Interconnectedness and systemic risk of China's financial institutions

We investigate the interconnectedness and systemic risk of China's financial institutions by constructing dynamic tail-event driven networks (TENETs) at 1% risk level based on weekly returns of 24 publicly-listed financial institutions from 2008 to 2016. Total connectedness reaches a peak when the system exhibits stress, especially during the recent period from mid-2014 to end-2016. Large commercial banks and insurers usually exhibit systemic importance, but some small firms are systemically important due to their high level of incoming (outgoing) connectedness. Our results provide useful information to regulators when they assess systemic risk of financial institutions and formulate macroprudential supervision policy.     

Identifying systemically important financial institutions in complex network: A case study of Chinese stock market

In this paper, we identify the dynamic influence of financial institutions based on a complex network modelling method. We first construct a financial network based on stock comprehensive evaluation (SCE), which is obtained by the technique for order preference by similarity to an ideal solution (TOPSIS). Then, the dynamic influence of financial institutions is identified by iterating the static influence of each network. The results indicate that (i) the dynamic influence of financial institutions is greater than their static influence in analysing the evolution of influence and (ii) banks and securities institutions play an important role in the financial system.     

浅谈行政事业单位财务管理

行政事业单位财务管理,是单位管理的重要组成部分,是规范单位经济活动和社会经济秩序的重要手段.行政事业单位的财务管理必须符合国家有关法律、法规和财务规章制度.行政事业单位应建立健全单位各项财务管理制度,完善内部监控制度.本文通过对行政事业单位的财务管理的分析,针对存在的主要问题,提高出了几点改进的建议.     

Need for modernizing financial institutions

As the flow of financial aid from the industrial countries may be expected to shrink rapidly as a consequence of their economic difficulties, the developing countries will have to find out possibilities of using their own financial resources more effectively. In this connection the task of modernizing their financial institutions should not be neglected.     

Network-based estimation of systematic and idiosyncratic contagion: The case of Chinese financial institutions

To distinguish systematic and idiosyncratic contagion during financial crises has attracted increasing attention because it can shed light on the potential drivers of contagion. However, the existing methods for distinguishing the two types of contagion cannot work with a large number of institutions. Therefore, this paper innovatively proposes a network-based framework which is able to distinguish the two types of contagion among numerous institutions. By applying the framework to the publicly listed Chinese financial institutions, we've figured out the main drivers of contagion during three financial crises, beneficial for understanding financial stability in China better.     

浅析科研事业单位的财务管理

随着经济的发展,我国对与科学技术的重视程度也在加深,对科研体制的改革也从未停止过,与过去相比,现在科研单位的从内到外都发生了本质的变化,而科研事业的单位由于其自身的特点,与一般的民营或者国营企业有着很大的差距,因此对于这类特殊的科研事业单位的财务管理模式进行分析和研究,使科研事业单位的财务管理可以更加的明确和管理.     

浅谈事业单位如何健全财务内控机制

事业单位的财务内控机制是事业单位一切管理活动的基础.事业单位的财务管理与控制如果得不到重视,出现问题得不到及时解决,必然会影响到其他工作的开展.本文首先分析了我国事业单位财务内控机制建设的必要性,然后介绍了健全财务内控机制的原则,最后针对当前存在的财务管理问题提出了对策.     

浅议如何有效加强事业单位财务管理

根据事业单位资金运作特点,其财务管理的具体应包括筹资管理、投资管理、成本管理和分配管理四个方面.     

浅谈事业单位基本建设管理财务制度的建设

随着我国会计改革的不断深入,现行基本建设财务制度已出现不能适应新形势发展的要求,制度建设已滞后体制改革进程,急需对目前的基本建设财务制度进行修订和改革.本文就事业单位基本建设管理财务制度的建设对策进行初步探讨.     

浅析事业单位财务管理新思路

在经济改革的不断深化和社会主义市场经济建立的过程中,事业单位的内外环境发生了根本变化.因此,事业单位的财务管理也应该适应更广泛的市场经济需要,本文探讨了如何创新事业单位财务管理的思路.     

浅谈事业单位财务管理存在的问题及对策

本文就针对事业单位在财务管理方面存在的问题及对策进行简要分析.     

Privatisation: politics,institutions, and financial markets

This paper presents evidence on privatisation processes in 49 countries for the period 1977–1996. The empirical analysis shows that the decision to privatise and the choice of privatisation method appear to be influenced by the governing political majority and public-sector budget constraints, while the success of privatisation in terms of revenues and stakes sold requires suitable legal institutions and developed capital markets.     

China to promote financial institutions to boost rural development

China＇s banking regulator on July 29 announced a plan to set up financial institutions in 1,294 rural locations by 2011 to boost rural development.     

中小企业财务风险管理的论述

中小企业财务风险是指在各项财务活动中,由于各种难以预料或控制的因素影响,财务状况具有不确定性,从而使企业蒙受损失的可能性.中小企业的财务风险本质上体现为企业资金运动效益性降低和连续性中断的可能性.     

中小企业财务风险管理的论述

中小企业财务风险是指在各项财务活动中,由于各种难以预料或控制的因素影响,财务状况具有不确定性,从而使企业蒙受损失的可能性.中小企业的财务风险本质上体现为企业资金运动效益性降低和连续性中断的可能性.     

Determinants of connectedness in financial institutions: Evidence from Taiwan

This study estimates the interconnectedness among financial holding companies (FHCs) in Taiwan to identify its determinants. Using the Diebold and Yilmaz's (2012) measure, we find that larger directional connectedness stems from state-owned FHCs, indicating their dominant role in transmitting systemic risk. In addition, we find that bank performance and monetary policy both play an important role in financial connectedness. Finally, we show that syndicated loans may affect interconnectedness because the arranger bank transmits systemic risk to other participating banks.     

事业单位财务管理问题的相关探讨

事业单位肩负着管理国家公共事务的重要职责,然而其财务管理方面却暴露出一些弊端,本文通过对事业单位财务管理上所出现问题的研究,提出了相应的政策建议.     

事业单位财务管理问题的相关探讨

事业单位肩负着管理国家公共事务的重要职责,然而其财务管理方面却暴露出一些弊端,本文通过对事业单位财务管理上所出现问题的研究,提出了相应的政策建议.     

行业视角下我国金融风险溢出效应实证研究

在金融市场快速发展和金融行业加速融合的背景下,我国金融行业之间存在着强烈且不稳定的相关关系,使得金融行业之间的风险溢出效应表现明显,某个金融行业的风险极易扩散至其他行业甚至整个金融体系,导致潜在的金融风险进一步恶化为全局性的金融危机。为探究我国各金融行业之间的风险溢出效应,本文在对我国金融风险传导渠道进行理论分析的基础上,利用申万二级银行指数、证券指数、保险指数和中证金融指数的股票收益率数据,通过构建DCC-GARCH-CoVaR模型,测算我国各金融行业之间及其与金融市场之间的动态条件相关系数和边际风险溢出贡献度。结果表明:DCC-GARCH-CoVaR模型能够有效刻画各金融行业之间及其与金融市场之间的动态相关性和风险溢出效应。从动态相关性来看,金融市场与银行业的动态相关性较强,具体到行业与行业之间,保险业与其他金融行业的动态条件相关系数较高;从风险溢出效应来看,证券业对金融市场和其他金融行业的风险溢出贡献度最大,其次是保险业,银行业最低。