试论我国经常项目均衡管理的基本思路及实现机制

经常项目外汇均衡管理机制的构建是我国实现外汇均衡管理的一个重要组成部分。由于经常项目均衡在国际收支均衡中的基础性作用,在现阶段人民币资本项目尚未完全可兑换情况下,这种机制构造既有迫切性更有挑战性。本文比较系统地探讨了我国经常项目外汇均衡管理思路及实现机制设想,旨在对现行经常项目外汇管理制度扬弃的基础上,以总量风险管理与均衡管理为视角,探索人民币可兑换进程中外汇监管有效性与经营便利性相统一的经常项目外汇均衡管理的机制,以期对我国经常项目外汇管理的体制转型实现我国经常项目乃至我国国际收支的可维持性起到积极促进作用。     

我国居民个人资本项目外汇管理探讨

由于目前我国实行经常项目完全可兑换，资本项目外汇严格管制的外汇管理制度．居民个人境内资本外逃、境外资本非法流入现象较为突出。本文分析了我国居民个人资本项目外汇管理现状和外汇流动趋势．探讨了我国居民个人资本项目外汇管理的难点．并提出了相应的建议。     

资本项目可兑换对我国汇率的影响分析

1996年12月,实现经常项目可兑换后,有序推进资本项目可兑换成为中国外汇管理体制改革的重要内容。目前,我国资本项目已经实现了部分可兑换,但总体上的开放程度和开放范围还处于较低水平。本文在研究资本项目可兑换的现状基础上,实证分析了实现资本项目可兑换对我国汇率的影响。     

资本项目可兑换进程中的挑战及应对

实现人民币可兑换是我国外汇管理体制改革的长远目标。1996年我国已实现人民币经常项目完全可兑换,“十二五”规划明确提出要逐步实现人民币资本项目基本可兑换。本文拟讨论在推进人民币资本项目可兑换进程中会面临哪些挑战,以及如何应对等问题。     

进一步提高认识 加强非贸易外汇管理

一、非贸易外汇管理的重要意义 目前,我国外汇管理体制实行的是坚持经常项目可兑换,资本项目严格管理的政策。在对非贸易经营性用汇实行人民币有条件可兑换的同时,对非贸易非经营性用汇实行购汇人民币限额管理。这与我国经济发展的现状是相适宜的。1997年亚洲金融危机,导致很多     

我国资本项目开放与外汇管理政策调整

实现人民币自由兑换是我国外汇改革的最终目标.目前我国实行经常项目可兑换和资本项目严加管理的半开半闭的管理模式.但随着我国加入WTO,对外经济交往的加深,跨国资本的加速流动,必将推动我国资本项目可兑换进程.     

经常项目外汇管理与推进贸易便利化问题研究

随着外汇管理体制改革的不断深化,经常项目外汇管理已逐步确立了外汇资金流入流出均衡管理的管理理念,实现了从手工操作到网络化信息系统管理、直接管理到间接监管、程序性管理到合规性监管的三大转变。但实际上经常项目可兑换是在保证真实性审核基础上的可兑换,这无疑增加了合     

我国现行外汇管理法规存在的问题及政策建议

一、目前外汇管理存在的主要问题 (一)经常项目方面 我国已实现了经常项目的完全可兑换.对经常项目下的外汇管理,主要是进行真实性的审核,如果是真实的,原则上就应予以供汇,但根据我国目前现行政策法规的规定,有许多情况仍无法进行操作.     

对外汇指定银行代位监管的思考

外汇指定银行代位监管是指国家外汇管理机关通过或借助外汇指定银行对外汇主体交易有效实施外汇审核、临督和管理,外汇捐定银行代替外汇管理机关履行相应的监管职责。外汇指定银行代位监管是我国外汇管理改革不断发展的结果,代位监管的演变过程充分体现了我国外汇管理体制由经常项目和资本项目双项管制到经常项目可兑换体制的变化历程。     

落实外汇管理改革促进涉外经贸发展

改革开放30年来,我国外汇管理领域逐步引入市场机制,外汇局福建省分局结合福建实际,积极转变外汇管理理念,从“宽进严出”的管理转向资金双向流动管理,在维护国际收支平衡、完善经常项目真实性审核、推动资本项目可兑换等方面,采取了一系列举措并取得显著成效,有力地推动了福建省涉外经济发展。特别是充分发挥福建对台区位优势,在促进两岸金融合作和经济交往方面进行了积极尝试。     

推进“风险为本”反洗钱工作的途径探讨

为适应反洗钱工作转型的需要,贯彻落实＂风险为本＂的反洗钱监管要求,本文立足工作实际,从认识层面和操作层面探讨如何推进风险为本的反洗钱工作,有效提升反洗钱监管效能。     

中国内地与香港反洗钱合作问题研究

洗钱问题是世界各国面临的一个严重的金融犯罪问题。中国内地与香港反洗钱合作具有一定的法律基础和现实条件。尽管两地反洗钱合作的成效取决于反洗钱机制的成本和收益,并受到多种因素的影响,但在合力打击洗钱活动中都负有不可推卸的责任。内地与香港应该采取切实有效的相关措施,积极开展多元化、全方位的反洗钱合作,共同维护两地经济金融秩序的正常运行。     

基于数据挖掘技术的人民币反洗钱系统设计

国际反洗钱实践表明,数据挖掘技术在大额和可疑支付交易数据分析中具有广阔的应用前景.探讨数据挖掘技术在大额和可疑交易报告制度中应用的必要性与可行性,全面把握数据挖掘技术的各种主要算法及其在大额和可疑交易数据分析中的应用前景,针对目前我国反洗钱工作的实际,设计一套人民币大额和可疑支付交易数据挖掘系统(CRMB-LSADMS).     

How do political connections cause SOEs and non‐SOEs to make different M&A decisions/performance? Evidence from China

This study examines the impact that political connections have on Mergers and Acquisitions (M&A) performance and the decisions of Chinese listed firms. We find that political connections destroy (create) value in SOEs (non‐SOEs). Our findings show that connected SOEs are more likely to acquire local targets, especially when the local unemployment rate is high and when the firms are controlled by the local government, and they are less likely to conduct vertical mergers. M&A decisions of connected non‐SOEs are less influenced by the government; instead, political connections in non‐SOEs help bidders to integrate vertically and obtain external financing support.     

The decreasing value of non‐SOEs’ political connections during China’s anti‐corruption campaign: evidence and mechanism

In this paper, we find that China’s anti‐corruption campaign since 2012 significantly reduces the value of political connections for non‐state‐owned enterprises (non‐SOEs). We provide evidence showing that the decline of the value of political connections for non‐SOEs is attributed mainly to the decreasing return from political connections, instead of increasing political risk. We further find that the decreasing return of the politically connected firms is driven mainly by the disappearance of the ‘resource effect’ of political connection in facilitating access to bank credit and government subsidies, but not due to the increasing cost of maintaining political connections.     

Does Internal Corporate Governance Complement or Substitute for External Auditing? Evidence from China's Anti‐corruption Campaign

Two competing hypotheses have been developed for the relationship between internal corporate governance and external auditing. One proposes a complementary relationship, while the other suggests it is substitutable. This study takes advantage of China's recent anti‐corruption campaign as a quasi‐natural experiment to explore this relationship. Using a difference‐in‐differences approach, we find that, after the campaign, internal corporate governance improved more in SOEs (state‐owned enterprises) than in non‐SOEs. SOEs were less likely to choose Big 10 auditors after the campaign, while audit firms assigned less experienced auditors to their SOE client firms and charged lower audit fees. These effects were more pronounced in SOEs that exhibited greater improvement in corporate governance. Overall, we find the anti‐corruption campaign improved corporate governance in SOEs but, at the same time, reduced external audit quality, which supports the substitution view. We argue that this result might be driven by the fact that SOEs have limited demand for high‐quality accounting information because the Chinese government maintains strong control over the capital markets.     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.