TAXES AND THE REFUNDING OF DISCOUNT BONDS

This paper examines the effect of the Bankruptcy Tax Act of 1980 on the decision to refund corporate bonds selling at a discount. Historically, the refunding of discount debt has appeared to be profitable on a discounted cash flow basis. This study demonstrates, however, that the tax effects of the Bankruptcy Tax Act of 1980 have eliminated effectively any potential gains from refunding discounted debt.     

把时间抢回来 把影响补回来——国家开发银行支持加快恢复经济社会发展

向东软医疗发放2.6亿元人民银行专项再贷款,助力企业加快研发生产诊疗器械;向君乐宝乳业发放人民银行专项再贷款2亿元,支持其保障湖北、北京等地乳品供应;向永荣控股发放4300万元复工复产专项贷款,为民营企业发展助力;向平凉至天水、武都至九寨沟等4条高速公路项目一次性投放长期贷款40亿元。     

CO-MOVEMENTS OF THE PRIME RATE,CD RATE,AND THE S&P FINANCIAL STOCK INDEX

We examine the relation among the prime lending rate, certificate of deposit rate, and the S&P Financial Stock Index using cointegration and error correction modeling techniques. We find that these three financial time series share a long-run cointegrating relation. Subsequent vector autoregressive error correction results imply that the movement of these stock prices toward eliminating disequilibrium is about 1 percent within the first month. Impulse response functions indicate that changes in the deposit rate have a larger effect on changes in the price index of financial service sector stocks than do changes in the lending rate.     

经济组织形式、交易性质与社会信用维持--兼论我国社会信用的缺失原因与重构设想

本文首先区分了市场经济和前市场经济即采邑经济两种完全不同的经济组织形式,辨析了在其中占据主体地位的交易即契约化交易与人格化交易在性质上的根本差异;在此基础上,作者探索了我国目前社会信用缺失的深层次原因:我国与市场经济相适应的社会信用体系之所以迟迟难以建成,关键在于内部的"契约威权"观念与外部的"法制规范"这两大要素都尚未具备;而采邑经济条件下信用维持机制的日趋解体,则是产生普遍的民间信用危机这一问题的主要原因;两种因素叠加,遂使我国目前社会信用体系出现空前的危机.以此分析为基石,文章最后探讨了我国信用体系重构的若干设想.     

利率市场化是商业银行发展正面因素

利率市场化提速对于商业银行参与市场竞争、转变经营方式,提高市场定价能力,应该具有积极意义。为此,建设银行已初步研究了一些方法应对利率市场化带来的挑战。     

人民银行大连市中支:一手抓疫情防控 一手抓疫后复苏

新型冠状病毒肺炎疫情发生以来,人民银行大连市中心支行坚决贯彻落实党中央及总分行党委部署,把疫情防控作为对党忠诚的政治考验,坚定不移地落实习近平总书记把人民群众生命安全和身体健康放在第一位的政治要求,超前谋划、积极防范、主动作为,在做好自身防控的同时,有力发挥基层央行作用,支持引领区域金融系统全力以赴打好防疫阻击战。以严明纪律压实疫情防控责任。     

利率市场化与利率改革的具体步骤

本文从分析利率市场化对于宏观经济调控和宏观金融改革的意义着手,利用实证分析和规范分析相结合的方法,借鉴国外的金融发展理论,分析了利率市场化和金融深化的关系、利率调整和经济增长的关系、利率调整和储蓄的关系,同时结合当前的宏观经济金融形势,指出了利率市场化与国有企业改革和商业银行改革之间的互动关系.作者认为,在现阶段应稳住存款利率,在一定程度放开贷款利率,由商业银行根据中央银行确定的存款利率、自身头寸、企业资信和项目风险状况进行贷款定价;同时采取措施促使国内利率市场化的条件不断完备,以完善一块放开一块的基本思路,最终实现金融国际和金融市场化.     

PROJECT HOLDING-PERIOD RATE OF RETURN AND THE MIRR

In this paper we examine the relationship between the Modified Internal Rate of Return (MIRR) and a project's expected holding-period rate of return assuming that cash flows are reinvested at the cost of capital. When cash flows are uncertain, the MIRR overstates the expected holding-period rate of return. The relationship between the MIRR and a project's expected holding-period rate of return is shown to be a simple function of conventional project statistics like the coefficient of variation of the present value of random cash flows, the profitability index, the cost of capital, and the project's life.