战略投资、绿地投资对我国银行业竞争力影响机制的研究

随着我国金融业对外开放程度不断加深,国际资本自由化对中国银行业竞争力影响越来越明显。本文从外资进入中国银行业的两种主要方式入手,分别探讨战略投资和绿地投资对我国银行业竞争力影响机制和影响效应。客观分析外资进入给我国银行业带来的机遇和挑战。并针对战略投资和绿地投资对我国银行业竞争力产生的负向影响,给出有效的建议。     

中国银行业引入外资效率的DEA评价

结构调整与服务升级是中国银行业应对全球金融危机的合理选择。一场全球性的金融危机使得我们有时间重新审视中国银行业的改革。引入国外战略投资者是否必要?外资进入能否提升中国银行业整体竞争力?这些问题关系到未来银行业重组的方向。2009年中国农业银行初步完成了股份制改革进而面临着改制后的发展问题,客观正确地评估国外资本进入我国银行业具有重要意义。本文按照六类控股股东的不同选取了11家有外资参股的中资银行,采用数据包络分析法(DEA)通过具体指标对中资银行引入外资的相对效率和规模收益进行了分析,得到了一些对中国银行业引入外资有借鉴意义的参考结论。     

外资进入中国银行业热潮分析

近期外资对中国银行业的投资热潮以及在WTO承诺下中国进一步开放银行业的未来前景表明,外资银行将在中国发挥日益重要的作用。本文借鉴其他国家的经历分析外资进入中国银行业的情况。虽然在其他大多数国家,外资进入是以直接收购或者取得控股权的形式,但外资在中国银行业至今只占很小的股份,管理方面的参与也非常有限。本文的结论是中国可以从进一步对外开放银行业中获得更多收益。国际经验显示:面对外资银行的更多参与和引发的更激烈竞争,东道国如果建立合适的激励机制和创造充分的机会,将从总体上带来重要收益。     

外资股权进入与中资银行绩效的联动效应

本文选取被外资参股的16家银行作为研究样本,运用stata10.0软件利用这16家银行来自bankscope数据库的2005-2007年面板数据对外资银行股权进入与中资银行效率的联动效应进行检验,得出的结论是外资参股中资银行的股权比例对反映被参股中资银行盈利能力的三个指标平均资产回报率(ROAA)和平均股东权益回报率(ROAE)、净利息边际(NIM)的影响不大,外资银行股权进入的作用仍然非常有限,不如人们所预期的那样可能显著促进中国银行业效率的提高.在此基础上深入分析外资机构抛售中资银行H股所带来的影响,并探索中国银行业开放的多元化路径.     

外资入股中国银行业：如何超越“贱卖”的争论与分歧

2005年以来,外资入股中国银行业显著加速,国外银行机构进入中国银行业的路径也明显转换。国有银行股权“贱卖贵卖”之争实质上是监管制度和金融市场差异所致。我们认为,在中国银行业开放的过程中,不应当局限在银行贱卖贵卖之争,而应当在此基础上深入思考整个经济金融体系的改革问题。     

跨国银行海外经营动因研究——基于中国市场的实证分析

本文利用不同时期进入中国的各国银行的面板数据,分期讨论影响跨国银行进入中国市场的决定因素。研究发现,不同阶段影响跨国银行进入中国市场的因素不一致,但跟随客户动机是跨国银行进入中国的主要动因,中国经济高速成长产生的市场机会也对跨国银行的进入起到了积极的影响。1985～1996年样本期内,跨国银行进入动因区位优势假说得到了实证的支持;同时,不同阶段中国银行业对外开放政策及中国市场的风险因素也影响到跨国银行的进入速度。第二阶段的数据检验表明,中国经济高速增长对跨国银行进入中国市场产生了积极的影响。     

外资引进战略与中国银行业改革：效率与稳定的权衡

中国金融业的开放更多地具有外生性质,这意味着银行业引进外国资本将面临更大的金融风险;中国银行业改革偏好于外国资本,在客观上导致了政府某些部门或某些地方政府与外资“合谋”瓜分政府长期垄断银行业而形成的特殊利益,而这些利益本应属于中国社会公众;理论研究与实践分析均表明,引入外资尽管可能会提高银行业的微观效率,但这在一定程度上是以损害宏观经济稳定为代价的。中国银行业引进外资必须注意效率与稳定的权衡。谨慎、适度地引进外资是我们当前的合理选择。     

入股中国银行业的可行投资模式分析

投资入股中国银行业状态与特点虽然外资金融机构可以通过成立外资独资银行和合资建立新银行等形式进入中国的银行业市场,但是通过购买并持有中国国内银行机构的股份进入逐渐得到外资金融机构的青睐。     

基于主成分分析的商业银行竞争力比较研究

随着中国金融业2006年12月全面对外资开放日期渐近,中资商业银行改革进入了加速期.中国银行业面临着全面对外开放和全面竞争时代的到来,不仅要面对国内同业的竞争,还要面临国际强手的挑战.因此,本文通过比较研究中国商业银行的竞争力,旨在揭示和论证中国银行业竞争力的因果关系,以期推动中国银行业的不断发展和完善.鉴于中国商业银行体系的特点,加之数据来源的限制,本文选取了我国4家国有商业银行和12家股份制商业银行中的9家作为研究对象,采取主成分分析方法,根据2003年各商业银行的相关数据,对他们的竞争力做了综合比较、分析.     

外资股权对中国商业银行绩效的影响

本文利用中国银行业有三年以上外资参股的银行面板数据，就引入外资对中资银行经营绩效的影响进行实证分析。实证结果显示：外资股权与银行的资产收益率呈显著正相关，引入外资在一定程度上优化了中国商业银行的股权结构，增加了银行的利润，提高了银行的盈利能力。因此，有必要加大引入外资的力度，适当放松外资持股比例限制，加强外资机构对中资...     

Central bank intervention and the intraday process of price formation in the currency markets

We propose a novel theory of the impact of sterilized spot interventions on the microstructure of currency markets that focuses on their liquidity. We analyze the effectiveness of intervention operations in a model of sequential trading in which i) a rational Central Bank faces a trade-off between policy motives and wealth maximization; ii) currency dealers' sole objective is to provide immediacy at a cost while maintaining a driftless expected foreign currency position; and iii) adverse selection, inventory, signaling, and portfolio balance considerations are absent by assumption. In this setting, and consistent with available empirical evidence, we find that i) the mere likelihood of a future intervention—even if expected, non-secret, and uninformative—is sufficient to generate endogenous effects on exchange rate levels, to increase exchange rate volatility, and to impact bid-ask spreads; and ii) these effects are exacerbated by the intensity of dealership competition, the extent of the Central Bank's policy trade-off, and the credibility of its threat of future actions.     

人民币现金境外需求规模的间接测算研究:1999-2008

本文基于1978年至2008年的年度数据和缺口估算法,通过构建一个货币需求函数的计量模型,对1999年至2008年的人民币境外持有规模进行了估算,估算结果表明,在1999年至2008年间,境外人民币的需求占人民币现金总量的比率均值为7.62%,且流通规模呈逐年递增之势。最后,本文进行了总结并提出相关政策建议。     

外资流入房地产业的负面影响及政策建议

本文通过分析近年来江苏省房地产市场外资流入的特点以及流入快速增长的原因,指出外资加速流入房地产行业,无论是对于国家当前的房地产市场调控,还是外汇资金跨境流动管理都存在明显的负面影响,并提出从规范外资准入、抑制非居民房地产投资需求、加强外资流动监测和汇兑管理等多方面促进房地产业合理利用外资的政策建议。     

Demand for money in open economies

The demand for real cash balances deduced from an underlying portfolio model of the financial market is shown to depend upon domestic variables and foreign monetary developments. The model is estimated using quarterly postwar data for Canada, Germany, UK and US. There is clear evidence that demand for money is affected not only by changes in domestic variables such as permanent income, domestic interest rate and price expectations but also by fluctuations in exchange rate expectations and foreign interest rates. The conclusion, that domestic monetary policy is fairly ineffective and domestic financial markets are highly vulnerable to changes in foreign financial and monetary developments need to be modified in light of the results presented in this paper.     

A Reexamination of the Corporate Demand for Reinsurance

This study examines the effect of the state of the international reinsurance market on the demand for reinsurance by U.S. insurers using data from the years 1993 through 2000. Both the overall demand for reinsurance and the utilization of foreign reinsurance by U.S. insurers are explored. In addition to supporting the findings of prior literature related to the traditional motives for the corporate demand for insurance, evidence indicates that the state of the U.S. reinsurance industry impacts the amount of reinsurance demanded by U.S. insurers. The study also investigates reasons why U.S. insurers utilize a reinsurance program composed of both U.S. and foreign reinsurers. The results indicate that the decision to utilize some percentage of foreign reinsurance is driven primarily by the financial and operational characteristics of the ceding company such as firm size, group affiliation, and organizational form. However, no support is found for the hypothesis that possible differences between the foreign and U.S. reinsurance markets impact the decision to utilize foreign reinsurance.     

Fusionen im deutschen gesetzlichen Krankenversicherungsmarkt

With regard to the intensified consolidation trend in the field of German statutory health insurances since the introduction of the GKV-WSG, it can be stated that there are multi-causal motives. Especially personal, financial and strategic reasons are decisive. In this context, personal motives are driven by individual power ambitions, while financial motives are primarily caused by implications of health policy reforms and strategic motives are characterized due to the aspiration for greater market power.Mergers in the statutory health sector can be regarded as highly promising, if the central motivation for merging is the creation of price or brand advantages. Merger of different types of insurers in the statutory system enables a new strategic positioning in the market. The choice of the potential partner is critical for success; the respective strategic positioning of the merger candidate should be the starting point for merging considerations. However, in business practice, informal relationships are frequently the decisive aspect. For the future in the statutory health sector, it is expected, that the pressure of consolidation increases and mergers keep their great strategic importance.     

中国软实力的构建和国际社会的意义研究

软实力是美国学者约瑟夫·奈（Joseph Nye）于1991年首先提出的概念。针对传统的硬实力,他指出把软实力分为导向力、吸引力和效仿力,是一种同化式的实力——一个国家思想的吸引力和政治导向的能力。中国的软实力构建已取得了许多效果。近年来,中国以北京奥运会为契机,在文化、经济、外交等各个领域,通过推进文化产业的振兴政策、汉语的全球化战略、Beijing Consensus和扩大对外援助等努力加强软实力;在国际关系的层面上,中国的软实力建设问题具体就落到了外交政策的层面：一是外交政策本身要符合我们所提出的价值、和谐世界的理念和政策目标。二是外交政策要能够起到传递这些价值的作用,譬如中国的对外援助政策,就是要设法促进受援国的经济和社会发展。     

Foreign banks in syndicated loan markets

Foreign banks play a prominent role in syndicated loan markets. In this paper we examine foreign banks’ motives in participating in cross-border deals in 25 European countries. We find that usual explanations of foreign banking activities can only account partly for the high rate of foreign involvement in syndicated loan markets. The usual argument is that foreign banks are at a disadvantage because they lack soft information and thus they tend to lend to more transparent firms compared to their domestic counterparts. We find that this relationship only holds in relatively small financial systems. We illustrate different motivations for the large amount of cross border lending in large developed markets. In these markets foreign banks tend to lend to especially risky borrowers and projects.     

The decision to list abroad: The case of ADRs and foreign IPOs by Chinese companies

This paper examines the decision to list abroad by Chinese companies in the form of ADRs and foreign IPOs from 1993 to 2005. Our sample consists of 33 ADRs, 218 foreign IPOs, and a sample of 1418 domestic listings. We find evidence to support that issuers are motivated to cross-list due to the legal and accounting standards of the foreign markets, more stringent listing requirements and closer regulatory monitoring, significant demands for external capital due to rapid growth, an expanded shareholder base, and foreign expertise. The motives and firm factors differ by the type of issue (ADR versus foreign IPO) and by the market in which the foreign exchange is located (Hong Kong versus Singapore). Subsequent to the listing events, issuers experience a significant drop in profitability, tangible assets ratio, and asset turnover. There is no significant change in capital expenditure. Stock returns after the listing events are generally negative for ADR and foreign IPO stocks. More significantly, these stocks under-perform the market in the post-event window ranging from 3 days to 3 years.     

A study of earnings-management motives in the Anglo-American and Euro-Continental accounting models: The Canadian and French cases

The purpose of this paper is to investigate factors that potentially influence earnings-management policy with reference to the Anglo-American and Euro-Continental accounting models. Canada and France, respectively, belong to those different socio-economic environments. Earnings-management practices detected in those countries are expected to be affected by specific socio-economic features of the Anglo-American and the Euro-Continental environments. We explain earnings-management practices by incentives suggested in the literature to reveal which motives are prominent within each environment.We tested our earnings-management motives (EMM) model using appropriate panel-estimation techniques over 1674 Canadian and 1470 French firm-year observations. Our results provide evidence that incentives for earnings management for French firms are specifically linked to contractual debt costs and effective tax rate. However, Canadian firms show specific incentives matched with a dynamic capital market. Issuing equity is a strong motive for earnings management in Canadian firms.