我国金融期货市场缺陷研究

金融期货从诞生到现在仅有四十余年历史,但发展速度却远快于出现更早的商品期货。自我国进行金融期货交易以来,中国的金融期货市规模逐渐扩张,但由于我国金融期货市场起步和发展较晚,金融期货市场中仍存在许多问题,成为阻碍期货市场发展的障碍因素。本文结合金融期货市场发生的相关实例,具体分析我国金融期货市场存在的问题,并针对存在的问题提出相关建议,以期我国金融期货市场能够获得长足健康发展。论文将从期货品种、法律制度、期货交易所的自律监管问题等方面展开,对我国金融期货市场缺陷进行研究。     

新时期住房金融发展的制约因素与对策研究

当前我国住房金融存在着诸多问题，严重制约了其发展速度与规模。分析了我国住房金融的现状及当前发展中存在的主要问题，并提出了新时期发展住房金融的相关对策。     

我国金融生态体系优化问题探讨

一、我国金融生态体系中存在的问题 我国金融生态体系中存在的问题主要表现为金融生态结构的失衡、金融生态链的短粗化和金融生态环境建设的滞后.     

对推进我国金融创新的探讨

后金融危机时期金融危机的影响持续存在,并对金融创新产生明显影响。本文分析了目前我国金融创新工作存在的问题,对后金融危机时期推进我国金融创新问题进行初步探讨。     

论英国金融消费者保护机制对我国的借鉴与启示

随着我国金融消费者权利意识的不断增强,金融消费者保护问题已经受到日益关注。本文详细介绍了英国金融消费者保护法制和自律机制以及争议处理程序,并在此基础上结合我国金融消费者保护实践及相关法制、自律机制存在的问题,就我国金融消费者保护机制完善问题提出了相关建议。     

发达国家金融消费者权益保护的经验及对我国的启示

本文分析了金融消费者权益保护在英、美等发达国家的成功经验,分析了我国金融消费者权益保护存在的问题,探索我国金融消费者权益保护的有效路径和完善举措,供我国金融消费者权益保护立法参考。     

我国产业投资金融的问题及对策探讨

随着资本市场的繁荣发展,我国产业投资金融不断涌现出新的热潮,有效地提高了我国的金融深化程度,同时还加快了我国产业投资结构的调整,是推动我国金融发展的重要途径。然而,当前我国产业投资金融的发展及其监管还处于探索阶段,存在着诸多问题和漏洞。本文将从我国产业投资金融的作用和意义出发,分析我国产业投资金融发展存在的问题及其原因,并对我国产业投资金融如何更加健康地发展提出相应的对策。     

浅谈商业银行金融创新

当前,随着我国金融体系的不断改革完善,商业银行金融产品也在持续创新。但是我国商业银行金融创新方面仍存在很多问题。本文首先对我国商业银行金融产品创新的现状做了简单的介绍,对我国商业银行金融产品创新中存在的问题进行深入探讨,在此基础上提出加快我国商业银行金融产品创新的举措,希望增加人们对我国商业银行金融产品的了解,不断提高我国商业银行的竞争力。     

重构我国农村合作金融体系的构想

我国农村合作金融发展一直比较缓慢,而且还存在业务范围狭窄,运作不规范等一系列问题,这使得合作金融应有的功能得不到正常的发挥,致使我国农业、农村经济的发展受到抑制。本文在深入分析了我国农村合作金融中存在的问题及形成原因的同时,提出了重构我国农村合作金融体系的构想。     

关于我国供应链金融创新发展的若干问题

供应链金融作为一种金融创新在我国有了很大发展,但是目前在发展中面临着新的问题。本文从供应链金融概念的界定和理论基础的阐述出发,分析了我国供应链金融在发展中存在的业务模式、技术实施和组织制度等方面问题,提出了从技术创新、组织创新和制度创新上解决我国供应链金融发展问题的设想。     

The influence of culture and transparency on global research and development intensity: An overview across Europe

Culture and transparency can be described as a set of beliefs, norms, and actions, which drive the human action into innovativeness. Over the centuries, those pillars have driven individuals, groups, organizations, and nations, into the most complex networking schemes. It seems now unquestionable that those beliefs and policies, affect both private and public organizations, driving them across innovation wages in a more incremental or radical way. The dependent variable in this research (R&D) embodies the disbursements in research and development, carried out by business enterprise and public sector, and by education institutions. Thus, this research aims to mainly explore the effect of culture and transparency, as drivers of business attractiveness, on global R&D intensity. Using information from 31 European countries over the period 2010–2014, total R&D expenditures were regressed against several variables such as the Hofstede's cultural dimensions, the public sector transparency index, and other aggregated variables. Most of the theoretical assumptions are now supported by our empirical outcomes. Culture and transparency can act as attractiveness drivers, for business sector organizations and for other private and public institutions, toward the implementation of knowledge transformation mechanisms and intellectual capital achievements.     

Evaluating interpretable machine learning predictions for cryptocurrencies

This study explores various machine learning and deep learning applications on financial data modelling, analysis and prediction processes. The main focus is to test the prediction accuracy of cryptocurrency hourly returns and to explore, analyse and showcase the various interpretability features of the ML models. The study considers the six most dominant cryptocurrencies in the market: Bitcoin, Ethereum, Binance Coin, Cardano, Ripple and Litecoin. The experimental settings explore the formation of the corresponding datasets from technical, fundamental and statistical analysis. The paper compares various existing and enhanced algorithms and explains their results, features and limitations. The algorithms include decision trees, random forests and ensemble methods, SVM, neural networks, single and multiple features N-BEATS, ARIMA and Google AutoML. From experimental results, we see that predicting cryptocurrency returns is possible. However, prediction algorithms may not generalise for different assets and markets over long periods. There is no clear winner that satisfies all requirements, and the main choice of algorithm will be tied to the user needs and provided resources.     

中国影子银行的经济学分析:定义、构成和规模测算

2008年国际金融危机以后,中国金融体系发生的重大变化之一是影子银行的较快发展,其规模迅速膨胀,交易结构日趋复杂,各类市场主体都牵涉其中。这些变化吸引了政策制订者和学术界的广泛关注。本文给出了中国影子银行的功能性定义,即依赖于银行信用、从事银行业务、但又没接受严格的银行业监管的金融业务,具体指传统的银行表内贷款和债券投资以外的,具备完整的信用转换、期限转换和流动性转换功能的金融业务。本文逐项分析影子银行业务,详细总结各类型业务的交易结构、业务主体、业务实质、资金来源、法律基础、资产负债表表示,准确测算了2002年至今影子银行总量和资产负债表结构月度数据。只从资产负债表的负债端着手加总,既完整地涵盖了影子银行的全部业务,得到其宏观总量,又剔除了重复计算。本文测算数据为后续研究打下了基础。     

Youth-led social change: Topics,engagement types,organizational types,strategies, and impacts

This paper provides a framework for evaluating youth-led social change. The framework considers: seven topics (e.g., environment, human health and safety, and education); nine engagement types (e.g., volunteerism, research and innovation, and political engagement); six organizational types (e.g., advisory body, social enterprise, and individual); three strategies (socialization, influence, and power); and three scales of impacts (individual, community/inter-organizational, and national/international). Using this framework, empirical research provides evidence of how youth – defined as young people 15–24 years of age – have been agents of change in Canada over the 35 years from 1978 to 2012. A media content analysis of 264 articles, combined with frequency and chi-square tests, were completed to study the factors and the relationships among them. The results show a strong relationship between the impact and the strategy, topic, engagement type, and organizational type. The results also show a strong relationship between the strategy and the impact, engagement type and organizational type. The findings have implications for youth leaders and those who advocate for, work with, support, and educate them, and for those interested in evaluating social change efforts.     

Rating of worry about energy sources with respect to public health,environmental health,and workers

Environmental risks of different energy sources pose a significant problem for managers, decision-makers, and the general public. Attitudes and perceptions may differ by type of energy, as well as the recipient of the harm. A post-Fukushima survey of students and others in a university community in central New Jersey was conducted to determine how much people worried about the potential effects of different energy types (nuclear, chemical, coal, hydroelectric, solar, wind, and gas), which aspect they worried about (public health, workers, and the environment), and which form they thought the USA should further develop. Ratings for worry varied significantly by energy type and receptor type. In general, worry was greater for all aspects of chemical, coal, nuclear, and gas, and significantly less for hydro, solar, and wind. Worry was generally higher for exposure from the plant, exposure from food and water, exposure to workers, and exposure for wildlife than for either transportation issues or exposure from everyday occurrences. The same exposures (or targets) were rated for each energy source. The greatest worry for each energy type was as follows: (1) nuclear exposure to radiation in food, although worker exposure and exposure from the plant were very close, (2) chemical exposure was from accidents in the plant, (3) coal was from harmful effects of mercury on wildlife, (4) hydro was from contamination of drinking water, (5) solar was from harmful UV radiation exposure in wildlife, (6) wind was from mortality of birds due to wind turbines, and (7) gas was from harmful gas exposure to wildlife. Overall, the highest rated features in terms of worry (four of seven energy forms) were for wildlife. The survey population believed that wind, solar, tidal, and hydro power should be developed further, and coal should be developed the least.     

In search of safe haven assets during COVID-19 pandemic: An empirical analysis of different investor types

This study assesses the role of gold, crude oil and cryptocurrency as a safe haven for traditional, sustainable, and Islamic investors during the COVID-19 pandemic crisis. Using Wavelet coherence analysis and spillover index methodologies in bivariate and multivariate settings, this study examines the correlation of these assets for different investment horizons. The findings suggest that gold, oil and Bitcoin exhibited low coherency with each stock index across almost all considered investment horizons until the onset of the COVID-19. Conversely, with the outbreak of the pandemic, the return spillover is more intense across financial assets, and a significant pairwise return connectedness between each equity index and hedging asset is observed. Hence, gold, oil, and Bitcoin do not exhibit safe-haven characteristics. However, by decomposing the time-varying co-movements into different investment horizons, we find that total and pairwise connectedness among the assets are primarily driven by a higher-frequency band (up to 4 days). It indicates that investors have diversification opportunities with gold, oil, and Bitcoin at longer horizons. The results are robust over different types of equity investors (traditional, sustainable, and Islamic) and various investment horizons.     

世界金融危机及其对中国经济的影响

美国次贷危机的爆发是一个历史性事件,它标志着美国超前的消费模式和自由资本主义模式的终结,也标志着旧的世界经济体系的崩溃,世界经济将进入一个大的调整和动荡时期。受其影响。我国未来数年内外部需求增长将明显下降,并导致工业增速相应放慢。同时,次贷危机降低了居民未来的收入预期,居民的娱乐、旅游、教育、通讯等消费可能进一步降温。以住房、汽车为对象的信用消费可能出现明显下滑。但从长期看,我国国内经济增长潜力巨大,国际位势相对有利,为了降低风险和把握机遇,我们需要采取积极措施,刺激内需增长。加速经济结构的转型,保持经济平稳快速增长。     

Does Privatisation Matter? The Long‐Term Performance of British Telecom over 40 Years

In this paper, we offer and discuss new evidence on the performance of British Telecom (BT) before and after privatisation. We use a unique data‐set based on company accounts over 40 years (1960–99) and original additional company data on several variables. We focus particularly on output, prices, revenues, costs, employment, productivity, profits and investment. Our key findings are that operating profits (i.e. gross profits before interest and tax) were remarkably stable before and after divestiture, and that ownership change per se had little discernible impact on productivity trends, particularly between 1984 and 1991. Major changes in performance after 1991 were, however, related to variations in financial arrangements, competition and regulatory pressure. This allows us to regard the BT case history as a natural experiment on the relative importance of privatisation, liberalisation and regulation.     

THE CONSTRUCTION OF MATERIALITY IN GOVERNMENT ACCOUNTING: A CASE OF CONSTRAINING FACTORS AND THE DIFFICULTIES OF HYBRIDIZATION

This paper illuminates materiality features during experimentation with central government accounting in Norway. Data was collected using observations, interviews, informal conversations and documents. We found that materiality was constrained by numerous factors, including: time, disagreement, coordination and communication difficulties, actors’ background, standardizing and thinking ahead. Moreover, a mixture of theoretical accounting approaches and construction forms was found, indicating a hybridization‐based experimentation and materiality construction. Therefore, construction came about as an effect; materiality was often constructed implicitly, and not aligned with its defined elements. Finally, we comment on associated implications for accounting complexity and endeavors to make accounting changes.