正确处理稽核监管与业务部门监管的关系

正确处理稽核监管与业务部门监管的关系颜守臻强化金融监管，维护金融体系安全、有效地运行是人民银行的主要职能。人民银行的金融监管可分两个层次，第一层次为人民银行业务部门在日常业务活动中的监管。如金管部门的金融机构管理，对金融机构的年检：计划部门的利率管理...     

信息科技风险管理贵在意识先行

随着银行业信息技术应用水平的不断提高,信息技术与业务的关系越来越密切,信息科技对银行业的生存和发展所起的作用更是举足轻重。因此信息科技风险管理就日益受到重视。为做好相关工作,我国银行业金融机构管理层增强以下几方面的意识很有必要。     

人民银行、商业银行及金融机构解决计算机2000年问题进展情况

1998年7月3日由中国人民银行尚福林副行长主持召开了金融信息化领导小组第四次会议,人民银行总行各司局、商业银行及金融机构科技部门的负责人参加了会议。会上,各商业银行及金融机构就解决计算机2000年问题作了汇报。一、中国工商银行工商银行认为,解决计算机2000年问题时间紧、任务重。有些计算机硬件是业务部门自行购买的,一部分业务系统是业务部门自行组织开发的,在解决计算机2000年问题上存在着一定的困难。     

如何撰写高质量的业务需求说明书

在日常工作中,银行业务部门经常提出不同的业务需求,有新产品研发需求,有对现有系统功能改进需求,有提取数据需求,有反映生产问题需求。这些需求提交给科技部门在信息系统中实现,科技部门经常说业务部门提交的业务需求涵义表达不清、内容描述不完整等,科技人员难以按照业务部门要求实现。业务需求说明成为业务与科技经常扯皮、推诿、口舌之争之标靶,影响了软件项目研发进度和质量。     

金融科技影响金融市场的路径、方式及应对策略

随着人工智能、大数据、云计算、区块链等新兴信息技术在金融领域的广泛应用,金融科技对金融机构、金融业务乃至金融市场都产生了持续深远的影响。本文从金融科技降低信息不对称带来的风险溢价、新兴主体与传统金融机构融合与竞争等五个方面探讨了金融科技影响金融市场的路径和方式,并据此提出了研究推动金融科技公司等新兴主体的准入和日常监管、促进传统金融机构与新兴主体间的合作竞争等对策建议。     

金融机构信息科技风险管理中的问题及建议

一、信息科技风险管理中存在的问题(一)没有专业化的信息风险管理队伍和组织。目前大多数金融机构的信息技术部门既参与技术     

金融数据安全保护实践及思考

<正>对于银行等金融机构而言,个人金融信息保护工作任务艰巨,责任重大。民生银行将在实践中不断探索,以安全合规底线为要求,以技术工具为保障手段,不断加强业务部门、科技部门、内控部门、风险管理部门、审计部门的跨部门、跨条线协作,持续完善数据安全保护机制,构建适应新形势、新战略、新架构的数据安全防护体系,不断提升全行金融数据安全和个人金融信息保护水平。     

安全保卫部门应积极参与金融机构反洗钱工作

我国于2007年公布了《反洗钱法》,反洗钱纳入了法律轨道,使金融机构的反洗钱工作有了法律依据。通过立法确定金融机构的反洗钱职责。反洗钱涉及金融机构的多个部门,需要各个业务部门相互配合、密切协作才能够更有效地把反洗钱的工作完成得更好,金融机构才能够更发好地履行法律赋予我们的职责。笔者就金融机构的保卫部门如何履行职责协助各部门打击反洗钱的犯罪行为谈些粗浅的认识。     

简讯

李东荣指出,下一步人民银行科技部门应进一步扎实做好科技基础工作,主动加强与工信部、业务部门的协调和配合,加快制定金融业“十二五”信息化发展规划,加大金融标准化工作力度和加强干部队伍建设。     

对人民银行绩效考核机制下科技创新的思考

根据人民银行绩效考核机制,科技部门在基础服务方面很难拉开彼此的距离,科技创新作为加分项目成为各行争先创优的关键因素。科技部门依靠自身技术优势,积极与业务部门联系,开展金融服务需求调研,组织项目计划实施,开发了一大批有利于金融业务发展的新软件,极大地提高了业务部门的工作效率。以巢湖中心支行为例,开发的“行政许可系统”在全省推广应用,有效地提高了人民银行行政许可能力;“支付结算报表系统”被总行应用并在全省推广;“文明创建台账系统”使苏皖两省电子化建设水平进一步提高。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.