四川银行业绿色信贷调研

近年来四川银行业在构建绿色信贷工作机制、加快绿色信贷金融创新、严格绿色信贷风险管控等方面做了积极工作,绿色信贷规模持续扩大,信贷质量不断提升.四川绿色信贷面临的问题是现有产业结构制约着绿色信贷投放、银行业能力建设与绿色信贷要求存在差距、部分节能减排项目潜在风险较大、绿色信贷支持体系不健全.建议从规范银行业绿色信贷管理、完善节能减排工作机制、加强绿色信贷金融监管、优化绿色信贷外部环境等方面着手,推动绿色信贷加快发展.     

关于绿色信贷支持节能减排效率的思考

本文首先通过构建绿色信贷支持节能减排的市场博弈模型来分析绿色信贷支持节能减排的效率问题,研究得出：绿色信贷支持节能减排的制度安排是不稳定的,并且存在效率边界。其次从少数地方政府纵容和保护环境污染企业、风险补偿和激励机制不健全、环保信息收集及处理成本高、环境权益市场不健全、一致性的节能减排原则不够清晰等五个方面探讨了影响绿色信贷支持节能减排效率问题的原因。最后提出加强政银企节能减排责任意识建设、完善绿色信贷支持节能减排相关制度建设、完善风险补偿机制和激励相容机制等对策建议。     

金融支持节髓减排的合理边界:济宁个案

金融支持节能减排,只有在地方政府有意愿、企业有需求的兼容点上才有正向激励作用;但仍需要地方政府的政策和相关外部力量的有效配合.因地制宜地制定节能减排的地方发展规划,确立相应的政策激励机制,建立通畅的环保信息获取渠道,开发设计出专业化的绿色环保信贷产品,是金融支持企业节能减排不可或缺的前提条件.     

金融支持节能减排的合理边界:济宁个案

金融支持节能减排,只有在地方政府有意愿、企业有需求的兼容点上才有正向激励作用;但仍需要地方政府的政策和相关外部力量的有效配合。因地制宜地制定节能减排的地方发展规划,确立相应的政策激励机制,建立通畅的环保信息获取渠道,开发设计出专业化的绿色环保信贷产品,是金融支持企业节能减排不可或缺的前提条件。     

基层之声

<正>李兴华:银行应做助力绿色低碳产业的引擎中国农业银行山东安丘市支行李兴华2017年10月9日来稿指出,银行应充分发挥金融"引擎"作用,积极调整信贷结构,大力支持节能减排和产业结构调整,助推绿色低碳产业稳健发展。银行要根据当地节能减排目标和低碳经济发展规划,做好支持节能减排和淘汰     

欧盟碳金融发展经验

随着化石能源消费的供需矛盾以及由此造成的气候环境问题日益凸显,以欧盟国家为代表的发达国家纷纷提出低碳经济发展战略,借助其在可再生能源、节能减排领域的技术优势,期望在新一轮产业竞争和经济增长中继续保持竞争优势。欧盟建立了全球闻名的碳交易市场,各成员国在碳排放交易、绿色信贷、碳基金等碳金融领域的发展也较为迅速。     

商业银行推行“绿色信贷”机遇研究

为缓解资源与环境瓶颈对当前经济发展的制约,国家提出要转变经济发展方式和实施＂节能减排＂战略。国内外金融机构的实践表明,以支持节能减排和防范环境与社会风险为特点的＂绿色信贷＂可以帮助商业银行在业务增长、风险管控和公共关系管理等多个方面获益。国内商业银行应以推行＂绿色信贷＂为契机,将支持节能减排与优化信贷结构、实现业务增长结合起来,实现企业社会责任与经济利益的统一。     

工行六千亿元贷款投向绿色经济领域

近年来,中国工商银行坚持将绿色经济作为重点支持领域,努力通过信贷资源优化配置促进经济结构的优化调整,积极助力生态保护和环境治理。截至5月末,工行在生态保护、清洁能源、节能减排和循环经济等绿色经济领域的贷款余额已超过6000亿元,有力地支持了绿色经济的发展。     

贫困地区发展绿色信贷的思考

<正>"十一五"期间,国家为实现节能减排目标提出了十大重点节能工程,2010年温家宝总理在政府工作报告中再次将节能减排、环境保护纳入重要议程,保护生态环境和可持续发展已成为人们的共识,"停贷治污"、"绿色金融"已被社会各界所普遍关注。金融业与环保业相结合,实施"绿色信贷",对于金融业的自身发展和金融支持地方经济发展都有着重要的现实意义,这在边疆贫困地区显得尤为重要,一方面将有利于金融机构建立     

贫困地区发展绿色信贷的思考

<正>"十一五"期间,国家为实现节能减排目标提出了十大重点节能工程,2010年温家宝总理在政府工作报告中再次将节能减排、环境保护纳入重要议程,保护生态环境和可持续发展已成为人们的共识,"停贷治污"、"绿色金融"已被社会各界所普遍关注。金融业与环保业相结合,实施"绿色信贷",对于金融业的自身发展和金融支持地方经济发展都有着重要的现实意义,这在边疆贫困地区显得尤为重要,一方面将有利于金融机构建立     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original     

International harmonization of Japanese accounting standards

Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan.     

Commodity financialization and sector ETFs: Evidence from crude oil futures

We investigate the diversification benefits of energy assets in the setting of commodity financialization using data on crude oil futures and Sector ETFs (SPDRs). Correlations between commodities and financial assets increased during the post-Commodity Futures Modernization Act (CFMA)/commodity bull cycle period, resulting in lower benefits of diversification. However, we find that conditional correlations between crude oil futures and sector ETFs meaningfully increased only since the 2008–09 financial crisis. The results therefore suggest that the financial crisis, rather than CFMA regulation, explains changes in the diversification benefits of commodities. Moreover, we find that oil futures returns are less correlated with SPDRs than with the S&P index. Thus, energy futures, and crude oil in particular, offer the potential for diversification benefits in sector-style investing.     

Dutch accounting in Japan 1609-1850: isolation or observation?

The trading station or factory maintained by the Dutch East India Company (VOC) was Japan's sole window on the Western world during most of the Tokugawa period (1600-1868). While many aspects of the factory's role in Dutch/Japanese cultural exchange have been researched little is known in the West of the accounting at the factory. This paper considers the possibility that double-entry bookkeeping employed by the Dutch may have been diffused to the Japanese. The available evidence is synthesized after considering the accounting system in the Dutch factory.