商业银行经济资本管理理论和实践探索

经济资本管理基于资本的稀缺性和高成本性,具有效益约束和风险约束的双效应。近年来,银行管理领域发生的最为显著的变化是,其管理重点逐渐过渡到以风险度量和资本优化配置为核心的全面风险管理。经济资本是贯穿风险度量和资本优化配置这一过程的关键概念,不仅可以提高商业银行的资本管理水平,而且通过发挥经济资本在商业银行经营管理中的预算管理、资源配置和绩效考核作用,推动我国商业银行向现代商业银行转变。从长远看,推行经济资本管理将对商业银行和金融监管当局产生重大的深远影响。     

The exit decision in the European venture capital market

This article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest that, in Europe, Initial Public Offering candidates take longer to be selected than trade sales. Moreover our results show that, in Europe, venture capitalists associated with financial institutions have quicker exits (stronger for trade sales), and highlight the importance of contracting variables on the exit decision. An unexpected result is that the presence on the board of directors leads to longer investment durations.     

Credit Crunch and Target Capital Structure: Empirical Studies Based on Natural Experimentin China

Abstract:

Data from China’s credit crunch, which started in 2007, is utilized to establish a natural experiment to investigate the impact of the credit crunch on target capital structures. The sample consists of 1,128 listed companies in China during the period 2000–2011. The interest-bearing debt to total assets ratio is used as a representative indicator for capital structures. The results indicate that the credit crunch was associated with a decrease in the target debt ratios for all listed companies. Small firms, privately owned enterprises, and firms with weak mortgage capabilities responded more sensitively to the credit crunch by showing a substantial decrease in target debt ratios.     

Bankruptcy risk induced by career concerns of regulators

We introduce a model in which a regulator employs mechanism design to embed her human capital beta signal(s) in a firm’s capital structure. This can enhance her compensation at the firm, and the value of her contract with the firm in the form of an executive stock option. We prove that the agency cost of this revolving door behavior increases the firm’s financial leverage, bankruptcy risk, and affects estimation of firm value at risk (VaR).     

我国中小企业的融资模式研究

我国民营中小企业已成为国民经济和社会发展的重要力量,但其发展常陷入融资困境,我国的融资模式存在很大的局限性。中小企业只有在一个法律法规体系完善、金融体系和信用担保体系健全的金融环境中,才能形成可行的融资模式。中小企业亟需顺应金融环境、市场制度的变化,不断创新,创造符合自身发展的融资模式,进行多元化融资,形成充足的资金流,促成企业的长足发展,才能在竞争激烈的市场中不断做大做强。     

应用 Hedonic 估值方法的资本服务测算方式探究

学术界已有较多对于资本存量和资本服务核算的测量方法。文章通过 HV 估值方法使用差别化数据测算国内建筑类资本品的经验折旧,而不是使用以往所熟悉的永续盘存法。同时也给出了经济学文献中两种理论方法的对比研究：PIM 方法的若干假定与及 HV 方法使用市场价格的信息问题。回顾了资本服务测算的主要方面,即效率-年龄函数、折旧水平、指数问题与用户成本方法的应用前景。鉴于经济增长过程中资本服务相关性和动态变化,相应变量的准确测量是至关重要的。鉴于 HV 方法测算资本服务还处在探索和尝试阶段,文章尝试将资本存量与资本服务纳入统一框架体系,并就资本服务核算如何纳入国民账户体系以对我国资本项目进行测算精度研究。这一研究具有重要理论和实践意义。     

创客资本对创新绩效的影响机制研究

伴随着时代的发展,创客将成为未来社会创新的主体,而创客资本则是创客实现创新绩效的最根本的驱动力。研究基于社会认知理论探究了创客资本对创新绩效的影响机制,通过实证研究检验了创客资本对创新绩效的直接效应、创新效能感的中介作用,以及知识分享的调节作用,系统的阐述了创客资本对创新绩效的影响机制和路径,这将有助于我国人才驱动创新、创新驱动发展战略的推进和实施。     

国家公园旅游发展对周边社区居民生活质量的影响——以黄山风景区为例

旅游发展是国家公园生态价值转化的重要路径与国家公园全民公益性的重要体现,周边社区居民是国家公园体制建设与旅游发展中的核心利益相关者之一,其生活质量影响国家公园生态保护与高质量发展。本文利用黄山风景区门户社区居民调查数据,探讨了处于探索阶段、参与阶段、发展阶段和巩固阶段等不同旅游生命周期阶段的社区居民生活质量差异及其成因。研究表明：（1）不同旅游发展阶段的社区居民生活质量差异显著,居民生活质量随社区旅游发展阶段演进而提升的现象具有滞后效应;（2）居民生计资本对不同旅游发展阶段社区居民生活质量的提升具有差异性;（3）随着社区旅游发展水平的不断提高,人力资本对居民生活质量的提升处于主导地位。     

基于生计资本的低收入农户长效增收自主适应机制

低收入农户长效增收存在自主适应机制,利用陕西省榆林市建档立卡贫困户的截面数据,采用 OLS 逐步回归模型识别生计资本对低收入农户收入的影响,有利于探究生计资本的作用机制、增收效应与异质性。结论如下：（1）低收入农户长效增收机制是在政府计划适应下农户自主适应,通过改善生计资本实现农户增收的机制;（2）生计资本对农户增收存在抵消和协同作用;（3）生计资本对农户增收具有异质性,因此农户长效增收机制具有异质性;（4）提能、强基以及结盟是低收入农户长效增收的自主适应策略。     

Trust or bust: Growth effects of knowledge,human and social capital revisited

Social capital consists of trust, collective values, and shared norms. It helps society to work efficiently and, hence, promotes knowledge accumulation and growth. This paper identifies the contribution of social capital to differences in total factor productivity among European subnational regions, but, unlike other studies, it focuses on the effects of interregional differences in social capital. To do so, the paper employs a spatial Durbin model of a social-capital extended Cobb-Douglas production function. Our results suggest that transfers of knowledge might be secondary to the presence of collectivism and human capital in knowledge-generating regions. Although knowledge can cross boundaries, an absence of skills and trust limits local growth capacity. Our estimations also suggest the presence of gravity effects emanating from social and human capital in which some regions lose against others nearby that have more abundant social and human capital.