探究金融资本形成与经济增长

针对金融资本形成与经济增长进行分析,首先由固定资产投资规模与速度,固定资产投资结构变化等细节,对金融资本形成特点及经济增长源泉简单论述;其次从金融资本适度形成促进经济最优增长的理论逻辑,金融资本形成与经济增长最优状态的偏离及其恢复两个方面,对金融资本形成促进经济增长的内在机制进行分析,研究金融资本形成与经济增长之间的普遍联系。     

金融资本跨境流动及其效应研究

金融企业资金在本质上具有资本的属性,承认金融企业资金的资本属性,对于金融企业的运营具有重要的现实意义。金融可持续发展是通过金融资本的良性循环和持续增值来实现的。在开放经济条件下,金融资本追逐利润最大化的本性驱使其运动过程不断跨越国界,并在全球范围内流动,进而影响着各国经济金融发展进程。对此所进行的研究揭示了金融资本国际流动途径,分析了金融资本国际循环对东道国经济金融发展所产生的效应,最后在此基础上提出了相应的政策建议。     

金融资本跨境流动及其效应研究

金融企业资金在本质上具有资本的属性,承认金融企业资金的资本属性,对于金融企业的运营具有重要的现实意义。金融可持续发展是通过金融资本的良性循环和持续增值来实现的。在开放经济条件下,金融资本追逐利润最大化的本性驱使其运动过程不断跨越国界,并在全球范围内流动,进而影响着各国经济金融发展进程。对此所进行的研究揭示了金融资本国际流动途径,分析了金融资本国际循环对东道国经济金融发展所产生的效应,最后在此基础上提出了相应的政策建议。     

农村劳动力外出务工对农村经济发展的影响——基于农村金融资本视角的分析框架

农村劳动力外出务工会对输出地的农村经济发展产生影响。资本是农村经济发展的关键要素,本文从农村金融资本的视角出发,分析出农村劳动力外出就业带来了输出地农村金融资本的整体增加,并且通过资金在农业生产要素、教育、农村基础设施建设投入和农村民间金融市场资金注入等途径,从而促进输出地的农村经济发展。     

探索石林旅游经济与金融的组合创新——对石林旅游业发展的方略研究

文章通过对石林旅游近年与金融业合作的特点进行分析,利用经济学原理分析石林旅游与金融资本的组合关系,提出了创新旅游和金融资本融合的相应对策,促进石林旅游的发展。     

人民币国际化之路探析——由跨境贸易人民币结算试点说开去

本文从跨境贸易人民币结算试点实施现状,分析人民币国际化条件的理论界观点及现实分析,寻求人民币国际化的途径和道路。     

金融与环境污染

本文是从温家宝总理回答记者关于环境的问题而引发对金融与环境污染的思考。我们要正确看待金融资本流动结构对生态产业、环保结构及组织结构的影响,建立多样化的投资格局,探寻多样化的投资方向,促进资本从环保的门口进入,同时政府必须加大监管力度,坚定可持续发展的理念,对不合理的金融资本说“不”。     

人民币国际化实证研究

人民币国际化是一个长期的市场化过程。除了被官方和学者宣扬的益处外,在当前中国经济条件下,人民币国际化面临诸多约束和障碍,其政策影响有待更深入的研究。本文尝试以一个实证例子来探讨《跨境贸易人民币结算试点管理办法》的实施效果,并在相关理论的基础上讨论了人民币存在的约束和困境。     

人民币和中国银行业国际化视角下的跨境人民币业务发展策略分析

跨境人民币业务的发展与中国商业银行国际化进程相互交织、彼此促进,跨境人民币业务发展是人民币国际化的关键步骤,其不仅带动中国商业银行各项业务及其经营结构朝国际化方向调整转型,也对其实施国际化经营管理形成挑战。论文从人民币和中国商业银行国际化的视角出发,考察中国银行业更好发展跨境人民币业务的策略安排。     

人民币国际化条件下的货币政策变化

人民币国际化对货币政策会产生重要影响.本文重点分析了人民币国际化条件下的存款货币创造机制,人民币国际化对货币政策与财政政策配合的影响,以及人民币国际化条件下的“三元悖论”表现.     

Does financial globalization still spur growth in emerging and developing countries? Considering exchange rates

This paper analyzes the effects of financial globalization on growth in developing countries, focusing on its interaction with exchange rate volatility. Based on dynamic panel data models and the two-step system generalized method of moments (GMM) estimator, it replicates the method of Gaies et al. (2019a; 2019b) and extends it by exploring a new spillover effect of financial globalization in terms of exchange rate volatility measured by six different indicators. The findings show the positive influence of investment–globalization (foreign direct investment and portfolio investment) on growth through the traditional channel of capital accumulation and by reducing the negative impact of exchange rate volatility. These impacts are not insured by indebtedness–globalization (foreign debt), thereby shedding light on the government’s decision in developing countries on foreign capital control policy. These results are robust to changes in the estimator and variables used.     

Human capital investment,new firm creation and venture capital

This paper studies the relation between firm investment in general human capital, new firm creation and financial development for new firm financing, such as the existence of a venture capital industry. On one hand, firm investment in general human capital leads employees to generate new innovative ideas for starting their own firm. Since employees need a venture capitalist to start their new firm, firm investment in general human capital encourages the creation of venture capitalists by increasing the need for their services, such as providing advice and monitoring. On the other hand, as new firm financing becomes available, firms’ willingness to invest in general human capital increases, and as a by-product, the creation of employee-founded and venture capital-backed new firms increases in the economy. Hence, our model provides a rational explanation for the emergence of new firms created by employees of established firms, which represents one of the most common type of new firms in many industries.     

The Relationship between Changes in Fixed Plant Investment and the Likelihood of Emergence from Corporate Financial Distress

Companies experiencing financial distress can attempt to mitigate financial distress through changing the investment in the fixed asset base. Management may choose to expand the asset base in hopes of increasing sales. Alternatively, management may choose to contract the asset base in order to eliminate and/or reduce investment in unprofitable or risky ventures, improve liquidity, reduce earnings volatility, and reduce the need for operating capital.In this study, we examined how observed changes in the investment base affect the likelihood of emergence from a financially distressed condition. We find that, when management chooses to contract the investment in property, plant, and equipment, the likelihood of emergence from financial distress is significantly improved. On the other hand, when management chooses to expand property, plant, and equipment in the face of distress, the distress is only intensified. Our explanation is that companies that choose to contract their fixed asset base in times of trouble are taking steps that will most likely improve their financial condition—they are less likely to need working capital, and can better tolerate increased levels of long-term debt. Conversely, increasing the fixed asset base amplifies the need for working capital, and borrowing money to facilitate the expansion simply increases the necessary uses of that working capital because the debt must be serviced. As a result, companies descend even deeper into financial distress and decrease the likelihood that they will emerge therefrom.     

Multiple equilibria in the dynamics of financial globalization: The role of institutions

Recent research underscores the dual role played by institutions for deciphering the financial globalization – growth nexus. On the one hand, for capital account liberalization to be growth enhancing, a critical level of local institutional quality is needed. On the other hand, increased integration in the global financial system strengthens these countries’ institutions. We argue that this complex relationship may give rise to multiple equilibria in the dynamics of financial global integration: haphazard capital account liberalization may lead to situations where well integrated nations become increasingly better integrated, while poorly integrated nations are left at the margin. To test this hypothesis, we check whether controlling for the quality of institutions eliminates conditional convergence of global financial integration. Our results confirm that growth in financial integration is non-linear, and that this non-linearity disappears once we control for the quality of institutions.     

Financial development and the instability of open economies

This paper introduces a framework for analyzing the role of financial factors as a source of instability in small open economies. Our basic model is a dynamic open economy model with a tradeable good produced with capital and a country-specific factor. We also assume that firms face credit constraints, with the constraint being tighter at a lower level of financial development. A basic implication of this model is that economies at an intermediate level of financial development are more unstable than either very developed or very underdeveloped economies. This is true both in the sense that temporary shocks have large and persistent effects and also in the sense that these economies can exhibit cycles. Thus, countries that are going through a phase of financial development may become more unstable in the short run. Similarly, full capital account liberalization may destabilize the economy in economies at an intermediate level of financial development: phases of growth with capital inflows are followed by collapse with capital outflows. On the other hand, foreign direct investment does not destabilize.     

Inward FDI and Financial Constraints in Central and East European Countries

This study examines whether domestically owned firms in Central and Eastern European countries (CEECs) confronted higher financial constraints in their investments than did foreign-owned enterprises, and whether the domestic enterprises' financial constraints were caused by incoming foreign direct investment (FDI). In theory, foreign investment may be needed to bring in capital only initially; the subsequent investment can be financed locally. On the other hand, foreign-owned companies may be more attractive borrowers, crowding out domestic firms from imperfect host-country capital markets. Both hypotheses, however, are rejected, as the results are not consistent across different dependent variables and verification methods. There is some evidence that FDI reduced foreign subsidiaries' constraints without increasing the constraints suffered by the domestic enterprises. Tests are performed with regressions based on two alternative firm-level models, a direct one using perception-based assessment of the constraints, and an indirect one with financial indicators.     

金融开放背景下金融发展对跨境资本流动的影响研究

金融开放能够促进跨境资本流动,也具有引发跨境资本流动失衡和波动性增加的风险,而一国金融发展水平在其金融开放效应中发挥着重要作用。本文基于58个国家及地区1999-2016年的数据建立动态面板模型,研究金融开放背景下金融发展对直接投资和证券投资流入、流出以及总跨境资本流动波动性的影响。研究结果表明:金融开放本身有可能造成跨境资本流出大于流入的失衡现象,并显著增加跨境资本流动波动性风险,而金融发展水平的提高有助于在一定程度上抑制金融开放带来的跨境资本流动失衡现象和波动性风险。因此,在扩大金融开放进程中,为获得跨境资本流动的积极效应,应密切关注跨境资本流向和资本波动性变化,提高国内金融发展水平,使之与金融开放水平相匹配。     

融资约束、资产抵押与企业投资

引入融资约束因素之后,企业资产抵押能力差异会通过"研发投资阻碍效应"、"实物投资诱发效应"等机制扭曲企业投资选择.为了解决中国企业热衷粗放型扩张、忽略研发投资、自主创新能力不足等问题,一方面,从短期看,必须提高商业银行甄别能力,在控制风险的基础上适当增加信用贷款;另一方面,从长期看,要大力发展风险投资、私募股票市场以构建并完善多层次资本市场,为企业创新创造一个良好的金融支持环境.     

What drives investment bank performance? The role of risk,liquidity and fees prior to and during the crisis

This paper examines factors that affect the performance of investment banks in the G7 and Switzerland. In particular, we focus on the role of risk, liquidity and investment banking fees. Panel analysis shows that those variables significantly impact upon performance as derived from Stochastic Frontier Analysis (SFA). Given our sample also comprises the financial crisis, we further test for regime switches using dynamic panel threshold analysis. Results show different underlying regimes, in particular over the financial crisis. In addition, a strong positive effect of Z-Score on performance for banks in the regime of low default risk is reported, while fee-income ratio has also a positive impact for banks with low level of fees. On the other hand, liquidity exerts a negative impact. Notably, there is a clear trend of mobility of banks across the two identified threshold regimes with regard to risk a year before the financial crisis. Our results provide evidence that recent regulation reforms regarding capital adequacy and liquidity requirements are on the right track and could enhance performance.     

产融结合资本配置效应的理论分析

本研究以内部资本市场理论为基础,对产融结合的资本配置效应进行了分析,得出结论:产融结合能为企业构造包含金融机构的内部资本市场,一方面可以缓解企业的融资约束,但另一方面也会使企业的组织结构复杂化,公司治理难度加大,进而对资本的配置产生负面影响。