贫困村互助资金运行情况调查——以青海省乐都县为例

贫困村村级发展互助资金,为贫困村注入了新的生机与活力。但目前一些试点村存在资金来源单一、缺乏有效监管、抵御风险能力弱等问题,本文针对存在问题提出相关建议。     

贫困村互助资金的扶贫模式与效果分析——基于四川省的调研

贫困村互助资金这种新型的财政扶贫资金使用和管理模式有效的提高了财政扶贫资金的使用效率,缓解了贫困户发展资金短缺的矛盾,推进了贫困村经济增长和贫困农户家庭收入增加,以经济为纽带促进了新型农村治理结构的构建.同时,扶贫互助社资金总额偏小,点多面宽、互助社管理人员素质参差不齐,资金存在一定的安全隐患.因此,相关部门应加强互助资金的监管,及时总结和交流经验,不断创新扶贫模式,适时调整相关的规章制度.     

贫困村互助资金试点工作调查——以青海省刚察县为例

2010年8月,海北州在刚察县开展了贫困村村级互助资金试点工作。本文阐述了互助资金试点工作开展的背景和具体实践,论证了试点工作开展的现实需求,利用管理学SWOT矩阵法分析了互助资金试点工作开展的内部优势与劣势、外部机会与威胁,并组合不同的内外因素提出了相应的应对策略,主要有坚持内部优势,转化内部劣势,借助外在机遇,尽量避免外部威胁冲击。     

贫困村村级发展互助资金组织在定西的实践与启示

2006年,国务院扶贫办和财政部在全国27个县率先开展"贫困村村级发展互助资金"试点工作,定西市陇西县、临洮县先后被列入全国试点县。为扩大试点范围,甘肃省增加了省级试点村。经过4年的运作,中央、省级试点项目在支持贫困家庭发展生产、提高农村贫困居民收入方面发挥了重要作用,同时在探索、创新贫困地区财政扶贫方式和农村金融服务方面做出了有益尝试。试点情况及运营模式     

关于贫困村村级互助资金运行情况的调查

衡水市武强、武邑两县作为省农村互助资金试点县，经过几个月的积极探索，立足实际，认真谋划，大胆创新，稳步推进，取得了初步成效，到目前两县10个试点村项目总投资达到了847万元（其中中央财政试点资金150万元，吸引农户资金697万元），分别组织贫困户实施了肉鸭养殖、蔬菜种植、奶、肉牛养殖及养猪四个项目，受到了群众欢迎。[编者按]     

对普洱市农村地区贫困村互助资金组织的调查思考

<正>农村金融是现代农村经济的核心,因此,推进我国农村金融改革创新,不断完善农村金融服务体系,事关社会主义新农村建设大局,同时,在完善农村金融服务体系建设中,培     

陕西商南县全国首批贫困村互助资金试点调查

为探索和完善财政扶贫资金使用管理新机制,从2006年始,国务院扶贫办和财政部共同组织在全国14个省区的140个村开展了“贫困村村级互助资金试点”。为深入了解其实施效果,本文以陕西商洛市商南县辖区的富裕沟村等5个全国首批试点村为样本进行了调研,分析其中存在的问题,并提出对策建议。     

刍议贫困村互助资金试点

贫困村互助资金试点,是财政部、国家扶贫办开展的一项扶贫创新工程。主要精神有三：一是补助参股。成立贫困村互助资金合作社（以下简称合作社）,财政补助贫困户参股（配股）。二是互助贷款。入股合作社的村民,由其他股民担保,可向合作社申请支农贷款。三是收益分红。合作社收益,实行分红,贫困户按股分红。由于财政补助资金,作为股本,资金不会花掉,又能长期分红,所以,有人称之为“送鸡”工程,以区别原来“送蛋”式的扶贫。这个想法、设计都是很好的,但是,也有一定缺陷,     

农户对贫困村互助资金协会满意度的影响因素分析——来自陕西308户农户的实证研究

本文以陕西贫困村互助资金协会的实际调研数据为基础,采用二元Logistic回归模型,实证分析了农户对互助资金协会的满意度及其影响因素。研究发现:获得贷款的便利程度、缓解资金短缺、增加收入和政府支持力度是影响农户满意度的主要因素,由此分析了目前互助资金协会存在的问题,并提出了相关的政策建议。     

Investors Do Respond to Poor Mutual Fund Performance: Evidence from Inflows and Outflows

We examine the relation between mutual fund performance and gross flows for a large sample of actively managed U.S. mutual funds. Unlike previous studies that have only examined periods of generally increasing net flows, our sample includes periods of both increasing and decreasing net flows. We find that outflows are related to performance, with investors withdrawing money from poor performers. We also find that outflows and inflows respond asymmetrically to performance, outflows increase more aggressively following poor performance, and inflows increase more aggressively following good performance. Additionally, we find a symmetric performance net flow relation.     

Running From a Bear: How Poor Stock Market Performance Affects the Determinants of Mutual Fund Flows

Abstract:  Using a proprietary data set to study how past performance affects the determinants of mutual fund flows for a sample of load fund investors, I provide evidence that the determinants of fund flow depend on market conditions for both redemptions and purchases. Specifically, I show that, for redemptions, relative performance and risk adjusted performance are important determinants during a period of record flows into mutual funds. Conversely, during a period of poor performance, absolute performance becomes much more important and relative performance and risk adjusted performance become less important. For purchases, absolute performance, risk adjusted performance, and most relative performance measures become more important during the bear market.     

Optimal Number of Stock Holdings in Mutual Fund Portfolios Based on Market Performance

Among the decisions that most mutual fund portfolio managers make is the number of stocks to hold. We posit that there is an optimal number of stocks for each mutual fund, reflecting the trade‐off between diversification benefits versus transactions and monitoring costs. We find a significant quadratic relation between number of stock holdings and risk‐adjusted returns for U.S. equity mutual fund portfolios during 1992–2000. Moreover, we find that changes in the number of stocks held over time are more highly correlated with mutual fund flows than with funds' investment returns.     

Relative Performance Evaluation of Mutual Funds: A Non-Parametric Approach

We propose an alternative mutual fund performance index which addresses the benchmark problem and controls for economies of scale in managing mutual funds. We advance a new concept of 'return-cost' efficiency as another important element in evaluating portfolio management, in addition to the mean-variance efficiency concept. Our index based on a non-parametric estimation is shown to be similar to the Sharpe index with multiple slopes (or factors). We have shown that all fund categories, except income funds, have similar average efficiency scores after controlling for economies of scale. Most funds operate in increasing returns to scale and seem to be successful in holding mean-variance efficient portfolios, but unsuccessful in allocating transaction costs efficiently, evidenced by excessive turnovers and loads.     

The Performance of Local versus Foreign Mutual Fund Managers

In this paper we examine the performance of US equity funds (locals) versus UK equity funds (foreigners) also investing in the US equity market. Based on informational disadvantages one would expect the UK funds to under‐perform the US funds, especially in the research‐intensive small company market. After controlling for tax treatment, fund objectives, investment style and time‐variation in betas, we do not find evidence for this. In the small company segment we even find a slight out‐performance for UK funds compared to US funds. Finally we observe a home bias in the UK portfolios, which is partly attributable to UK funds investing in cross‐listed stocks in the USA.     

我国基金经理投资行为实证研究

我国证券市场快速发展,推动了基金业的迅猛增长,随着基金数量的增多,作为管理基金的基金经理的作用和地位正在迅速上升。基金经理的投资决策行为势必会影响到基金的业绩,如何综合评价基金经理的投资行为,是摆在我们面前的一大课题。本文在对国内外学者有关基金经理投资行为文献评析的基础上,提出了投资行为度的概念,并运用多元回归计量方法和突变评价法对我国基金经理的投资风格、投资策略、投资绩效、择股时机选择能力、风险管理能力以及个人行为模式和基金业绩之间的关系等进行了实证检验,得出了一些有意义的结论。最后从行为金融理论角度分析了中国证券投资基金经理行为偏离的根本原因,并提出相应的政策建议。     

Effects of Market Segmentation and Bank Concentration on Mutual Fund Expenses and Returns: Evidence from Finland

A tremendous amount of research examines US mutual funds, but fund markets also thrive in other countries. However, research about these fast growing markets is lacking. This study addresses Finnish funds. Fast growth of the Finnish fund industry, strong bank dominance in the industry and recent EU membership make it an interesting market to examine. The Finnish fund market is also of particular interest since it had the fastest growth among the EU countries during 1996–2000. We find evidence that bank‐managed and older funds charge higher expenses but investors are not compensated for paying higher expenses with higher risk‐adjusted returns, suggesting a potential agency problem. Overall, Finnish fund expenses have decreased over time, consistent with EU membership reducing market segmentation and generating competition.     

中国农村金融发展对城乡收入差距的影响--基于1978-2004年数据的检验

大多数研究表明,改革开放以来,中国整体金融发展显著扩大了城乡收入差距,同时,它们从城乡金融发展不平衡角度进行了理论阐释。本文则从农村自身经济发展层面出发运用1978-2004年的相关数据分析了农村金融发展与城乡收入差距之间的关系,结果显示:农村金融发展扩大了城乡收入差距,究其原因主要是农村资金的不断外流和非正规金融的不规范发展,加剧了城乡收入差距的扩大。现实的出路是遏制农村资金外流,提供更多的农村正规金融资源;规范非正规金融发展,防范农村金融风险。     

中国农村金融发展对城乡收入差距影响的实证分析

从农村金融自身的发展出发,在界定农村金融发展涵义的基础上,设计相应的指标,从规模、效率及结构三个方面来衡量农村金融发展。利用VAR模型对农村金融发展和城乡收入差距之间的长期均衡和短期波动关系进行的实证分析表明:农村金融发展相对规模的扩大拉大了城乡收入差距,农村金融中介效率的提高和非正规金融规模的扩大缩小了城乡收入差距。     

空间视角下的普惠金融与农村减贫增收——机制探讨与实证检验

“脱贫攻坚”成为经济新常态下的重要任务,金融减贫在其中扮演了不可忽视的作用。在空间视角下分析了普惠金融对农村地区减贫增收的直接影响与空间效应,并基于2005—2017年中国省级数据,运用空间杜宾模型实证检验普惠金融的扶贫增收效果。结果发现:我国各地区间的农村扶贫增收绩效具有明显的空间联动与依赖性;普惠金融发展对本地区农村减贫具有显著的正向作用,同时存在明显的空间溢出效应。各地区应该继续加强普惠金融发展,并重视地区间普惠金融减贫合作与政策互通的深化。