对现代金融监管的反思与借鉴

经济发展是永恒主题,金融监管必须建立在有利于经济发展的基础上;同时,金融监管应适应金融发展的需要,并具有一定的前瞻性。本文介绍了美国和欧洲等国家和地区反思经济危机爆发的原因,提出改革金融监管的框架设想,并对如何构建我国的金融监管制度进行了分析。     

Harmonizing national options and discretions in the EU banking regulation

The European Central Bank strives to harmonize over 160 national options and discretions (O&Ds) that contribute to the fragmentation of banking union’s regulatory framework. National authorities seem prepared to accept it, despite previously insisting on the inclusion of all O&Ds into the EU legislation. We analyze a sample of O&D choices and their correspondence to cleavages pertinent to the political economy of EU banking. We find that the 11 post-communist member states use O&Ds more stringently to protect capital and liquidity in the local subsidiaries of foreign-own banks, which may complicate their potential opt-in to the banking union.     

The effect of political volatility on capital markets in EU accession and neighborhood countries

Political instability has the potential to disrupt financial markets. But how do political institutions affect financial movements in an environment where all institutions are in flux? This paper looks at the effects of formal and informal political volatility in the new EU countries of central and eastern Europe, in the Eastern Neighborhood, and farther afield in Central Asia to answer this question. Using asymmetric GARCH modeling on monthly data, I find that informal political volatility has a significant negative effect on stock returns, while formal political institutions generate much higher financial volatility than changes in monetary policy.     

Accounting Quality in Eastern Europe after Communism

Research Question/Issue: This study, in the taxonomy of Schiehll and Martins (2016 Schiehll, E. and H. C. Martins. 2016. Cross-national governance research: A systematic review and assessment. Corporate Governance: An International Review 24 (3):181–99. doi:10.1111/corg.12158.[Crossref], [Web of Science ®] , [Google Scholar]), examines cross-national corporate governance, within their “legal” category. It rests on the understanding that to fully grasp corporate governance it is essential to understand the embedded institutions. The research question is: Does an increase in legal quality cause an associated increase in the quality of corporate governance in the form of financial reports to investors? If so, this supports the fundamental importance of legal systems to earnings quality. Reliable evidence on whether there is an association between legal quality and financial reporting quality would be an empirical association showing that where legal quality is higher, earnings quality is also higher, and conversely.

Research Findings/Insights: The results show clearly that in 2005 and 2010, when adequate data are available for testing, earnings quality is poor: far more companies show small gains than small losses. A great deal of managerial discretion is exercised in arriving at accounting figures, since many amounts depend on forecasts of future events. A significant number of firms use that latitude to show positive earnings. As to patterns of earnings management among three clusters of countries, the small number of firms generally precludes strong statistically supported evidence of management within the clusters. Nevertheless, the whole is the sum of the parts, and the parts (clusters) indicate the clusters most responsible for the overall result. There is little evidence of small gains exceeding small losses in the Baltics, greater differences in the Visegrád countries, and big differences in southern Europe.

Theoretical/Academic Implications: Based on both (a) the historical background of legal systems and (b) attitudes concerning legal quality measured at the same time as the earnings measures, the accounting results are consistent with the prediction of a strong legal culture driving effective corporate governance.

Practitioner/Policy Implications: The results show that eastern firms, on aggregate, have yet to reach the level of their western counterparts. However, the differences do not seem highly significant, and indicate that convergence is close in this area. This, in turn, should guide and encourage legislators in their work.     

Bringing Balance to the Force? A Comparative Analysis of Institutionalisation Processes in the G20’s Mutual Assessment Process and the EU’s Macroeconomic Imbalances Procedure

Events from 2008 onwards have bought the old consensus on the sound money and finance paradigm (the ‘Great Moderation’) into bold relief. One manifestation of this crisis of belief is the increased focus on global imbalances, institutionally reflected in the creation of the Mutual Assessment Process (MAP) at the G20 level and subsequently the Macroeconomic Imbalances Procedure (MIP) at the European Union (EU) level. Comparing both newcomers to international macroeconomic policy coordination, this article analyses four features that shape (and we show, institutionalise) the process of paradigm contestation: presence, position, promotion and plausibility. We argue that although initially the G20’s MAP scored higher in terms of presence, position and promotion, it is the EU’s MIP, which heralds a more substantial shift in macroeconomic management. Collectively, both indicate the increased prominence of global imbalances as the subject of inter- or supranational management, and a broadening of the notion of necessary or legitimate economic governance.     

The EU ETS and corporate environmental abatement

This article studies the relationship between firm-level emissions-to-cap ratio (ETC) and environmental abatement, by using a unique and extensive data set of 10 762 installations covered by the European Union Emission Trading Scheme (EU ETS) matched to 5931 firms. We find that a shortage of emissions allowances is related to more abatement in later years while a surplus of emissions allowances results in worse subsequent environmental performance. This finding underscores the importance of reducing the global amount of allowances in the ETS system. Our results also suggest that stakeholder pressure and the creation of transparency concerning corporate environmental performance are likely to support the effectiveness of the system.     

Modelling risk premia in CO2 allowances spot and futures prices

This article analyzes the modelling of risk premia in CO₂ allowances spot and futures prices, valid for compliance under the EU Emissions Trading Scheme (EU ETS). Similarly to electricity markets, a salient characteristic of CO₂ allowances is that the theory of storage does not hold, as CO₂ allowances only exist on the balance sheets of companies regulated by the scheme. The main result features positive time-varying risk premia in CO₂ spot and futures prices, which are strictly higher for post-2012 contracts (€6–9/ton of CO₂) than for Phase II contracts (€0–6/ton of CO₂). Contrary to Benth et al.'s (2008) for electricity markets, a positive relationship between risk premia and time-to-maturity is found in the EU ETS. As for relative differences between CO₂ futures and spot prices, CO₂ futures traded between + 1% (December 2008 contract) and + 33% (December 2014 contract) above spot prices during February 2008–April 2009. Contrary to Bessembinder and Lemmon (2002) for the electricity market, a positive relationship between risk premia and the variance/skewness of CO₂ spot prices is found. The futures-spot bias to the EU ETS explains around 1–6% of the variance of CO₂ futures premia.     

经济一体化、公司所得税竞争与FDI流动研究——以新老欧盟成员国的税收竞争为例

本文在Ottaviano(2005)的税收竞争模型的框架下,分析了在经济一体化条件下公司所得税竞争对资本流动的影响,并利用实证研究论证了欧盟内新欧盟成员国与老欧盟成员国之间的公司所得税竞争对FDI流动的影响。分析表明,欧洲市场一体化程度的加深是导致税收竞争加剧的最主要原因。东道国降低名义公司所得税率对资本流动没有影响,只有相对于母国实际税率的降低才是影响资本流动的关键因素。     

欧盟科技合作项目中知识产权的保护和利用

欧盟在科技合作的知识产权管理方面有先进的经验和完善的管理体系。对欧盟框架研发计划及原子能计划有关知识产权管理规定进行了研究。欧盟在主体科技计划及重大科技项目等方面都对背景及前景知识产权的归属、保护、信息共享、转让和开发利用等进行了规范。建议：我国在开展国际科技合作中,必须加强科技人员知识产权意识,重视和发挥科技合同的作用;与欧盟开展科技合作,要充分了解欧盟主体科技计划知识产权管理相关规定,在保护我国国家利益及知识产权人利益的基础上,最大限度地行使自己的合法权利,共享和利用各方知识、数据和信息,充分挖掘和利用新增知识产权为我所用。     

欧盟研发框架计划的评估实践

欧盟研发框架计划是目前全球资助规模最大的政府科技计划,其评估工作起步较早,形成了较为规范的监测评估机制,对欧盟科研资助政策的调整和FP管理工作的完善均发挥了重要作用。对FP评估活动的法律基础、组织实施方式、评估对象、评估方法和评估案例等做了较为详细的介绍和分析,以期为我国科技计划的评估工作提供一定借鉴。