政府信用建设的基本架构与设想

“通过制定、发布和实施标准，达到统一”是标准化的实质，“获得最佳秩序和社会效益”则是标准化的目的。制定行业标准是为了规范行业内企业行为。并方便社会公众对业内行为规范的识别和监督。     

国外资信评级的相关研究述评

国外资信评级机构已经存续了近百年,在资本市场上发挥着重要的作用。关于资信评级的研究也已积累了丰富的成果,内容涉及资信评级的作用、决定因素、信息价值以及级别的可比性一致性等。文章回顾并评论了国外有关资信评级的研究成果,并在此基础上提出了我国资信评级的理论研究应关注的问题。     

会计师事务所职业风险基金探析

职业风险基金制度作为注册会计师民事赔偿制度的补充,能加强注册会计师的民事赔偿能力,在对事务所和注册会计师民事诉讼盛行的。本文探讨了该制度的必要性以及与职业责任保险的关系、职业风险基金的提取与管理等方面的问题。     

Across-the-Curve Credit Spread Indices

We design a novel across-the-curve credit spread index, AXI, a measure of the recent cost of wholesale unsecured debt funding for publicly listed US bank holding companies and commercial banks. AXI, a benchmark for bank lending and risk management, is the weighted average of credit spreads for unsecured debt instruments with maturities ranging from overnight to five years, with weights that reflect both transaction and issuance volumes. We provide illustrative output of the bond-based component of AXI. By widening coverage to include all corporate debt issuers, we also build a financial conditions index (FXI).     

Do small businesses adjust their capital structure? Evidence from the global financial crisis in Japan

We investigate the extent to which small businesses adjust their capital structures to target levels when their leverage increases substantially during a financial crisis. We examine Japan's Emergency Credit Guarantee (ECG) program during the 2008 global financial crisis. The increased leverage from the use of the ECG program during the crisis increased the probability of default. Additionally, small businesses adjusted their leverage ratios to the target range before the crisis. However, such adjustments were weak during and after the crisis, particularly for target firms in the ECG program.     

Director expertise and co-option in industry superannuation funds?

This study examines whether independent directors who possess financial expertise and are independent from the CEO (i.e., non-co-opted) are associated with improved outcomes for industry superannuation funds. Our results highlight that independence alone is insufficient to improve fund outcomes. Instead, we find that only non-co-opted independent directors benefit fund members in terms of higher performance and lower fees. Moreover, we find that independent directors' financial expertise is not associated with fund performance and fees. Our study has implications for regulators and superannuation funds who are currently debating the need for one-third independent directors on the board of Australian superannuation funds.     

养老保险全国统筹、渐进式延迟退休与基金可持续

基于精算模型分析养老金全国统筹与渐进式延迟退休年龄政策对养老保险基金可持续性的影响,结果显示：全国统筹政策在短期使财政负担下降100%,长期内不能有效降低财政负担。在此基础上实施“女先男后”和“男女同步”渐进式延迟退休年龄政策能分别使养老保险累计财政负担降低6.68%和34.36%。为有效减轻养老保险基金支付压力和财政负担,应完善全国统筹政策,并尽快出台渐进式延迟退休年龄方案。     

农业供应链金融视角的农户信贷约束缓解效应研究——来自湖南农户的经验证据

采用多元多值非条件Logistic回归方法,依据湖南省50个县(市、区)1059个农户样本数据,考察农业供应链金融对农户信贷约束的缓解效应。结果显示：农户参与农业供应链金融能够缓解供给型与需求型农户信贷约束,缓解效应随着农户收入增长、金融发展和农户社会资本提升而减弱,机制检验证实了信息对称、信用等级、交易成本、抵押替代在缓解农户信贷约束过程中起到部分中介效应。鉴于此,需要在创新模式、优化环境以及加强引导上着力发展农业供应链金融。     

KMV模型的修正及在我国上市公司信用风险度量中的应用

目前，国内学者在将KMV模型与我国国情相结合的过程中已经取得了一些成果。本文在继承现有研究成果的基础上，对模型加以进一步的修正，不再假定公司资产价值增长率为零，而是以净收益增长率加以表示并且引入到KMV模型中。通过对沪深两市30家ST公司和30家非ST公司的信用风险进行评估检验，结果表明，利用修正后的KMV模型能够较好地识别出非ST公司和ST公司之间信用风险的差别，比较准确地把握上市公司信用质量的变化趋势。     

论龙头企业与农户之间信用关系的治理机制

本文从资产专用性的角度对公司与农户之间信用关系进行了理论和案例分析,进而得出对于公司与农户之间的信用关系,应该根据不同的资产专用性选择不同的治理机制,以此提高交易双方的信用水平:对于专用性程度小的农产品交易,应由市场治理;对于具有较高资产专用性的农产品交易,需要混合治理模式;对于资产专用性程度特别高的农产品交易,等级治理(纵向一体化)将是最优选择。