创新环境权益交易,推动绿色产业发展

在2018(第九届)清洁发展国际融资论坛上,北京产权交易所总裁、北京环境交易所董事长朱戈先生表示,近年来,节能环保及绿色发展项目已经成为北京产权交易所(简称:北交所)业务开拓的重点之一,作为北交所旗下专注于绿色发展的专业子平台,北京环境交易所(简称:环交所)在帮助环保企业突破融资瓶颈、服务低碳     

资本市场新阶段的制度体系正在形成

<正>2023年资本市场制度建设多头并进,多层次资本市场已经进入新阶段,与此相适应的制度体系正在形成2023年资本市场制度建设多头并进,制度体系更加完善。股票发行注册制改革全面落地,以注册制为核心的制度体系基本建成。债券市场改革取得突破,制度保障债券市场统一监管和注册制改革。制度建设推进北京证券交易所（以下简称北交所）全面改革,北交所进入高质量发展阶段。基础制度建设加强,     

吴汝川：“产权市场需要靠我们自身的培育”

<正>《中国外资》:北交所是全国中央级产权交易所之一。请您介绍一下北交所发展的历程和近年来的主要业绩。与其他产权交易所相比,北交所具备哪些优势?吴汝川:北京产权交易所是经北京市人民政府批准设立的综合性产权交易机构,是集各类产权交易服务为一体的专业化市场平台。1994年成立北京产权交易中心;2003年成立     

北交所设立:见微知著,画龙点睛

2021年9月2日,国家主席习近平在2021年中国国际服务贸易交易会全球服务贸易峰会上宣布设立北京证券交易所(以下简称北交所).脱胎于新三板精选层的北交所,将成为培育"专精特新"中小企业的新平台.诚然,北交所初设,公司体量及交易量暂时无法与更为成熟的沪深交易所相比,但其发展前景及在战略布局中的重要定位不容小觑. 北交所的设立,势必将对多层次资本市场的建设起到画龙点睛的关键作用;亦可见微知著,窥得国家在中长期经济发展中的深远布局.     

百姓放心安心花钱尚需时日

<正>2006年开年,有两则消息令国人欲喜却忧。一则:2005年,全国城乡居民储蓄存款突破14万亿元,这是在一年之内第三次跨越万亿元大关,1月突破12万亿元,5月突破13 万亿元,12月突破14万亿元。的确令人欣喜,表明经济在快速健康发展,国民富裕程度在不断提高。二则:1995年以来的10年,居年最终消费率平均为59．5％,比世界平均消费率低近20个百分点。又让人担忧,表明国民在钱袋子鼓起的同时,却紧捂钱袋子不愿消费。     

必须改革我国外汇储备的形成机制

2009年9月末我国的外汇储备已达2．2726万亿美元，同比增长19．26％。9月份单月增加918亿美元，为历史第三快单月增长量。2009年末我国的外汇储备很可能达到2．5万亿美元。1996年11月，我国的外汇储备首次突破1千亿美元。5年后，这一数字才翻了一番，达到2千亿美元。但从2千亿美元到1万亿美元也就又是一个5年时间（2006年10月突破了1万亿美元）。     

北京证券交易所开市,注册制改革进入深水区

2021年9月2日,国家主席习近平在2021年中国国际服务贸易交易会上视频致辞时表示,将继续支持中小企业创新发展,深化新三板改革,设立北京证券交易所(以下简称"北交所"),打造服务创新型中小企业主阵地.11月15日,北交所在北京金融街正式开市.北交所首批81家上市公司集体亮相,体现了鲜明的创新型中小企业特征.与沪深交易...     

向着一流交易所迈进——写在北京证券交易所成立一周年之际

“深化新三板改革,设立北京证券交易所,打造服务创新型中小企业主阵地。”在2021年中国国际服务贸易交易会全球服务贸易峰会上,习近平主席亲自向世界宣布北京证券交易所(以下简称“北交所”)的设立。如今,北交所正式注册成立满一周年。     

北京产权交易所首季成交额逾750亿元

北京产权交易所上个月28日发布了今年首季度交易数据。数据显示，北交所集团第一季度共成交项目2545项，成交金额752．23亿元，同比分别增长92．8％和101．17％。其中，     

中国人寿总资产突破1万亿元约占全国保险公司总资产4成

[本刊讯]截至5月31日,中国人寿集团总资产突破1万亿元大关,达到10,304.79亿元,约占全国保险公司总资产的42%,成为我国保险业首家资产规模突破1万亿元的保险集团。作为我国最大的商业保险集团,自2003年重组改制以来,中国人寿以科学发展观为统领,积极抢抓机遇,加快发展,明确提出了“主业特强、适度多元”的集团发展战略和打造国际顶级金融保险集团的奋斗目标,并得到了积极有效的实施;特别是充分把握《国务院关于保险业改革发展的若干意见》颁布实施的有利机会,进一步坚定了服务和谐社会与新农村建设的经营方向,加快了综合经营步伐;主动与地方…     

Corporate financial structure and financial stability

Drawing on a unique dataset of flow-of funds and balance sheet data, this paper analyzes the impact of financial crises on aggregate corporate financing and expenditure in a range of countries. Investment and inventory contractions are the main contributors to lower GDP growth after crises, with a much greater effect in emerging market countries. The debt–equity ratio is correlated with investment and inventory declines following crises. Econometric analysis suggests that financial crises have a greater impact on expenditure and the financing of corporate sectors in emerging markets than in industrial countries. Industrial countries appear to benefit from a pick-up in bond issuance in the wake of banking crises. Although companies in emerging market countries hold more precautionary liquidity, this is evidently not sufficient to prevent a greater amplitude of response of expenditure to shocks.     

推进金融信息化促进金融体制改革——国家"十五"科技攻关项目"金融信息化"简介

编者按目前,"金融信息关键技术与示范工程"项目已正式列入国家"十五"科技攻关计划,本刊2001年第12期曾对此作了相关报道,金融信息化攻关立项不仅可以带动整个金融行业的信息化建设,而且能够为国民经济管理和国家宏观经济决策提供支持,从而推动国民经济的信息化.为此,本刊特邀项目组负责人之一--中国人民银行科技司卢小冰女士对该项目的情况进行介绍.     

国内财经

我国政府消费占财政收入比重超日本6倍国家行政学院教授竹立家说,我国政府自身消费约占财政收入的20%,多年来一直维持在这个水平。竹立家说,美国的政府成本约占财政收入的9.9%,日本在发达国家里面比重最少,仅占财政收入的2.8%,欧盟国家平均占5%左右,中国政府自身消费与发达国家相比成本比较高。所谓政府改革,一个重要的目标就是要降低政府成本。另一方面,政府政策性浪费也比较严重,决策失误造成的财政浪费现象较严重。日本的决策失误率大约0.28%,发达国家决策失误率平均大约3%,而我国决策失误     

The value of financial flexibility and corporate financial policy

We propose a novel approach to measure the value that shareholders assign to financial flexibility. In contrast to existing proxies for financial constraints, our measure is market-based, forward-looking and not directly influenced by past financial decisions. We find that firms for which shareholders consider financial flexibility more valuable have lower dividend payouts, prefer share repurchases to dividends, and exhibit lower leverage ratios. Moreover, these firms tend to accumulate more cash. Our analysis contributes to the growing literature on financial flexibility and indicates that—in line with prior survey evidence—financial flexibility considerations shape corporate financial policy.     

Neglected risks,financial innovation,and financial fragility

We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to the safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive.     

Individual financial risk tolerance and the global financial crisis

We investigate individual investors’ tolerance towards financial risk by focusing on changes associated with the global financial crisis (GFC) of 2007–2009. Financial risk tolerance (FRT) is analysed longitudinally controlling for demographic, socio‐economic and regional variations. In absolute terms, the change in FRT is small and contrasts with a popular view that risk tolerance is an elastic psychological state overly influenced by the pervading market conditions. Even in the presence of significant financial events, FRT tends to be a reasonably stable attribute in the shorter term but possibly influenced and reshaped by events more gradually over time.     

Financial instruments,financial reporting,and financial stability

I review new empirical evidence from the recent financial crisis on the relation between financial reporting and financial stability. I draw the following conclusions: First, there is still no evidence that fair value accounting caused widespread fire sales of asset or contagion. Second, the empirical evidence suggests that accounting and regulation might have contributed to the crisis by allowing several banks to delay actions. Third, even if share prices reacted positively to the relaxation of fair value accounting rules during the crisis, the origin of the problem might be lax rules that allowed banks to run into financial and regulatory problems. Fourth, fair values can be relevant for assets that a bank intends to hold until maturity if that bank strongly relies on short-term financing. Fifth, the recognition of fair values is no substitute for information that allows investors to judge a bank's risk exposure and the validity of reported fair values.