信用:成本、风险与收益分析

信用活动中,筹资者为获取收益往往要花费一定成本、承担一定风险,资信越好的筹资者能以较小风险筹集到更多低成本资金;决定筹资者能否获得信用支持的主要因素是筹资者的经济规模、经济结构以及由此决定的市场竞争力;投资者为获取收益也要花费必要成本并面临诸多风险;信用短缺不仅使微观经济主体受损,更会使整个社会经济交易成本上升、交易规模下降、社会资源闲置,甚至会诱发金融危机.     

信用执法初探

信用执法将适用于信用关系的法律规范经济社会化，成为建立和维护市场经济秩序的基本条件。通过信用执法推动和促进市场经济信用的稳定与成熟。     

泡沫经济破灭前后日本银企信用风险管理制度及其功效分析

战后，日本金融体系效仿欧美国家建立起一系列信用风险管理制度。同时，根据市场主导型金融市场的特点，逐步建立起具有自身特点的信用风险管理制度。日本银企信用风险管理制度包括商业银行的内部控制制度、银行风险防御及挽救制度、商业银行外部监管制度。通过对日本银企信用风险管理制度的功效进行剖析，可以看出这一制度存在局限性并与日本的泡沫经济、金融危机、金融效率存在内在关系。     

信用问题的博弈分析

社会信用和经济信用相辅相承,精神文明和物质文明比肩发展,然而现实社会却出现了众多信用缺失问题.本文运用博弈论分析方法,从经济学角度解释了信用缺失问题的理论成因.     

Management compensation and earnings-based covenants as signaling devices in credit markets

A firm seeks to raise capital in credit markets to fund risky operating activities. The firm has private information about the future cash flows from such activities. Firm owners delegate operating decisions to a manager who privately learns further information about the distribution of those cash flows subsequent to contracting, but before taking actions. Those actions include the selection of which operating activities to pursue and how much hidden effort to exert. At issue initially after introducing the problem is the efficient design of the manager's compensation as a device for signaling private information to lenders as well as for inducing operating decisions. Our results provide conditions under which a Bayesian Nash separating equilibrium satisfying the Cho–Kreps intuitive criterion exists. Broadly speaking, these results suggest that contracts that resolve internal adverse selection and moral hazard problems may serve as signaling devices in efficiently resolving information asymmetries with external parties. Next, we show how earnings-based debt covenants and the selection of conservative accounting methods may eliminate signaling costs altogether.     

Interlinked credit and farm intensification: evidence from Kenya

This paper addresses the potential for interlinked credit/input/output marketing arrangements for particular cash crops to promote food crop intensification. Using panel survey data from Kenya, we estimate a household fixed-effects model of fertiliser use per hectare of food crops, using an instrumental variables approach for addressing the endogeneity of participation in interlinked credit arrangements. Results indicate that households engaging in interlinked marketing programs for selected cash crops applied considerably greater fertiliser on other crops (primarily cereals) not directly purchased by the cash crop trading firm. These findings suggest that, in addition to the direct stimulus that interlinked cash crop marketing arrangements can have on small farmer incomes, these institutional arrangements may provide spill-over benefits for the productivity of farmers' other activities such as food cropping.     

助学贷款执行难引发的思考——从大学生信用法律制度建设说起

目前我国国家助学贷款的执行阻力重重，大学生信用意识淡漠，拖欠贷款问题突出，信用问题已成为严重制约国家助学贷款工作顺利开展的瓶颈。因此，研究大学生信用问题，建立大学生信用法律制度显得十分重要。     

基础宽厚、特色明晰的工业设计人才培养体系探讨

文章围绕学校实行学分制以后,如何能兼顾体系性教学与开放式教学二者的优点,为最终形成"基础宽厚、特色明晰"的工业设计人才培养提供基础这一问题进行了探讨。     

农村居民消费、流动性约束和消费信贷的实证研究

本文利用1978-2004年我国农村居民人均消费支出和人均可支配收入数据对农村居民消费和流动性约束之间的关系进行了实证研究。分析结果表明：我国农村居民受流动性约束的程度明显偏高；而自从我国大力发展居民个人消费信贷业以来，流动性约束水平有所下降，消费信贷的发展发挥了一定的作用。今后在我国农村地区进一步建立健全面向广大农民的消费信贷业务，对于缓解流动性约束，推动农村居民消费需求增长具有积极的意义。