Ex ante capital position,changes in the different components of regulatory capital and bank risk

We investigate the impact of changes in capital of European banks on their risk-taking behaviour from 1992 to 2006, a time period covering the Basel I capital requirements. We specifically focus on the initial level and type of regulatory capital banks hold. First, we assume that risk changes depend on banks’ ex ante regulatory capital position. Second, we consider the impact of an increase in each component of regulatory capital on banks’ risk changes. We find that, for highly capitalized, adequately capitalized and strongly undercapitalized banks, an increase in equity or in subordinated debt positively affects risk. Moderately undercapitalized banks tend to invest in less risky assets when their equity ratio increases but not when they improve their capital position by extending hybrid capital or subordinated debt. On the whole, our conclusions support the need to implement more explicit thresholds to classify European banks according to their capital ratios but also to clearly distinguish pure equity from hybrid and subordinated instruments.     

解析外汇储备对中国货币政策的影响

本文从中国外汇储备的现状入手,分析了中国外汇储备迅猛增长的原因,封高外汇储备封中国货币政策影响的机理追行了探讨,从而得出结论：高外汇储备使基础货币的可调控空间减小,弱化了中国货币政策的自主性。     

人民币汇改后中国资本市场改革的成就与问题

解决资本市场与货币市场的不平衡发展是中国实行金融改革的主要动因之一，随着大力发展资本市场的中央文件陆续提出，中国资本市场改革进展顺利，2005年7月人民币汇改后，资本市场也随之进入发展新阶段。过了2006年中国加入WTO承诺——对外开放金融业即将兑现，此前出现的新机遇和新问题亟待我们去分析解决，以积极应对对外开放对我国金融业带来的冲击并把握金融业开放给我们带来的契机。     

The impact of Chinese monetary policy on co-movements between money and capital markets

From 2010 to 2017, with interest rate liberalization and capital market development in China, the impact of monetary policies on China’s financial markets underwent continuous evolution. Using the DCC-GARCH model, this study investigates the transmission process of monetary policies from the money market to capital markets (stock and bond markets). The results show that in the early stage the instability of the money and stock markets and the downturn in the bond market are primarily caused by the block of monetary policy transmission and the paucity of fund sources in the capital markets. Subsequently, the outbreak of the 2013 money shortage and the 2015 stock market crash are also closely related to monetary policies. In the later periods, the money and stock markets maintain a low degree of correlation for a long time, reducing the impact of destabilizing factors on the stock market. By contrast, with the advancement of interest rate reform and the optimization of bond market structure, the bond market is highly relevant to the money market. The central bank regulates the bond market more effectively using both traditional and innovative monetary policy tools.     

人民币汇改后中国资本市场改革的成就与问题

解决资本市场与货币市场的不平衡发展是中国实行金融改革的主要动因之一,随着大力发展资本市场的中央文件陆续提出,中国资本市场改革进展顺利,2005年7月人民币汇改后,资本市场也随之进入发展新阶段.过了2006年中国加入WTO承诺--对外开放金融业即将兑现,此前出现的新机遇和新问题亟待我们去分析解决,以积极应对对外开放对我国金融业带来的冲击并把握金融业开放给我们带来的契机.     

产业结构调整的资本市场约束

近年来,资本市场繁荣,资本市场收益率激增,产业中的微观企业成为了资本市场的主体,希望在资本市场中迅速实现资本增值,为企业自身的产业结构合理发展、优化升级创造资本条件。然而,这种行为致使产业结构调整产生波动,产业内部的合理化受到阻碍,产业之间的优化升级遇到鸿沟。甚至出现了产业结构不合理,产业发展倒退现象。资本市场的快速发展最终对产业结构调整产生了投资约束。     

基于风险视角的商业银行资本结构研究

基于银行风险行为的异质性,以效用最大化为期望目标,通过推导商业银行资本约束曲线和效用曲线,建立资本－风险局部均衡模型,拓展资本监管效应理论分析框架,在资本监管强化背景下,运用该模型进一步分析商业银行的风险行为、经营行为对资本监管约束的差异性反应。建立的资本－风险均衡模型有别于前人的成果,具有较强的包容性和较高的解释能力。     

The dynamic impact of intellectual capital on firm value: evidence from China

We examine the dynamic relationship between intellectual capital (measured by human capital and organizational capital) and firm value of Chinese listed firms. We do causality identification using system GMM and IV estimation, and find no significant relation between human capital and firm value, but organizational capital positively affects firm value with a lag. Our findings are robust to firms with different property rights, of different sizes, or in different industries, with the only exception of capital-intensive firms, in which human capital has a significant influence on firm value. The results imply that the improvement of organizational system plays a more important role in raising the value of a firm in a typical developing country, like China.     

The impact of foreign direct investment on the relative return to skill

Since the early 1980s, China has adopted favourable economic policies to attract FDI in order to facilitate technology development. Since inward FDI induces either sector‐ or factor‐biased technical progress, the impact of FDI on the distribution of income between skilled and unskilled labour is not trivial. This paper introduces vertical product differentiation to analyze the impact of FDI on the return to skill and concludes that, for a labour abundant country, this impact depends on whether the FDI‐induced technology transfer is skill‐ or labour‐biased, regardless of which sector receives FDI. The analysis shows that FDI with relatively labour‐biased technology will decrease the wage gap while FDI with relatively skill‐biased technology will increase the profit margin of the host country’s exports as well as its wage gap. The findings provide policy insights for FDI recipient countries in balancing wage growth between skilled and unskilled workers by managing inward FDI with relatively labour‐biased and skill‐biased technologies. This is particularly important for China given the expected further increase of inward FDI following its imminent membership of the WTO. JEL classification: F23, J31, P33.     

外资银行进入影响研究——基于面板数据和产业组织方法

本文基于我国14家银行1996—2005年的面板数据,对外资银行进入对我国银行业的短期影响进行了研究。实证结果表明,我国银行业对外资银行营业性机构数的增加反应不敏感,经营成本、盈利同外资银行市场份额的增加正相关,我国银行业市场符合结构一行为一绩效范式。本文认为,当前外资银行已经越来越快地融入我国金融体系,为应对外资银行进入的冲击,我国银行业应以金融控股公司模式实现综合经营,同时积极学习借鉴外资银行新的金融产品和管理经验。     

宏观经济政策与资本形成机制的契合--资本市场的宏观经济意义分析

资本形成机制的宏观经济含义体现为实现国民收入的良性循环,这一良性循环不只是消费、积累比例的确定,还体现在形成投资的现实效益,这种效益很大程度上体现为经济结构的优化。宏观经济政策在资本市场的传导,便以现实的资本形成机制的顺畅运行为前提。资本市场作为资本形成的实现机制,其宏观意义体现在其对宏观经济政策的顺畅传导中。     

Analyzing the role of mutual guarantee societies on bank capital requirements for small and medium-sized enterprises

This paper analyzes the impact of the guarantee provided by mutual guarantee societies (MGSs) on the risk premium that banks should charge for small- and medium-sized enterprise (SME) loans under the new Basel Capital Accords (Basel II and III). We also examine whether the foreseeable decrease in the theoretical credit risk premium would be compensated by the cost of the MGS guarantee. To do so, we develop a rating system for SMEs that uses a large sample of Spanish firms over the period from 2005 to 2009. We find that the final effect of the guarantee on the SME risk premium depends on the values taken by the credit variables of the MGS (essentially, the probability of default).     

WTO下外资入股中资银行的准入制度

根据中国入世承诺，2006年银行业将实现全面对外开放，GATS与《全球金融服务贸易协定》、《金融服务贸易承诺谅解》中都确定了关于金融服务贸易市场准入的准则。目前相关金融法规与WTO规则的整合已基本完成，中资银行正朝着引进外资、股改上市的改革方向发展。与股改显著成效并存的是不绝于耳的“贱卖”论，笔者认为，把好准入关，通过国内法律框架确立明晰的外资进入门槛，是防范中资银行股改过程中出现“贱卖”的基本前提，也是均衡中、外双方利益的关键基础：本文从中国银行业的开放进程入手，结合WTO规则与我国国内法规、规章，通过对《境外金融机构投资入股中资金融机构管理办法》、《外国投资者对上市公司战略投资管理办法》的分析来把握我国引进外资入股中资银行的准入制度。     

Influence and inefficiency in the internal capital market

I model inefficient resource allocations in M-form organizations due to influence activities by division managers that skew capital budgets in their favor. Corporate headquarters receives two types of signals about investment opportunities: private signals that can be distorted by managers, and public signals that are undistorted but noisy. Headquarters faces a tradeoff between the cost of attaining an accurate private signal and the value of the information the signal provides. In contrast to existing models of “socialism” in internal capital markets, I show that investment sensitivity to Tobin's Q is higher than first-best in firms where division managers hold equity (a result consistent with evidence presented in Scharfstein, 1998). When managers face high private costs from distorting information (equity holdings), headquarters may commit to investment contracts that place “too little” weight on private signals and “too much” weight on public signals (i.e. Q). This result has implications for managers in the design of capital budgeting processes and incentive compensation systems.     

外资进入对泉州工业企业技术进步的影响分析

本文采用索洛增长速度方程和回归分析方法,分析泉州引进外资对泉州工业企业技术进步的关系。通过分析得出,外资进入提高了泉州工业企业技术,但提升的幅度不大。     

探析《巴塞尔协议Ⅲ》框架下中国银行业的发展

《巴塞尔协议Ⅲ》是美国金融危机后银行监管领域最重要的改革方案之一,其核心内容在于重新制定了资本性指标、流动性指标以及杠杆率指标等方面的监管要求。《巴塞尔协议Ⅲ》必将对我国银行业产生深远影响。我国的银行业在监管不断趋紧的政策环境中,最优的策略就是注重资本质量,向＂轻资本＂模式靠拢,走特色发展的道路。     

Corporate governance,human capital,and productivity: evidence from Chinese non-listed firms

This article analyses the effects of corporate governance (CG) and human capital on productivity by using the 1999–2006 data from the National Bureau of Statistics of China (NBSC). The findings of this study are twofold. First, CG and human capital generate significant positive effects on the productivity of both state-owned enterprises (SOEs) and non-SOEs. Second, CG has significantly different moderate and mediate effects on the relationship between human capital and productivity. Our results are robust to different specifications and alternative measures. This study provides clear policy implications by suggesting that the firms in emerging markets, especially SOEs, must improve their CG and their allocation of human capital for them to enhance their productivity.     

全面开放后中外银行竞争态势的比较分析

银行业全面开放后,外资银行的竞争优势主要来自于其中间业务收入、风险管理能力以及先进的激励机制所吸引的人才资源.未来两年内,外资银行在中国的竞争策略将有所变化,将侧重一些市场和业务领域的拓展.中资银行应通过自身的发展和完善,加强合作,不断提升竞争能力,以应对外资银行的挑战.     

Venture capital,innovation, and growth: evidence from Chinese metropolitan data

Using panel data from 282 Chinese cities from 2003 to 2015, we estimate the impact of venture capital (VC) on innovation, employment, and payroll in metropolitan areas. Controlling for endogeneity, VC investments are significantly positively related to metropolitan innovation, employment, and payroll in a fixed effects panel regression and dynamic GMM estimation. Using the number of IPOs (Initial public offerings) in the city as an instrumental variable to again control for endogeneity, VC remains significant. Our results show that VC is significantly contributing to the metropolitan economy as a whole by supporting innovation, creating jobs, and generating wealth in the local cities.