金融信用之法律制度支撑——一个法经济学视角的解读

金融活动的存在与正常运转有赖于良好的信用制度与法治环境,金融信用是金融业赖以生存的基础。良好的金融信用依靠多种因素的支持,法律制度的健全是关键。本文主要从法经济学的视角提出构建完善的金融信用法律制度体系,以此防范金融信用风险,保障国民经济的增长与发展,进而促进社会的安全与稳定。     

公司股份回购负财务效应分析

股份回购早已成为上市公司为配合资本结构决策或股利政策而广泛采用的财务举措,而在我国股份回购无疑也是证券市场上的一项重大制度突破和金融创新。本文首先阐述了股份回购的基本理论,然后结合东北老工业基地公司股份回购的相关情况,着重地分析了股份回购的负财务效应。最后针对股份回购负财务效应分析中所发现的问题,提出了一系列相应的建议和解决措施,使其无论在理论上还是实践上的研究都得到了进一步的完善。     

The Workout of Banking Crises: A Macroeconomic Perspective

This paper provides a macroeconomic perspective for governmentinterventions in banking crisis. Such crisis occur when a largenumber of banks fail to meet capital requirements or are insolvent.Using a macroeconomic model with financial intermediation, ouranalyis suggests that strict enforcement of capital-adequaterules suffices in prosperous periods. Capital requirements serveas an indicator for crises interventions in critical stateswhich may require interest rate intervention and restructuringof the banking industry. These policies can be reinforced byrandom bailouts and temporary financial relief, with a largepercentage of the costs being covered by current and futureowners of banks. (JEL D41, E4, G2)     

中小企业融资与发展中小金融机构

一个国家的经济稳定持续增长离不开数量众多的中小企业，特别是在稳定经济、吸纳就业、出口创汇和提供社会服务等方面，中小企业的作用是不可或缺的。我国中小企业的发展状况与美国相比，相距甚远，研究美国中小企业的融资模式对解决我国现存的中小企业融资困境具有一定的参考价值。本文就中小企业融资与发展中小金融机构提高了我国相应的几点建议与对策。     

Regional job-turnover and industrial policy. a note on a potential time pattern of regional industrial policies and their job effects - the case of the german city-state of bremen

Many regions have experienced long-run economic fluctuations generated by the life cycles of their dominant industrial clusters. During the downswings in the 1970s and 1980s, proactive structural policies were typically launched in German regions to combat job losses in their core clusters and to create new jobs in new industries. With respect to the German State of Bremen, this paper provides empirical evidence of: (1) a long-run regional downswing; (2) the potential job effects of proactive regional industrial policy programmes in terms of increasing regional employment, by safeguarding jobs in the regional core industries and creating new jobs in new growth industries; and (3) a time pattern in the job effects, which are related to the different generations of programmes.     

Are Securitizations in Substance Sales or Secured Borrowings? Capital‐Market Evidence*

Two standard‐setting approaches have emerged globally to guide the choice of accounting for securitizations: the control and components approach (SFAS No. 125 and SFAS No. 140) and the risks and rewards transfer approach (IAS No. 39). A lack of consensus about derecognition accounting is a major impediment to achieving convergence in global standards that must be resolved. Thus, both SFAS No. 140 and IAS No. 39 will be reexamined, and evidence pertinent to the debate is timely and important. In this study, we present evidence consistent with the view of credit‐rating analysts, who view many securitizations as, in substance, secured borrowings. Specifically, for a sample of originators applying sale accounting guidance in SFAS No. 125 / 140 during the period 1997‐2003, we show that off‐balance‐sheet debt related to securitizations has, on average, the same risk‐relevance for explaining market measures of risk (that is, CAPM beta) as on‐balance‐sheet debt. We also find that, in a returns and earnings association framework, the pricing multiple on securitization gains declines as the amount of off‐balance‐sheet debt increases, implying that investors take off‐balance‐sheet debt into account when assessing the valuation‐relevance of such gains. For those who advocate the control and components approach to securitization accounting, our results suggest that, at least for frequent securitizers, the put option arising from implicit recourse is a “missing piece” that is not currently accounted for when calculating securitization gains. Our results challenge the extant measurement standards in SFAS No. 140.     

对新疆财政工作的现实思考

在市场经济条件下,财政具有优化资源配置、调节收入分配和协调经济发展等重要功能。因此,做好财政工作对经济快速发展和社会全面进步具有重要的推动作用。本文主要对新疆财政收支的基本状况、财政工作中存在的问题及新疆财政工作的特殊性进行了分析,在此基础上提出了今后新疆财政工作的基本思路。     

2005年国际金融市场回顾与2006年展望

2005年的国际金融市场走势跌宕起伏,股票市场表现不一,债券市场基本上是区间波动走势,外汇市场美元一枝独秀,石油价格冲高回落而黄金的表现也引人注目。决定市场走势的因素是美国经济表现稳健,欧、日经济相形见绌,同时美国利率持续上升。2006年受房地产市场降温的影响,美国经济可能温和放缓,利率很快见顶,将对金融市场产生重大影响,总体而言风险加大。     

企业控制机制:控制权争夺的边界和效应

公司兼并和收购市场中企业控制权机机制、控制权争夺的价值、控制权争夺的福利效应、大股东在公司控制权争夺中对公司政策产生影响。外部性排除了负有义务的股东完全取得接管收益的可能性,无论控制权争夺的结果如何,股东财富在控制权争夺其间是增加的。从股东的福利效应方面来说,控制权争夺的失败也就是股东财富的损失。大股东提高了预期利润,并且他们所占股份越多,则提高越大。董事会的失误导致了敌意接管的出现,可由公司控制的外部市场对董事会的疏忽作用进行弥补。     

Financial Globalization,Social Exclusion and Financial Crisis

This paper suggests one set of mechanisms that ties financial globalization processes to local dynamics of financial inclusion or exclusion. Specifically, this paper explores the worldwide reconsideration of financial firms’ strategies that has accompanied financial globalization. It is shown that the neoliberal and asymmetric‐information approaches to credit markets and financial crises in developing economies overlook these dimensions of financial globalization because of their tendency to focus on representative credit markets. Banks’ strategic shift has led to the global homogenization and stratification of financial practices—and this in turn has been a key driver of processes of financial exclusion. Financial exclusion then involves bifurcation within financial markets, so that different markets serve different portions of the household and business population. This analysis suggests a reconstruction of Minsky’s microfoundational model of the origins of financial fragility and crisis, which shifts from Minsky’s emphasis on a representative borrower–lender relationship to a situation of borrower–lender relationships in bifurcated markets.