分散保险风险的资本市场创新工具

本文提出并设计出一种全新的金融产品———保险金融券 ,这种保险金融券具有固定收益证券的性质 ,同时又与保险公司的风险挂钩。它能将保险公司的风险有效地分散到资本市场上 ,从而增加保险市场的容量 ,提高保险公司的竞争力。同时又为资本市场的投资者提供了更多的投资品种。本文运用国外最前沿的理论成果 ,结合中国的实际情况 ,对保险金融券进行了定价 ,同时对保险金融券的发行、收益等方面进行了详细的论述。     

关于我国期货核算的几点思考

本文从目前我国期货核算的现状,比较美国的期货会计准则,浅谈对我国期货交易核算的几点思考。     

美国住房抵押贷款证券化对我国的启示

美国是实行住房抵押贷款证券化最成功的国家。本文分析介绍了美国住房抵押贷款证券化的产生、发展、制度及实践模式。在此基础上，研究了我国实行住房抵押贷款证券化的意义、障碍及基本途径。     

Housing capital-gains taxation and homeowner mobility: Evidence from the Taxpayer Relief Act of 1997

We provide new evidence on the impact of housing capital-gains taxation on homeowner behavior by examining residential mobility before and after the Taxpayer Relief Act of 1997 (TRA97), which generated the most sweeping reform of capital-gains taxation in the last two decades. In addition to lowering marginal tax rates on long-term capital gains for all assets, TRA97 also eliminated any differential treatment of housing gains above and below age 55, allowing all homeowners to qualify for capital-gains exclusions. Utilizing data drawn from the Current Population Survey (CPS) on either side of the law change (1996 and 1998) on homeowners just above (56–58 year olds) and below (52–54 year olds) the age-55 threshold and a reduced-form, difference-in-difference empirical approach, our estimates suggest that the repeal of the differential capital-gains tax treatment by age embodied in TRA97 had an economically important and statistically significant impact on the residential mobility of under-55 homeowners. Across a variety of specifications, the repeal raised the mobility rate by around 1–1.4 percentage points, which, for a mean mobility rate of 4 percentage points, represented an increase in the mobility rate of homeowners in their early 50s by 22–31%. Furthermore, the bulk of this effect was concentrated among highly mobile homeowners who a priori were more likely to have wanted to trade down (e.g., divorced, empty nesters), those facing higher capital gains tax rates, and those living in states that had experienced higher rates of nominal appreciation.     

巨灾风险管理中金融创新品种研究综述

创新是保险业发展的永恒主题,而保险风险管理技术的提升则是保险业可持续发展能力的重要象征。近年来,伴随着金融工程技术的推广,各类金融创新产品在保险业尤其是巨灾保险和寿险风险管理中得到了广泛应用,相关研究涉及品种介绍、效用评价、定价技术以及运作机制等诸多方面。     

“十五”期间中国信贷市场发展展望

“十五”期间，我国金融机构贷款总量将继续增长，但增幅有所回落，贷款在企业资金来源中所占的比重与贷款占金融机构资产总额的比重将趋于下降。贷款结构趋于优化，不良贷款比率趋于下降，非国有企业贷款和外币贷款的比重快速上升，信贷市场与证券市场的关键日趋紧密，信贷资产证券化趋势增强。     

Uncertainty during tender offers and the measurement of shareholder wealth effects

Uncertainty concerning the ultimate outcome of tender offers may affect the measurement of changes in shareholder wealth. The uncertainty regarding the outcome of tender offers is measured by estimating the probability of acceptance of tender offers during the period when the tender offers are outstanding. The estimated probability of acceptance of tender offers implies that the amount of uncertainty prior to knowledge of the ultimate outcome is substantial and affects the measurement of expected equity gains. The uncertainty-adjusted measure of the change in shareholder wealth indicates that previous studies may have underestimated the gains expected to result from tender offers.     

美国次贷危机对中国资产证券化业务的影响及建议

美国次按危机爆发至今,已给美国以及全球金融市场带来了巨大的冲击。面对中国资产证券化发展方向的探讨,文章通过分析美国次贷危机的成因、中国证券化业务发展的现状,对比出美国次贷与中国已开展的证券化业务的本质区别,指出我们应从美国次贷危机中吸取教训,加强业务风险的防范,充分利用我国此项业务开展的后发优势,适当加快试点的步伐。     

中国进口贸易利益规模及其分解 ——基于产品多样性视角的研究

本文从产品多样性视角考察中国进口贸易利益规模。基于现有文献的研究模型和中国海关2002年至2012年进口数据,本文发现在一系列对称性假设下中国进口贸易带来产品多样性增加的贸易利益总体规模较小。分产品类别看,中间产品、工业品及初级产品贡献了绝大部分贸易利益。分产业类别看,金属矿的开采、化学品及化学制品的制造及与资源、初级产品相关的行业贡献较大。     

资产证券化对金融体系运行的影响分析

以次贷危机为背案，将资产证券化对金融体系运行中产生的各项影响进行了分析。认为资产证券化的基本功能可以对金融体系的运行产生正反两方面的影响，同时作为金融创新产品中重要一员的资产证券化产品也具有“双刃剑”的作用，其在促进金融稳定的同时也造成了金融不稳定，并对金融体系的融资结构产生了影响。因此应构建合理的资产证券化监管规则和宏观审慎监管的框架。