金融租赁与商业银行业务创新

金融租赁，又称为融资性租赁或全额清偿租赁，是二十世纪六十年代世界金融创新潮流的产物。从1952年在美国成立世界第一家金融租赁公司至今，金融租赁经过了50年的发展历程，取得了快速发展。截至1997年，金融租赁业务额已经达到4280亿美元，首次成为仅次于银行信贷的第二大融资方式。不仅     

华为第三次革命

过去的华为曾是以产品为主导时代的强者,而现在,华为是以市场和客户为导向的时代的新生。     

海南省金融学会第三次代表大会隆重召开

2007年5月25日,海南省金融学会第三次代表大会在人民银行海口中心支行三楼会议大厅隆重召开。来自海南省政府部门、银行业、保险业、证券业、海南大学、社科部门的136位会员代表出席了会议。     

金融海啸拍岸波涛汹涌 国内银行面临严峻挑战

始于2007年的这场金融风暴具有极强的破坏力，在一定程度上已经超越了现有的风险管理技术的范围。它缘起于美国并席卷全球，对我国银行，尤其是刚刚完成改制上市的国内商业银行而言，无疑是一次严峻的挑战。针对目前国内外经济金融形势，本文通过对本次风暴三次浪潮的具体分析和预测，得出中国的实体经济将不可避免地受到全球经济放缓影响的结论，并为国内金融业提出了“审慎筹划、妥善应对、迎接挑战、顺利过关”的应对策略。     

第六次并购浪潮到来

全球金融数据供应商Dealogic近日公布，2005年全球并购总额达到2．9万亿美元．较2004年增长40％，成为自2000年以来并购交易额最高的一年。     

在黑龙江省金融学会第七次代表大会上的讲话

尊敬的各位领导、各位来宾、各位代表:自第六次代表大会召开以来,黑龙江省金融学会团结和依靠广大会员,积极进取,勇于开拓,紧密联系经济金融改革实际,深入开展调查研究,形成了许多切合实际、可操作性强的研究成果,为各级领导决策提供了重要参考,充分发挥了金融学会理论先导和决     

银行的金融租赁战场

银行系金融租赁公司不仅促进了租赁业在我国经济中地位的提高,而且在支持经济发展方面发挥出越来越重要的作用。特别是金融租赁独具的"融资+融物"的优势,能够更有效地控制资金走向,直接服务于实体经济。     

The determinants of yields on financial leasing contracts

This study tests hypotheses about the valuation of leasing contracts. We examine the determinants of the yields of a relatively large, reasonably heterogeneous, and nationally representative sample of financial leases. We find lease yields to be significantly related to treasury bond yields and our proxies for the systematic risk of the leased asset's residual value and the transaction and information costs associated with the lease. There is also some evidence of a relationship between lease yields and the default-risk of the lessee.     

论中国金融租赁业的发展趋势

金融租赁和实物租赁是当代经济生活中两种基本的租赁形式.金融租赁又称为融资租赁或现代租赁,实物租赁又称为经营租赁或传统租赁.相应地,租赁业由金融租赁业和实物租赁业两个分行业构成.本文拟从整个国民经济的角度,在分析金融租赁业的作用、业务模式和中国金融租赁业的现状的基础上探讨中国金融租赁业的发展趋势.     

信息化建设的新思路——解读第三届中国金融信息化发展自由论坛

9月16日下午,第三届中国金融信息化发展自由论坛如期举行,主持人、嘉宾以及台下听众进行了长达3小时的对话交流。本刊记者根据现场录音,打乱了发言者的顺序,将其中一些精彩内容摘要成文,希望更好地与读者分享其中精要,希望与您共同领略——     

Valuation of asset leasing contracts

This paper describes the relation among a variety of asset leasing contracts, including: (1) cancellable operating leases; (2) leases which grant the lesse an option to extend the life of the lease; (3) leases that grant the lessee an option to purchase the leased asset at a fixed price at the maturity date of the lease; (4) leases that grant the lessee the right to purchase the leased asset at its ‘fair market value’ at the maturity date of the lease; (5) leases that grant an option to the lessee to purchase the leased asset at a prespecified price anytime during the life of the lease; (6) leases that require the lessee to purchase the leased asset at a fixed price at the maturity date of the lease; and (7) leases that contain non-cancellation provisions. The paper uses a compound option pricing framework to develop a general model for valuing (or evaluating) each of the types of leasing contracts. Numerical examples are presented to illustrate the effect of the various elements of a leasing contract — including cancellation risk and residual value risk — on equilibrium rental payments.     

The new new financial thing: The origins of financial innovations

The origins of financial innovations have attracted little empirical scrutiny. Using Wall Street Journal articles as an indicator, this paper examines which institutions were the key financial innovators between 1990 and 2002. The evidence suggests that smaller firms account for a disproportionate share of the innovations. Less profitable firms innovate more, though in the years subsequent to the introduction of the innovation, the profitability of the innovators increases significantly. Finally, older, less leveraged firms located in regions with more financial innovations innovate more. While several of the determinants of patenting are similar, small and unprofitable firms do not patent disproportionately.     

Credit risk in the leasing industry

This paper is devoted to the credit risk modeling issues of retail lease portfolios. Using a re-sampling method, I estimate the probability density function of losses and VaR measures in a portfolio of 46,732 leases issued between 1990 and 2000 by a major European financial institution. My results show that physical collaterals play a major role in reducing the credit risk associated with lease portfolios. However, because of insufficient recognition of such collaterals under the new regulatory capital framework (Basel II), significant differences are observed between the estimated capital requirements and those calculated in accordance with the various Basel II approaches.