Transparency in the interbank market and the volume of bank intermediated loans

In the present paper we study the equilibrium interaction through which the interbank market is related to the public lending and borrowing market. It turns out that this interaction is affected by the transparency in the interbank market. Interbank market transparency is modeled by means of more informative signals about future interbank rates. We find that more transparency might increase or decrease the volume of bank intermediated loans in the public market. In particular, the impact of more transparency on the volume of loans depends on the curvature of the marginal cost function of the banking firm. Furthermore, we find that expected profits of the bank are higher when the interbank market is more transparent.     

我国商业银行不良贷款现状及治理对策

目前我国银行业存在着巨大不良贷款,不良贷款的处理,关系到我国银行业改革和我国的金融安全,本文对我国商业银行不良贷款的现状及其成因进行了分析,提出了减少不良贷款的对策。     

Influence of real estate prices on domestic bank loans in Southeast Asia

This study examines whether and how fluctuations in real estate prices affected bank lending in Malaysia, Singapore, and Thailand before and after the 1997–98 Asian financial crisis. Since the crisis, it has been claimed that the rise and fall in the price of real estate, which is used as collateral, affected bank lending and the macroeconomy in these Southeast Asian countries. The study implements a dynamic model of bank lending and employs a test using the panel data of domestic bank balance sheets in order to estimate the influence of real estate prices on new bank lending in the three countries. The study also examines the conditions surrounding the role of real estate as collateral for bank loans in the countries. The regression results suggest that fluctuations in real estate prices can influence domestic bank lending and did so, especially after the crisis in Singapore and Thailand, and that domestic bank lending behaviour in these countries changed after the crisis.     

外资银行进入对我国信贷市场的影响分析

加入世贸后,外资银行迅速进入我国,已逐步成为一股不可忽视的经济力量。随着我国金融市场的全面开放和金融体制改革的不断深入,以及运营环境的改善,外资银行必将有更大的发展。本文围绕外资银行进入这个中心问题,通过建立模型和数据检验,分析得出外资银行对我国私人信贷的总体影响。     

Short-term loans and Firms' high-quality innovation: Evidence from the access to patent-backed loans in China

When obtaining short-term loans, an innovative firm tends to expand its production scale, thereby reallocating its R&D-related resources away from innovation. By exploiting the unique situation in China that patenting firms for the first time obtained short-term patent-backed loans (PBLs), we find that the PBL access negatively influences firms' propensities of producing high-quality innovation. Consistent with the R&D resource reallocation hypothesis, we find that this negative effect exists only among firms initially having invention patents; it is more pronounced when the PBL covers a larger portion of firm investment and when these firms expand more aggressively. We confirm the scale expansion effect by finding that the PBL access positively influences firms' subsequent size.     

国内券商投资银行创新业务和一级市场发行业务现状分析

国内券商投资银行创新业务分析 经过8年发展,我国证券市场已经达到相当规模,到目前沪深两市上市公司总数达到1000多家.证券市场已经成为企业筹措资金的重要渠道. (一)新股发行业务创新分析 1．新股发行突破了发行人的所有制限制.目前,不论国有企业、集体企业、民营企业和其他所有制企业,只要管理规范、业绩优良,发展前景良好,都可以发行股票进入证券市场;同时,目前发行体制突破了自然人不能作为股份公司发起人的要求,发行人的发起人不完全是企业法人,自然人也可以作为股份有限公司发起人.……     

Foreign bank lending and information asymmetries in China: Empirical evidence from the syndicated loan market

This paper considers whether information asymmetries affect the willingness of foreign banks to participate in syndicated loans to corporate borrowers in China. We analyze how ownership concentration, which influences information asymmetries in the relationship between the borrower and the lender, exerts an impact on the participation of foreign banks in syndicated loans granted to Chinese borrowers in the period 2004–2009. We observe that greater ownership concentration of the borrowing firm does not positively influence participation of foreign banks in the loan syndicate. We conclude that information asymmetries are not exacerbated for foreign banks relative to local banks in China.     

An analysis of changes in bank market structure

Conclusion Several conclusions may be derived from this study. First, there is a great deal of randomness in the determination of market structure. Thus, regulatory authorities also need to look to performance variables directly, as well as structural variables. Second, merger policy at present seems to be effective; at least, mergers do not lead to increases in concentration. Third, the results with respect to the holding company and branching variables suggest that statewide banking in the short run leads to increased concentration in local markets. These results may, however, be only true in the short run. Long run effects may strengthen the short run effects or may work in the opposite direction. Further research should be devoted to the long run determinants of market structure. The opinions in this paper are the authors' and do not necessarily reflect the opinions of the Board or its staff. Financial support from the Center for Public Policy Research of the University of Florida is gratefully acknowledged.     

市场营销的虚拟化策略与实施

本文对近几年我国通货紧缩的经济背景下的货币供给特征进行了综述 ,指出在我国货币当局使用多种货币政策工具进行宏观货币调控的过程中 ,扩大使用公开市场业务操作 ,对于达到我国物价稳定的货币政策目标所起到的关键性作用及其优势。最后还论述了公开市场业务发展的前景。     

多边框架下的中国制造业本土市场效应测算

基于双边贸易模型对本土市场效应的测算,忽略了“第三国效应”,导致实证结果难以精确的反映国际贸易的实际状况.本文在Behrens多国模型的基础上,加入了时间变量,构建了动态多边模型.利用1980-2003年CEPII-BACI数据库中ISIC-3数据和世界银行的“Trade and Production database”,采用广义最小二乘法(FGLS)和广义矩估计法(GMM),对中国制造业的行业需求份额和出口份额之间的关系进行了检验,测算了制造业整体及分行业的本土市场效应.研究结果表明:在多边框架中内需的作用被削弱,整体制造业出口存在弱本土市场效应;但是劳动密集型行业的本土市场效应得到强化.     

Trade policy impacts under alternative land market regimes in rural China

In this paper we apply a simulation model of a village economy in Guizhou province, China, to assess impacts of trade reform at the household and the village level under alternative land market regimes. Putting special emphasis on the modeling of household migration a trade reform scenario is simulated with and without the existence of a land rental market in the village.Significant impacts of the land market on the policy outcome regarding household production, income and welfare are found. The possibility to trade land within the village leads to increasing specialization into agriculture and migration among the households as a response to the policy shock. In a situation with a land market, incomes of households which expand agricultural production are less negatively affected by trade reform than incomes of households which migration more.At the village level, a land market does not influence the poverty outcome of the reform but reduces its inequality enhancing impact. Village migration and exports of agricultural outputs increase.     

论近代中国中央银行的形成时间、制度类型与功能演进

本文认为作为银行制度，中央银行是指一国金融体系的核心，是银行的银行，与一般说的国家银行有所区别。考察近代中国银行制度孕育与演进过程，中国银行经历了从分立特许制向复合集中制，进而向单一集中制演化，中央银行确立于由分立特许制向复合集中制转变的1939年，而不是公认的1928年，作者还从经济结构特征、意识形态变迁的角度探讨了央行的独立性问题。     

经济全球化条件下我国企业市场营销中的问题及对策

加入WTO是我国加速经济市场化和融入经济全球化的重要标志。在微观经济中,全球化的经济背景使企业的市场营销环境发生了重大而深刻的变化,企业面对着越来越激烈的竞争局面。因此,企业应研究市场变化,看清自身存在的问题,针对问题制定相应的对策,从而顺应新世纪市场营销的发展趋势,迎接挑战。     

博雅教育理念下高等院校教师核心素养发展研究

博雅教育是当今高等教育改革的主要任务之一。博雅教育的目标是培养具备广博的知识与优秀人文素养全面发展的人才,从而为学生终身职业和个人发展奠基基础。博雅教育实施和目标达成对高等院校教师的人格品德、人文素养及专业思想两大核心素养提出了较高的要求,因此,教师必须采取有效策略来发展核心素养。文章对此进行了详细的分析。     

品牌延伸——企业营销策略陷阱

本文论述了中国保险市场发展的现状、问题、市场潜力与近期制约因素。     

中国劳动力市场的变化

日前，中国人民大学劳动人事学院院长曾湘泉教授回顾了2009年至今中国劳动力市场的四起重大事件，在此基础上分析了“中目劳动力市场供求关系”、“低工资时代的结束”、“劳资关系的力量对比”以及“政策的取向”等四个问题。最后给出八项政策建议。     

我国金融衍生品市场发展的研究

近些年来,世界金融和经济沿着国际化的方向飞速发展。文章在介绍我国金融衍生品市场发展现状的前提下,详细地提出了发展中出现的一些问题和具体的相关建议。     

Rise of the gold market in China: liberalisation and market development

The Chinese gold market is rapidly rising to global prominence in the recent decades. The paper reviews the history of the gold market in China and its liberalisation process amid the country’s opening to the outside world. Details of the current market structure and its main business are presented. Global impacts of the rise of the Chinese gold market are discussed.     

市场化和全球化趋势下我国企业社会责任的法律规制

企业社会责任的法律规制是我国经济市场化和全球化条件下无法回避的问题,市场化和全球化对我国企业社会责任的法律规制提出了更高的要求。我们应当积极吸收国际上的新规定,在我们原来立法的基础上,对企业的社会责任进行比较系统的立法,具体应当包括企业遵守商业道德、提供优质产品(服务)、保护劳工权利、节约自然资源、保护生态环境、发展慈善事业、捐助公益事业、保护弱势群体等八个方面的内容。