银行风险偏好对企业发展影响的实证研究

从行业层面和企业层面实证研究了银行信贷选择对行业和企业发展的影响。结果发现:在行业层面,银行偏好于固定资产比率较高的行业,因此在信贷资源较为紧张的地区,固定资产比率较高的行业会发展得较好,可见长期内银行选择会影响一个地区的产业结构;在公司层面,银行偏好于行业中固定资产比率较高的企业,而企业为了获得信贷资源也会调整其发展策略,倾向于积累固定资产。指出:中国应该大力发展非银行融资渠道,减弱金融系统对经济发展的扭曲。     

How the enterprise risk management function influences decision-making in the organization – A field study of a large,global oil and gas company

Risk management has been a discipline for decades. However, organizations have only recently begun to introduce a separate enterprise risk management (ERM) function. The aim of this study is to examine the transformation of the ERM function's influence in a company over time. We use a historical case study informed by social theory on how to influence others to investigate this phenomenon. The findings show that the construction of risk technologies over time triggers a change in the ERM function's influence on decision-making. Two processes of influence are used by the ERM function: selling new ideas and managing knowledge across boundaries. In the first process, the ERM function attempts to vertically influence top management's decisions regarding acceptance of new risk management technologies. In the second process, the ERM function attempts to horizontally influence decision makers to use risk knowledge in decision processes. Theoretically, our findings contribute to our understanding of how the ERM function influences decision-making in organizations over time.     

水资源资产量核算研究综述

为了完善水资源资产负债表的编制以及提高水资源资产化管理水平,从水资源资产概念界定及其分类、水资源循环对水资源资产的影响、水资源资产账户与资产量核算方法 3个方面概述了国内外对水资源资产的研究进展、成果和方法。认为目前水资源资产的研究仍处于起步阶段,以概念探讨和定性分析为主;对水资源循环理论研究较多,对水资源资产的循环过程研究较少;对水资源资产量核算的研究主要集中在水资产账户方面,且系统性的研究较少。未来对水资源资产核算的研究应重点关注:水资源资产循环理论研究、潜在水资源资产量核算方法研究、区域水资源资产量核算方法研究等领域。     

Canada's Housing Bubble Story: Mortgage Securitization,the State,and the Global Financial Crisis

Canada's experience during and after the financial crisis appears to distinguish it from its international peers. Canadian real estate sales and values experienced record increases since the global financial crisis emerged in 2008, rather than declines, and Canada did not witness any bank failures. The dominant trope concerning Canada's financial and housing markets is that they are sound, prudent, appropriately regulated and ‘boring but effective’. It is widely assumed that Canadian banks did not need, nor receive, a ‘bailout’, that mortgage lending standards remained high, and that the securitization of mortgages was not widespread. The truth, however, does not accord with this mainstream view. In fact, the Canadian financial and housing markets reveal marked similarities with their international peers. Canada's banks needed, and received, a substantial ‘bailout’, while federal policies before and after the financial crisis resulted in the massive growth of mortgage securitization and record household indebtedness. This article documents the growth of Canada's housing bubble, the history of mortgage securitization, and of government policies implemented before and after the crisis. Instead of making the Canadian financial and housing sectors more resilient and sustainable, the outcomes of state responses are best understood as regressively redistributive.     

高房价理性回归的金融通道

近年来,随着我国经济的快速增长和城市化进程的不断深入,我国出现了房价过快上涨的势头。高房价背后有着各种成因,抵押贷款证券化在解决高房价问题上具有合理性和可行性,保持审慎、稳健的监管,通过合理的金融市场建设和金融资源分配,房地产市场能够回归理性,房价回归正常合理的水平。     

Measuring the Level and Inequality of Wealth: An Application to China

We construct and compare three distinct measures of household asset wealth that complement traditional income‐ or expenditure‐based measures of socioeconomic status. We apply these measures to longitudinal household survey data from China and demonstrate that household asset wealth has been increasing over time, a theme consistent with many previous studies on the process of development in China. Unlike other studies that have shown rising income inequality over time, however, we show that asset wealth inequality has actually been declining in recent years, indicating widespread participation in the benefits of economic reforms. Furthermore, the evolution in the cumulative distribution of household welfare is such that social welfare has been increasing with the passage of time, despite rising inequality in the early years of the survey.     

Financialization of Housing in Brazil: New Frontiers

The financialization of housing has been increasingly identified as an important driver of social and economic change in contemporary capitalism. Focusing on the Brazilian context, this article considers the extent to which recent changes in housing regulations, policies and markets confirm or challenge narratives about the financialization of housing in the international academic debate. I argue that while many of the trends stressed in the literature are apparent, more extreme processes of financialization within the Brazilian housing sector remain limited––not only because of institutional and regulatory constraints, path dependence or political resistance, but also because of fundamental structural conditions of Brazil's position as a peripheral economy. Three different but mutually reinforcing processes are scrutinized in order to evaluate the financialization of housing and its limits in Brazil: the re‐regulation of the real estate financial sector initiated in the 1990s; the changing funding patterns among real estate companies since the mid‐2000s; and the increasing commodification of housing induced by a large‐scale and heavily subsidized housing program launched in 2009.     

New development: Can ‘public’ market-based solutions restore the banking system? The case of non-performing loans (NPLs)

The authors discuss how policy-makers could use new market-based solutions to dismantle NPLs. They examine viable solutions for NPLs and then study the Italian State Guarantee Scheme for NPL Securitization (GACS) to highlight how public actors could efficiently use public resources to solve the NPL problem.     

The need for an alternative to shareholder value creation? The Ethomed student experience

This article aims to highlight the need for a radical break with the methodological individualism that dominates the fields of economics and management, especially finance. It advocates the need to try to understand the issues and methods that are required to coordinate economic action in order to meet social needs.The article questions methodological individualism and the dominant role played by shareholders. Is it possible to promote social welfare simply by considering it to be a result of a shareholder value maximization point of view? If not, this implies not only understanding fully the challenges that we face but also being innovative regarding the way in which we coordinate the actions that are necessary to meet these challenges head on, and perhaps promoting another character as a substitute for the shareholder.     

Towards a resilience management framework for complex enterprise systems upgrade implementation

The lack of knowledge of how resilience management supports enterprise system (ES) projects accounts for the failure of firms to leverage their investments in costly ES implementations. Using a structured-pragmatic-situational (SPS) case study research approach, this paper reports on an investigation into the resilience management of a large utility company as it implemented an ES upgrade. Drawing on the literature and on the case study findings, we developed a process-based resilience management framework that involves three strategies (developing situation awareness, demystifying threats, and executing restoration plans) and four organisational capabilities that transform resilience management concepts into practices. We identified the crucial phases of ES upgrade implementation and developed indicators for how different strategies and capabilities of resilience management can assist managers at different stages of an ES upgrade. This research advances the state of existing knowledge by providing specific and verifiable propositions for attaining a state of resilience, the knowledge being grounded in the empirical reality of a case study. Moreover, the framework offers ES practitioners a roadmap to better identify appropriate responses and levels of preparedness.