董事高管责任保险与企业风险承担:理论路径与经验证据

董事高管责任保险对管理者财产风险存在"兜底"效应,有助于缓解管理者的风险规避等代理冲突,但同时也可能导致管理者自利成本降低从而诱发潜在的道德风险。为此,本文以2007-2013年中国A股上市公司为样本,考察了董事高管责任保险对企业风险承担的影响并对其作用机制进行了检验。研究发现,引入董事高管责任保险有助于增加企业风险承担;在控制了内生性等问题之后,该结论依然成立。对作用机制的分析表明,董事高管责任保险主要通过"激励效应"提升企业风险承担,而"道德风险效应"没有得到支持。本文是基于企业风险承担视角对董事高管责任保险的首次研究尝试,对于深入理解董事高管责任保险在资本市场中的作用角色具有重要意义。     

我国会计师事务所验资风险及其防范措施

近年来,在实务界,由于验资问题引起的诉讼案件数量并未因《中国注册会计师审计准则第1602号——验资》的施行而明显下降。本文首先从注册会计师、委托方、其他行为人、验资业务特点、验资程序等主、客观因素总结验资风险的根源,指出道德问题是引发验资诉讼的根本原因;其次从验资业务过程、注册会计师防范委托方道德风险以及注册会计师自身道德风险的防范等方面提出验资业务的风险防范对策。     

网贷平台风险识别与防控探析

道德风险、经营风险、资金风险、技术风险是网贷平台的主要风险,为防范这些风险,既要通过建立风险准备金、增强平台透明度,促进网贷公司加强风险的内部防控,又要通过定期报送监管报表、开放征信平台、完善第三方资金托管、加强行业自律,促进网贷公司加强风险的外部防控。     

浅议加强事后监督和防范资金风险问题

银行会计集中核算系统的建立,强化了核算功能,提高了工作效率,但道德风险、法律风险、内控管理风险、操作风险等依然存在,且实际防范难度加大,本文在分析其问题与原因的基础上,提出加强事后监督和防范资金风险思路。     

浅析企业会计风险防范

随着企业内、外部环境的发展变化,会计风险也越来越大。本文在分析企业会计风险的涵义、特性的基础上,重点从道德风险、技术风险、内控风险三个层面识别会计风险,以充分发挥企业会计系统在防范风险中的作用。     

开放式基金的投资风险及防范

本文从开放式基金存在的道德风险、系统性风险及管理风险入手，分析了由于各类风险的存在而给基金受益人带来的风险。提出应建立奖励机制、约束机制以防范基金当事人道德风险和管理风险，而对系统性风险则应从整体上加强市场制度建议的观点。     

诉讼财产保全责任保险：面临的障碍与法律对策

诉讼财产保全责任保险作为一种新型的责任保险，对保护当事人的利益、减少法院保全审查的风险以及拓展保险公司的业务都具有明显的优势。但其面临着受诉法院认可难、业务拓展存在困难、风险评估和控制机制不完善、道德风险较高等障碍。为此，应增强法院的认可程度、建立“保险公司—律师事务所”双方对接机制、建立有效的风险评估与控制制度、防范诉讼财产保全责任保险中的道德风险。     

中小银行大股东治理与银行风险 ——一个文献综述

防范大股东道德风险是中小银行治理需要关注的重要问题.通过梳理中小银行大股东治理风险相关文献,从银行业特殊性、股东治理的风险、如何防范大股东治理风险等方面总结其中的主要观点与结论.银行业特殊性使得大股东承担风险意愿较强,且可能直接"掏空"银行.银行公司治理机制间相互影响,银行监管是银行整体治理机制的重要组成部分,对银行整体治理效果有重要影响.因此,防范中小银行大股东道德风险,需要从强化监管、形成良好的股权结构、影响大股东风险承担意愿、限制可能的"掏空"行为等方面进行综合考虑.我国中小银行类型较多,对各类银行机构存在的主要问题,要针对性弥补治理短板,综合考虑整体治理机制对大股东的激励约束作用,有效防范大股东道德风险.     

试论以德治行与银行道德风险的防范

银行业务经营风险产生的内部源头主要有两种表现形式:一是道德风险;二是能力风险。道德风险是指银行内部员工在业务经营过程中,明知不可为而为之,而导致银行蒙受损失的可能性。能力风险则是指银行内部员工在业务经营过程中,不知不可为而为之,而导致银行蒙受经营损失的可能性。本文主要从分析银行内部道德风险的表现形式、生在根源以及与以德治行的内在联系切入,对银行部门如何通过"德治"来防范和规避银行道德风险问题作些探讨。     

构建我国环境责任保险制度的若干思考

构建环境责任保险是我国治理环境污染以及平衡受害人、污染企业、国家等主体利益的有效措施之一。在具体制度的设计方面,应该借鉴国外成熟立法的经验,着重解决保险模式的选择、道德风险的防范、保险费率及最高限额的确定、保险范围、承保机构及风险防范等问题。     

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.     

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.     

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.     

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.     

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…     

我国助学贷款改革刍议--"双担保"机制设计

国家新出台的助学贷款政策,还不过是既有的框架下的局部调整,存在诸多不完善的地方。为此,对国家助学贷款应构建高校与就业单位的“双担保”机制。从长期来看,要构建一个系统有效的“政府部门管理和商业银行运作相结合”、“多层次、多渠道、多方式”、“担保和非担保、贴息和非贴息、市场和非市场运作互相补充”的中国教育金融框架。     

人行县支行备份路由的解决方案

目前江苏省内人民银行各县(市)支行与其市中心支行的网络互联是通过专线经中国电信的x.25分组交换网实现的,没有其它备份线路,一旦线路或路由器出现故障,电子联行、银行信贷登记咨询、货币发行管理等业务系统就不能与中心支行的业务系统实现正常通信,这不仅会影响本行业务工作的正常进行,甚至可能会影响上级行业务系统的正常运行.针对这一问题我们首先想到的解决方法是,购买一个路由器作为备份路由器,再租用一条其它方式的远程连接线路作为备份线路,这样的备份设备费用至少15万～2万元.如果采用Windows 2000 Server(或者Windows NT Server 4.0),使用其免费提供的请求拨号路由服务,就能实现临时应急备份路由.下面对Windows2000的请求拨号路由及其安装配置做一详细说明.     

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。     

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.