高校规模扩张中的财务风险与防范

近些年来,我国高校大规模扩招,不断扩展校园、征地、建设新校区,由于资金有限,因此便通过银行借贷,以促进高校资金的运营周转,进而推动院校的快速发展。与此同时,巨额贷款的本金和利息也给予了高校债务一定的压力,财务风险日益凸现,引起了全社会的强烈关注。本文运用分析与综合的研究方法,对高校财务风险内容及表现作简要评述,并对产生原因从内外部因素进行研究,最后提出通过完善高校内部制度、控制资金运营风险、筹资决策风险的可行性选择、严格管理高校投资活动来识别和防范高校财务风险。     

我国高等院校银行贷款的风险及防范研究

为扩大招生规模，集中实施基本建设，不少高校背负着沉重的债务，面临着严峻的财务风险。在国家财政尚无足够的财力支持学校还贷的情况下，如何加强管理．化解风险是教育主管部门、高校、银行三方面共同关心的课题。文章结合我国高等教育的实际，从高校贷款的形成、高校贷款引发的现实风险、高校贷款风险的防范等三方面进行了分析．     

影响我国公办大学运行成本的因素分析

上世纪,我国的许多公办大学都是借银行的高额贷款发展起来,目前的借款大部分到了还贷期,沉重的贷款包袱影响着高校的进一步发展.因此各高校提出了建立节约型校园的口号,并采取了一些措施.该文就是在这个背景下研究了我国公办高校的运行成本及其影响因素,并提出了降低我国公办高校运行成本的措施.     

多元化融资：化解高校财务风险

高校财务风险源于负债，根本原因在于我国高等教育总体投入有限而社会需求不断增长。对于高校而言，负债是一柄“双刃剑”，它既可解决高校发展资金不足的问题，也可能始高校带来巨大的财务风险。要有效化解财务风险，在树立风险意识，加强贷款管理的前提下，走多元化融资之路才是高校正确的选择。     

影响我国公办大学运行成本的因素分析

上世纪，我国的许多公办大学都是借银行的高额贷款发展起来。目前的借款大部分到了还贷期，沉重的贷款包袱影响着高校的进一步发展。因此各高校提出了建立节约型校园的口号，并采取了一些措施。该文就是在这个背景下研究了我国公办高校的运行成本及其影响因素，并提出了降低我国公办高校运行成本的措施。     

高校贷款风险分析及其防范

近年来,随着高等教育改革的逐步深化,“银校合作”的方式在全国迅速得到推广,银行信贷资本大量涌入高等教育领域,促进了高等教育事业的飞速发展和扩张。高校在借助银行贷款扩张过程中,存在着贷款规模与贷款结构不对称、扩张速度与偿还能力不对称等问题,极易形成高校的财务风险和银行信贷风险,高校应注重对贷款风险的分析,并采取积极措施规避风险。     

规避高校财务风险初探

在财务风险越来越大的形势下,如何规避这一风险已成为高校财务管理的重要问题。其规避措施是：合理控制贷款规模;提高会计信息的真实性;强化贷款预算管理体制;完善风险控制制度体系。     

高校财务风险形成的原因与防范

本文分析了＂扩招＂政策、高校会计制度、财务管理和监控体制等因素对财务风险形成的影响,并得出高校应通过提高财务风险防范意识、拓宽经费筹措渠道、建立高校财务风险预警系统、规范债务管理控制并健全内部控制等措施来降低和防范财务风险的结论。     

高校债务风险的分析与评估

从1999年开始,我国高校开始了大规模的扩招和扩建,几年时间我们就迎来了高等教育大众化的时代。然而在高校跨越式发展的同时,高校的各种风险也随之凸显,2007年全国政协的报告称,全国高校贷款总额已达2500亿元左右,从总体上看,高校凭借自身力量基本不可能在规定期限内偿还本金,目前部分高校已存在严重的财务风险,有可能引发社会风险。如何理性地看待高校债务问题、高校债务的风险程度、以及债务风险的评估和应对则是本文的主要研究内容。     

统筹化解西部高校债务风险的思考

随着高等学校进入快速发展期,银行贷款成为高校筹资的重要手段,高校特别是西部高校的贷款资金在改善高校办学条件、满足群众日益增长的高等教育需求等方面发挥了重要作用。但是,巨额的本息支付使西部地区高校面临严峻的财务风险。如何化解西部地区高校债务风险,已成为西部高校可持续发展亟待解决的重大现实课题。对此,本文在探讨债务风险的基础上,提出了化解债务风险的建议和策略。     

Dealing with the bad loans of the Chinese banks

Chinese banks suffer from serious financial fragility manifested by high proportions of nonperforming loans and low capital-adequacy ratios. A key policy introduced recently by the Chinese government to reduce financial risks is the establishment of four asset management companies (AMCs) for dealing with bad loans. Drawing on the experiences of the Resolution Trust Corporation in the United States and bank restructuring in the Central European transition economies, we argue that the original AMC design will not be successful in resolving the existing nonperforming loans, nor will it prevent the creation of new bad loans. We recommend a modification of the current proposal that redefines the relationships between the parent banks and the AMCs by transferring the deposits of problem enterprises along with their nonperforming loans from parent banks to AMCs.     

物流企业开展融资物流业务的运作模式及风险防范研究

融资物流是客户为了获得银行贷款,利用物流企业的物流信息和物流监管,对其处于流通中的商品、存货进行短期信贷的新的融资方式。作为一项新型业务,融资物流给物流企业带来了与以往不同的风险,认识并控制好这些风险是融资物流业务开展成功的关键。文章从融资物流概念的提出着手,分析了融资物流可运作的模式,即仓单质押、运输在途监管、保兑仓、信用证下货权质押和银行贷款等模式,探讨了物流企业开展融资物流业务存在的风险,并提出了相应的对策。     

高校贫困生资助模式创新探析

自我国高校实行扩招和收费制度改革以来,贫困生问题日益突显,成为高校发展过程中的一大难题。现行高校贫困生资助模式以＂奖、贷、助、补、减、勤＂为主,虽可以解决物质之需,但不能解决贫困生的心理和能力等方面的贫困问题。高校要以经济资助为起点,以心理扶持为重点,以能力提升为关键,不断创新贫困生资助模式,从而提高贫困生资助工作的资助效益。     

Financial Statement Quality and Debt Contracting: Evidence from a Survey of Commercial Lenders

We survey commercial bank lenders to better understand how they evaluate and react to variation in financial statement quality and how they view recent changes in accounting standards. A unique aspect of this study is that our respondents focus on medium‐size loans to private companies. In fact, more than 90 percent of the survey respondents primarily make credit decisions on loans between $250 thousand and $50 million. This is in contrast to prior archival research, which focuses primarily on very large loans to public firms or very small loans to private firms. We find that lenders in our sample distinguish among financial statements in terms of quality, including conservatism, primarily on the basis of accrual patterns and restatements. While this general result holds throughout our sample, financial statement quality is substantially more important for lenders making larger loans (over $10 million) as compared to very small loans (under $1 million). In addition, bank lenders are much more likely to respond to low‐quality reporting with collateral and guarantee requirements than with an increase in the interest rate charged. This finding is consistent for lenders making both larger and smaller loans. Finally, despite concerns in the academic literature, bank lenders in our sample actually hold a neutral‐to‐positive view of recent changes in accounting standards. In addition, most do not support current efforts to exempt private companies from some accounting standards.     

Bank dependence and financial constraints on investment: Evidence from the corporate bond market paralysis in Japan

This paper investigates whether firms are able to substitute bank loans for public debt when the latter become less available to firms. To do so, this paper utilizes the 2008 financial crisis and its impact on Japanese markets as a natural experiment. Because the Japanese banking sector remained functional while the corporate bond markets were paralyzed, the data from Japan during this period provide us with an ideal environment to examine this hypothesis. I specifically examined whether firms with large holdings of corporate bonds maturing in FY2008 were financially constrained, by comparing the changes in their capital investment expenditures and borrowing conditions with those of bank-dependent firms. The main empirical results indicate that (1) firms with large holdings of corporate bonds maturing in FY2008 did not reduce investment expenditures; (2) instead, they exhibited higher increments in bank loans; and (3) firms that maintained relatively close bank-firm relationships had greater access to bank loans with low borrowing costs. These findings demonstrate that Japanese firms were able to substitute bank loans for public debt during the crisis and imply that the Japanese banking sector worked efficiently to replace public debt markets during the crisis.     

破坏金融管理秩序罪的立法新发展

今年6月29日全国人大常委会第22次会议通过的《刑法修正案(六)》对破坏金融管理秩序罪做了较大修改,增加规定了“骗用金融机构贷款、票据罪”和“金融机构背信挪用资金、资产罪”,修改完善了“操纵证券、期货交易价格罪”、“违法向关系人发放贷款罪”、“违法发放贷款罪”、“用帐外客户资金非法拆借、发放贷款罪”、“非法出具金融票证罪”和“洗钱罪”,体现了立法者对维护金融管理秩序正常进行的信心和决心。     

Microcredit on a Large Scale: Appraising the Thailand Village Fund

The Thailand village fund (VF) is the second‐largest microcredit scheme in the world. Nearly 80 000 elected local VF committees administer loans that reach 30 percent of all households. The value of VF loans has remained steady since 2006, even without new infusions of government funds, and loans go disproportionately to the poor. Based mainly on a custom‐built survey of over 3000 local VFs conducted in 2010, we evaluate the performance of the VF. As expected, profit rates are hard to model, but our regression analysis shows that loan recovery rates, total lending and the proportion of loans going to the poor are all higher when a VF borrows additional funds from a formal bank and on‐lends to households, as done by one in five VFs. An economic analysis suggests, tentatively, that VF benefits exceed the costs. A financial analysis shows that VFs more than break even, with receipts covering their cash costs. Most VFs are social rather than financial intermediaries; they have little incentive to take risks or to innovate, which explains why VF lending has not kept pace with the growth of the Thai economy.     

中小企业贷款利率偏高的理论解释与经验证据

现有贷款定价理论一般认为商业银行应该对中小企业贷款实行高定价以实现当期收益最大化,却对中小企业后续业务价值缺乏考虑。本文认为后续业务价值可以用期权收益表示,进而利用期权定价方法构建了同时考虑当期收益和期权收益的贷款定价模型,并以广东省某股份制商业银行2011年中小企业贷款数据为基础进行了实证应用与比较。分析结果表明,当前市场条件下商业银行没有综合考虑中小企业贷款后期权风险与价值的合理匹配,商业银行对中小企业短期贷款利率水平偏高,而长期贷款又过度集中于传统行业并有定价偏低迹象。总体而言,商业银行高估了中小企业短期贷款风险制定了较高贷款利率,这可能超过了中小企业融资负担承受能力,并进一步阻碍中小企业发展壮大与商业银行后续业务拓展。     

中国的影子银行会成为另一个次债?

最近几年中国的影子银行或信托融资业务快速发展,反映了利率市场化的实际表现,不过这些业务的潜在风险也引发了对中国经济增长硬着陆的担忧。向公众销售理财产品的信托融资和由金融机构作为中介的委托贷款两种融资方式具有较大的潜在风险。尽管个别违约可能会引发广泛的赎回,但中国的信托融资尚不致形成"资产价格下跌—不断恶化的资产负债表—被迫抛售资产"之间的恶性循环。中国的影子银行也还不会导致系统性金融风险,但完善影子银行业务的监管已经成为一项紧迫的任务。     

Bailout Clauses and the Price of Credit: The Dutch Experience for Housing Corporations

The bulk of capital provided to Dutch housing corporations is explicitly guaranteed by a bailout clause. Using a dataset with loans provided by the largest Dutch public sector bank (BNG Bank), we find substantial evidence that this bailout clause has reduced interest rates by about 72 basis points. The annual benefits of reduced interest costs outweigh the costs of default. We also find that the interest rates for guaranteed loans are insensitive to the financial position of corporations. We therefore surmise that the bank relied on the bailout clause. Finally, the bailout clause for corporations (which guarantees individual loans) and the one for municipalities (which entirely protects municipalities from defaulting) lead to a similar reduction in interest.