国外私人银行业的成功经验及对我国的启示

本文通过对国外私人银行业成功案例的分析,总结出国外私人银行业发展的成功经验,并从中得出启示。同时结合我国的实际情况,为我国商业银行更好地开展私人银行业务提出看法。     

Fund selection in target date funds

This study investigates the family-fund strategy in target date funds (TDFs). We find that fund families often create TDFs by bundling existing mutual funds and use TDFs to increase non-performance-related flows to constituent funds that are not competitive. Such incremental non-performance-related flows exceed 1% of total net assets on a monthly basis. We further investigate the potential monitoring effect of plan sponsors by examining the association between the characteristics of constituent funds and their likelihood of staying in the TDFs. We find that constituent funds with lower return performance or younger age exhibit a lower survival probability of continuing as part of a TDF. Therefore, the problem of potential agency cost at the selection point of the constituent funds may be mitigated to some extent after entering TDFs.     

战略性新兴产业投资基金项目评价模型及实例

战略性新兴产业投资基金作为一种金融创新制度,具有投资金额大、投资期长、高风险、高收益等特点,所以在战略性新兴产业投资基金运营过程中,如何选择好的项目进行投资十分关键。本文以此为出发点,结合战略性新兴产业的特点,构建出一个包含4个层面16个指标的投资项目评价指标体系,并采用模糊综合评价法对项目进行评价,以期帮助基金管理公司选出较优的投资项目。     

Health Care Entrepreneurship in the Democratic Republic of the Congo: An Exploratory Study

In this empirical study, the authors explore entrepreneurship in the health care business in the Eastern Kasai Province of the Democratic Republic of the Congo (DRC) using cross-cultural literature and the resource-based view to ground its analyses. The data were collected using a questionnaire targeted toward the health care entrepreneurs in Mbuji Mayi, the capital city of the Eastern Kasai Province in July 2010, which yielded 68 responses. The results indicated that the entrepreneurs were predominantly middle-aged Congolese men with backgrounds in the health services field who had raised their startup capital mostly from personal savings or friends and family. Their businesses, which were mostly in the form of sole proprietorships, were likely to be located in areas underserved by public medical facilities and usually provided both curative and preventative medical services.     

The regulatory evolution of the post credit crisis fund management industry

The credit crisis that developed as a result of the problems in the US sub-prime mortgage market has consequences for the future shape of regulation of the fund management industry. The author examines the exposed agency problems, poor risk management, and the lack of liquidity in many fund offerings that have led to a number of new onerous regulations (as distinct from ‘acquired regulations’). The new regulations are changing the industry microstructure. Post credit crisis valuations are 73% of the pre credit crisis five-year levels, implying the markets are evaluating the industry differently in view of the many new challenges that it now faces.     

高等学校贷款风险成因分析

高校扩招导致经费短缺,资金运行困难,各高校纷纷向银行贷款,缓解了扩招的压力,改善了高校办学条件,贷款办学是这一特殊时期出现的特殊现象。针对高等学校贷款办学的风险问题,以解决高校办学经费短缺、提高高校办学质量、提高高校国际竞争力等方面分析了高校贷款的必要性。并就高校贷款现状及存在的问题,对高校贷款风险的成因进行了深入探讨。     

浅谈企业货币资金的内部控制

货币资金是企业资产的重要组成部分,流动性强、控制风险高。因此,货币资金的内部控制尤为重要。本文主要从企业货币资金管理存在的问题、货币资金的内部控制环境、货币资金内部控制措施来展开论述。     

Effects of state ownership on companies’ capital structure and profitability: Estimation analysis before and after the Lehman shock

This paper investigates the capital structure and profitability of the companies listed on the Ho Chi Minh Stock Exchange (HOSE) and the Hanoi Stock Exchange (HASE) in Vietnam by estimating their debt ratios and return rates using the three-stage least squares method applied to the 2006–2011 samples of 435 listed companies. The estimation results show that first, the capital structures of the listed companies matched the features of standardized corporate financing theories better than those of small- and medium-sized Vietnamese enterprises. Second, weak corporate governance due to insufficient monitoring by creditor led the listed companies to borrow excessively in the periods before and after the boom. Third, the state-controlled companies listed on the HOSE are likely to have an advantage over other companies in accessing loans and earning profits, even after the boom period. Fourth, while foreign-affiliated companies were not substantially more profitable during the boom period, they were more profitable in the period after the boom because of better production technology and management. These findings suggest that reforming the Vietnamese market requires the development of a system that ensures information transparency and independent corporate governance, enhances financial openness, and increases the privatization of state-owned companies, including those in the banking sector.     

西津电厂项目资金管理系统设计和开发

项目资金管理系统是西津电厂信息化管理系统的重要组成部分,在项目管理领域发挥着积极的作用,切实提高了企业的管理水平。文章阐述了项目资金管理系统的开发背景、设计理论基础、技术构架、开发要求、环境设计及备份设计,并着重阐述功能构架的设计开发流程。