金融机构市场退出的法律比较与分析

随着金融体制改革的进行以及中国加入WTO,金融机构之间的市场竞争日趋激烈.金融机构市场退出的规范化和法律化也日益引起人们的重视.考虑到我国现已建立的金融机构市场退出制度仅仅是一个初步的框架,在运用中带有明显的行政随意性,因此,构建基于市场原则之上的法律化的金融机构市场退出制度势在必行.本文通过对中外金融机构市场退出基本做法的比较以及法律安排的分析,指出我国在运用现行法律规范金融机构市场退出行为中存在的许多内在缺陷,并且在深刻吸收和借鉴西方市场经济国家的一些成功经验的基础上,探讨了制定和完善我国金融机构市场退出行为的法律对策.     

商业银行个人金融产品的比较及策略分析

近年来 ,个人金融业务逐渐成为国内商业银行经营的亮点业务 ,呈现快速发展的势头。国内个人客户日益多样化的金融需求给商业银行的个人金融业务提出了更高的标准。在经济金融全球化、一体化的今天 ,特别是我国加入WTO后 ,国内商业银行应充分借鉴国际上个人金融业务经营的有益经验 ,对自己的个人金融产品进行完善、整合并加以创新 ,从整合性营销的角度构建以理财业务为核心的个人金融产品结构 ,重视培育自己的优势品牌产品 ;同时 ,加强产品组合创新工作 ,为客户提供差别化服务 ,更好地满足客户多元化的金融需求 ,提高个人金融产品的市场竞争力     

A COMPARISON OF INDEXING AND BETA AMONG PENSION AND NONPENSION ASSETS

In this article I contrast the investment behavior of institutional portfolios having pension assets with portfolios having nonpension assets. Differences in incentive compensation plans and regulation give pension executives unique incentives to track benchmark indices. Accordingly, pension assets are more likely than nonpension assets to be allocated to index funds. Also, portfolios composed of pension assets are more likely than other portfolios to (i) have low tracking error in absolute value, (ii) be index funds, and (iii) have market betas close to one. Portfolios with relatively large pension asset market share exhibit similar characteristics and the tendency to index increases with asset class risk. Actively managed pension assets are also more likely to be invested in lower risk asset classes than actively managed nonpension assets.     

THE APPLICATION OF ANALYSIS OF VARIANCE TO INTER-FIRM COMPARISON RATIOS

There is a lack of consensus about the utility and validity of information provided through firms participating in an Interfirm Comparison (IFC). The disagreement is a result of different notions about the purpose served by IFC schemes. The unresolved question is how to use the same information for two purposes - the appraisal of operating efficiency and the guidance of longer-term planning decisions. The application of analysis of variance to the results of an IFC helps to clarify the nature, and improve the utility, of the comparative data by identifying factors accounting for variation in performance among firms grouped by multiple characteristics.     

RESIDUAL INCOME,REVERSIBILITY AND THE VALUATION OF EQUITY

Using a continuous time reformulation of the Garman & Ohlson (1980) equity valuation model, we show that the linear pricing technologies, which characterize this area of accounting research, are special cases of a more general non-linear pricing relationship. These non-linearities arise from the fact that firms have the option of terminating their production and investment plans, especially if they turn out to be ‘significant’ loss-making ventures. We demonstrate the potential significance of these non-linearities for a parsimonious interpretation of the Ohlson (1995) model based on the assumption that the firm’s residual income stream is generated by the Student distributions of Praetz (1972) and Blattberg & Gonedes (1974). These processes are based on the assumption that the residual income variable is generated by an elastic (or mean reverting) random walk whose increments have a variance that depends on its current instantaneous value. Since several other well-known processes are nested within the Student distributions (e.g. random walk, Ornstein–Uhlenbeck process), they are a very useful set of distributions through which to demonstrate the potential impact of non-linearities on the pricing relationships of this area.     

入世背景下中外银行的竞争实力对比--国内外28家银行的经营指标分析

随着金融竞争国际化的趋势日益加强,如何提高我国商业银行的竞争力是不可回避而又亟待研究的现实课题.在现实国际经济背景下,对商业银行的竞争力分析必须放在全球大系统的环境中,比较与国外同业的差距及存在的主要问题.本文选择了28家国内外比较知名的银行,并就其1997～1999年度的财务报表中的总量指标和比率指标进行了对比分析,以探求我国金融机构的比较优势和存在的不足,指出入世后中国银行业不具备规模优势,但可以向全能银行或专业银行两个方向发展,要么求大,要么求精,规模不会成为扼杀中国银行业发展的绝对原因;稳健经营,做到以客户为中心,恪守规范的管理规则,才是银行业生存的要诀.     

我国东西部地区资金使用效率比较分析

本文从实证角度对比分析了我国东西部地区资金使用效率之间存在的差距.在宏观上不但比较了东西部地区的资本生产率、劳动生产率和综合要素生产率,而且还比较了各地区产出弹性的绝对数值;在微观上则对各地区全部国有及规模以上非国有工业企业主要经济效益指标进行了比较分析.通过两个方面的对比分析,找出了东西部地区资金使用效率的差距;然后指出,西部开发不能只是靠单纯的投资,必须要考虑提高西部地区的资金利用效率,以最小的投入获得最大的产出;最后还从实证角度给出了西部地区应该优先发展的地区为内蒙古、四川和云南,并根据这些地区的特点提出了相应的发展建议.     

融资模式效率比较与我国融资模式的选择

从保持距离型融资模式与关系型融资模式的内在效率分析,在不同的法律制度和市场环境下,两种融资模式都具有其经济合理性;从世界融资模式的发展趋势来看,两者有相互融合的趋势;金融体制或银行系统的脆弱性并不是关系型融资模式的必然结果,而是其他因素扭曲了该模式的激励机制进而影响了其效率的结果.本文指出,由于通过市场获得信息的成本较高,信息租金较少以及资本市场的缺陷使退出成本较高.因此,现阶段我国企业的融资模式应采取过渡模式,即间接融资为主并逐渐减少,直接融资为辅并大力发展的过渡模式;目标模式应符合世界融资模式的趋势,是融两种融资方式于一体的有中国特色的融资模式.     

图像认证和变码认证的比较研究

电子认证取代传统手工认证是银行在开展支付结算业务中对客户身份合法性认证的必然趋势。本文通过比较两种电子认证方式——图像认证和变码认证的各自特点,提出图像认证代表电子认证方式的发展趋势,从而为银行实务工作的开展提供指导。     

A SIMULATION ANALYSIS OF HERDING AND UNIFRACTAL SCALING BEHAVIOUR

We model the financial market using a class of agent‐based models in which agents’ expectations are driven by heuristic forecasting rules (in contrast to the rational expectations models used in traditional theories of financial markets). We show that, within this framework, we can reproduce unifractal scaling with respect to three well‐known power laws relating (i) moments of the absolute price change to the time‐scale over which they are measured, (ii) magnitude of returns with respect to their probability and (iii) the autocorrelation of absolute returns with respect to lag. In contrast to previous studies, we systematically analyse all three power laws simultaneously using the same underlying model by making observations at different time‐scales and higher moments. We show that the first two scaling laws are remarkably robust to the time‐scale over which observations are made, irrespective of the model configuration. However, in contrast to previous studies, we show that herding may explain why long memory is observed at all frequencies. Copyright © 2013 John Wiley & Sons, Ltd.     

THE DEALER AND MARKET CONCEPTS OF BID-ASK SPREAD: A COMPARISON FOR NASDAQ STOCKS

Two models of bid-ask spread are estimated with a unique sample of matched observations of dealer spreads and market (inside) spreads for NASDAQ stocks. The estimates demonstrate that dealer and market spreads relate differently to their common determinants, indicating that the two measures are not interchangeable. Consequently, studies must select the spread concept that is appropriate to the hypothesis being tested to get unbiased estimates and correct interpretations of model parameters. In particular, the cost of immediacy to investors is measured directly by market spreads, while market-making costs and interdealer competition relate directly to dealer spreads.