证券服务业加入WTO的应对策略

加入WTO，将给我国证券业带来前所未有的机遇和挑战，有助于打破国内证券市场的垄断低效局面。我国应充分利用加入WTO的过渡期，在确定了“渐进式、开放的基本原则的基础上，稳定宏观经济环境，深化金融体制改革，积极培育国内券商的竞争力，并强化监管体系，防范国际金融风险，从而促进我国证券服务业的发展壮大。     

深圳证通"SJY75银企通"系统——电话银行服务的安全选择

FCC电话银行实际上是金融行业电子商务的一种应用,是一种与电话网络PSTN联网并通过电话银行服务系统实现金融信息查询和有关金融交易的服务手段。谈到电子商务,数据的安全性显得非常重要,其实电子商务是完全建立在数据安全性基础之上的,没有数据安全就没有电子商务的发展。由于密码产品在银行的普遍使用,广大用户的保密意识不断提高,不少人对把普通电话作为银行业务服务手段进行数据通信的安全性持怀疑态度,使得目前的电话银行,远不如当年证券市场上的电话委托发展得迅速,也没有人们想象的那样火爆。因此,虽然当前电话银行的用户非常广泛…     

Quantifying private benefits of control from a structural model of block trades

We study the determinants of private benefits of control in negotiated block transactions. We estimate the block pricing model in Burkart, Gromb and Panunzi (2000) explicitly accounting for both block premiums and block discounts in the data. The evidence suggests that the occurrence of a block premium or discount depends on the controlling block holder's ability to fight a potential tender offer for the target's stock. We find evidence of large private benefits of control and of associated deadweight losses, but also of value creation by controlling shareholders. Finally, we provide evidence consistent with Jensen's free cash flow hypothesis.     

Scrutinizing local public service provision

Set in the context of an expansion of scrutiny by local authorities of local service provision, this article explores the key challenges ahead for managers and politicians in this area of local governance. Drawing on an evaluation of the development of health scrutiny, it outlines the different types of activities health scrutiny committees are engaging in to fulfil their legislative commitments and suggests lessons for the expansion of external scrutiny.     

MFC将进入中国--访MFC银行中国和亚洲事务负责人周耀辉

记者:周耀辉爵士,你好!上次我曾就澳大利亚的澳亚铁路建设事宜采访过你.很高兴再次就MFC银行事务采访你.首先请你介绍一下MFC银行的基本情况.     

The benefits of geographical and product expansion in the financial service industry

Residual analysis techniques are used to evaluate acquiring firm shareholder perceptions of the benefits of product expansion by nonbanking firms into the banking industry and of the relaxation of restrictions on interstate banking. The results are consistent with other merger studies that fail to find significant returns to shareholders of acquiring firms and suggest either that such benefits do not exist or they are distributed to the shareholders of the acquired firm.Finance Department, University of KentuckySchool of Business, University of North Carolina at Chapel Hill     

On the compensation implications of commercial bank entry into investment banking

We provide evidence regarding the extent to which commercial banking organizations that have entered investment banking have adopted pay-performance compensation systems that are like those used by investment banks. We find that pay-performance sensitivities for these banks once they begin securities underwriting are very similar to the sensitivities for commercial banks that have chosen not to enter investment banking. We also find that pay-performance sensitivities for both types of commercial banks are less than for investment banks.     

直面入世挑战打造精品期刊

信息化浪潮正在席卷全球。“以信息化带动工业化”已成为我国一项基本国策，金融信息化更是国家经济信息化的核心和开路先锋。２０多年来，我国金融科技事业取得了举世瞩目的成就———金融电子化的目标已基本实现，为中国信息化建设的全面展开提供了宝贵的经验。目前，各金融机构纷纷整合其全国统一的网络架构和数据仓库、统一的硬件平台和软件平台，为我国深化金融体制改革奠定了基石。作为中国金融界共同创办和培育的金融IT媒体，２００１年，本刊重点报道了中国金融信息化建设的经验：关注我国“十五”金融信息化的规划和实施，探讨银…     

论加入WTO后银行科技创新

根据中美、中欧签署的中国加入世界贸易组织的协议,中国承诺在五年内使美国银行获得充分的市场准入.在准入后两年,外国银行将可以与中国企业进行人民币业务往来.在准入后五年,外国银行将可以与中国居民进行人民币业务往来.在五年内,地理限制和顾客限制都将撤销,给予外资银行国民待遇,中国将全面开放人民币业务.更加激烈的竞争已经快步走来.     

制度创新:国有银行“入世”的战略选择

加入WTO是对中国金融体制改革的强行推进，使我国国有商业银行面临更为严峻的竞争形势。归根到底，我国国有商业银行缺乏整体竞争力的根源在于体制改革滞后。为此，加速制度创新应成为过渡期内国有银行的重要制度安排。过渡期内我国国有银行制度变革的基本思路是：从“单一产权”变为“多元产权”，从“一级法人”变为“多级法人”，从“行政式管理”变为“公司式治理”。     

International portfolio diversification benefits: Cross-country evidence from a local perspective

We investigate how the benefits of international portfolio diversification differ across countries from the perspective of a local investor. We find that the benefits of investing abroad are largest for investors in developing countries, including when controlling for currency effects. Most of the benefits are obtained from investing outside the region of the home country. These global diversification benefits remain large when controlling for short-sales constraints in developing stock markets. The gains from international portfolio diversification appear to be largest for countries with high country risk. In addition to this cross-sectional evidence, we also provide evidence that diversification benefits vary over time as country risk changes. We find that diversification benefits have decreased for most countries in our sample over the past two decades.     

“入世”后中国银行业面临的挑战与对策

中国加入ＷＴＯ后，国有商业银行产权结构、市场结构、内部机制和市场份额将受到严峻挑战，我国应充分利用加入ＷＴＯ的过渡期，深化金融体制改革，创新商业银行制度提高金融运行效率，提高金融体系整体竞争力，维护金融安全。     

Quantifying the Risk of Deflation

We propose formal and quantitative measures of the risk that future inflation will be excessively high or low relative to the range preferred by a private sector agent. Unlike alternative measures of risk, our measures are designed to make explicit the dependence of risk measures on the private sector agent's preferences with respect to inflation. We illustrate our methodology by estimating the risks of deflation for the United States, Germany, and Japan for horizons of up to 2 years. The question of how large these risks are has been subject to considerable public debate. We find that, as of September 2002 when this question first arose, there was no evidence of substantial deflation risks for the United States and for Germany, contrary to some conjectures at the time. In contrast, there was evidence of substantial deflation risks in Japan.     

A work role perspective of accountants in local government service departments

In most of the largest U.K. local authorities the financial control function is highly centralised with no qualified accountant or controller located in each spending department. There now may be the beginnings of a trend towards employing accountants within service departments. The paper analyses how this new segment of public sector accounting appears to be becoming established, how the role of these accountants is being developed and the contrasting occupational values of accountants in service departments and those in the finance department. It is also shown how the existence of a strong accounting profession in local government can lead to different aspects of both the financial control structure and process in comparison with central government such that research results on the latter may not automatically hold at local level.     

加入WTO对我国注册会计师行业发展的影响及其对策

中国加入WTO后,将与世界贸易组织其他成员国展开"开放、公平和无扭曲的竞争",这种竞争是全面、整体而激烈的.会计市场作为服务贸易市场的一个组成部分,也会在专业人才、审计技术和审计经验等方面面临严峻的挑战.为了更好地迎接挑战,本文拟对加入WTO对我国注册会计师行业发展的影响进行分析并提出相应的对策措施.     

U.S. banking regulations and foreign banks' entry into the United States

This study provides a review of foreign banking activities in the U.S. over the past decade. Foreign banking entry into the United States has occurred through representative offices, branches, agencies, subsidiary banks, Edge Act offices, and investment companies. The total assets of foreign offices, branches, and subsidiaries in the U.S. increased 310 percent, while total assets of domestically owned commercial banks increased 99 percent. Foreign interests are not currently dominating U.S. banking activities. The shares of balance sheet accounts for foreign entrants are growing more rapidly than domestic institutions in six states, but not in New York and California. To eliminate any disadvantages U.S. institutions may face in competing with foreign banks, American state and federal banking laws need to be liberalized.     

从入世看我国金融信息化攻关建设

我国加入WTO在一片掌声中划上了圆满的句号,逐步开放的金融业将面临着强有力的竞争.国家"十五"科技攻关重大项目"金融信息化"经过科技部及中国人民银行组织的专家评审委员会的可行性论证,将很快进入启动阶段.金融信息化作为国家创新体系的重要组成部分,不仅为未来5年我国金融信息化建设勾勒出发展蓝图,更重要的是,它的发展关系到我国金融业在5年内能否打好基础,真正提高我国金融业竞争能力.金融信息化将带动我国金融业的发展,并全面塑造新世纪的新金融.     

Computer integration into the accounting curriculum: Learning benefits,problems, and guidelines

The successes and difficulties reported by accounting educators are used to identify learning benefits and problems associated with computer integration. Many of the learning benefits posited for computer use relate to characteristics inherent in computers. On the other hand, many of the problems created by computer integration generally result from assignments that do not facilitate the learning of accounting. The authors present three guidelines for computer use which rely on learning theory instead of the capabilities of the computer.     

Quantifying the employment effects of micro-electronics

The paper attempts to quantify some of the compensatory effects on employment which may offset the direct displacement effects of faster technological change. It is argued that technological change will not necessarily increase unemployment levels. There are a number of compensating effects which may reduce and even outweigh any initial displacement effects. The study uses simulation techniques with a detailed model of the UK economy. One conclusion is that, even if the UK does not innovate as fast as its major competitors, a more rapid rate of diffusion of new technology may result in higher employment than would otherwise be the case.