商业银行押运工作社会化浅析

由于押运公司和银行在软、硬件的配套上存在一些问题,在实践中的风险隐患不可忽视。本文通过对青海省农牧区银行业金融机构押运社会化工作开展情况进行调查,深入分析当前银行库款押运社会化存在的风险,并提出完善押运体系,防控安全隐患的建议。     

关于加强押运队伍党员管理教育的几点思考

<正>人民银行发行基金押运工作是中央银行各项业务工作的重要组成部分,从事押运工作的党员是人民银行党员队伍中的一支重要力量.如何根据押运工作的特点,有针对性地加强党员队伍的管理教育,切实发挥好党员干部在执行押运任务中的先进性是一个不可忽视的问题。     

央行发行基金押运社会化改革的思考——以吉林省为例

随着我国金融体制改革和央行发行基金业务的发展,原有的发行基金押运体制已显露出诸多弊端,探索押运体制新模式已成为当务之急.押运体制社会化改革,即是一种打破传统押运体制,实现发行基金押运由松散型向集约型、由兼职向专业化、市场化方向转变的新模式.下面,我们以吉林省为例,通过分析现行押运体制弊端,探讨社会化押运改革的重要意义、必要性、可行性及改革过程需重点关注的因素.     

浅谈铁路押运风险与对策

随着货币投放的不断扩大，货币押运工作越来越繁重。为确保押运工作的绝对安全，笔者结合多年押运工作实际，就铁路押运中的风险防范问题谈一些个人的看法。     

对银行库款押运社会化潜在风险的思考

当前,国内银行业正在积极探索库款押运社会化模式,将现钞的押运工作交由保安押运公司承担,并取得了一定成效。但实践中押运公司和银行在软、硬件的配套及链接上还存在一些问题。本文以福建省南平市银行库款押运总体概况为例,分析当前银行库款押运社会化存在的潜在风险,并提出完善押运体系,消除安全隐患的建议。     

边疆少数民族地区基层人行保卫队伍建设滞后引发的风险隐患思考

<正>近年来,边疆少数民族地区社会治安形势日益严峻,金融安保重要性日趋突出。与此同时,边疆少数民族地区基层人民银行保卫队伍建设滞后的问题———人员严重不足、逐年老化、综合素质偏低等现状同样日趋突出,由此引发的一些风险隐患应引起各方高度关注。一、主要风险隐患点(一)货币发行基金押运工作中的风险人民银行安全保卫工作是人民银行工作的重要组成部分,发     

边疆少数民族地区基层人行保卫队伍建设滞后引发的风险隐患思考

<正>近年来,边疆少数民族地区社会治安形势日益严峻,金融安保重要性日趋突出。与此同时,边疆少数民族地区基层人民银行保卫队伍建设滞后的问题———人员严重不足、逐年老化、综合素质偏低等现状同样日趋突出,由此引发的一些风险隐患应引起各方高度关注。一、主要风险隐患点(一)货币发行基金押运工作中的风险人民银行安全保卫工作是人民银行工作的重要组成部分,发     

银行指纹押运管理系统的研究

目前银行运钞交接普遍是靠人为判断运钞人员身份,存在一定的安全隐患。本文基于指纹技术、计算机网络技术所构建的指纹押运管理系统,通过规范银行押运任务、指纹核实验证押运人员身份,给银行运钞工作的流程、统计、核实工作带来了便利,并确保运钞交接的风险控制。     

关于人民银行枪弹安全管理及有效预防涉枪事故的思考

中国人民银行各分支机构担负着人民币发行的工作任务，为确保人民币发行基金的守押安全，公安部根据各分支机构的实际情况依法配备了一定数量的枪支弹药，这部分枪支弹药在人民币发行基金安全押运和库房安全守卫工作中发挥了重要作用，保障了发行基金和国家财产安全。     

铁路运输人民币存在的安全同题与对策建议

发行人民币，管理人民币流通，是中国人民银行的重要职责，之一。在调拨人民币尚未到达基层行发行库房之前，调拨押运是一项极为重要的任务，但在执行这一铁路运输人民币任务的过程中存在较多的不确定风险隐患，亟待加以解决。     

An Integrated Model of Debt Issuance, Refunding, and Maturity

We integrate previous work in this area and develop a multiperiod model that simultaneously determines bond refunding, bond issuance, maturity structure, cash holdings, and bank borrowing policies. The focus here is on providing the required debt funds in the most cost efficient fashion. A strength of the model is that it allows for time varying interest costs, transaction costs, issuance costs, and refunding costs to be firm specific. The output of the model lays out the optimal financing decisions for each time interval that minimize the total discounted cost of providing the funds that match the requisite funds. By limiting the surplus funds available, the model minimizes the management incentive to over invest and thereby reduces the agency costs. The model has economic implications for the financing decisions and the firm's default risk, growth opportunities, riskiness of cash flows, and firm size. JEL Classification: G30     

Across-the-Curve Credit Spread Indices

We design a novel across-the-curve credit spread index, AXI, a measure of the recent cost of wholesale unsecured debt funding for publicly listed US bank holding companies and commercial banks. AXI, a benchmark for bank lending and risk management, is the weighted average of credit spreads for unsecured debt instruments with maturities ranging from overnight to five years, with weights that reflect both transaction and issuance volumes. We provide illustrative output of the bond-based component of AXI. By widening coverage to include all corporate debt issuers, we also build a financial conditions index (FXI).     

Short‐Term Debt as Bridge Financing: Evidence from the Commercial Paper Market

We analyze why firms use nonintermediated short‐term debt by studying the commercial paper (CP) market. Using a comprehensive database of CP issuers and issuance activity, we show that firms use CP to provide start‐up financing for capital investment. Firms’ CP issuance is driven by a desire to minimize transaction costs associated with raising capital for new investment. We show that firms with high rollover risk are less likely to enter the CP market, borrow less CP, and borrow more from bank credit lines. Further, CP is often refinanced with long‐term bond issuance to reduce rollover risk.     

Effects of securitization and covered bonds on bank stability

This paper empirically investigates the relationship of securitization and covered bonds with bank stability and highlights that this relationship varies with the level of a bank's involvement in a specific instrument. The study uses the data from 46 securitizing and covered bond issuing listed banks in Europe for 2000–2014. The initial results show that some banks have been heavily involved in securitization activity, while covered bond issuance does not go beyond a certain limit. The results obtained using a quadratic model and a generalized additive model show a U-shaped relationship between securitization and systemic risk of banks. However, some interesting results are obtained for covered bonds. Initial results do not show a significant impact of covered bonds on systemic risk, but further analysis shows the presence of a size effect. The systemic risk of smaller banks increases after the issuance of covered bonds, while larger banks remain unaffected. The study does not support imposing uniform limits on covered bond issuance; rather such limits should be linked to the bank size. However, some regulatory framework is needed to limit banks’ involvement in securitization.     

央票发行对债券收益率影响的实证分析

文章通过对于央票招标日各期限央票、国债、金融债二级市场收益率变动特点的描述性统计,以及央票发行量对债券收益率影响的计量分析,实证考察了央票发行对债券市场收益率的影响效应。结果显示,央票招标日债券市场收益率波动性小于日常水平,且二级市场收益率与央票发行利率差值保持在合理波动范围内,体现了货币政策稳定利率的意图。     

The positive side of bank wealth management products: Evidence from bank lending rate

The systemic risk and negative social impacts from bank-issued wealth management products (WMPs) are well studied by scholars and practitioners in China. Using hand-collected bank data, we find that WMPs help reduce banks’ cost of funds, which is then passed on to their borrowers as lower borrowing cost. This finding shows an upside of this controversial but increasingly popular bank product. We propose four mechanisms through which WMPs can lower banks’ cost of funds: structural change in deposits, cross-subsidization, liquidity effect, and related-party transactions. We find supporting evidence for those mechanisms, and their effects vary across state-owned, joint-stock, and city commercial banks. Those variations are consistent with the unique characteristics of each bank group. We further explore the competition for capital between state-owned and non-state-owned banks. The results suggest that state-owned banks offer significantly higher interest rates for deposits as non-state-owned banks expand in the same region. WMP issuance is likely a differentiation strategy in response to the competition for deposits.     

Management earnings forecasts and bank loan contracting

We find that firms tend to issue management earnings forecasts and convey good news before bank loan initiation. Issuing firms enjoy more favorable contracting terms and attract more lenders. Management forecasts issuance within a nine‐month period prior to the loan activating quarter can lower the subsequent loan spread by 14.06 basis points. Moreover, firms with larger management forecast errors are charged harsher contracting terms and attract fewer lenders. Our study suggests that firms strategically issue management earnings forecasts before entering into debt contracts and lenders incorporate the information contained in management earnings forecasts into bank loan contracting.     

The impact of junior debt issuance on senior unsecured debt’s risk premiums

Numerous studies have examined the impact of security issuance upon the value of pre-existing debt and equity but the focus has largely been on changes in equity value. We examine changes in senior unsecured debt risk premiums that accompany new junior debt issues. Additionally, we test several hypotheses regarding the potential impacts of junior debt issues. Extant theory suggests senior debt value may be threatened under certain conditions by the issuance of junior debt. Our results indicate that when junior debt replaces bank debt, senior default risk premiums experience abnormal declines. The result is broadly consistent with the elevation of the senior unsecured debt by way of the elimination of a separate and more senior class of debt claimants. In contrast, we also find that larger junior bond issues are associated with abnormal increases in senior risk premiums, broadly consistent with issue size being correlated with negative information about firm cash flows. We find strong evidence of interaction effects. For example, replacement of bank debt results in greater changes in default risk premiums the larger the issue size. We also find lower credit ratings magnify other effects. For example, if the junior debt issued matures before the outstanding senior unsecured bond, senior risk premiums experience abnormal increases for lower rated debt.     

我国货币发行机制探讨——基于央行和商业银行资产负债表的分析

我国外汇储备不断增加,使得外汇占款和基础货币持续增加。本文通过商业银行和中央银行的资产负债表分析了我国外汇储备增加对基础货币发行的影响机制。并比较分析了央行通过买卖央行票据和国债对基础货币发行的影响。目前,央行减少外汇储备主要通过建立投资公司,笔者分析了财政部发行特别国债购买外汇,并将外汇注资国家外汇投资公司对基础货币发行的影响。财政部发行特别国债有两种方式．一是间接向中央银行发行,二是直接向市场发行。本文还研究了这两种发行方式对货币供给的影响机制及对中央银行货币政策操作的指导意义。本文进一步分析了独立投资公司购买外汇对基础货币的影响。最后．本文给出了主要结论。     

银行信用证业务中检验证书日期法律问题探析

检验证书日期是信用证业务的重要组成部分,具有重要的法律意义。日期上的疏忽和错误将导致信用证受益人的单证被开证行拒付。货物检验证书应该清楚地载明检验日期和检验证书的出具日期。当货物检验证上只有一个出具日期,则应当被认为检验行为和出具检验证书的行为发生在同一天。当国际货物买卖合同约定货物检验应在装船前进行,并且货物检验证书只有一个日期,而且该日期晚于已装船提单的签发日期,则该检验证书是不可接受的,开证行可以据此拒付信用证。