特事特办助力疫情防控精准施策推动复产复工

金融是实体经济的血脉,在“非常时期”加大金融支持实体经济的力度尤为关键。浙江是本次疫情较为严重的地区之一。面对疫情,外汇局浙江省分局(下称“浙江省分局”)及时构建起省、市、县三级疫情防控跨境金融服务绿色通道,引导全省金融系统及时保障涉外资金需求,确保业务办理无障碍、资金收付无延时、外汇服务无死角,全面支持疫情防控工作。在全省金融系统的共同努力下,截至2月23日,已累计通过绿色通道为辖内企业和个人办理防疫物资进口付汇246笔、金额1.23亿美元,为疫情防控争取了先机。     

坚守一线服务疫情防控

2020年初,新冠肺炎疫情突如其来,湖北武汉是一线重灾区。疫情就是命令,防控就是责任。面对疫情,人民银行武汉分行第一时间成立疫情防控工作领导小组,坚决落实党中央决策部署,按照人民银行党委要求,全面部署,全力组织推动湖北金融系统做好疫情防控工作。全面部署,整合抗击疫情的金融力量1月20日,人民银行武汉分行对湖北省内各金融机构提出要求,在确保基本金融服务和重要基础设施平稳运行的同时,加大员工疫情排查力度,保障员工生命安全。     

众志成城 战胜疫情

为助力打赢新型冠状病毒肺炎疫情防控阻击战,中国人民银行石家庄中心支行立足央行职责,认真做好资金支持、支付清算、国库资金划拨、现金供应、征信查询、外汇服务等疫情防控金融服务工作。新型冠状病毒疫情防控工作启动后,中国农业银行宁晋县支行主要领导第一时间走访了润博达医疗防护用品有限公司,了解公司金融需求。通过洽谈,双方达成了200万元流动资金贷款投放意向,有力支持了企业防护用品生产。     

金融支持疫情防控和经济社会发展座谈会在京召开

3月3日,人民银行会同财政部、银保监会召开金融支持疫情防控和经济社会发展座谈会暨电视电话会,深入贯彻2月23日习近平总书记在统筹推进新冠肺炎疫情防控和经济社会发展工作部署会议上的重要讲话精神,落实2月25日国务院常务会议工作部署,总结了金融支持疫情防控和复工复产的工作情况,提出了下一阶段金融支持疫情防控和经济发展工作要求。会议指出,新冠肺炎疫情发生以来,党中央、国务院高度重视,迅速作出部署,金融系统坚决贯彻落实,在做好自身疫情防控的同时,围绕全国疫情防控工作大局,出台30条金融支持政策措施,支持金融市场如期正常开市,确保金融服务不间断,稳定市场预期。     

抗击疫情金融业在行动

2020年1月,一场新型冠状病毒性肺炎疫情突如其来。党中央、国务院高度重视此次疫情对经济.社会带来的影响,习近平总书记亲自部署、亲自指挥,作出一系列重要指示。抗击疫情需要强有力的金融支持,金融系统积极贯彻党中央、国务院决策部署,主动作为,确保金融服务畅通,支持各地疫情防控。同时,对于此次疫情可能带来的经济社会影响进行了预判,除了强化对受疫情影响群众的金融服务外,还出台一系列政策措施,加大对疫情防控一线企事业单位的金融支持,做好对受困企业的金融服务,维护金融市场的稳定。     

做好疫情防控期跨境清算服务

面对突如其来的新冠肺炎疫情,跨境银行间支付清算有限责任公司(以下简称"跨境清算公司")充分认识疫情防控工作的重要性、紧迫性和严峻性,坚持思想不散、节奏不乱、工作不断,忠实履行人民币跨境支付系统(CIPS系统)在金融支持疫情防控阻击战中的担当和使命,坚持急参与者之所急,及时响应市场需求,坚持疫情防控和有序复工复产两手抓,确保CIPS系统安全、平稳、高效运行,支持了防疫资金顺畅结算及时到位,经受住了特殊时期的特殊考验。     

五部委联合发文要求 进一步强化金融支持疫情防控

2月1日,人民银行、财政部、银保监会、证监会、外汇局等五部门联合印发《关于进一步强化金融支持防控新型冠状病毒感染肺炎疫情的通知》。全文如下。新型冠状病毒感染的肺炎疫情发生以来,党中央、国务院高度重视,习近平总书记作出一系列重要指示。金融系统认真贯彻落实党中央、国务院决策部署,主动作为,确保金融服务畅通,支持各地疫情防控,发挥了积极作用。     

发挥金融监管政策实效,助力疫情防控阻击战

1月26日(大年初二),银保监会即发布了《关于加强银行业保险业金融服务配合做好新型冠状病毒感染的肺炎疫情防控工作的通知》(银保监办发[2020]10号),在金融监管部门中首度提出了对受疫情影响企业和个人施行差异化的信贷政策,灵活调整个人贷款安排、延后还款期限,完善企业续贷安排、不得盲目抽贷的要求。     

华夏一心 共抗疫情——华夏银行信用卡中心多项差异化服务助力疫情防控

2020年伊始,一场新型冠状病毒感染肺炎疫情突如其来。疫情就是命令,防控就是责任。面对疫情传播的严峻形势,华夏银行信用卡中心迅速响应,科学谋划,认真贯彻落实党中央、国务院及总行的各项工作部署,始终将疫情防控和金融保障作为当前首要任务,一手抓好疫情防控,一手抓好经营稳定运行,多措并举,务实作为,加大金融服务支持力度,践行社会责任,为打赢疫情防控阻击战贡献“华夏力量”。     

中国人民银行 财政部 银保监会 证监会 外汇局 关于进一步强化金融支持防控新型冠状病毒感染肺炎疫情的通知银发[2020]29号

新型冠状病毒感染的肺炎疫情发生以来,党中央、国务院高度重视,习近平总书记作出一系列重要指示。金融系统认真贯彻落实党中央、国务院决策部署,主动作为,确保金融服务畅通,支持各地疫情防控,发挥了积极作用。当前,疫情防控正处于关键阶段。为切实贯彻落实中共中央《关于加强党的领导、为打赢疫情防控阻击战提供坚强政治保证的通知》精神和中央应对新型冠状病毒感染肺炎疫情工作领导小组工作部署,进一步强化金融对疫情防控工作的支持,现就有关事宜通知如下.     

重大突发公共卫生事件下的金融市场反应

本文旨在评估金融市场对重大突发公共卫生事件的反应,尤其是上市公司所在地的公共治理能力是否会影响上市公司股票收益率。其中,城市公共治理能力以基于实时数据计算的防疫能力和复工复产能力指标来刻画。主要发现如下:第一,防疫能力会影响投资者情绪,但不会直接影响股票收益率;第二,所在地复工复产能力对股票收益率存在正向影响;第三,机制分析表明,经营基本面更容易受疫情影响的企业,如小企业、成长型企业、所在地数字金融基础设施较差的企业,其股票收益率对当地复工复产能力的反应更敏感。本文结论表明,在全国一盘棋的抗疫努力下,投资者对于战胜疫情有信心,短期内复工复产能力对金融市场更重要。从应对措施来看,短期内可对比较脆弱的企业实施精准果断的帮扶,长期内可考虑加强地区防疫能力建设和数字基础设施建设。     

Trade Credit, Financial Intermediary Development, and Industry Growth

Recent work suggests that financial development is important for economic growth, since financial markets more effectively allocate capital to firms with high value projects. For firms in poorly developed financial markets, implicit borrowing in the form of trade credit may provide an alternative source of funds. We show that industries with higher dependence on trade credit financing exhibit higher rates of growth in countries with weaker financial institutions. Furthermore, consistent with barriers to trade credit access among young firms, we show that most of the effect that we report comes from growth in the size of preexisting firms.     

Do Excess Funds Make Financially Constrained Firms Better Off? Evidence from IPOs in China

Firms in transition economies often suffer financial constraints. In initial public offerings (IPOs), however, many newly listed Chinese firms raise funds in excess of what is originally planned. This paper examines whether these excess IPO funds are wasted on value-destroying spending or enable firms to take growth opportunities. After controlling for the endogeneity issue, we find that Chinese firms with excess IPO funds have better post-IPO operating performance, especially those with limited financing channels. In revealing the mechanism, we find that excess IPO fundraising alleviates financial constraints and reduces the cost of debt.     

Internal financial constraints,external financial constraints,and investment choice: Evidence from a panel of UK firms

This paper uses a panel of 24,184 UK firms over the period 1993–2003 to study the extent to which the sensitivity of investment to cash flow differs at firms facing different degrees of internal and external financial constraints. Our results suggest that when the sample is split on the basis of the level of internal funds available to the firms, the relationship between investment and cash flow is U-shaped. On the other hand, the sensitivity of investment to cash flow tends to increase monotonically with the degree of external financial constraints faced by firms. Combining the internal with the external financial constraints, we find that the dependence of investment on cash flow is strongest for those externally financially constrained firms that have a relatively high level of internal funds.     

Corporate control and shareholder activism in Germany: An empirical analysis of hedge fund strategies

Government-initiated reforms of the German financial system two decades ago shifted corporate control activities from universal banks to capital markets. Hedge funds took advantage of these changes by acquiring stakes in weakly governed firms. For 653 hedge fund interventions between 2000 and 2020, this study analyzes the changes in financial and operating performance and firm characteristics before and after the event. We also assess the probabilities that a firm becomes a target and that an attack creates shareholders value. On average, hedge funds increased returns, with the magnitude depending on the period, level of aggressiveness, institutional ownership, and industry. Crisis and non-crisis results differ, as hedge funds strategies are mostly successful in a rising stock market environment. Typically, hedge funds targeted smaller and more visible firms with higher sales growth, lower leverage, and higher institutional ownership. After the attack, firm profitability and cash holdings decreased, leverage increased, while investments in M&A and capex declined. This research offers new empirical evidence on the success of hedge fund strategies in Germany and on the performance of targeted firms.     

兽医行业财政支持政策存在的问题与政策建议

本文通过对全国215个畜牧大县兽医管理体制改革情况的调查,发现2005年以来,我国在兽医机构改革、工作经费和基础设施建设投入、动物防疫补偿等方面成效显著,但仍然存在一些问题.今后要重点加快乡镇兽医机构改革、加强县乡基础设施建设、健全经费保障机制和完善防疫扑杀补偿政策.     

Trade Credit or Financial Credit? An International Study of the Choice and Its Influences

Trade credit financing has usually been assumed to be an expensive source of funds. Recent studies, however, suggested that it can be available at either low or no cost. Using an international panel of firms, we provide an empirical answer to this matter. We analyze the type of firms and financial environments that are associated with a relatively more intense use of financial credit and, consistent with the mainstream literature, we find that trade credit financing is chosen by firms that have more restricted access to financial credit. These results appear to be stronger for firms located in emerging markets.     

External financing and the role of financial frictions over the business cycle: Measurement and theory

Empirically, there is substantial cross-sectional variation in firms’ use of external funds: roughly 80% of investment by privately held firms is financed externally, compared to 20% for publicly traded firms. In a model consistent with privately held and publicly traded firms’ use of external funds, financial shocks generate only a modest response of output. This exercise casts doubt on the ability of financial shocks to generate significant economic fluctuations and emphasizes the role of non-financial linkages in understanding the importance of financial shocks.     

The impact of the financial system’s structure on firms’ financial constraints

We estimate firms’ cash flow sensitivity of cash to empirically test how the financial system’s structure and level of development influence their financial constraints. For this purpose we merge Almeida et al.’s work, a path-breaking design for evaluating a firm’s financial constraints, with that of Levine, who paved the way for comparative analysis of financial systems around the world. We conjecture that a country’s financial system, both in terms of its structure and its level of development, should influence the cash flow sensitivity of cash of constrained firms but leave unconstrained firms unaffected. We test our hypothesis with a large international sample of 30,000 firm-years from 1989 to 2006. Our findings reveal that both the structure of the financial system and its level of development matter. Bank-based financial systems provide constrained firms with easier access to external financing.     

Ownership structure and financial constraints: Evidence from a structural estimation

This article examines the impact of the divergence between corporate insiders' control rights and cash-flow rights on firms' external finance constraints via generalized method of moments estimation of an investment Euler equation. Using a large sample of U.S. firms during the 1994-2002 period, we find that the shadow value of external funds is significantly higher for companies with a wider insider control-ownership divergence, suggesting that companies whose corporate insiders have larger excess control rights are more financially constrained. The effect of insider excess control rights on external finance constraints is more pronounced for firms with higher degrees of informational opacity and for firms with financial misreporting, and is moderated by institutional ownership. The results show that the agency problems associated with the control-ownership divergence can have a real impact on corporate financial and investment outcomes.