银信理财业务监管新规的政策效果及执行

日前,银监会下发了2010年第72号文件,此文主要涉及银信理财合作业务的监管新规(简称"新规"),从脉络上说,这一新规延续了2009年第111号文件和113号文件的思路,主要目的在于规范不断增长的银信合作理财产品业务.实际上,在新规出台之前银监会就口头叫停银信合作,但从口头叫停到出台此新规的过渡期之短仍超出市场的预期.     

作为企业组织形式的信托与公司制度的比较

商业信托与公司是两种不同的企业组织形式,二者在资产分割及其所导致的债权人模式上是没有区别的,这奠定了信托作为企业形式的基础;商业信托与公司在企业所有权安排上的差异在于,信托将控制权安排给了人力资本所有者,而公司则是将控制权安排给了非人力资本所有者,这导致了两者在治理结构与应用范围上的差别.     

Efficiency and Organizational Structure: A Study of Reverse LBOs

This paper is a report on 72 firms which went public since 1983 but previously underwent a full or divisional LBO. Accounting measures of performance reveal significant improvements in profitability which resulted mainly from these firms' ability to reduce costs. Firms experience dramatic increases in leverage at the LBO, but the leverage ratios are gradually reduced. The evidence is consistent with the hypothesis that the change in the governance structure of these firms towards more concentrated residual claims created a new organizational structure which is more efficient than its predecessor.     

跨国银行组织结构及管理模式发展新趋势

近十年来,随着市场动态化发展,跨国银行对自身组织结构和管理模式战略性的重大调整,频度增加、周期缩短。跨国银行组织结构和管理模式涉及的核心内容包括处理以下几方面关系并建立协调机制:客户/产品/地域,条条/块块,国际化/当地化,集中化/分散化,集权/分权,分行/子行。在次贷危机(以下简称"危机")之前,许多大型跨国银行就一直在探讨和重组这些关系;"危机"后的环境变化对跨国银行组织结构和管理模     

APEC组织结构

1989年应运而生的APEC是亚太区域内促进开放贸易和实行经济合作的主要载体.APEC这一国际经济合作的新形式,反映了国际经济新的格局及世界经济进一步一体化的发展趋势     

Board Independence,Ownership Structure and Performance: Evidence from Real Estate Investment Trusts

For Real Estate Investment Trusts (REITs), mandatory distribution of income limits free cash flow. But, restrictions on source of income and asset structure result in widely dispersed stock ownership, which makes external monitoring through the takeover market less likely. As such, alternative monitoring mechanisms, including external directors, must be in place to discourage deviant managerial behavior. Using a simultaneous equation system, we conclude that while independent directors enhance REIT performance, the effect is weak. Higher CEO stock ownership and control through tenure and chairmanship of the board reduce the representation by outside directors, and adversely affect REIT performance. Institutional ownership or blockownership fails to serve as alternate disciplining mechanism to (inadequate) monitoring by outside board members, although their presence seems to enhance performance.     

商业银行组织结构变革中的经营管理机制创新

不同的银行组织结构各不相同,组织结构的设置体现着自己的经营方针和原则.由于历史的、经济制度方面的原因,我国商业银行特别是国有商业银行的组织结构带有明显的行政色彩,缺乏有效的自我发展与自我约束机制,风险意识淡薄,经营管理粗放.这种组织管理体制和运行机制阻碍了我国商业银行的发展.本文通过对西方商业银行组织结构和经营管理机制特征的阐述,分析了我国商业银行的差距与不足,指出了我国商业银行经营管理机制的创新方向,包括完善组织架构,优化管理层次,推行扁平化管理;构建科学的组织管理体制;建立现代商业银行的资源配置机制及先进的人力资源管理机制.     

Matching Organizational Structure with Firm Attributes: A Study of Master Limited Partnerships

To create value and reduce agency costs, firms adopt available organizational structures that match their attributes. This paper studies the characteristics of firms that choose to become master limited partnerships (MLPs). The MLP sample is dominated by firms in low-growth industries that have highly focused operations and superior profitability compared to theirindustry peers. After becoming an MLP, sample firms reduce capital expenditures and increase cash distributions, taking advantage of their focus, profitability, and status as non-taxable entities. A subsample of MLPs subsequently change back to corporate form. After becomingcorporations, these firms reverse course by cutting cash distributions and increasing capital spending. This cycle demonstrates how firms restructure to adopt organizational forms that best fit their needs.     

Matching Organizational Structure with Firm Attributes: A Study of Master Limited Partnerships

To create value and reduce agency costs, firms adopt availableorganizational structures that match their attributes. Thispaper studies the characteristics of firms that choose to becomemaster limited partnerships (MLPs). The MLP sample is dominatedby firms in low-growth industries that have highly focused operationsand superior profitability compared to their industry peers.After becoming an MLP, sample firms reduce capital expendituresand increase cash distributions, taking advantage of their focus,profitability, and status as non-taxable entities. A subsampleof MLPs subsequently change back to corporate form. After becomingcorporations, these firms reverse course by cutting cash distributionsand increasing capital spending. This cycle demonstrates howfirms restructure to adopt organizational forms that best fittheir needs.     

论股份制银行的组织结构

在国有商业银行改革加速和外资银行全面竞争日近两大背景下,股份制银行面临制度创新和业务创新的双重压力,其组织结构调整迫在眉睫。本文在考察组织结构理论与实践发展的基础上,针对现行组织结构的五大弊端,构建了能消除弊端、适应股份制银行实践发展的新的组织结构形式:即业务事业部与地区事业部相结合的矩阵结构。在此基础上分析了审贷与风险控制部门子结构的框架,提出分行审贷与风险控制部门直属总行,建立行业专家与地区专家相结合的风险控制结构。     

The Determinants of Financial Structure: New Insights from Business Start‐ups

Business start‐ups lack prior history and reputation, face high failure risk, and have highly concentrated ownership. The resulting information and incentive problems, combined with entrepreneurial private benefits of control, affect initial financing decisions. This paper examines simultaneously the impact of these issues on leverage, debt mix and maturity. We find that start‐ups with high adverse selection and risk shifting problems contract less bank debt but compensate with other debt sources. Start‐ups in growing industries have lower leverage, but raise more bank debt. Entrepreneurs with large private control benefits contract less but longer term bank loans to lower the default probability.     

Information Asymmetry and Organizational Structure: Evidence from REITs

We test for the differences in information asymmetry across two organizational forms (external and internal) in the REIT industry. We find significant differences with external REITs being significantly more transparent relative to internal REITs, and these differences are reflected in the loan contract terms and loan syndicate structure of loans made to these two types of REITs. We find that the relatively more transparent externally advised REITs are offered more favourable loan contracts in terms of lower loan rates and lower likelihood of collateral requirement. Further, loans to external REITs have syndicates that are larger in size and the lead lender retains a smaller portion of the loan, reflecting lower information asymmetry.     

On the Capital Structure of Real Estate Investment Trusts (REITs)

Much of the literature on capital structure excludes Real Estate Investment Trusts (REITs) due mainly to the unique regulatory environment of these firms. As such, the issue of how REITs choose among different financing options when they raise external capital is largely unexplored. In this paper, we explore two issues on the capital structure of REITs: is there a relationship between market-to-book and leverage ratios, and, is the relationship between market-to-book and leverage ratio temporary or persistent. Our results suggest that REITs with historically high market-to-book ratio tend to have persistently high leverage ratio. In essence, REITs with high growth opportunity and high market valuation raise funds through debt issues. This finding, which is robust to various specifications and econometric tests, is contrary to the financing decisions of non-regulated firms. We attribute it to the special regulatory environment of REITs where, despite no apparent benefits to debt financing, management issues debt. Comments from Robert Edelstein and others at the Maastricht–Cambridge 2005 Symposium, and an anonymous referee are gratefully acknowledged. Any remaining errors are our own.     

国际商业银行组织结构研究:基于信息技术的视角

信息技术正以前所未有的速度和力度改变着国际银行业.本文主要探讨的是信息技术对商业银行组织结构所产生的深远影响.本文首先阐述了有关组织结构的信息处理观及组织结构的演进轨迹,接下来在分析信息技术对商业银行组织结构设计提出的新要求的基础上,提出了商业银行可选择的两种新型组织结构模式.     

银信理财合作业务新规带来的挑战

银信理财合作业务新规的主要特点早在2009年12月24日,中国银监会便下发《中国银监会关于进一步规范银信合作有关事项的通知》一文。该文件对既有的信贷类银信合作的合作架构带来重大影     

中国经济周期波动新特征:一个流动性的解释

2000年至今,中国绛济进入新一轮上升经济周期,本轮经济周期经历了8年持续上涨,呈现出上升持续时间长、周期跨度大、波动幅度小的特点,是前所未有的.本文从流动性视角分析本轮上升周期的因素特征.经检验,流动性是本轮上升周期的突出因素,货币不仅是"非中性"的,而且具有自我调节的"内生性",在2008年从紧的货币政策实施后,本轮经济上升周期将可能终结,经济增速放缓,但降幅不大.     

西方商业银行组织架构主流模式研究

组织架构是商业银行核心竞争力的主要构成因素之一。20世纪80年代以来,西方主要商业银行的组织架构发生了很大的变化,以客户为中心、以效益为目标、前中后台明确划分与制约、垂直型和专业化的组织架构逐渐成为主流模式。组织架构的这种转变又具体体现在商业银行的市场营销体系、风险管理体系、财务管理体系、人力资源管理体系和区域管理体系等方面。我国加入WTO以后,中外商业银行的竞争更趋激烈,因此研究西方商业银行组织架构主流模式的内涵,对我国商业银行的改革具有重大和现实的借鉴意义。     

“流程银行”的战略认知与组织模式研究

流程银行是当前国际先进银行普遍采用的经营管理模式,本文对流程银行的战略内涵进行了分析,并探讨了相应的组织模式。     

城商行微小金融组织架构模式探析——以包商银行为例

2012年7月上旬,包商银行部分专家委员会成员与该行战略部部分工作人员组成调研组,对区内几家分行进行了调研,调研重点之一,即跨区域前后微小金融组织管控模式的变化,调研团队收获了不少有价值的发现和结论。