监管,防范和化解金融风险。这些对中国金融监管都提出了更新更高要求。在此过程中,金融审计作为金融监管体系的重要组成部分,如何合理定位,有效协调,形成监管合力,成了急待研究解决的课题。     

让金融监管更有效

本文是作者在对外经济贸易大学第三届“瑞穗基金金融论坛”的发言，在此次论坛上，几位演讲嘉宾都涉及到金融监管问题，瑞穗综合研究所市场调查部长长谷川克之对加强金融监管会不会对经济复苏带来负面效存有担忧，中国银行业监督管理委员会培训中心罗平先生认为：金融危机的发生反映了全球银行体系存在的资本质量不高、流动性储备不足等问题，也暴露了新资本协议存在的缺陷，本文作者则是集中谈论了金融监管，认为要重新考虑和设计宏观审慎监管机制     

美国金融监管体制改革趋势：“伞＋双峰”的模式

美国自2008年来相继公布了《美国金融监管体系现代化蓝图》和“金融白皮书”，二者都从金融业长期发展与稳定的角度对美国金融监管体制进行改革，代表了美国金融监管改革的发展趋势。本文旨在探讨美国金融监管体制的长期改革模式，通过对改革方案的分析及与传统金融监管模式比较，提出“伞＋双峰”的新型监管模式。该模式综合了伞式和双峰监管模式的优点，在危机中诞生的“伞＋双峰”式监管模式必将成为当代金融监管体制改革的趋势。     

加强金融监管 为货币政策实施创造良好的金融环境

本文从分析金融监管现存问题对货币政策影响入手，认为在我国经济体制转换过程中，货币政策的有效实施必须要求金融监管紧密配合，“以金融监管为重点”是为了更有效地贯彻实施货币政策。针对目前我国金融监管中存在的体系不全、目标模糊、内容狭窄、手段不力的现状，提出了为理顺货币政策传导机制应采取的金融监管措     

加快天津分行金融电子化建设为中央银行监管提供技术服务

一、前言全国金融工作会议,对金融科技工作提出明确要求:“加快金融电子化建设,建立健全电子信息管理系统,充分运用现代化信息技术手段,抓紧金融系统风险监测、预警体系的建设,提高金融统计、会计、稽核和监管的水平”。根据总行统一部署,结合金融监管工作实际,为了适应天津大区行成立后,建立一个高效、灵敏、快捷的指挥体系和对辖区内金融机构依法进行金融监管及有效实施货币政策的需要,     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.