On the efficiency of environmental instruments in a spatial economy

This paper develops an efficiency criterion to evaluate environmental policy instruments in a spatial economy. We call an environmental policy regime at the regional level efficient if it guarantees not only an efficient distribution of emission permits within a region, but also an efficient locational pattern of mobile firms across the regions of a federation. Using marketable pollution rights or emission taxes, efficiency in this broad sense can only be achieved if revenues of regional environmental agencies are not transferred to regional firms. Direct controls neither support an efficient allocation of emission rights within a region nor locational efficiency of firms.     

不确定性、财务状态与财务行为

本文认为不确定性是主观和客观的不同状态,风险是主观认识偏离客观状态的结果。财务的功能就在于如何正确分析、识别财务状态,相机选择财务行为,使财务行为与财务状态保持动态协调一致,以保持财务政策的时间一致性。     

Financial Modernization in US Banking Markets: A Local or Global Event?

Abstract:   We test the hypothesis that the passage of the Financial Services Modernization Act (FSMA) of 1999 has spillover effects cross‐nationally, using a sample of US, non‐US transactional (Australian, Canadian, and UK), and relationship (German, Japanese, Dutch, and Swiss) banks. Our results suggest that financial modernization in the US has limited cross‐national effects. We find strong evidence that US banks were affected favorably. Although we detect some evidence of significant reactions by banks in certain countries, a closer examination reveals that the reaction is most likely attributable to events in the respective countries during the event period. We do find, however, that non‐US transactional banks have been more likely to elect financial holding company status compared to relationship banks, suggesting they are positioning themselves to exploit the expanded opportunity set created by the FSMA. Nonetheless, the majority of elections have been made by US banks. In general, the results suggest that the respective banking markets are efficient in filtering events that are largely country‐specific with only limited implications for other international banks.     

企业财务分析中应该注意的几个问题

本文针对传统的财务分析无法满足不同信息需求者的情况，结合实际提出了应当注意的几个方面。     

农业产业化金融支持的国际比较与借鉴

深化农村金融改革与金融创新，切实解决龙头企业与农户资金不足及金融服务缺位等问题，是提高农业产业化运行机制效率的重要保障。本文通过对部分国家（地区）农业产业化发展过程中的金融支持政策与制度的比较，得出相应的启示。     

对金融支持新疆社会主义新农村建设的思考

金融支持对促进社会主义新农村建设起着至关重要的作用,而新疆农村地区普遍存在着金融抑制现象。本文就这一现象产生的原因进行了分析,在此基础上,提出了加大金融支持新疆社会主义新农村建设力度的对策建议。     

混业经营趋势下的金融协调监管

在混业经营的趋势下,金融协调监管显得尤为重要。本文从金融协调监管的必要性出发,分析了我国金融协调监管中存在的问题,并在此基础上提出如何来构建我国的金融监管协调机制。     

Optimal bank asset and liability management with financial futures

This paper presents a model for optimal bank asset and liability management with financial futures. This model is a multiperiod linear programming model based on Markowitz portfolio theory. Given the bank's initial position, its economic forecasts, and the constraints under which it operates, the model can help a bank's senior executives determine the current and expected future balance sheet composition and financial futures position which will minimize the bank's operating risks and which will meet the bank's expected profits goal with the minimum possible profits risk. By parametrically varying the expected profits goal, the model will generate the set of risk-return efficient decisions. Bankers need then examine only the set of efficient decisions to choose their optimal solution. A simplified example is used to illustrate the application of our model and to demonstrate that banks that use financial futures in asset and liability management can obtain better results than banks that do not use financial futures.     

Evolution of a Lease Solution

The lease solution most frequently advocated in the literature, that in which the after-tax cash flows of leasing and borrowing are discounted by the after-tax borrowing rate, is invariably associated with Myers, Dill and Bautista (MDB; 1976). This article, while accepting the basic assumptions underlying this solution, attempts to identify its origin and the process by which it evolved. The finding is that Bierman and Smidt (1966) pioneered this approach which has its antecedents in the works of Gant (1959) and McEachron (1959). Post-MDB developments in this solution are analysed and a critique is offered of an alternative evaluation approach advocated in MDB's influential work.     

广西红水河流域生态经济环境特征及其区域开发

本文在分析广西红水河流域生态经济环境特征的基础上，指出了本流域区域开发中的有利条件与不利因素。并提出开发策略及开发的方向和重点。