关于创新发展普惠金融策略的思考

发展普惠金融是我国金融改革和转型的重要方向之一,然而供给侧改革背景下其发展受限于多重不利因素。金融排斥导致其“普惠性”与“盈利性”目标相悖是普惠金融发展受限的内在原因;监管错位构成了阻碍普惠金融发展的政策阻碍;共享性征信体系尚未完成是普惠金融发展不足的环境壁垒,寻求普惠金融创新发展路径迫在眉睫。而互联网金融的蓬勃发展以及金融技术的不断革新为我国普惠金融创新发展带来了新的契机,因此本文基于上述两个视角研究我国普惠金融创新发展路径,从发挥政府引导与支持作用、引导互联网金融回归普惠之道、加大商业性金融机构普惠资源投入、依靠金融技术建设普惠金融发展服务机制四个角度探索我国普惠金融体系建设之道。     

优化金融资源配置 促进县域经济发展

发展县域经济,必须依靠金融的支撑,优化金融资源配置。本文从规范分析和实证分析的视角,分析了目前县域金融发展中存在的四个突出问题,并从加快国有商业银行改革、完善县域金融体系、加强金融生态环境建设等方面提出了对策建议。     

要危机还是要发展:论金融自由化的有效实施

关于金融自由化对一国经济的影响存在两种不同看法,一种认为金融自由化与金融发展存在正向关系;另一种认为金融自由化增加了金融体系脆弱性并引致金融危机。这对于已实行金融自由化政策的国家是一种极大的挑战,对于要实行金融自由化政策的国家更是一种两难抉择。本文讨论了金融自由化与金融脆弱性、金融危机的关系,提出应积极推进金融自由化,并阐述了自由化的路径依赖、政策配合、审慎监管及预警机制。     

中国金融出版社新书推荐

本书基于多年的研究逻辑和理论思路,试图在分析中国金融发展经验、改革路径和利弊得失的基础上,总结中国金融变革与发展的历史趋势,提出了现代金融体系的基本内容和重要特征,刻画中国未来所要构建的、与大国经济相匹配的现代金融体系。     

中国金融出版社新书推荐

本书基于多年的研究逻辑和理论思路,试图在分析中国金融发展经验、改革路径和利弊得失的基础上,总结中国金融变革与发展的历史趋势,提出了现代金融体系的基本内容和重要特征.刻画中国未来所要构建的、与大国经济相匹配的现代金融体系。     

论中美金融关系失衡与金融发展模式的差异

中美金融关系的失衡主要表现为双边资本流动的结构性失衡以及两国在金融政策博弈中的地位不对等。金融发展模式的巨大差异是导致中美金融关系失衡的重要原因。全球金融危机爆发后,中美两国的金融发展模式都发生了一定的变化。然而,中美金融关系失衡的调整是一个长期渐进的过程,中国须本着务实的态度不断为摆脱对美国金融体系的依赖创造有利条件。     

金融功能视角下的金融体制改革逻辑

20世纪90年代,金融“功能观”的提出,突破了传统“机构观”在既定金融组织条件下进行研究的局限,揭示了金融功能的客观性、稳定性,为重新审视与思考质性和量性相统一的金融发展,以及以此为目标的金融体制改革提供了一个更为优越和准确的视角。本文从金融功能研究的文献综述着手,以金融效率为主线,分析揭示了金融功能扩展与提升的客观路径,以及有效金融体系的内生机制。在此基础上,本文从改革模式、改革对象和改革次序角度分析了金融体制改革需要遵循的逻辑。     

我国当前金融形势和未来金融业发展方向

本文分析了我国金融业改革发展取得的成就和存在的主要问题,指出应进一步深化金融改革与发展,推进现代金融体系和制度建设,加强金融调控和监管,维护金融体系的稳定和高效运行.     

澳大利亚金融改革与启示

本文回顾了澳大利亚于20世纪80年代和90年代进行的金融自由化和监管体制改革,分析了澳大利亚金融体系安然度过1997年的亚洲金融危机及在面临当前次贷危机时其金融体系也富有弹性的重要原因,并对中国应该如何借鉴澳大利亚金融领域改革与发展的经验提出了自己的见解.     

市场主导型金融体系适合中国吗?

中国金融改革已经进入了攻坚阶段,因此金融体系的选择也就显得迫在眉睫。就目前世界范围来看,主要有以美英为主的市场主导型和以法德日为主的银行主导型两种金融体系。经过分析可以发现,这些国家的金融体系很大程度上讲都是内生的。由于中国金融制度改革的外生性,因此金融体系的外生性建立就显得尤为重要。同时又由于市场主导型金融体系在金融效率、风险配置及兼顾公平等方面具有天然的优势,因此市场主导型的金融体系必将成为中国未来的战略选择。     

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.     

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.     

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.