银行竞争对制造业上市公司融资约束的影响研究*

本文研究了银行竞争程度的变动对制造业上市公司融资约束大小的影响。本文将我国制造业A股上市公司作为样本，建立多元回归模型验证银行竞争形势的加剧是否会影响企业所面临的融资约束。本文认为制造业A股上市公司面临显著的融资约束，而且银行竞争与企业所面临的融资约束之间呈现U型关系，即随着银行竞争的加剧，融资约束呈现先放松后收紧的趋势。     

Value co-creation and social media: Investigating antecedents and influencing factors in the U.S. retail banking industry

This study seeks to examine and unearth antecedents to co-creation behaviours within a U.S. retail banking context. A critical aspect for marketing managers and academics alike, co-creation has a strong influence on tangible factors such as profit and intangible factors such as referrals, satisfaction and feedback. Antecedents were identified as trust, customer engagement and participation attitude whilst social media usage was a consumer characteristic identified as influencing co-creation. Data was collected from 489 U.S. retail banking customers via an online survey. The data was analysed via structural equation modelling. The findings indicate that customer engagement influences trust, co-creation and participation attitude. Participation attitude was found to influence trust and co-creation but trust had no direct effect on co-creation. The study further found that social media usage intensity influenced co-creation behaviours. The findings contribute in three ways. First, this is one of the first studies to scrutinise participation attitude in an attempt to explain co-creation behaviours for U.S. banks over social media. Second, identification of precursors to value co-creation has been ascertained in a U.S. retail banking social media context. Third, the study additionally contributes to the findings that social media usage has a moderating effect in value co-creation and offers a potential segmentation strategy.     

Germany and France at cross purposes: the case of Banking Union

In the past, France and Germany were able to exercise leadership in history-making decisions in monetary cooperation, from the establishment of the EMS to EMU. In the case of Banking Union (BU), however, Germany and France turned out to be the main opponents with little common influence. Why could we not observe the familiar pattern of Franco-German co-leadership in building the BU? My explanation points to diverging views on the social purpose of a BU, the asymmetrical distribution of its costs and benefits for the two countries, highly prominent distributional conflicts and severe domestic constraints in Germany. These explanatory factors also account for the unfinished character of Banking Union.     

Determinants of the allocative,cost and scope efficiencies of Indian banks

ABSTRACT

This study aims to investigate the impact of competition on determinants of allocative, scope and cost efficiencies of Indian scheduled commercial banks (SCBs). Specifically, the study, analyzes the impact of the second round of licensing on the efficiency of Indian SCBs. This is the first paper to measure scope efficiency of Indian banks and analyze its determinants. A two-stage analysis is performed on a balanced panel dataset of Indian SCBs for the period 1999–2016. In the first stage, the allocative, cost and scope efficiencies for each bank are estimated following the data envelopment analysis approach. In the second stage, internal determinants of the stated efficiency measures are estimated following the system of the generalized method of moments approach. The findings suggest that competition has not resulted in enhancing the efficiency of Indian SCBs. Among factors that can influence efficiency, it is seen that size does matter. Larger banks can enhance the efficiency of SCBs. It is also seen that having more foreign banks improves the overall efficiency of SCBs. However, before embarking on further rounds of licensing, the study posits that market-driven correction to succeed, it is imperative to address sunspots in the form of investor or borrower repression.     

Chinese banking reforms in perspective: towards global alignment or national specificity?

The reforms of the banking sector in China conducted so far have been seeking to accomplish, simultaneously, two conflicting goals. On the one hand, the objective was to prepare Chinese banks for international competition and put them at the pace with the transformations observed in its overall economy. On the other, there is a social-driven agenda concerning employment and regional inequalities. Using principal component analysis, this article explores the impact of the ongoing reforms in the Chinese banking sector on the performance of individual banks. The results show that despite identical regulation, business practices can be dissimilar at the individual level. Taken collectively, the results also show the increasing influence of Western management standards in the Chinese banking sector.     

Does Targeted Monetary Policy Matter? A Perspective from China

Several major central banks have experimented with targeted monetary policy to improve credit resource allocation. This policy only applies to ‘eligible’ banks. For example, The People's Bank of China conducted seven targeted reductions of reserve requirements during 2014–15. This article documents the phenomenon of targeted monetary policy and evaluates its effects. The results show that, in the case of China, this policy has generated an extra significant, positive return on the stocks of eligible banks, amounting to 1.2–1.3 per cent in a four‐day treatment period. This substantial return gives commercial banks an extra incentive to align with the policy goals of central banks.     

On the determinants of long-run inflation uncertainty: Evidence from a panel of 17 developed economies

Based on a cross section of 17 advanced economies and data for the period 1975 to 2015, we examine how the interaction between monetary policy and macroeconomic conditions affects inflation uncertainty in the long-term. We construct a proxy for the unobservable inflation uncertainty based on the slowly evolving long-term variance component of inflation from a Spline-GARCH model (Engle and Rangel, 2008). We show that long-run inflation uncertainty is high if an inflation-tolerant central bank governor is in power during a period of high inflation, if the policy rate is below the one that is prescribed by the Taylor rule and during times of heightened stock and exchange rate volatility.     

Intellectual capital reporting practices in an Islamic bank: A case study

Given the nature and importance of Islamic banks in recent times, we can expect them to have significant intellectual capital anchored in their Sharia‐based knowledge and expertise. However, we know very little or nothing about how and why intellectual capital‐related information is provided in their corporate reports. We fill this gap in our existing knowledge of the field with a view to enhance relevant literature. As far as we know, this article is one of the earliest exploratory attempts to examine intellectual capital reporting practices of an Islamic bank. We have undertaken a longitudinal (2001–2015) case study related to the intellectual capital reporting practices of an Islamic bank. Key results include significant rise of intellectual capital reporting over time, dominance of internal capital‐related items in intellectual capital reporting profile and the dynamics of changes in intellectual capital reporting practices over time. Through an institutional theory lens, we explain that this is due to the changes in the external institutional environment and various intra‐organisational factors such as strong ethical culture, unique knowledge base (Sharia), and corporate governance regime.     

阿莫西林克拉维酸钾片含量测定方法的改进

为解决实际应用中克拉维酸钾峰与后相邻杂质的分离度达不到要求的问题,建立了一种同时测定阿莫西林克拉维酸钾片中阿莫西林和克拉维酸钾含量的新方法,采用反相高效液相色谱法(RP-HPLC),Ultimate AQ-C_(18)色谱柱(4.6mm×250 mm,5μm),以pH值为4.4的0.05 mol/L磷酸二氢钠缓冲液为流动相,柱温为35℃,流速为1.0mL/min,检测波长为220nm。结果表明:阿莫西林和克拉维酸钾两主峰与相邻杂质得到完全基线分离,分离度大于1.5;克拉维酸钾对照品溶液质量浓度为0.050 0~0.500 1mg/mL时与峰面积的线性关系良好(r=0.999 8),平均回收率(n=9)为100.14%,RSD值为0.24%;阿莫西林对照品溶液质量浓度为0.100 0~1.000 1mg/mL时与峰面积的线性关系良好(r=0.999 9),平均回收率(n=9)为100.45%,RSD值为0.17%。与原有的《中华人民共和国药典》方法相比,新的阿莫西林克拉维酸钾片含量测定方法专属性好,准确度高,操作简便快捷,结果可靠,可作为一种质量控制方法。