资产证券化信用评级:国外模型方法及其借鉴

资产证券化作为金融重大创新之一,信用评级模型化分析的重点是预期损失的预测.本文通过对国外信用评级机构进行资产证券化信用评级所采用的模型方法的综合评述与研究,提出了对中国资产证券化信用评级的借鉴意义.     

商业银行多元化经营对绩效和风险的影响研究--基于53家银行的面板分析

本文运用2003-2013年间我国53家商业银行的面板数据,通过建立多元化风险模型,对商业银行收入结构多元化、经营绩效以及风险的关系进行了系统分析。得出结论：规模较大的银行在专业型多元化经营业务成熟的基础上,转而发展综合型多元化经营业务,有利于银行绩效提升,但必须注重对风险的把控;而规模较小的商业银行因受地域、规模等因素的限制并不适合开展综合型多元化经营业务,应在主营业务发展充分的基础上,以发展专业型多元化经营业务为主。最后,根据实证结果提出相关的对策建议。     

我国高速公路建设融资问题初探

高速公路建设的迅速发展 ,使得项目融资矛盾日益突出。一方面是以财政拨款方式为主的融资渠道无法满足高速公路建设的需要 ;一方面是大量民间资本和国际资本无法顺畅地进入国内高速公路建设市场。文章提出并论证了运用BOT融资和资产证券化 (ABS)方式 ,通过有效地引入国际资本和拓宽民间资本的投资渠道 ,来解决高速公路的资金供需矛盾 ,同时提出加强和完善相应的法律法规是保证BOT融资和资产证券化顺利实施的关键所在。     

成本法核算时长期股权投资收益的确认

采用成本法对长期股权投资进行核算时 ,被投资单位宣告分派的利润或现金股利 ,投资企业按应享有的部分确认为当期投资收益 ,按照有关公式计算 ,确认投资收益及冲减投资成本的金额时 ,会遇到一系列问题 ,进而提出相应的解决方法或处理方案。     

中国双导型经济与人的生存和发展

文章认为,中国当前运行的经济是社会生产和分配由政府和资本共同主导的双导型社会主义市场经济。当前的中国双导型经济体制下,体现社会主义本质的多元资本非公有积累条件未设定、资本收益者责任的制度安排严重滞后、资本收益者的权利和义务不一致,这就必然造成政府对社会生产和分配失去控制,资本对劳动力收益的分占、非公有资本对公共资源的排他性使用和超占、强势资本对弱势资本的挤压、公有资本变异的现象不可避免。对人生存和发展保障来说,其造成的直接后果就是资本收益最大化不断给社会制造就业难、买房难、读书难、看病难、养老难等问题。中国必须做好社会主义的市场经济的制度建构工作,在体现社会主义本质的情况下实行社会主义市场经济的双导型生产和分配、在社会主义的制度安排内管理双导型生产和分配的全过程,对多元资本非公有积累条件进行社会主义改造。     

North–South terms‐of‐trade trends from 1960 to 2006

The composition of exports of developing countries is increasingly dominated by manufactured goods. This has not changed the fact that their major trading partners continue to be the developed countries. In order to properly assess the distribution of gains from trade, there is a pressing need to analyze the movements in the terms of trade of developing countries with respect to the developed ones. A statistical analysis of the North–South terms of trade reveals that the terms of trade have turned against the South since the 1960s. However, the terms‐of‐trade deterioration is neither continuous nor evenly distributed over different country groupings. The existence of a structural break in the mid‐to‐late 1970s together with the greatest adverse terms‐of‐trade movements against the highly indebted and least developed countries attest the discontinuity and unevenness of this process.     

Market valuations of bargain purchase gains: are these true gains under IFRS?

This study investigates stock market valuations for bargain purchase gains (BPGs) in the context of International Financial Reporting Standards (IFRS) between 2005 and 2014. Motivated by the increased frequency and high concentration of BPGs in Europe, we study a sample of acquirers listed on the London Stock Exchange to assess the value relevance of BPGs (a) under discrepant disclosure practices (i.e. disclosure versus non- disclosure of the reasons for the gains), (b) before and after the revision of IFRS 3, and (c) considering different income classifications for BPGs (operating or non-operating earnings). BPGs, on average, are not significantly valued by the stock market. However, the post-IFRS 3 revision period, marked by stricter measurement criteria and additional disclosure requirements, witnessed a significant shift in firm valuations. BPGs for which the reason for the gain is disclosed are positively valued only in the post-IFRS 3 revision period. BPGs are consistently perceived as value irrelevant for those firms which fail to comply with mandated IFRS 3 disclosure requirements regarding the reason for the gain. Finally, BPGs classified as a component of non-operating income with sufficient note disclosure on the reason for the gain are significantly associated with prices and returns.     

Information Asymmetries and Risk Management in Healthcare Markets: The U.S. Affordable Care Act in Retrospect

This article critically examines the pertinent issues in ex ante and ex post moral hazard in healthcare markets, with the U.S. Affordable Care Act (ACA) as its focal point of inquiry. First, it compares the various types of information asymmetries resulting from the production, allocation, and utilization of health insurance. Second, it reviews the literature on adverse selection, moral hazard, and risk mitigation against which salient ACA reforms are analyzed. In contrasting conventional moral hazard from an alternative theory of welfare maximization, it suggests that healthcare (over)utilization cannot necessarily be considered wasteful, even if it ends up costing insurers more on a short-term basis. Costs and savings attributable to healthcare spending under the ACA will vary between the consumer, insurer, and regulator-subsidizer. Despite the ambiguities surrounding definitions of “health,” the challenge of containing inefficient moral hazard, and encouraging its desirable counterpart, lies in the tradeoffs that arise between consumer access to affordable and quality healthcare and the market competitiveness of health insurers. The new Trump administration will have to address these tradeoffs in repealing and replacing the ACA, particularly in light of escalating insurance premiums and deductibles, narrower provider networks, and technical implementation issues.     

小议“利得”之概念

所有者权益的来源包括所有者投入的资本、直接计入所有者权益的利得和损失、留存收益等。利得属于《企业会计准则》中一个新的概念,本文对于它的确认、计量和报告试图进行一个系统的阐述,并将之与收入进行比较。     

Institutionalism and New Trade Theory: Rethinking Comparative Advantage and Trade Policy

Gomory and Baumol (2000), and Samuelson (2004) have raised concerns about international trade’s future impact on U.S. national income. The focus is how globalization may affect the size and distribution across countries of gains from trade. Though their analysis is developed using a pure trade theoretical framework, it has strands in common with institutionalist thinking. Their findings spotlight the need for a new U.S. trade policy agenda aimed at maximizing the U.S. share of gains from trade, and complementing conventional Keynesian open economy macroeconomic analysis.