国内贸易信用保险项下融资业务风险分析及相关建议

国内贸易信用保险项下融资业务是银行针对已投保中国信保国内贸易信用险的企业提供融资授信额度、并在额度内办理人民币贷款等业务,它的推出为推动信用销售的健康发展、缓解中小企业融资难的现状提供了一条有效的解决渠道。本文通过对内贸险项下融资业务的交易结构、契约关系及业务流程进行分析,重点总结了相关风险点,以期为该业务的健康发展提供建议。     

论人寿保险公司的核心竞争力

我国寿险公司只有正确地处理客户、产品、销售和员工之间的关系,实现四者有机结合、相互协调、相互促进的契合关系,在价值观、企业文化、服务体系、人力资源、绩效管理以及知识共享等方面,比竞争对手更为领先、执行得更加有效,我国寿险公司才能在未来的激烈竞争中处于不败之地。     

相依风险下保险公司投资信息安全软件的最优决策分析

网络信息安全保险已经成为企业转移安全风险的最主要工具之一,为了探索保险公司主动参与风险防范对网络安全水平的影响,本文设计了网络信息安全保险公司对被保险企业安全软件投资的均等、最重要和按比例三种策略机制,研究在强相依和弱相依的信息安全风险下保险公司在简单情形和复杂情形中的不同投资决策机制,及其对系统效用和风险的影响。研究结果表明,在保险公司投资被保险企业安全软件的三种投资策略下,相比被保险企业不购买保险,被保险企业购买保险可以显著地提高期望效用,并且整个系统的网络安全水平逐渐提高,但是整个系统的期望收益随着保险公司投资额的增加而降低。此外,在简单情形中,保险公司在不同的投资策略下存在不同的最优投资决策,且在均等投资策略和弱相依风险下系统各主体效用和风险水平均最高;在复杂情形中,在弱相依风险和最重要投资策略下整个系统具有较高的期望和较低的风险水平,说明复杂情形的网络信息安全保险系统存在涓滴效应。     

发展融资型保险产品破解农村融资难题

本文从信用不足的角度分析了农村融资难产生的原因,认为涉农信贷的有效风险分担和补偿机制不足,是造成融资难的关键,提出了创新农村信贷保险产品,构建保险与银行之间更紧密合作机制的重要性。并论证了贷款信用保险这一新型融资类保险产品的性质与作用,最后初步提出了探索建立以信贷保险为核心的农村融资体系的思路和相关政策建议。     

基于动态风险的中国最优混合养老保险体制研究

中国"统账结合"基本养老保险制度,采用了现收现付与积累制相混合的财务模式。为充分发挥制度优势,还需要结合风险偏好等因素来调整统筹账户与个人账户的混合比例。本文使用两期生命周期模型,引入风险回避度及跨期收益参数,通过均值-方差效用函数,对中国养老保险"统账结合"混合比例以及投资组合进行了实证分析。研究结论表明,自然回报率的下降使现收现付制不再是一个长期的最优选择;即使存在着整体上厌恶风险的前提,中国的养老保险制度仍需保持一定比例的个人账户,以便提高制度运行的收益率;如果将我国当前的风险回避度γ由0.4转变至0.3的水平,单位养老金的收益将大幅提高。     

Finding Pareto Optimal Insurance Contracts

This paper deals with on-line computation—or step-wise learning—of Pareto optimal insurance contracts. Our approach tolerates that the loss distribution might be unknown, intractable, or not well specified. Thus we accommodate fairly inexperienced parties. Losses are here simulated or observed, one at a time, and they cause iterated revisions of the premium. The mechanical and global nature of probability calculus thereby yields to more tentative, myopic procedures, possibly closer to how humans operate or reason in face of risk. Sequential revisions may also reduce the expense of insurers' time and money in seeking sufficient statistics. Emphasized below is the remarkable simplicity and stability of the resulting adaptive procedures. Special attention goes to catastrophic risks, and to subsidized or competitive insurance.     

对我国上市公司发行可转换债券融资的考量

可转换债券是兼有债券、股票、期权三方面特征的混合融资工具,对发行公司融资决策的盈亏影响具有不均衡性。基于经济理性假设,不同类别的企业以及企业发展的不同阶段,应根据自身发展战略、市场状况以及融资成本,来选择是否采用可转债融资,即我国企业利用可转债融资应理性地抉择。这一点对于推进我国上市公司利用可转债融资乃至资本市场的发展至关重要。     

Interest Rate Risk of European Financial Corporations

We investigate the interest rate exposure of large European financial corporations' equity returns. For the period from January 1982 to March 1995 we estimate multifactor index models to examine the sensitivity of equity returns to market index returns and domestic as well as global interest rate movements. In addition, we specify an APT‐model to test whether an exposure to interest rate movements is rewarded in the cross‐section of expected returns. In the four European markets both domestic and global interest rate shifts constitute driving forces of stock returns beyond the influence of the domestic market indices. However, the exposure to interest rate movements does not seem to be rewarded in the same fashion among the markets.     

商业融资性担保公司发展困境之破解

分析商业融资性担保公司面临的发展困境,提出破解对策:政府应创造一个良好的社会信用环境、完善法律法规监管体系、加大政策扶持力度,鼓励公司自由竞争;商业融资性担保公司应加强自身实力、全面升级内部风险控制机制、加强与银行的协商合作、创新担保品种.     

现代保险的资金融通及社会管理功能——与林宝清教授商榷

关于保险功能的理论研究,学术界一直存在争论.本文从保险本质出发,探究保险功能的涵义,强调现代保险在提供经济补偿基础上,具有资金融通和社会管理功能.理论的发展离不开实践,理论的形成对实践具有指导作用.因此,保险业应充分发挥资金融通和社会管理功能,大力发展保险市场,积极地为构建和谐社会做出贡献.     

Financing Higher NHS Spending from Increased National Insurance

This article uses international comparisons to demonstrate the UK's relatively low spending on health care services and considers why extra money is being raised from National Insurance Contributions rather than from other sources of tax revenue. It outlines various options for measuring the UK–EU health spending gap and finds that they yield substantively different estimates of the size of the spending gap to be filled. It explains why closure of that gap may be aided by enlargement of the EU. It concludes that closure of the spending gap may be as much or more the result of accident than of design.     

中国农村社会养老保险筹资问题研究——基于供求分析的模式选择与机制构建

研究农村社会养老保险筹资问题,探讨科学合理的农村社会养老保险筹资模式与筹资机制,对于完善农村社会养老保险制度具有极其重要的意义。本文立足于我国农村社会养老保险的发展现状,在对农民养老需求与供给分析的基础上,对筹资模式与筹资机制进行了研究。     

Optimal Insurance With Costly Internal Capital

We introduce costly internal capital into a standard insurance model, in which a risk‐averse policyholder buys insurance from a risk‐neutral insurer with limited liability. The unique optimal contract and internal capital lead to a strictly positive probability for insurer default. Some risks are uninsurable in that the insurer chooses not to provide insurance against such risks. An increase in the cost of capital may lead to a higher optimal amount of internal capital. The results extend to multiple policyholders in a symmetric setting. Our extension of the classical model to include costly internal capital provides a fruitful approach to many real world insurance markets.     

Disappointment and the Optimal Insurance Contract

This paper studies the optimal insurance contract under disappointment theory. We show that, when the individuals anticipate disappointment, there are two types of optimal insurance contract. The first type contains a deductible and a coinsurance above the deductible. We find that zero marginal cost is just a sufficient but not a necessary condition for a zero deductible. The second type has no deductible and the optimal insurance starts with full coverage for small losses and includes a coinsurance above an upper value of the full coverage.     

保险公司介入小微企业融资的渠道与风险防范

融资难一直是小型和微型企业发展的瓶颈。保险公司作为极其重要的金融机构之一,其对于小微企业融资具有一定的意义。本文就保险公司介入小微企业融资的含义及条件,保险公司介入小微企业融资可采用的渠道及风险防范提出了若干建议。     

我国上市公司再融资偏好的行为金融学解释

我国上市公司存在着强烈的股权再融资偏好,本文探讨了股权再融资偏好在我国的表现,试运用行为金融的“抛锚效应”和“市场时机理论”分析该问题,指出该现象在一定程度上受投资者的心理偏差和治理缺陷条件下的经理人不道德心理与行为等影响。     

Portfolio Insurance with Liquidity Risk

This paper studies a portfolio insurance problem with liquidity risk. We consider an investor who wants to maximize the expected growth rate of wealth in a low liquid market. The investor can trade assets only at random times and his wealth must not fall below a predetermined floor. We find the optimal expected growth rate and an optimal strategy. The optimal strategy is closely related with a traditional constant proportion portfolio insurance strategy. Also we show that the same strategy maximizes the growth rate almost surely. Further we study the floor effect on the growth rate.     

Bank Risk and Deposit Insurance

Arguing that a relatively high cost of deposit insurance indicatesthat a bank takes excessive risks, this article estimates thecost of deposit insurance for a large sample of banks in 14economies to assess the relationship between the risk-takingbehavior of banks and their corporate governance structure.The results suggest that banks with concentrated ownership tendto take the greatest risks, and those with dispersed ownershipengage in a relatively low level of risk taking. Moreover, asa proxy for bank risk, the cost of deposit insurance has somepower in predicting bank distress.     

保险与企业风险管理

企业在日常生产经营活动中会遇到各种风险,开展和加强风险管理已成为维护企业生存与发展必不可少的工作,同时也是现代企业管理的一项重要内容,企业风险管理必须从认识风险、选择风险管理方法入手,其中,保险已成为企业开展风险管理的一项重要管理手段。企业必须正确地运用保险为自己的管理服务,同时,保险也要在企业管理中不断创新和发展。