我国国有商业银行股份制改革后面临的问题及几点思考

国有商业银行股改上市是一项新事物,面临诸多考验,但上市仅仅是改善产权和公司治理结构的一个开端,改革发展依然任重道远。文章分析了我国国有商业银行在这些方面的现状及其股改上市后所面临的具体挑战,提出从转变经营理念,完善公司治理结构,提高全面风险管理能力,强化资产负债管理,实现信贷业务均衡有效发展,及金融产品创新等方面,加强各项发展要素的整合,从不同层面提高可持续发展水平和国际竞争力,同时,积极推进相关配套的外部建设。     

国有银行股改上市能否解决六大难题

目前国内外对我国国有商业银行的股改、上市寄予厚望,希望借此来实现国有银行的商业化经营,完善治理结构,提高竞争能力,实现国有银行改革的目标。但是股改上市并不是国有商业银行改革的最终目的,也不能解决银行体系存在的所有问题。如何借国有银行股改上市的契机,真正实现产权结构的变革、完善银行内部治理结构、练好内功．才是至关重要的。     

国有商业银行股改上市面临的问题

目前国内外对我国国有商业银行的股改、上市寄予厚望,希望借此来实现国有银行的商业化经营,完善治理结构,提高竞争能力,实现国有银行改革的目标。但是股改上市并不是国有商业银行改革的最终目的,也不能解决银行体系存在的所有问题。如何借国有银行股改上市的契机,真正实现产权结构的变革、完善银行内部治理结构、练好内功,才是至关重要的。     

国有商业银行股改上市后面临的挑战

国有商业银行股改上市是我国商业银行发展历程上的一次重大转型,这次重大转型能否成功很大程度上取决于其向资本金管理、全面风险管理和企业文化的转型能否成功。显然,实现高效的资本金管理、全面的风险管理和构筑鲜明且独具特色的企业文化是我国商业银行上市后面临的三大挑战。本文引入国际商业银行在资本金管理、全面风险管理和企业文化建设方面的理念与经验,分析我国国有商业银行在这些方面的现状及其股改上市后所面临的具体挑战,并提出相应对策。     

国有商业银行股改上市后面临的挑战

国有商业银行股改上市是我国商业银行发展历程上的一次重大转型，这次重大转型能否成功很大程度上取决于其向资本金管理、全面风险管理和企业文化的转型能否成功。显然，实现高效的资本金管理、全面的风险管理和构筑鲜明且独具特色的企业文化是我国商业银行上市后面临的三大挑战。本文引入国际商业银行在资本金管理、全面风险管理和企业文化建设方面的理念与经验，分析我国国有商业银行在这些方面的现状及其股改上市后所面临的具体挑战，并提出相应对策。     

对我国商业银行上市后面临问题的思考

随着建行、中行、工行相继成功上市,国有商业银行股改上市问题受到人们的普遍关注,也鼓舞国有商业银行改造成现代金融企业的信心与决心,然而这几家已上市银行与规范化的股份公司特别是国际先进银行相比,公司治理改革还处于起步阶段,现代企业制度所要求的公司治理机制没有完全建立起来。本文试图通过对国有商业银行股改上市后的成效以及面临的问题进行探讨,以期提出国有银行下一步改革的思路及对策。     

国有商业银行引进境外战略投资者的策略

引进境外战略投资，是国有商业银行实施股改上市的一项重要工作。当前，借鉴建行、变行等银行的成功引资经验，探索引进境外战略投资的有效方式、方法，对其他国有商业银行而言，具有十分重要的意义。     

积极应对股改挑战 推进企业文化转型

国有商业银行股改上市是我国商业银行发展历程上的一次重大转型，这一次重大转型是否能成功很大程度上也取决于企业文化的转型是否能成功，显然，构筑鲜明且独具特色的企业文化是我国商业银行股改上市后面临的一大挑战。     

上市公司制度缺陷对银行改制上市的借鉴意义

我国四大国有商业银行正在准备上市，建行、中行已经股改挂牌，工行、农行也在积极准备。国有商业银行股改上市的目标是把其改造成为治理结构完善、运行机制健全、经营目标明确、财务状况良好、具有国际竞争力的现代金融企业。但是，从我国上市公司实际状况来看，要想达到改制上市的最终目标，必须着手解决上市公司在实际运行过程中暴露出的一些制度性缺陷，否则，国有银行的改制上市也将处于上市公司同样的困境。     

国有商业银行股改上市后我国金融监管政策的调整

近年来，我国国有商业银行纷纷进行股份制改革。国有银行成功股改上市将会对我国现有的金融监管政策带来一定的影响。本文在分析我国金融监管现状的基础之上，找出现行金融监管体系中存在的矛盾和不足，并结合当今市场发展趋势对我国金融监管政策的调整提出相关建议。     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.     

浅议金融机构的举证责任

金融纠纷案件是当事人以存单或进账单、对账单、存款合同、保险单、票据、证券等凭证为主要证据向人民法院提出诉讼的案件,对于不同种类金融纠纷的当事人的举证责任,我国现行的金融法律、法规及司法解释有不同的规定。由于金融机构的特殊法律地位,发生金融纠纷时存在有关当事人将最后偿付风险转移给金融机构承担的主观故意,在客观上会使金融机构难以提供相应的证据来对抗不法债权人的诉讼请求,而导致金融机构败诉。为此,对金融诉讼案件中金融机构的举证责任加以研究具有重要的实践意义。     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…