区域经济增长的金融支持研究——基于中国省域面板数据的实证分析

文章运用面板协整分析、Granger因果检验与误差修正模型,对1998-2010年我国30个省域的区域经济增长与金融支持的关系进行了实证分析.结果表明:从长期来看,我国金融支持与区域经济增长之间存在着稳定的均衡关系,金融支持是经济增长的Granger原因,且以银行信贷余额、股票总市值和保费收入所表示的金融支持都对经济增长起到积极的促进作用.而从短期来看,金融支持的不同方面对经济增长影响方向不同,银行体系规模和保险市场规模对区域经济增长具有正向的作用,而股票市场规模却对区域经济增长产生了负的影响,表现为抑制作用.     

金融集聚对收入增长的溢出效应及区域异质性研究

金融业的一个重要特征是金融集聚。本文基于2010－2020年我国31个省的面板数据,通过计算全国金融业的莫兰指数来确定金融三大产业银行业、保险业和证券业集聚的空间依赖性,运用空间杜宾模型研究金融集聚对收入增长溢出效应的区域异质性。结果表明,银行业集聚对三大区域收入增长的空间溢出效应显著为正;保险业集聚存在对东部地区与中部地区正向的收入溢出效应,对西部地区的溢出效应显著为负;〖JP+1〗证券业集聚存在对东部与西部地区负向的收入溢出效应,对中部地区的溢出效应为正但不显著。因此,差异化的政策引导与区域间协调的金融资源配置对区域收入稳定增长意义重大。     

2017年度福建省金融稳定报告

2017年,面对错综复杂的国际形势,福建省深入推进供给侧结构性改革,破解经济发展不平衡不充分难题,加快培育新动能,推动结构优化、动力转换和质量提升,全省经济实现了平稳健康发展。金融业总体运行稳健,银行业规模稳步增长,业务结构持续优化,不良贷款实现"双降";证券业保持稳步发展,资本市场功能有效发挥;保险业保费收入增长较快,服务经济社会的能力日益提升。金融服务实体经济能力不断增强,全省经济金融运行总体呈现稳中向好的局面。     

金融集聚、产业结构升级与城乡居民收入差距

本文分析中国2006~2012年31个省市金融集聚、产业结构升级对城乡收入差距的影响。研究结果表明:金融集聚会通过直接效应和影响产业结构升级间接对城乡居民收入差距产生显著性影响;银行业集聚、证券业集聚和保险业集聚对城乡居民收入差距的影响存在差异,银行业集聚水平的提高缩小城乡居民收入差距,而证券业集聚水平和保险业集聚水平的提高拉大城乡居民收入差距;提高产业结构升级水平,有助于缩小城乡居民收入差距。在保障银行业稳健发展的前提下,应提高证券业和保险业的发展规模,促进农村地区证券市场和保险市场的发展,降低准入门槛。     

金融对资源型城市经济发展的贡献 ——以攀枝花市为例

文章基于攀枝花市资源型经济发展概况和金融运行现状及特点分析,构建了以生产总值为被解释变量,以金融机构发放贷款余额、保费收入、股票市值为解释变量的实证模型,模型拟合度在80%以上,金融部门对全市经济增长的贡献明显.对三个产业的协整分析模型结果显示,银行信贷对第二产业的贡献作用明显,对第一产业的贡献作用开始显现,对第三产业贡献度不显著.最后分析了金融推动资源型经济发展面临融资结构单一、贷款集中度较高、信贷高增长趋势难以为继的问题,并提出了相关建议.     

2008年度福建省金融稳定报告

2008年世界经济金融形势复杂多变，在一系列宏观调控政策措施的综合作用下，福建省经济发展总体持续提升。全省金融业采取灵活有力措施，保持金融体系总体稳定；银行业改革深入推进，服务体系不断完善；证券业历史遗留风险处置基本完成，机构质量平稳提升，市场逐步规范；保险业市场主体和保费收入快速增长，抗风险能力逐步增强：金融基础设施进一步完善，为维护金融业稳健运行奠定良好基础。     

基于Vine-Copula广义CoVaR模型的我国金融市场间风险溢出研究

当前各金融行业之间的联系日益密切，风险溢出进一步增强。在这一背景下，本文构建Vine-Copula模型，刻画银行业、保险业、基金业和证券业之间的风险相依关系，将上行广义Co Va R与下行广义Co Va R置于同一结构中，进一步研究当某一行业陷入风险时对其他金融行业的风险溢出效应。实证结果显示，各金融行业均存在显著的正向风险溢出效应，上行风险溢出与下行风险溢出表现出非对称性。分行业而言，证券业对其他行业的风险溢出效应最强，银行业和基金业的风险溢出效应较为平稳，而保险业的风险溢出也处于较高水平，应当重点关注证券业与保险业之间的风险溢出效应。本文研究明晰了金融行业间的风险溢出效应，有助于对我国经济“三期叠加”阶段性特征进行科学理解与准确研判，为防范与化解重大金融风险提供参考依据。     

区域金融业竞争力分析及提升对策——以秦皇岛市为例

<正>一、秦皇岛市金融业总体发展状况秦皇岛市金融业随着经济发展日益壮大,整体实力逐渐提升,为全市产业结构调整和经济社会发展提供了有力的资金支持和金融服务。截至2012年末,秦皇岛市银行业金融机构本外币存款余额1926.5亿元,贷款余额1245.08亿元,分别占全省的5.66%、5.97%;保险业全年实现各类保费收入42.81亿元,保险深度(保费收入/GDP)3.76%,人均保费收入1417元,高于河北平均水平2.88%、1051元。二、秦皇岛市金融业竞争力评价结合实际,考虑数据的可得性,从宏观层面以及银行业、保险业、农村金融等方面分别选取了能反映金融业竞争力情况的、具有代表性的10项指标,建立统计指标体系,具体如下:X1-地区生产     

An Analysis of Tianjin＇ s Financial Development

经济发展与金融发展之间的关系已经被国内外许多经济学家所证明。近年来天津金融业取得了较快发展,为天津经济发展提供了显著的金融支持。本文以金融业的绝对规模、相对规模以及金融效率为维度,对天津银行业、证券业和保险业的发展状况进行了纵向梳理和横向比较分析,考察了天津金融发展面临的优势、劣势、存在的机会与威胁,进而从政府、银行业、证券业、保险业等方面提出了推动天津金融发展的政策建议。     

金融发展与经济增长的实证研究:北京视角

本文在梳理金融发展与经济增长理论研究成果的基础上,以北京市为例实证分析了金融业发展对经济增长的影响.研究结果表明,北京市金融发展对经济增长具有显著的促进作用,但是银行业、证券市场和保险市场对经济增长的影响程度不一,银行业的影响程度最大,证券业的影响程度则最小;银行和证券业是经济增长的Granger原因,而保险业则不是.     

Short-sale refinancing and price adjustment speed to bad news: Evidence from a quasi-natural experiment in China

Short selling may accelerate stock price adjustment to negative news. However, the literature provides mixed evidence for this prediction. Using short-sale refinancing and a staggered difference-in-differences (DID) model, this paper explores the effect of short selling on stock price adjustment. Our results show that (1) short-sale refinancing improves the speed of stock price adjustment to negative news. This result holds after we control for endogeneity. (2) The positive relationship between short-sale refinancing and stock price adjustment speed is significant in subsamples of stocks with higher earnings management or lower accuracy of analyst forecasts, indicating that firms with more opaque information are more likely to be targeted by short sellers. In subsamples of stocks with a higher ownership concentration or lower ownership by institutional investors, short selling is more likely to increase the speed of stock price adjustment, indicating that ownership structure may influence negative news mining. (3) As short-sale refinancing exacerbates the absorption of bad news by stock prices, it increases crash risk. This study enriches the research on the economic consequences of short selling and provides empirical evidence supporting regulations on short selling in China.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:     

The China puzzle: Opportunities for accounting research

How can China achieve phenomenal economic growth despite what is considered as 'weak' institutions in market-based economies? Xu(2011) provides a framework to u...     

Aims and Scope

<正>The focus of the China Journal of Accounting Research is to publish theoretical and empirical research papers that use contemporary research methodologies to...     

Income smoothing and the cost of debt

The literature on income smoothing focuses on the effect of earnings smoothing on the equity market.This paper investigates the effect of income smoothing on th...     

The case for management history

This article defines the case for treating management history as a discrete subject area, although one closely related to business, accounting, labour, and industrial history. It seeks to concentrate on the nature, process, and practice of management as an activity within the organization, and to argue that it is important that modern British managers understand the intellectual and cultural roots of their profession, since without these they will tend to be swayed by short-term management 'fads'. Within the broad topic there are several identifiable sub-areas for potential exploration, including the comparative historical development of management between different countries, management institutions, managerial careers and labour markets, management structures, management skills, and management thought and theory.     

Cost accounting standard and cost accounting systems in Japan. Lessons from the past - recovering lost traditions

This paper aims to show two things. The first is how Japanese culture has contributed to the development of Japanese cost accounting history. The second is to reveal the research possibilities of cost accounting history. This paper also reviews the salient features of several important examples of these aspects of cost accounting practice in Japan. It therefore explores, through some practical illustrations, how and why Japanese cost accounting differs from that found in the West.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

【正】The China Journal of Accounting Research‘‘CJAR’’(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditin...     

Shared Standard Setting in the Public Interest:A Strong Model

正The last two decades have been a definitive era in the evolution of the accountancy profession.In the wake of major corporate scandals at the turn of the century,an international public debate arose on the need for more effective and well-considered regulation;this debate then reignited during the global financial and sovereign debt crises.     

HOW TO PUT TOGETHER A COMPLETE PACKAGE

正Many Institute members know they cannot rely purely on technical knowledge and business acumen to remain competitive.As soft skills are increasingly important,Jemelyn Yadao finds out how CPAs can maintain