绿色信贷制度创新研究——以推动企业生态创新为视角

绿色信贷是绿色金融的重要组成部分,是银行业金融机构履行环境责任的重要途径,然而现行制度在信贷风险分担、长效推动、环境绩效的监督测算等方面都还存在不足。本文在解析绿色信贷和生态创新一致性目标的基础上,以推动企业生态创新的全新视角,构建面向企业生态创新的绿色信贷信用担保授信机制和环境效益监测机制,并针对性地提出不同环境收益下绿色信贷的差异性浮动合同利率管理模式和第三方担保机构的多元业务管理模式,为绿色信贷的制度创新提供建议参考。面向企业生态创新的绿色信贷制度,可在激励企业加大生态创新、提升竞争力的同时,降低绿色信贷的信贷违约风险和环境社会风险,有助于绿色信贷的可持续发展。     

顶管隧道施工的安全保障措施研究

近年来,随着经济的不断发展,城市建设也越来越先进。在城市的繁华地段,以及跨越河流等地段,各类隧道采用顶管施工已经显示出了无比的优越性。顶管隧道施工不仅可以节约空间,而且可以不受地形等条件的限制,将管道都建设在地下隧道中,还可以使城市看起来更加美观。顶管隧道施工在城市建设中十分重要。因此,施工过程中的安全保障措施也就显得尤为重要。论文探讨如何保证顶管隧道工程的质量与安全。     

When fund management skill is more valuable?

Does fund management skill allow managers to identify mispriced securities more accurately and thereby make better portfolio choices resulting in superior fund performance when noise trading – a natural setting to detect skill – is more prevalent? We find skilled fund managers with superior past performance to generate persistent excess risk‐adjusted returns and experience significant capital inflows, especially in high sentiment times, high stock dispersion, and economic expansion states when price signals are noisier. This pattern persists after we control for lucky bias, using the ‘false discovery rate’ approach, which permits disentangling manager ‘skill’ from ‘luck.’     

淮南抗日根据地的互助合作运动研究

为了打破敌伪的经济封锁,减轻地主对农民的剥削,克服小农经济的局限性,淮南抗日根据地开展了互助合作运动。根据地在组织农户参加互助时,总结经验、树立典型,循序渐进,逐步推广,抓住群众需要,解决群众困难,尊重群众意愿,利用适当形式,从而有效组织了互助合作。互助合作运动开展中,也遇到不少问题,如形式主义、强迫命令;违背公平合理原则;经营管理效率不高;农民的观望、落后分子的破坏等。根据地采取了一系列措施,应对这些问题。如在.经济条件相近、关系和睦的农户间开展互助,对落后分子进行说服教育,建章立制,惩戒营私舞弊者;发扬民主、确保公平等。互助合作运动的开展,提高了生产效率,克服了小农经济的弊端,加强了基础设施建设;创造了物质财富,改善了民众生活。淮南抗日根据地互助合作运动对当今的农民专业合作社仍有一定的参考借鉴意义。     

担保机制对固定收益企业债信用等级迁移的影响

采用 logistic 回归模型对担保机制就固定收益企业债信用等级迁移的影响予以检验,研究结果表明,企业偿债能力和盈利能力指标的变化都对企业债的信用等级迁移具有显著影响,尤其应该关注资产负债率的变化,而在财务指标一定的条件下,没有抵押或担保的企业债发生信用降级的概率会增大,说明担保机制的存在确实会使得担保债获得更高的信用等级。     

有违约风险贷款担保价值研究

在发达国家政府是贷款担保的主要担保人,对贷款担保定价研究的重要假设是担保人没有违约风险。在中国,绝大多数的贷款担保人有违约风险。本文研究了担保人有违约风险情况下提供担保和相互担保的财务特征和定价,对比分析了提供担保和相互担保行为对贷款担保人和银行价值的影响。研究表明,有违约风险担保的价值随着担保人公司价值和借款额的增大而增大,随着借款公司价值的增大而减少;银行的损失随着借款额的增大而增大,随着担保人公司价值和借款人公司价值的增大而减少。银行提供贷款时允许企业相互担保等于潜在为相互担保企业提供了免费的部分担保,随着借款人风险的增大,相互担保条件下的银行或有损失急剧增大,相互担保对于银行的价值有显著的负面影响。     

B2C网站整合传统连锁零售企业的探讨

B2C网站整合传统连锁零售业,可解决B2C电子商务发展过程中遇到的物流难题,通过这种整合,连锁经营企业也快速拓展了电子商务业务,两者的结合,可实现优势互补,资源共享,应进一步探讨整合的实施对策。     

中小企业信用担保立法的比较考察

本文从完善中小企业信用担保立法角度出发,通过与世界各国中小企业信用担保法律制度进行比较研究,审视我国现有中小企业信用担保立法存在的问题和缺陷,提出我国中小企业信用担保要健康、有序地发展,健全、完善立法是关键。     

The Financial Performance of a Socially Responsible Investment Over Time and a Possible Link with Corporate Social Responsibility

This paper empirically examines the financial performance of a UK unit trust that was initially “conventional” and later adopted socially responsible investment (SRI) principles (ethical investment principles). Comparison is made with three similar conventional funds whose investment objectives remained unchanged. Analysis techniques employed in previous studies find similar results: mean risk-adjusted performance is unchanged by the switch to SRI, with no evidence of over-or under-performance relative to the benchmark market index by any of the four funds. More interestingly, changes in variability of returns over time are also modelled using generalised autoregressive conditional heteroscedasticity models, not previously applied to SRI funds so far as is known. Results show a temporary increase in variability of returns, followed by a return to previous levels after around 4 years. Evidence shows the increased variability to be associated with the adoption of SRI rather than with a change in fund management. Possible explanations for the subsequent reduction in variability include the spread of corporate social responsibility activities by firms and learning by fund managers. In addition to reporting on a previously unobserved phenomenon, this paper raises questions for further research.