商业银行信息披露的若干问题探讨

实施商业银行信息披露制度是国际上银行监管的惯例。近年来，巴塞尔银行监管委员会陆续发布了《提高银行透明度》、《披露信贷风险的最佳做法》、《新巴塞尔资本协议》等文件，对银行业信息披露的主要内容、质量要求和方式进行了规范。目前，世界上许多国家和地区都已建立了商业银行信息披露制度。我国已成为世贸组织的正式成员，建立和健全商业银行的信息披露制度，已经列入我国金融改革和发展的重要议事日程，这既是加入WTO后我国银行业参与全球范围竞争的需要，也是我国金融市场发展的内在要求。     

次贷危机形势下我国商业银行混业经营模式的思考

本文在总结我国商业银行经营模式的历史、指出选择实行混业经营必然性的同时，对次贷危机影响我国商业银行混业经营模式存在的问题进行分析，提出审慎推进金融机构的混业经营模式建设、完善金融混业经营及监管方面的法律法规、继续推进金融机构公司化改革、建立严格的信息披露制度和即时风险控制系统等对策。     

建立与地方经济发展适应的区域银行制度

经过近二十年的改革，我国的金融制度和金融结构发生了很大的变化，金融机构和金融工具均有一定程序的创新，但随着市场经济的深入以及金融国际化发展趋势和进入世界贸易组织的近近，金融服务，金融创新,体制改革滞后的矛盾不断显现，本文分析和解剖当前地方经济以及基层商业银行和社会信用存在的褚多问题，探索在我国建立与地方经济发展相适应的区域银行制度。     

建立与地方经济发展相适应的区域银行制度

经过近二十年的改革，我国的金融制度和金融结构发生了很大的变化，金融机构和金融工具均有一定程度的创新。但随着市场经济的深入以及金融国际化发展趋势和进入世界贸易组织的迫近，金融服务、金融创新、体制改革滞后的矛盾不断显现，本文分析和解剖当前地方经济以及基层商业银行和社会信用存在的诸多问题，探索在我国建立与地方经济发展相适应的区域银行制度。     

美国商业银行信用评级监管经验及启示

现代经济理论和欧美发达国家的经验表明,银行信用评级制度是商业银行风险预警的基石．它不仅有利于金融机构提高信息披露标准和增强透明度,优化投资结构,控制风险,而且有利于促进监管部门提高监管效率。借鉴发达国家的经验和教训．加强对我国商业银行信用评级监管．促进信用评级业健康发展．对于强化风险为本的金融经营理念,完善金融监管体系,保护投资者利益等都具有十分重要的意义。     

诚信缺损道德风险与银行对策

诚信问题在我国金融领域突出表现为信用缺损和道德风险,究其原因主要有三:一是制度及观念方面的,即企业机制不健全和缺乏市场经济的诚信理念;二是信息方面的,即银企博弈双方在信息占有上的不对称分布和国家社会化信用服务体系不完善;三是信用管理技术方面的,即我国金融机构管理手段落后.因而在防范对策方面就需要从制度及观念(企业机制、经济伦理)、信息(银行内部信用管理信息系统、社会信用服务体系)和技术(信用风险管理技术)三个方面进行综合治理,这样才能有效地提高金融机构的信用风险管理水平,防范道德风险.     

新会计准则对商业银行会计信息披露质量的影响

提高商业银行信息披露质量是强化市场约束、提高金融透明度的必然要求,也是我国参与国际金融竞争的必要条件。本文鉴于新会计准则对商业银行信息披露质量问题进行了分析,认为新准则中有关金融机构准则的变化,将有利于解决并提高我国商业银行信息披露质量。     

影响商业银行稳定的微观因素

本文运用14家上市商业银行2003~2010年的数据,实证研究了银行稳定与信息披露的关系。中国商业银行的稳定性在逐渐增强,信息披露在一定程度上促进了银行稳定性。进一步发挥信息披露的市场约束作用,需要完善相应的制度环境和市场基础。银行资产规模以及利润的增长有效地促进了商业银行的稳定性。国有银行有国家信用的担保,而股份制银行具备相对完善的治理制度,两者的稳定性并不存在显著性的差别。政府应完善信息披露制度,为投资者提供全面、及时、真实的财务信息,加强信息披露的市场约束作用,加强对银行信息披露的监管。     

我国影子银行发展对商业银行盈利能力影响的研究

本文选取2000—2014年间我国27家商业银行的平衡面板数据为研究对象,实证分析我国影子银行发展对商业银行盈利能力的影响,实证结果显示,在当前金融体制下,我国影子银行的发展在一定程度上提高了商业银行的盈利能力.对于影子银行的监管,本文建议:一是建立独立的金融协调部门,弥补分业监管的监管套利;二是要建立防火墙制度,严防影子银行与传统商业银行的风险传染;三是要建立信息披露制度,提高影子银行透明度.     

把银行办成真正的银行

东方风来满眼春。中国,正满怀信心地步入改革开放的新阶段。面对挑战和机遇,中国的金融业也在迅捷地、坚定地迈动着改革开放的步伐。金融改革与发展成为各界的热门话题,人们都在关注着中国金融业的未来走向。改革是我国银行业发展的必由之路从1979年起,中国掀起了金融改革浪潮。金融领域主要围绕着市场要素引入进行了一系列的改革。按照市场分工的基本要求,一批国家银行相继恢复和分设,新兴银行应运而生,改变了人民银行“大一统”的金融管理体制,建立了以中央银行为领导,专业银行为主导,多种金融机构分工、协作的金融机构组织体系;伴随社会经济生活商品化、货币化、信用化的加快,金融业务范围不断拓宽;同时,按照市场发展的需要,逐步拓展了商品信用关系,形成了以银行信用为主体,商业信用、消费信用、国家信用等信用形     

Enhancing Bank Transparency: A Re-assessment

Transparency regulation aims at reducing financial fragility by strengthening market discipline. There are, however, two elementary properties of banking that may render such regulation inefficient at best and detrimental at worst. First, an extensive financial safety net may eliminate the disciplinary effect of transparency regulation. Second, achieving transparency is costly for banks, as it dilutes their charter values, and hence also reduces their private costs of risk-taking. We consider both the direct costs of complying with disclosure requirements and the indirect transparency costs stemming from imperfect property rights governing information and particularly infer the conditions under which transparency regulation cannot reduce financial fragility.     

Corporate tax avoidance: is tax transparency the solution?

Corporate tax avoidance has been a matter of considerable public attention, particularly since the 2008 global financial crisis. The nature of calls for tax reform and increased regulation, advocated most prominently by tax activists and NGOs, has revolved around transparency as a possible corrective to unacceptable tax avoidance, although there is no consensus as to what the term tax avoidance encompasses and when it becomes unacceptable. We examine two responses to calls for increased transparency about the tax affairs of multinational entities: firstly, country by country reporting that provides information to tax authorities, and secondly the UK requirement for publication of tax strategies, whereby large companies put information into the public domain. We find considerable misunderstanding about the benefits of transparency in this setting. By failing to consider the limits of transparency initiatives there is a risk of dysfunctional consequences, for example additional costs in providing and processing additional information, the prospect of increased disputes as new information generates new misinterpretations and uncertainty in determining the final tax position. There is a risk that greater disclosure will not effectively address concerns about unacceptable corporate tax avoidance.     

机构投资者持股能提高上市公司会计信息质量吗?——兼论不同类型机构投资者的差异

本文以2006-2009年深圳A股上市公司为研究样本,实证检验了机构投资者总体以及各类型机构投资者持股对会计信息质量的影响。结果发现,机构投资者总体持股降低了财务报告可靠性,但能提高信息披露透明度。分类来看,证券投资基金、保险公司、社保基金和QFII等持股不影响财务报告可靠性,但能提高信息披露透明度;一般法人持股降低了财务报告可靠性,特别是加大了公司向下盈余管理程度,但不影响信息披露透明度;信托公司持股既不会影响财务报告可靠性,也不会影响信息披露透明度。结果表明,不仅机构投资者总体对上市公司会计信息质量影响的渠道不同,而且不同类型机构投资者对上市公司会计信息质量影响的渠道也存在差异。     

金融改革与金融监管的互动分析及其立法建议

金融改革目标与金融监管目标总体上是一致的。两存在差异性的原因主要是实现金融改革目标与实现金融监管目标的手段和方法的不同。为保证金融改革目标和金融监管目标的顺利实现，必须利用好两互动关系中的积极因素并有效克服其消极因素。金融监管立法在授予监管权力的同时应当建立起完善的责任制度。     

Carbon Disclosure,Financial Transparency,and Agency Cost: Evidence from Chinese Manufacturing Listed Companies

Given the constraints on carbon emissions due to their impact on global warming, carbon disclosure has become an important way to deliver signals to the market. We examine the benefits associated with carbon disclosure from the standpoint of corporate social responsibility (CSR) for China’s manufacturing industries from 2010 to 2014. We divide corporations into heavily polluting and non-heavily polluting groups in order to control the industry factor. Based on the Principal-Agent Theory, we empirically test the relationship between carbon disclosure and financial transparency, and we evaluate the effect of carbon disclosure on agency costs and operations. Our results highlight that carbon disclosure is negatively associated with agency costs. However, we do not find enough evidence to prove what role financial transparency plays in the relationship between carbon disclosure and agency cost. Therefore, the influence of financial transparency as a mechanism is not yet clear. This study provides a way to look at the intentions of firms that disclose carbon information, and it also enhances the literature on carbon disclosure and agency costs in China based on Chinese data.     

中央对手方清算国际监管的改革与发展

针对场外衍生品市场在本次国际金融危机中所暴露出的风险和问题,国际社会进行了广泛而深入的探讨,对尽快在场外衍生品市场引入CCP清算机制达成共识。文章以美国、欧盟和国际组织为主要考察对象,回顾了国际上实施CCP清算和对CCP监管改革的进展情况,从对CCP风险管理、财务资源监管、信息披露监管和利益冲突监管等方面对CCP具体监管要求进行了阐释和比较,以全面反映CCP清算国际监管改革的发展历程与政策要点。     

完善公司治理与管理会计创新

本文认为 ,会计信息系统在公司治理中的作用还有待进一步全面认识。财务会计信息由于受多种因素的限制 ,不能完全满足公司治理的要求 ;而管理会计也需要重新构造其目标和方法体系 ,才能有助于公司治理。管理会计与财务会计都是为公司的内外部服务 ,两者的差异从根本上说源自信息披露是否具有强制性。为推进管理会计的改革和发展 ,应重视会计系统的环境因素、管理制度创新与规范的结合和会计信息的内在性质。     

Modelling Transparency in Disclosure: The Case of Foreign Exchange Risk Management

Abstract:  When managers choose not to disclose all the relevant information in their possession in their financial statements, there is an information gap between the managers and users and consequently a lack of transparency. We model the degree of transparency observed when disclosures of foreign exchange (FX) risk management in financial statements are compared to managerial information on FX risk management policy, as evidenced in questionnaire responses. In this comparative study of US and UK firms we find incomplete disclosure in both samples but with differing aspects. In the US case, the information gap is lower where the information has higher relevance or firms with higher financial risk (greater leverage) are signalling the extent of risk, but the gap is greater where firms are in competitive product markets. For the UK sample, the information gap is significantly lower where firms have higher financial risk or higher liquidity but the gap is greater where the shares are more closely held. We conclude that modelling and explaining this aspect of incomplete accounting disclosure in an international setting must be sufficiently flexible to accommodate national differences in managerial behaviour.     

Does corporate governance transparency affect the accuracy of analyst forecasts?

Using country‐level proxies for corporate governance transparency, this paper investigates how differences in transparency across 21 countries affect the average forecast accuracy of analysts for the country's firms. The association between financial transparency and analyst forecast accuracy has been well documented in previous published literature; however, the association between governance transparency and analyst forecast accuracy remains unexplored. Using the two distinct country‐level factors isolated by Bushman et al. (2004 ), governance transparency and financial transparency, we investigate whether corporate governance information impacts on the accuracy of earnings forecasts over and above financial information. We document that governance transparency is positively associated with analyst forecast accuracy after controlling for financial transparency and other variables. Furthermore, our results suggest that governance‐related disclosure plays a bigger role in improving the information environment when financial disclosures are less transparent. Our empirical evidence also suggests that the significance of governance transparency on analyst forecast accuracy is higher when legal enforcement is weak.     

Transparency in the Financial System: Rollover Risk and Crises

We present a theory of optimal transparency when banks are exposed to rollover risk. Disclosing bank‐specific information enhances the stability of the financial system during crises, but has a destabilizing effect in normal economic times. Thus, the regulator optimally increases transparency during crises. Under this policy, however, information disclosure signals a deterioration of economic fundamentals, which gives the regulator ex post incentives to withhold information. This commitment problem precludes a disclosure policy that provides ex ante optimal insurance against aggregate shocks, and can result in excess opacity that increases the likelihood of a systemic crisis.