大数据时代中小企业构建财务共享模式思考

财务共享服务中心的构建在一些大型企业中逐步走向成熟,并且构建效果向好。建设这一模式对于中小企业来说,也是提高日常管理的运营质量和效率的有效途径。大数据时代下,中小企业在解决财务共享中心构建上的一些问题会变得更加便捷,技术的支持也会为日后在探索的道路上提供高效的帮助,使其早日在中小企业中建立起来。     

我国中小企业融资效率综合评价和实证分析

中小企业在我国的国民经济和社会发展中发挥着重要作用,然而,中小企业在发展过程中面临很多困难和难题,其中以融资难最为突出。因企业的融资方式决定着企业的融资结构和融资效率,而融资效率又直接影响着企业的融资目的是否有效达到。因此,在我国现实背景下研究中小企业融资效率问题具有重要现实意义。文章在构建企业融资效率的数学评价模型时运用模糊综合评价方法。首先,对中小企业的五种融资模式的融资效率进行模糊综合评价,得出五种融资模式的融资效率,进而对我国中小企业的融资效率分析。其次,选取深圳中小企业板上市的28家中小企业作为研究样本来实证分析,比较权益和债券两种融资模式的融资效率。最后,由分析结果得出结论并提出相应的建议。     

Financial Factors in the Business Cycle of a Small Open Economy: The Case of Korea

Financial factors influencing the business cycle have received considerable attention in recent years in the aftermath of the global financial crisis in 2008. This paper examines the role of financial factors in the business cycle by considering Korea, a small open economy, that experienced a severe financial crisis in 1997 as well as the recent global financial crisis. We estimate small open economy Bayesian DSGE (dynamic stochastic general equilibrium) models with financial factors and analyze the role of these financial factors in the business cycle in the context of Korea. The results indicate that the model based on an endogenous financial accelerator and a modified monetary policy rule provides a better explanation to the data than that without the financial factors and justify the recent attention to financial factors influencing the business cycle.     

The Finance–Growth Link in Latin America

This paper analyzes the relationship between financial development and economic growth in Latin America with a Granger causality test and impulse response functions in a panel vector autoregression (VAR) model. With annual observations from a sample of 18 countries from 1962 to 2005, it is shown that while economic growth causes financial development, financial development does not cause economic growth. This finding is robust to different model specifications and different financial indicators. Interestingly, when the sample is divided according to different income levels and institutional quality, there is two‐way causality between financial development and economic growth only for the middle income group and for countries with stronger rule of law and creditor rights. The impulse response functions show that a shock to financial development has a positive impact on economic growth only for these subsamples, but the net effect of financial development on growth is relatively small.     

互联网金融模式对中小企业发展的支持

在中小企业和个人融资难问题多年困扰着我国传统金融机构的情况下,随着信息技术的飞速发展,互联网金融模式成为了传统金融机制的有效补充。文章从互联网金融模式的产生、特点和分类三个方面对其进行系统梳理,并试图从两个案例入手,进而对在我国如何使互联网金融模式更好地支持中小企业发展提出思路。     

Financial Openness and Macroeconomic Instability in Emerging Market Economies

This paper shows how the macroeconomic instability that affects more financially open emerging economies can be explained in terms of imperfect international financial integration. The analytic tool used is a stochastic dynamic equilibrium model. The model, based on a small open economy, is calibrated to Malaysia. International financial relations are characterized by the presence of a borrowing constraint, that amplifies the volatility of exogenous shocks. Impulse response and simulation analyses are conducted. Main result is that, in presence of international financial frictions, greater access to international liquidity can cause high short-run macroeconomic instability.     

商业银行与小微企业的信贷博弈分析

近年来,随着中国金融市场改革的不断深化,金融市场竞争逐渐加强,为了寻找新的增长点,不少商业银行将小微企业作为突破口,大力发展小微企业客户。然而,小微企业收入不稳定、财务管理不规范、抵押物不足等问题提高了对其授信的风险,为商业银行的风险管理带来了挑战。为此,本文构建了一个信号传递模型,来模拟商业银行和小微企业在申请、审批等信贷活动中的动态博弈情形,并通过对均衡的分析,对商业银行应该如何控制小微企业的信用风险提供对策,为加强风险管理提供参考。     

中小高新技术企业专利证券化融资研究

专利证券化能够为中小高新技术企业提供强有力的金融支持,具有化解中小高新技术企业融资难题,促进科技成果的转化,分散技术风险的积极意义。中小高新技术企业进行专利证券化融资的重要环节应当采取设立常设特设机构,进行跨企业的专利资产组合构建优质资产池,开放专利支撑证券交易市场的模式设计,以建立一个合适的中小高新技术企业专利证券化模式。     

我国银行业结构与经济增长的实证研究

自1994年以来,我国的经济金融体制不断深化改革,银行业整体规模迅速扩张,并逐渐形成多层次、多元化的银行业体系。为了考察我国银行业结构对我国经济增长的影响,本文根据我国的地理和经济特征,将我国划分为了六个区域,并运用六个区域在1995至2010年间的面板数据,以中小金融机构的市场份额(即除四大国有银行外的其他金融机构的贷款余额占各区域全部金融机构贷款余额的比例)为度量指标,采用固定效应模型和广义矩估计法(GMM),分析了不同规模银行在整个银行体系中的相对重要性。通过研究发现,我国中小银行的市场份额与经济增长之间具有显著的正向关系,在现阶段的中国,提高中小银行的市场份额能够有效促进实体经济的发展,并提出了相关的政策建议。     

Inflation,interest rates,and the balance of payments during a financial reform: The case of Argentina

In order to evaluate the impact of recent financial reforms on the Argentine economy, this paper presents the results of estimating a small, monthly structural model of the Argentine economy which emphasizes the linkages between the financial system, inflation and the balance of payments. The results are used to examine the portfolio interest rate elasticities of both the financial and non-financial sectors, the determinants of the real levels of and spread between the loan and deposit interest rates, and the responsiveness of inflation and the balance of payments to various policy measures.     

我国金融压抑与通货膨胀关系研究——基于MSVAR模型的分析

文章运用MSVAR模型对我国金融压抑程度与通货膨胀的关系进行了研究,发现我国通货膨胀率存在明显的高通胀区域和低通胀区域特征。在高通胀区域,价格高位持续时间较短,波动幅度大,金融压抑对通货膨胀具有显著的负向效应;而在低通胀区域,价格低位持续时间较长,波动幅度小,金融压抑对通胀水平的效应是正向的。两者的非线性特征对货币政策实施和金融自由化策略有着重要的政策含义。     

Welfare implications of international financial integration

Focusing on technology spillover from foreign direct investment (FDI) inflows, this paper investigates the welfare implications of financial integration. Calibrations of a neoclassical growth model with international technology diffusion show that when technology catch-up due to FDI inflows is considered, the welfare gains from financial integration substantially increase, which contrasts with the small gains from additional, capital-accumulation effects of financial integration. The estimates suggest that by further enhancing financial integration, emerging Asian economies, such as the People's Republic of China (PRC) and the largest four Association of Southeast Asian Nations (ASEAN) countries, will experience substantial welfare gains.     

中小银行入世面临的机遇和挑战

我国加入 WTO,对中小银行业是一把双刃剑 ,既提供了发展良机 ,又提出了挑战。我国中小银行与国外银行相比 ,在资金实力、经营技术、人才储备、管理经验及经营理念上都存在着很大差距。迎接挑战 ,中小银行要在银行制度创新、发展战略、业务创新、加快人才培养和建立稳健、安全、防风险的运行机制上下功夫     

小微企业金融扶持政策落实情况的调查——来自乌鲁木齐市的样本

本文就乌鲁木齐市小微企业金融扶持政策落实情况进行了调查,调查发现,乌鲁木齐市小微企业仍然存在融资难、融资渠道少、融资成本高的问题,虽然部分企业享受了金融扶持政策,但是金融扶持政策的落实仍然存在困难和障碍,如政策兼容性不足;政策制定者和执行者存在立场差异;政策门槛高;政策宣传力度不够等。因此,要充分利用互联网金融为小微企业提供金融服务;政府和银行应降低门槛,更新贷款方式;搭建小微企业综合信息共享平台;发展小微企业园区,提供小微企业园区金融服务功能;通过分税制改革增强地方政府财力,提高其支持小微企业的积极性。     

Changing impact of fiscal policy on selected ASEAN countries

This paper investigates the effectiveness of fiscal policy in five Association of Southeast Asian Nations: Indonesia, Malaysia, the Philippines, Singapore and Thailand. Through a small open economy structural vector autoregression model, government spending is found to have weak and largely insignificant impact on output, while taxes are found to have outcomes contrary to conventional theory. Extensions using a time-varying VAR model reveal that the positive impact from higher taxes on output mainly reflects heightened concerns over public finances during the Asian financial crisis and the recent global financial crisis. On the other hand, for Thailand, there is some evidence that government spending can at times be useful as a tool for short-term countercyclical policy.     

银行规模、金融生态环境与小企业融资

时下主流观点强调解决小企业融资难题在于发挥“小银行优势”。然而基于此理论的政策导向与实践,并未有效疏通小企业融资瓶颈。本文以广州、中山、惠州和江门等广东省4个地市调研数据为样本,将金融生态环境要素纳入了不同规模的银行机构面向小企业融资的分析框架之中,探讨不同金融生态环境下,面向小企业融资的大小银行机构的行为差异,实证求解为小企业融资的主力金融机构格局。结果表明,一方面,小企业同大银行机构建立金融关系,更能优化自身的融资约束困境;另一方面,合意的金融生态环境,有助于大银行机构提高小企业的融资境遇。本文的政策含义在于,化解小企业融资难题的最有效金融结构,重在改善金融生态环境,并由此激发大银行机构充分发挥其功能。     

西部地区中小企业创业环境优化研究

中小企业创业环境优化就是改善与中小企业创业相关的各种外部因素,促进中小企业创业成功进行。本文借鉴GEM模型,对重庆典型区县中小企业创业环境进行调研分析,针对中小企业创业环境中存在的问题,从金融支持、人才培训、产业发展、基础设施建设、政务环境改善、创业氛围营造等方面提出优化对策。     

The relationship between the real and financial economies in the Soviet Union: An analysis of government debts using newly available data

Newly available Soviet data reveal that government debt increased to compensate for inefficient use of funds for most of the Soviet period. Given the difficulty in managing fiat money without information and data generated by the market, and the simple Soviet financial structure, the increasing debt suggests that non-performing financial assets accumulated in the household sector, and inefficient real assets built up in the enterprise sector. The empirical analysis using a small time-varying parameter vector autoregression model identified that funds supplied to the economy had contributed at a decreasing rate to economic growth during nearly the entire Soviet period. Funds continued to be used wastefully, non-performing financial assets accumulated, and consequently the value of the ruble was decreasing. In this sense, Soviet monetary management was inefficient. Future research will include efforts to investigate responsiveness of price regulating authorities to changes in monetary and financial situation, to understand monetary management on the republic level, and to quantify the efficiency of use of funds.     

Bank cooperation and banking policy in a monetary union: A political-economy perspective on EMU

Why do large European banks lobby for monetary union? We show in a game-theoretic model that montary union can trigger a change in the structure of the market for international banking transactions with asymmetric effects on profits: large banks are induced to cooperate internationally and gain from European Monetary Union (EMU), while small banks are likely to lose. Monetary union can be interpreted as a device for large banks to push small banks out of the market for cross-border financial services.     

小微企业融资：风险、机遇与未来

让金融更好地服务小微企业和实体经济是我国金融改革和发展的基本方向。要做好这项工作,金融服务机构就必须转变观念,紧紧围绕小微企业的经营特征和融资需求来设计产品、提供服务、管理风险。融资服务机构要和小微企业建立起互信、互利、持久的平等合作关系,在小微客户出现困难时,要多做加法,少做减法。银行和非银行融资服务机构之间、大金融和小金融之间应该是合作、共赢、共生的关系。中国目前正处于历史上第三次金融发展机遇期,谁能判明大势、勇于创新、善于整合资源,谁就能在这个难得的历史机遇期,占得先机,成就事业。