财务核心能力研究

财务核心能力是财务活动中能够为企业不断创造价值、提供持续竞争优势的财务能力的集合体,主要包括CFO才能和制度安排、财务战略管理能力、财务运营管理能力、财务应变能力和财务创新能力。本文在回顾现有文献的基础上,提出了财务核心能力的概念,分析了财务核心能力的构成要素,并提出了培育和提升企业财务核心能力的具体措施。     

Domestic financial market frictions,unrestricted international capital flows,and crises in small open economies

Summary. We present an example of a small open economy where small increases in the world interest rate may induce a sharp decline in output and a precipitous depreciation of the exchange rate. Due to a costly state verification problem in domestic credit markets, combined with unrestricted international capital flows, our economy generates two long-run equilibria, one with low GDP and a relatively depreciated real exchange rate (RER), and one with high GDP and a relatively appreciated RER. The first is always a saddle, while the second may be a sink or a source, depending on the level of the world interest rate. A crisis is identified with the economy switching from an equilibrium path approaching the high-output steady state to the saddlepath approaching the low-output steady state. In Mexicos recent history, periods of growth associated with appreciation of the RER have alternated with periods of sharp contraction and depreciation of the RER. Our economy displays such behavior in response to changes in the world interest rate.Received: 9 April 2002, Revised: 20 March 2003JEL Classification Numbers: E5, F4.G. Antinolfi, E. Huybens: We thank Steve Fazzari, Tim Kehoe, Todd Keister, Manuel Santos, Karl Shell and especially Bruce Smith for very helpful discussions. Jaime Calleja Alderete, Eduardo Camero Godínez, and Juan Vargas Hernández provided excellent research assistance. All remaining errors are ours. Huybens was an assistant professor in the Centro de Investigación Económica, ITAM, at the time this article was written, and part of this work was completed while Antinolfi was a visiting scholar at the Federal Reserve Bank of St. Louis. The views expressed herein are those of the authors, and do not reflect those of the World Bank or the Federal Reserve Bank of St. Louis. Correspondence to: G. Antinolfi     

金融制度变迁、银行组织模式与我国商业银行成长

本文通过对金融制度变迁的理论分析和历史考察,揭示了综合化经营制度是金融制度的基本制度安排,对商业银行的成长和发展具有重要的推动作用,我国已经具备了实施商业银行综合化经营的制度基础和条件.本文认为,金融控股公司是我国商业银行实施综合化经营的目标模式.基于目前我国的制度、体制和法律现实,我国商业银行综合化经营的实现必须分步实施,走渐进之路.同时,必须加强制度基础的塑造和建设.     

The role of banks in CESEE countries: exploring non-standard determinants of economic growth

This paper explores the finance–growth nexus in 14 countries from Central, Eastern and South-eastern Europe (CESEE) over the 1995–2015 period. It investigates whether including two ‘non-standard’ variables, i.e. a credit cycle dummy and foreign bank relevance, deepens our understanding of the role of a typical financial determinant of economic growth, i.e. bank credit. We find evidence of a negative impact of bank credit on economic growth and the significance of cyclical fluctuations of bank credit. In contrast, a higher market share of loans granted by foreign-owned banks in a cyclical upswing and stock market capitalisation are found to have a proactive effect on growth.     

苏联模式影响下的绿地资源管理——从历史 制度主义视角之“路径依赖”解读

历史制度主义是新制度主义中的重要分支，强调政 策是随着时间的推移而被制度塑造的，存在着“路径依赖”现 象，这意味着在过去制度环境中做出的政策选择影响现在的政 策结果。中国城市治理制度深受苏联模式的影响，若想理解以 及应对规划管理中存在的问题，首先需探索其历史。提供了一 种从规划历史切入分析的视角以更好地理解与解决规划管理中 的现存问题，进而构建具有我国发展特色的规划管理理论分析 方法。首先探讨了历史制度主义在制度分析中的应用及优势， 然后通过探讨与分析我国绿地资源管理现状证明苏联模式如何 通过“路径依赖”影响现在的绿地资源管理机制，将历史制度 主义分析方法应用于理解我国的规划管理实践中，在我国自然 资源部成立的改革大背景下提出相应政策建议。     

Does support from government help firms survive? Evidence on financial and political assistance in China, 1998–2007

ABSTRACT

Using the National Bureau of Statistics data set over the period 1998–2007, this article examines the dual roles of financial assistance and strong political links on firm survival in China by applying a semi-parametric duration model. We find that generally either financial assistance or strong political links had a positive effect on the likelihood of firm survival. Furthermore, if firms received both types of support from government, their survival rate was around two times as high compared to only receiving a single support. The likelihood of survival depended on the amount of assistance a firm received. We also find firm ownership impacts on its survival pattern. Lastly, China joining the World Trade Organisation (WTO) coincided with (cet. par.) higher firm failure, especially with regard to state-owned firms; however, this period also saw the authorities targeting political and financial help on the ‘better’ firms (especially SOEs) with characteristics likely to increase their chance of survival.     

城市土地价格波动对房地产业的影响——1999～2005年中国20城市的实证分析

本文利用1999～2005年间的数据对我国地价与房价的关系进行了实证研究.研究结果表明房价对地价有显著影响,地价对房价的影响度较小.在对地价与房价互动传导机制进行研究时,提出了3个传导路径,这些路径上的各个变量大都相互影响.通过分析我们还发现金融支持和土地政策在地价与房价变动中扮演着重要角色,抑制房价不能只控制土地价格,还应从金融支持、投资等方面着手,制定更严格的信贷制度,增加房地产交易税和提高居民可支配收入.本文的研究对于政府制定正确的货币政策和房地产业政策具有积极的参考意义.     

金融发展、资本积累与内生增长:一个评述

本文以资本外溢AK内生增长模型为基础,对金融发展、资本积累与经济增长关系的理论研究和经验分析作了一个文献综述.理论研究表明:金融发展通过提高储蓄转化为资本比率、改善投资配置效率和改变储蓄率等途径促进资本积累和经济增长;金融发展与经济增长之间呈互相促进、互为因果的双向关系,并形成金融发达、经济高增长和金融欠发达、经济低增长的双重均衡.经验分析显示,金融发展与经济增长之间呈显著正相关关系,这证实了金融发展与内生增长理论的预测.     

中国新型工业化与资源环境管理

新型工业化强调通过现代技术不断深度开发和广度拓展自然资源在工业生产过程中的利用价值,实现资源利用的高效率和可持续利用,使中国工业从资源消耗型转变为资源节约型和技术导向型."环境成本内化"发展模式的构建是新型工业化的内在要求,它具体包括:建立"成本内化"的科技创新体系;大力发展循环经济,制定和完善促进循环经济发展的法律法规体系;探索新的城市发展模式,强化城市区域生态建设和环境治理.     

公共财政、金融支农与农村金融改革——基于贵州省及其样本县的调查分析

本文通过对贵州省及其样本县农户和金融机构的问卷调查和分析,得出了一些实证性的结论。一方面,贫困地区公共财政未能发挥其应有的作用,健全的农村金融体系无法建立;另一方面,将农村金融机构作为支农的工具,进一步扭曲了农村的金融体制。分析表明,只有让公共财政发挥应有的作用,才能进一步改革农村金融体系,形成商业可持续的农村金融体制。