Mergers and Excess Deposits: Some Evidence for the UK

In this paper we consider an argument, often used in the City and the press, that mergers take place more because of the availability of finance than for strong economic reasons. In particular, we focus on the availability of finance part of this argument and suggest that the financial sector and firms themselves use excess funds to support merger activity. Using data for the UK, we show that there is evidence for such an effect for non-bank financial institutions but results for firms are not significant. Possible interpretations of this result are also discussed.     

加入WTO与黑龙江省金融发展的辨证关系分析

加入WTO后,外资金融机构的进入与国际金融资本的流入,丰富了我国金融服务工具和品种,提高了金融服务水平,同时有利于我国金融业整体管理水平提升和从业人员素质提高。但是这种开放是有次序、分阶段进行的,这种开放格局对于后开放地区的金融发展会带来什么样的影响,是一个值得深入研究的问题。后开放在保护落后地区金融部门利益和格局的同时,也给这些地区带来了金融资源流失、区域金融发展不平衡等不利影响。     

区域金融能力对技术创新的影响机制研究

金融部门对实体经济技术创新存在着主体功能和攫取两个方向的双重作用。主体功能作用通过甄别机制、监督机制、风险分散机制、人力资本积累机制等促进技术创新；攫取则是金融部门瓜分实体经济发展成果的过程，这对技术创新将会产生一定的阻碍作用。通过对中国省域数据的实证分析发现：金融资源动员能力和配置能力主要体现了金融的主体功能能力，金融机构的微观盈利能力则体现了金融部门的攫取能力；金融资源动员能力的提高会增强金融系统对高风险创新活动的包容性，金融机构攫取能力的提高对低端创新活动的抑制作用更显著，金融资源配置能力的提高则会使金融系统倾向于支持低风险技术创新。另外，东部地区虽然有充足的金融资源，但金融部门市场势力也更强大，对实体经济的攫取能力也更强；中西部地区则由于金融资源稀缺，金融基础设施薄弱，金融主体功能能力仍处在边际报酬递增的阶段。因此，中西部地区的金融体系建设应着重金融基础设施投资，提高金融系统的主体功能能力；东部地区则应强调市场改革，适当削弱金融机构的市场势力，抑制其攫取能力。     

Financial sector development and access to finance. Does size say it all?

This paper analyzes what features of financial systems can strengthen the linkages between banks and economic development. We investigate whether a set of banking and capital market characteristics can improve the ability of banks to provide increased credit flows to the private sector, while simultaneously improving financial inclusion for the poor. We analyze the determinants of both macro-level lending conditions and micro-level access to finance using a set of Panel Vector Error Correction Models and GMM estimations in a panel of 138 countries for the 2002–2009 time periods. Results converge to suggest that rather than focusing solely on banking sector size, financial policy should seek to foster inter banks competition, develop appropriate macro-prudential safeguards, promote capital market development. In addition, improved access to finance requires adequate civil rights and support to entrepreneurship.     

Perceptions of Marketing and Approaches to Implementation

In the first macroeconomic empirical assessment of the relationship between mobile phones and finance, the author examines the correlations between mobile phone penetration and financial development using two conflicting definitions of the financial system in the financial development literature. With the traditional International Financial Statistics (IFS) (2008) definition, mobile phone penetration has a negative correlation with traditional financial intermediary dynamics of depth, activity, and size. However, when a previously missing informal-financial sector component is integrated into the definition, mobile phone penetration has a positive correlation with informal financial development. Three implications result: There is a growing role of informal finance; mobile phone penetration may not be positively assessed at a macroeconomic level by traditional financial development indicators; and it is a wake-up call for scholarly research on informal financial development indicators that will orient monetary policy.     

国外碳金融业务发展新趋向及其启示

国外碳金融业务已由早期的基于碳交易所的业务向碳银行业务等方向拓展,以迎合后金融危机时期世界对低碳经济发展的要求。碳金融业务的拓展使其正在向更具有操作性和流动性的碳金融衍生品发展,如碳货币证券化及碳套利工具的开发是基于产业链角度及生态链角度对碳金融业务的拓展,也是对碳金融业务的进一步延伸。由于我国碳金融发展较缓慢,通过对国外碳金融业务发展的考察,可以为我国开展碳金融业务提供相关参考。     

互联网金融服务于中小微企业探析

2014年阿里巴巴在纽约证券交易所的正式上市,我国互联网金融企业迎来了一个春天。互联网涉猎于金融行业相关的服务及产品之中。互联网金融的发展在一定程度上促进了相关金融行业的整体发展,实现了相关服务信息的透明化和公开化。一方面,中小微企业相关金融服务存在融资的手续繁琐,成本相对较高,信贷配给量过低,融资渠道单一;另一方面,互联网金融实现了小额信贷的规模化和金融服务的订单化,保证了低成本服务的覆盖面积,实现了融资模式的创新。     

论金融的物流服务职能与产品设计要点

现代金融对物流的服务职能包括业务保障、市场扩张和强化供应链结合。在金融对物流服务的过程中,正确区分服务对象及其金融需求是实现金融服务职能、设计与推广融资产品的前提。大型物流公司需要的是套餐式服务,包括融资安排、融资项目顾问、资本运作顾问、投资中介、常年财务顾问、金融咨询、代客理财和电子商务等,小型物流公司对服务与产品的需求差异大。在仓单质押贷款中,要考虑相关人的利益,确定规范的融资程序,充分考虑融资的风险及其防范措施。     

Conceptualization of the real economy and Islamic finance: Transformation beyond the asset‐link rhetoric

A key factor behind the chronic crises in modern economies is the growing dominance of financialization and the resulting disconnect between the real economy and the financial sector, to which conventional financial industry is a key contributor. In contrast, Islamic finance claims to be real‐economy‐oriented, as all transactions must be asset‐linked (asset‐backed or asset‐based). However, is Islamic Finance based on proper conceptualization of the real economy? What is the real economy and its dynamics? How Islamic finance is interfaced with the real economy? In this article, the claimed real‐economy‐orientation is examined by presenting a conceptualization of the real economy and then evaluating the related discourse accordingly. The analysis presented, especially for noneconomists, exposes a serious gap between the claims about Islamic finance and the real economy it is supposed to advance. Appropriate conceptualization of the real economy can help the industry to be relevant and effective for broader socioeconomic transformation.     

Putting Responsible Finance to Work for Citi Microfinance

This paper develops an ethical framework for responsible finance and then applies it to Citigroup (Citi), a major financial actor in the microfinance sector, to see whether it meets with such obligations. The framework consists of two categories of responsibility. The first category is the special social responsibility of financial institutions; and the second is the fundamental principles of ethical behavior in financial services. From Citigroup’s microfinance model, scope of business, and multiple roles in the market, the company seems to be fulfilling its responsibility in inclusive finance. However, judged in term of the principles of integrity, objectivity, fairness, professionalism, and diligence, it falls short of its ethical responsibility. In view of this shortcoming, Citigroup should recall its obligation to avoid conflicts of interest, to provide responsible advice, to protect clients from over-indebtedness, and most importantly, to act with integrity.     

湖北农村金融服务体系构建

农村大量贷款需求得不到满足,农村金融剩余流失是当前湖北农村金融市场面临的主要问题。应从政策性金融、商业性金融、合作金融和民间金融四个层次全面构建多元化的湖北农村金融市场。使湖北农村金融体系能够更好地服务三农。     

Fairtrade Towns as Unconventional Networks of Ethical Activism

The 2008 financial crisis exposed the dark side of the financial sector in the UK. It brought attention to the contaminated culture of the business, which accommodated the systemic malpractices that largely contributed to the financial turmoil of 2008. In the wake of the crisis there seems to be a wide consensus that this contaminated culture can no longer be accepted and needs to change. This article examines the ills of the UK financial market, more specifically the cultural contamination problem, which was uncovered by the 2008 financial crisis, in order to explore its genesis and the suitable solutions for it. In this regard, the article analyses the ethical finance sector from theoretical and practical perspectives in order to assess its role in addressing the cultural contamination problem of the UK financial market.     

The urban growth potential of second-generation migrant entrepreneurs: A sectoral study on Amsterdam

A rise in second-generation migrant entrepreneurs and an increasing focus on modern economic sectors have become new trends in migrant entrepreneurship in recent years. Although traditional sectors are still the most popular among the first-generation migrant entrepreneurs, because of the increasing pressure and their high competitiveness in traditional areas, nowadays new market niches are rapidly developing. While the first generation has more often become active in new areas such as the producer services sector which includes finance, insurance, real estate and business-related professional services, the second generation has contributed to the emergence of new areas of immigrant business activity such as the ICT sector and the creative industries.Against this background, this study focuses on the external orientations of the second-generation migrant entrepreneurs by addressing in particular the way – and the extent to which – the choice for entrepreneurship is made by higher-educated young ethnic generations. This is a new field of entrepreneurship research in many European countries. The empirical data of our study is based on in-depth personal interviews held in the first half of 2007. We employed a recently developed multivariate qualitative classification method, coined rough set analysis, in order to investigate the motivation, goals and strategies of second generation Turkish entrepreneurs in the ICT and the financial services sector in the Netherlands.The results of our study show that the second generation Turkish entrepreneurs in the Netherlands have started to be involved in new and non-traditional sectors like ICT and financial services sectors. The motivation and driving forces of the second-generation Turkish entrepreneurs are stemming from both their personal characteristics shaped by their higher educational level and their previous working experience as an employee or entrepreneur in the same sector. The demand for and a gap in the sector as well as the growing and promising structure of the sector play also an important role in pulling the second generation Turkish immigrants to become entrepreneur in these new sectors.     

探索中国式小微金融发展之路的尝试——关于温州金改中小微金融实践的调查

温州金融综合改革是全国首个国家级区域金融改革试点,经过五年多实践,最初预定的改革任务基本完成。该项改革可以总结的经验有很多,经过实地调研,文章从小微金融角度对温州金改进行了总结。调查发现,温州金改在解决“两多两难”、构建地方金融“四大体系”、规范民间金融、创新对小微企业的金融服务、构建小微金融背景下的信用环境、形成反映民间（小微）金融综合利率水平的“温州指数”等方面做出了许多创新探索,一些做法已经在浙江省乃至全国进行了推广。文章认为,温州金融改革为探索小微金融的中国方案提供了一个样本。     

Personal finance blogs: Helpful tool for consumers with low financial literacy or preaching to the choir?

Recent transitions from defined benefit to defined contribution plans assign greater individual responsibility to consumers to prepare for retirement and make consequential financial choices. However, many consumers are ill‐equipped to do so, considering overall low levels of financial literacy. At the same time, there is increasing controversy about the effectiveness of traditional financial education, such as high school financial education, counselling and seminars or workshops. Alternative sources of (just‐in‐time) financial training or advice may be needed to financially empower consumers and help them make important financial decisions. In the light of these developments, this study investigates if consumers perceive personal finance blogs as a helpful alternative in acquiring financial knowledge, and which factors influence perceived helpfulness of and intention to use personal finance blogs. Using Structural Equation Modelling to analyse data from a sample of U.S. consumers, the results of this study uncover that financial literacy and susceptibility to informational influence have a significant positive association with perceived helpfulness. Perceived financial uncertainty, which refers to uncertainty in terms of consumers’ perceived ability to accurately predict their future financial needs, has a significant negative association with perceived helpfulness of and intention to use personal finance blogs. Finally, perceived helpfulness of a personal finance blog is a significant positive predictor of consumers’ intention to use it. Overall, the findings suggest that personal finance blogs are preaching to the choir, since the consumers who are most likely to use personal finance blogs seem to need them the least given their higher levels of financial literacy and lower levels of perceived financial uncertainty. Taken together, the findings shed light on the potential users of personal finance blogs and underline the challenges of a ‘one‐size‐fits‐all’ financial education. This study aids in assessing personal finance blogs as an online resource which is scarcely researched, but which has the potential to provide just‐in‐time financial education to consumers across the world.     

物流金融发展趋势研究

资金周转是生产、流通企业的生命线.物流金融能将物流服务与金融服务有机结合为一体,同时也将物流与资金流有效结合在一起.发展物流金融是我国中小企业融资的需要.是第三方物流企业增强竞争力的需要,也是银行金融创新的需要.物流金融正是基于物流增值链中供应商、终端用户、金融机构及物流企业等各方的共同需要而产生和发展的.物流金融作为一种新型融资模式.正在成为金融机构和物流企业共同关注的目标.从近年来物流金融业务创新的发展趋势来看,目前我国的物流金融尚处于发展的初期阶段.主要从事单一货物质押.今后应朝着更为深入的供应链物流金融服务方向发展.从监管方面看.要从静态质押监管向动态质押监管方向发展;从客户方面看,要从流通型客户向生产型客户发展;从质物方面看,要从现货质押向买方信贷发展;从环节上看,要从单一环节向供应链全过程发展.     

民营企业融资问题研究

民营企业在我国经济中占有重要地位,但由于民营企业在经营透明度和抵押要件上处于弱势,银行不愿意为其提供融资服务,加之信息不对称使民营企业获得外源融资则更为困难。民营经济的融资方式急需拓展,应允许银行征收交易费,创设能促进民营股票市场发展的政策环境,为民营企业的融资与对公众股市的介入创造条件,使民营企业在经济转轨和经济增长中再创佳绩     

项目财务评估方法

项目财务评估是对项目进行投资决策时必须考虑的一项重要内容,也是银行等金融部门考虑是否提供贷款的一个主要条件。采用动态与静态财务评估法,结合期权价值论,建立项目价值新模型,对项目财务进行评估,有助于决策和贷款部门对项目投资进行综合分析,并作出正确的选择和决定。     

Financial service providers: Does it matter if banks don't behave ethically?

The ethical consumer literature predominantly concentrates on fast‐moving consuming goods and thus, neglects insights to consumer behaviour within ethical services. As the financial services sector continues to grow in the UK, this paper addresses this anomaly by providing further insight into consumers and their ethical banking practices. More specifically, it examines their motivations as well as the trade‐offs and barriers which prevent greater uptake. Using a combination of in‐depth interviews and projective techniques, the research draws on Freestone and McGoldrick's model to reveal a lack of awareness towards ethical financial service providers and sheds light on various perceptions regarding what constitutes an ethical financial service. Additionally, numerous underlying personal benefits of ethical financial services became apparent alongside consumer expectations of customer care. In conclusion, our findings help to create a revised model which identifies more precisely the stages of ethical awareness, motivation and behaviour of ethical consumers both in the context of ethical financial services but also ethical consumption practices in general.     

The Finance and Ownership of Roads

Roads are essential if the transport services a modern economy requires are to be provided effectively. This article is concerned with examining the role which the private sector may play in reducing existing difficulties in funding current road investments and maintenance costs. Additionally it assesses the efficiency gains which can result from greater private sector involvement in road infrastructure provision and compares the respective merits of the alternative ways in which this might be attempted. While the historical precedent of the ‘Turnpike Age’ in the UK is briefly reviewed, the analysis focuses primarily on the possible welfare gains which could be generated by greater private sector participation in what would remain a predominantly public sector activity.