信贷资产证券化研究

资产证券化作为一种金融创新工具,是当今国际资本市场上发展最快、最具活力的金融产品。本文论叙了资产证券化的基本内涵和运作过程,以及在我国推行资产证券化的重要意义,分析了我国实施资产证券化的难点,提出了政策建议,以此推动我国资产证券化的稳步实施。     

信贷资产证券化研究

资产证券化作为一种金融刨新工具，是当今国际资本市场上发展最快、最具活力的金融产品。本文论叙了资产证券化的基本内涵和运作过程，以及在我国推行资产证券化的重要意叉，分析了我国实施资产证券化的难点，提出了政策建议，以此推动我国资产证券化的稳步实施。     

企业融资的新渠道——资产证券化

资产证券化是当今国际资本市场发展最快、最具活力的金融衍生产品。引进证券化这一技术对于降低资产风险、扩大有效需求、拓宽企业融资渠道,都具有十分重要的意义。文章从美国资产证券化理论入手,提出在我国资产证券化过程中存在的问题及政策建议,以此推动我国资产证券化的稳步实施。     

商业银行不良资产证券化之浅析

资产证券化已成为国际资本市场最具魅力和吸引力Ζ的一项金融创新.对我国商业银行而言,控制不良资产特别是不良贷款的压力不断增加,不良资产证券化已成为我国商业银行在市场经济条件下主动批量低成本处置不良资产的重要方式.面对我国不良资产证券化的运作障碍,推进商业银行不良资产证券化这项金融创新业务有待日益完善.     

基准利率、国债市场与资产证券化发展分析

资产证券化具有独特的金融特性,其发展受到基础资本市场特别是债券市场的束缚,本文从资产证券化的定价条件探讨其金融特性,并据此对我国现阶段资产证券化发展的外部环境进行探讨.     

资产证券化风险分析

资产证券化目前已成为国际资本市场广为流行的融资方式,资产证券化对于完善我国资本市场具有重要的作用,但同时,资产证券化也存在着许多风险,尤其对我国而言,由于缺乏相关的法律法规、市场环境及中介机构,资产证券化的运行会蕴涵着更大的风险。因此必须充分认识这些风险,并采取相应的措施,才能充分降低我国资产证券化的运行风险,促使我国资产证券化顺利进行。     

资产证券化与住房抵押证券市场的建立

资产证券化是80年代国际上一项重要的金融创新，对于推动我国金融业的发展及加快我国现代化的进程，有着重要的意义，本文介绍了资产证券化的一种住房抵押贷证券化。它的出现，有利于化解银行住房抵押贷款的风险，促进资本市场的发展，满足了更多消费者对于买房的需求，同时也大大推进了住房金融制度的改革。因此，应该参照国际经验，结合我国国情，建立住房抵押的二级市场。     

国有企业资产证券化中的问题与对策

资产证券化是20世纪70年代以来国际金融领域重要的金融创新之一。它将企业的信贷资产转换为具有交易特征的有价证券,进而连接资本市场和银行体系,丰富了资本市场的金融产品,提高了银行资产的流动效率,同时还提高了企业资产负债管理和风险控制管理的能力,进而有效地促进银行体系和资本市场的协调发展,对企业的资金流转和企业的长期发展具有重要的现实意义。在我国国有企业引入资产证券化的过程中,还存在一系列的问题,影响了国有企业在资本市场上的发展。因此,本文将着重论述国有资产证券化中的问题,进而提出了相关的应对策略,以期为国有企业资产的证券化发展提供借鉴。     

青海省资产证券化发展研究

资产证券化在我国当前金融机构资金匮乏的情况下作为一种可用的新型金融产品,极大地丰富资本市场的投资种类,提升了我国大量欠流动性但又存在未来现金流的资产收益。本文在我国2012年重启资产证券化并在全国推广后,阐述资产证券化对于青海经济发展的影响状况,并找出存在的问题,从资产证券化机制本身的构造方面、地方金融机构自身的发展方面以及如何更好地服务于基础设施以及普惠金融等方面提出建议。     

资产证券化风险隔离机制的法律探讨

资产证券化以其融资结构的创新和资本利用率高的特点,成为各国资本市场上极具活力的金融产品。我国的资本环境也适时引入了资产证券化,并已进行了资产证券化方面的尝试。而风险隔离机制是资产证券化构建过程中的一个关键环节。本文从我国现有法律制度环境出发,探讨资产证券化以及风险隔离机制的有关问题,主要从SPV的独立、SPV的设立方式以及资产转移方式等方面,进一步探讨如何完善风险隔离机制。     

财务管理专业学生证券投资技能的培养

随着我国资本市场的迅速发展,证券投资无论是对企业还是对个人而言,都具有十分重要的意义。特别是财务管理专业的学生,尤其需要掌握此项技能。为了更好地培养财务管理专业学生的此项技能,从教学内容、教学方法、教学手段以及教学的软硬件建设等方面提出了改进设想。     

The impact of soft intervention on the Chinese financial futures market

During the 2015 financial crisis in China, participants faced the criticism that manipulators and shorts had destabilized the market. As a result, the Chinese Securities Regulatory Commission intervened sequentially in the spot market and then in the futures market. Trading volume dropped precipitously. Using the cost-of-carry model, we find that these actions significantly impacted equilibrium pricing. Following intervention in the spot market, mispricing was attenuated but remained significant after further intervention in the futures market. We use the Hong Kong market and a difference-in-differences statistic to address the role of the China Securities Regulatory Commission soft intervention versus intervention by hard rules.     

GAO to SEC:Improve Your Controls

<正>The Government Accountability Office has asserted that the Securities and Exchange Commission did not main- tain effective internal control over financial reporting as of the end of its September 2005 fiscal year. The congressional watchdog agency cited continued ma- terial internal-control weaknesses in the areas of prepar- ing financial statements and related disclosures, record- ing and reporting disgorgements and penalties,and information security.The GAO added that it would rec- ommend corrective actions in a separate report.     

Financial advisor titles: Informational complexity and the role of regulatory simplification

Today's complex financial markets require high levels of financial literacy that most consumers do not possess. Consumers may choose to mitigate their information disadvantage by hiring a financial professional. In searching for such a professional, however, consumers will find a multitude of financial advising titles that may or may not signal competence, education, and professionalism. Various regulatory bodies, and piecemeal regulation over the past 80 years, have resulted in an incoherent code of law. Two narrow protections for senior citizens specifically address financial credentials, however. These model regulations were drafted by the National Association of Insurance Commissioners (NAIC) and the North American Securities Administrators Association (NASAA) in 2008. This commentary explores why some states have adopted these regulations while others have not and notes the need for research to systematically evaluate the effectiveness of such regulations.     

资产证券化的会计确认难题及其解决方法

资产证券化凭其独特的构思和精妙的结构既使发起人获得所需资金同时又有效地分散了资产支持证券的风险 ,因此成为国际金融市场上的宠儿。但是伴随资产证券化的广泛应用 ,出现了资产证券化的会计确认难题———销售抑或融资 ,这是发起人 (融资方 )的内在动力、金融创新技术发展、外在制度以及传统方法的缺陷共同作用的结果。解决资产证券化的会计确认难题的关键在于设置金融工具的终止确认标准。会计界制定了金融合成分析法来解决资产证券化的会计确认难题。     

世界证券监管法制与中国的模式分析

证券市场是最富魅力的经济领域之一,但在快速发展的同时,也存在着较大的风险,一旦风险得不到有效地控制,很容易引起连锁反应,从而引发全局性的、系统性的金融危机,并殃及整个经济生活,甚至导致经济秩序混乱与政治危机。因此,如何加强监管、控制风险具有重要的理论和现实意义。     

Adherence of Retirement Mutual Fund Providers to the Securities and Exchange Commission (SEC)’s Advertising Guidance: Provision and Readability of Advertising Disclosure

This research provides an initial investigation of whether US retirement mutual fund providers complied with the Investment Company Advertising Rules (2003) adopted by the Securities and Exchange Commission (SEC). A content analysis was used to examine advertising disclosures presented in 953 retirement mutual fund magazine advertisements from 2004 to 2010 based on SEC’s advertising guidance. The results suggest that during the given period, retirement mutual fund providers generally presented mandatory and triggered advertising disclosures, but paid less attention to the readability of advertising disclosures. Implications for regulators, consumer groups, and financial services marketers are discussed in light of financial literacy and consumer welfare.     

资产证券化和我国中小企业融资渠道的创新

我国中小企业融资所面临的困境严重地制约着其发展,作为直接融资方式的资产证券化为其融资提供了一条新渠道。由此探讨中小企业融资面临的问题,资产证券化所带来的利益及必要性,中小企业资产证券化的难点,提出了要从制度体系、市场体系、信用体系三大体系的建立与完善来保障其顺利进行,为中小企业的发展注入资金动力,拉动国民经济的进一步良性发展。     

农业产业化的金融支持

农业产业化是我国改造传统农业的必然选择,在农业产业化发展过程中,资金不足是其发展的主要障碍之一,在其主体相对薄弱的情况下,金融支特是必要的。目前的主要工作是构建完善的融资支持体系,重点发展购并服务、产业投资基金、担保体系、证券化融资凡种支持方式。     

Relational foundations of an unequal consumer credit market: Symbiotic ties between banks and payday lenders

Banks have financially supported payday lenders for decades. In this article I qualitatively demonstrate how these financial relationships have reinforced and expanded a bifurcated consumer credit market, and why these relationships matter for consumer access to financial services. I use archival financial documents from publicly traded payday lending companies between 1996 and 2014, available through the Securities and Exchange Commission, to construct the bank-payday lender network and reveal motivations for these financial relationships. I find that bank-payday lender relationships are sustained over many years, and that these relationships are mutually beneficial, enabling payday lender expansion and providing a way for banks to quietly profit from high-interest lending in the face of other regulatory constraints. Further, I show that these relationships have significantly reshaped the consumer credit market over the past two decades. I conclude by considering broader implications of symbiotic institutional relationships in contemporary markets.