法兴银行事件引发的对话

张智敏：1个多月前,成立于1864年的法国兴业银行因为操作风险控制不力,导致出现巨额损失。在全球金融业为法国兴业银行事件（以下简称法兴事件）震惊与错讹之余,确有很多值得我们认真反思的问题。在操作风险控制层面,法国兴业银行（以下简称法兴银行）存在着哪些缺失？     

透过法国兴业银行案浅析中央银行会计风险防范

法国兴业银行于2008年1月23日宣布,一名内部交易员利用公司系统漏洞买卖期货,令公司损失71．4亿美元。这是全球银行业历史上最大规模的欺诈案之一。1995年的巴林银行倒闭案仍令我们记忆犹新,法国兴业银行案又再次为我们敲响了警钟。     

马蓉露的法式“中国经”

时值中法两国建交50周年和法国兴业银行成立150周年,把目光再次投向法国兴业银行（以下简称为“法兴银行”或“法兴”）在中国的发展别具意义。早在1981年,法兴就进入中国,以投资银行业务服务中国市场。2008年8月4日,法国兴业银行（中国）有限公司获得中国银行业监督委员会的批准成立,在中国市场建立外商独资银行,这一动作正为拉开一个深入中国发展的序幕。     

全球十大流氓交易员

前法国兴业银行交易员杰洛米·柯维尔（JermeKerviel）最近重返法庭，对因未获授权交易而导致法国兴业银行损失高达64亿美元被判三年有期徒刑的指控提出上诉。在柯维尔上诉期间，法庭暂缓了对其指控的判决。柯维尔声称法国兴业银行对其风险交易应有全面的认识。但柯维尔并不是这个世界上诈骗自己公司的唯一交易员。在他的指引下，榜样的力量是无穷的。下面是美国《期货》杂志最新评出的全球十大流氓交易员（倒记数排名榜）。     

法国兴业银行的风险管理体系

世界银行业发展到今天,风险管理已经成为银行的核心竞争力和基业长青的根本保证。对法国兴业银行的风险管理体系作一个初步探索,将对中国的银行在构建有效的风险管理体系的过程中有所裨益。内部组织架构与决策体系法国兴业银行在其组织体系中设定了三类部门,第一类是各类产品的     

从国际金融并购浪潮中得到的启示

从８０年代以来,国际金融业就开始掀起了一股并购的浪潮,进入９０年代,这股浪潮更加汹涌澎湃。远的不说,就在今年２月１日,法国兴业银行与法国巴黎巴银行合并,二者合并后的资本金列欧洲第一,世界第四,资产总额升为法国第一,欧洲第三。而在１９９８年全球１０００...     

法兴银行(中国):全能的非洲金融快车

法国兴业银行(中国)有限公司(简称法国兴业银行)于2010正式推出了"走进非洲"项目,并于今年配合该项目出台了"非洲快车"项目,相关大型推介及主题演讨会刚刚在广州结束,取得了良好反响.法兴银行进入中国已经有30余年,它在中国的发展如何?它的优势与特色在哪里?它对未来在中国的发展有怎样的规划与布局?记者采访了法兴银行中国商业银行总监刘洪涛先生.     

法兴银行（中国）：全能的非洲金融快车

法国兴业银行（中国）有限公司（简称法国兴业银行）于2010正式推出了“走进非洲”项目,并于今年配合该项目出台了”非洲快车“项目,相关大型推介及主题演讨会刚刚在广州结束,取得了良好反响。法兴银行进入中国已经有30余年,它在中国的发展如何？它的优势与特色在哪里？它对未来在中国的发展有怎样的规划与布局？记者采访了法兴银行中国商业银行总监刘洪涛先生。     

博观而约取 厚积而薄发——专访法国兴业银行（中国）有限公司首席执行官张永光

经过了近30年的发展,法国兴业银行在中国已经打下坚实的基础。现阶段,法国兴业银行（中国）有限公司（以下简称“法兴中国”）的企业及投资银行业务、商业及个人银行业务、私人银行业务等在业界都具有较高的知名度,营业网络的开设状况也位于外资银行的前列。作为法兴中国首席执行官,张永光行长已在法兴银行工作超过20年,主管过银团贷款、项目融资、固定收益、外汇交易、衍生产品及结构性融资等业务。     

法国兴业银行内部控制案例分析

法国兴业银行是有着近150年历史的老牌欧洲银行和世界上最大的银行集团之一,分别在巴黎、东京、纽约的证券市场挂牌上市,一度被认为是世界上风险控制最出色的银行之一。但是,由于内部控制的缺陷,今年初,员工杰罗姆·凯维埃尔未经授权大量购买欧洲股指期货形成巨额亏损,引发全球股市暴跌。本文分析了杰罗姆·凯维埃尔的作案手法,指出了法国兴业银行内部控制的缺陷,提出了对我国资金业务、计算机信息系统和衍生产品交易进行规范管理的措施和建议。     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.