逆向选择与信用配给:中小企业融资难根源分析

文章通过中美中小企业融资的渠道和结构对比,分析中国中小企业融资困难的原因,并进一步通过两个模型解释资金借贷市场上的逆向选择问题和银行被迫采用的信用配给制度.文章最后提出了解决中小企业融资困难的一些建议.     

基金代销:中小商业银行如何分得一杯羹

最近一年多来,我国基金业发展势头强劲,引起了社会各界的广泛关注与参与;正因如此,也使得基金代销机构之间的竞争日趋激烈.作为后来者的中小商业银行在基金代销上如何与传统的大银行与券商之间展开竞争,并获得一席之地,正是本文进行探讨的问题.作者认为:中小商业银行在基金代销方面大有可为.     

社会壁垒的合理性及对我国的积极影响

最近几年,社会壁垒已经成为欧盟国家及其他发达国家的重要贸易手段.我国国内对其负面影响的研究与宣传的较多,但对其合理性研究不够.本文就社会壁垒的产生、发展及其合理性进行了分析,并指出其对我国政府与企业的积极影响.     

中部崛起与西部开发的财政收支分析

本文研究表明，在西部开发进程中，国债投资占有较大比重，中部崛起需要充分调动地区的积极性；中部、西部与东部相比，地方企业上缴税收的能力相对不足；中部、西部对于行政收费和农业税收依赖较重，取消农业税后需要开辟新的财政收入渠道；优化中部、西部地区的财政收支状况，关键在于调整地方财政的收支结构。     

Impacts of e-Commerce and Enhanced Information Endowments on Financial Services: A Quantitative Analysis of Transparency, Differential Pricing, and Disintermediation

Some implications of e-Commerce financial services firms are becoming clear. The web drives transparency, and increases the information endowment of all market participants. It is harder to manipulate customers' behavior, or to overcharge them. Transparency drives differential pricing. Not all customers can or should be charged the same prices. Transparency reduces the viability of cross-subsidies between customers can or between products. The differential pricing enabled by the web transforms distribution channels, and enables direct distribution and alternative forms of distribution. Some intermediateraries may be bypassed altogether, while others may rapidly lose their best, most profitable, and previously most loyal customers.     

Information Content of Earnings and Earnings Components of Commercial Banks: Impact of SFAS No. 115

SFAS No. 115 modified classification of debt and equity securities held by firms and also modified the reporting format for unrealised gains/losses on security transactions (URGL). This study investigates whether implementation of SFAS No. 115 improved information content of earnings and earnings components of commercial banks. Improvement in the information content is measured by comparing the association between equity returns and earnings and earnings components of the post-adoption period of SFAS No. 115 with the pre-adoption period.The test results indicate that the association of equity returns with earnings components and aggregate earnings is significantly stronger in the post-adoption period compared to the pre-adoption period. The improvement is especially evident for the components of URGL and non-interest revenues. These results suggest that information provided by earnings components is considered more value relevant for investment decision after implementation of SFAS No. 115. Findings on non-interest revenues indicate that revenues from banking activities other than lending also play an important role in the commercial banks' profitability.     

Credit Risk in Two Institutional Regimes: Spanish Commercial and Savings Banks

Although credit risk is an important factor that financial institutions must cope with, the determinants of bank problem loans have been little studied. Using panel data, we compare the determinants of problem loans of Spanish commercial and savings banks in the period 1985–1997, taking into account both macroeconomic and individual bank level variables. The GDP growth rate, firms, and family indebtedness, rapid past credit or branch expansion, inefficiency, portfolio composition, size, net interest margin, capital ratio, and market power are variables that explain credit risk. However, there are significant differences between commercial and savings banks, which confirm the relevance of the institutional form in the management of credit risk. Our findings raise important bank supervisory policy issues: the use of bank level variables as early warning indicators, the advantages of bank mergers from different regions, and the role of banking competition and ownership in determining credit risk.     

金融全球化与金融风险

中国入世标志着中国经济已开始融入世界经济体系之中 ,而在经济全球化进程中伴随着金融全球化的大趋势 ,金融全球化对各国经济和金融体系既是机遇 ,也加大了风险 ,在金融全球化的环境下中国银行体系中存在的大量不良贷款和远不能满足巴塞尔协议要求的资本充足率 ,使中国银行业存在现实和隐含的金融风险。中国的商业银行和金融监管当局必须采取有力的对策来应对挑战     

四大国有商业银行的收缩战略研究——从规模经济的角度探讨银行实施收缩战略的必要性

在不断出现的全球银行业并购案例中 ,人们往往只重视对商业银行的扩张战略进行研究 ,但是收缩战略在当今的银行业中同样发挥着重要的作用。本文首先通过对银行业的背景和银行适度规模的分析 ,探讨商业银行实施收缩战略的原因 ,然后从实证的角度对我国国有商业银行的规模及其效益进行分析 ,证明实施收缩战略的必要性。文章最后针对我国的现实情况 ,提出实施收缩战略的两点具体措施。     

产权改革是经营改革的基础--论我国国有商业银行改革的关键

一般认为 ,产权改革是我国国有企业改革的关键。但对于同样属于国有企业的国有商业银行的改革 ,人们却往往把重点放在经营问题上 ,以至无法从根本上提高国有商业银行的效率。本文以我国国有商业银行的贷款量为切入点 ,运用模型和数据说明在产权关系不明晰的前提下 ,政府运用行政手段对银行经营者进行监管的不良效果 ,同时论证了产权关系对委托—代理问题的决定性作用