台湾金融(银行)改革模式探讨

台湾金融(银行)改革具有典型的"机构范式"特征,遵循了"机构范式—机构调整—行政主导"的改革逻辑。行政部门在台湾金融(银行)改革中处于主导地位,试图通过银行机构的设限、设量调整实现改革目标。通过对台湾金融改革历程和绩效的考察,本文认为台湾行政主导的金融改革不仅无法实现银行业效率的整体提高,还将衍生其他经济金融问题,如台湾银行业登陆困境等,台湾银行业改革面临范式调整问题。     

银行家

《银行家》特色创刊于入世之年——2001年。以推动中国金融业改革与发展为己任,密切关注中国金融改革和金融发展的进程,志在成为"聚焦业内发展的镜头,了解国外动态的窗口,反映中国国情的阵地,总结政策得失的平台,记录精彩人生的档案。"特色栏目:"银行家论坛、特别关注、行长视点、商业银行、农村金融"等。深度研究:连续六年推出"中国商业银行竞争力排名",产生较大的社会反响。     

陕西省金融业要在西部强省建设中发挥更大的作用——学习省委中心组金融专题学习会议精神的几点体会

2008年9月12日,陕西省委中心组专门组织了金融专题学习,邀请国内著名金融专家——中国社会科学院金融研究所所长李扬教授做了"近几年我国银行业的改革发展——兼论地方银行业的改革、重组与发     

与中国银行家一道成长

《银行家》杂志创刊于中国入世之年——2001年,以推动中国金融业改革与发展、与中国银行家一道成长为已任密切关注中国金融改革和金融发展的进程,志在成为"聚集     

国际金融监管改革对我国的启示

2010年7月21日,美国总统奥巴马签署了新的监管法案——《多德一弗兰克华尔街改革与消费者保护法案》,并授权成立金融稳定监管委员会和消费者金融保护局两个新的监管机构,成为国际金融监管改革发展史上的"里程碑"。     

顶级金融家“雪镇”话监管

2008年全球金融危机给世界银行业监管上了惨痛的一课。危机直接催生了巴塞尔协议III的出台,美国通过了被认为是自"大萧条"以来最全面、最严厉的金融改革法案——多德弗兰克法案,欧洲也对金融监管体系进行了大刀阔斧的改革。如今7年轮回已到,银行业的估     

中国金融改革——回顾与展望

2007年,是中国金融业结束WTO过渡期,进入全面开放阶段的第一年。党的十七大和第三次全国金融工作会议为金融改革指明方向,昭示改革进入一个新的阶段。面对国际市场次级抵押信贷危机和流动性过剩、通胀压力加大的复杂局势,推进金融改革和运用金融工具进行宏观调控相互影响、交织进行,使得这一年成为多项金融改革迈出了关键性步伐的年度,为今年的金融改革搭建了新的平台。     

江苏地区银行业的SCP范式分析

在我国,银行业是金融体系的主体,对经济发展起着重要作用,目前,我国银行业正处于全面深化改革的关键时刻。"十二五"以来,中国的金融体制不断革新。银行业面临着前所未有的挑战:资本管理能力的高要求、盈利模式的调整,同时,利率市场化改革、互联网金融给传统经营模式带来巨大考验。本文通过对中国的重要发展地区之一——江苏地区的银行业进行SCP范式分析,剖析江苏银行业的发展情况,并提出一些改革建议。     

与中国银行家一道成长

正《银行家》杂志创刊于中国入世之年——2001年,以推动中国金融业改革与发展、与中国银行家一道成长为己任,密切关注中国金融改革和金融发展的进程,志在成为"聚集业内发展的镜头了解国外动态的窗口,反映中国国情     

货币市场是利率市场化的突破点

《金融业发展和改革"十二五"规划》提出,"我国将坚持按照市场化方向推进金融重点领域与关键环节改革,不断完善金融运行机制,激发市场主体活力,充分发挥市场在金融资源配置中的基础性作用。"要实现这个原则性的要求,就需要稳步推进利率市场化改革,推进金融市场基准利率体系建设。近年来,人民银行在推进利率市场化改革中已经取得了一些阶段性的     

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.     

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.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

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.     

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.