解新中国证券市场发展新思路

中国证券市场正处于重大转折时期.把握证券市场的发展演变趋势,需要对影响当前市场发展的几个重大问题,如国有股减持、企业债券市场、创业板市场、做空机制、QDII等进行深入研究.推进中国证券市场的健康发展,需要在变革和创新等方面加大力度.     

关于我国证券市场创新的若干思考

金融创新是推动证券市场发展的重要动力，也是资本市场发展的永恒主题。证券市场的创新是金融创新的重要组成部分。证券市场的创新体系既包括证券市场的品种创新，也包括市场的制度创新等多方面内容。坚持市场需求为导向，积极探讨各种创新思路，不仅是解决我国证券市场诸多矛盾、引导其健康发展，也是国际化与市场化需要。     

关于我国证券市场创新的若干思考

金融创新是推动证券市场发展的重要动力,也是资本市场发展的永恒主题。证券市场的创新是金融创新的重要组成部分。证券市场的创新体系既包括证券市场的品种创新,也包括市场的制度创新等多方面内容。坚持市场需求为导向,积极探讨各种创新思路,不仅是解决我国证券市场诸多矛盾,引导其健康发展,也是其国际化与市场化需要。     

解析中国证券市场发展新思路

中国证券市场正处于重大转折时期。把握证券市场的发展演变趋势，需要对影响当前市场发展的几个重大问题，如国有股减持、企业债券市场、创业板市场、做空机制、QDII等进行深入研究。推进中国证券市场的健康发展，需要在变革和创新等方面加大力度。     

论“做市商制度”对我国证券市场的借鉴作用

近年来，我国国民经济持续稳步发展，国内投资环境良好，然而股票市场却出现了非理性的低靡现象。证券市场对经济发展的预期反映功能，正受到人们质疑。许多权威人士也对我国证券市场的制度和运行机制提出了改革的建议。目前我国证券市场正面临新的转折时期，如何借鉴国外好的经验和做法，来弥补我国证券市场的不足之处，使其逐渐完善，是金融工作者研究的重要内容。本文着重介绍欧美证券市场的“做市商制度”，也许对我国目前证券市场存在问题的解决有很现实的借鉴作用。     

CAFTA框架下证券市场完善之路

截至2006年底,CAFTA成员国已积累8.5万亿美元国内金融部门资产.企业融资需求和对金融服务要求逐渐扩大,凸显了高效金融中介的重要性,而作为重要金融中介的CAFTA证券市场还有很大改善的空间.提高证券市场的流动性、大力发展公司债券、各国证券市场的合作、共同的证券市场监管机制的建立将使CAFTA的证券市场更加完善.     

上海证券市场效率的新制度经济学探析

制度是经济发展的内在要素,而制度性因素对经济增长起着决定性作用.证券市场作为一种重要的金融制度安排,制度安排的内容越丰富,对于提高证券市场的运行效率越有利. 证券市场的基本功能就是实现金融资源的优化配置,证券市场效率是实现证券市场资源配置功能的基本前提.资本配置效率是衡量证券市场有效性的重要指标.本文认为证券市场作为市场化产物,应充分发挥市场运行机制和定价机制来实现金融资源的有效配置,使资源得到最大程度的发挥和使用.     

资产证券化起源——金融创新史的关键和要点

介绍了最早的证券市场以及债券、股票、金融衍生品等金融创新工具的产生。通过翔实的历史实例,生动地描述了这些金融工具的起源,并回归历史,探寻本源,从历史的全景视角出发,全面细致地回顾历史上的金融创新,归纳改变世界的金融工具,总结金融创新的历史脉络。     

金融衍生证券市场监管原则初探

我国已经开始建立发展金融衍生证券市场.实施有效监管是我国金融衍生证券市场良性发展的关键.本文主要分析了金融衍生证券监管的基本原则及其运作的前提与基础.     

论发展证券投资基金的作用

证券投资基金是一种重要的金融创新 ,对金融和经济的发展有巨大的推动作用。我国自 1998年证券投资基金产生以来 ,有了一定的规模。当前 ,在我国积极推动证券投资基金的发展 ,对稳定证券市场、提供有效投资手段、促进上市公司加强经营管理、安全吸引外资、促进金融创新与金融发展方面有着特别重要的作用。     

The role of innovation in driving the economy: Lessons from the global financial crisis

The global financial crisis hit nearly every country in the world, devastating their economies, decimating the financial resources of their companies and citizens, and nearly collapsing the banking systems in their countries. While risky financial instruments and bad home lending practices receive much of the blame for this downturn, too few innovations introduced in the years leading up to the crisis also contribute to this collapse or, at a minimum, deepening the resulting recession. This paper draws on theoretical literature and contemporary media accounts, building the argument for a significant impact of innovations on the economy and its potential role in pulling the US economy out of the financial crisis. The paper develops propositions based on this review and discusses implications for staving off future economic difficulties.     

循环经济的金融创新机制研究

传统的金融机制相应于循环经济的运行模式,需要更多的创新才能适应新的经济发展要求。我国当前循环经济投融资发展主要是要改革和创新政策性金融组织,创建多元化的循环经济专项支持基金,推进循环经济资本市场建设,加强金融产品的创新。     

What Drives Financial Innovations in Kenya’s Commercial Banks? An Empirical Study on Firm and Macro-Level Drivers of Branchless Banking

ABSTRACT

This paper examines the firm- and macro-level drivers of financial innovations in Kenya’s commercial banks. We focus on branchless banking innovations, namely: mobile banking, agency banking, internet banking and automated teller machines. These financial innovations represent a departure from traditional branch based banking. We conduct an empirical analysis of the four financial innovations using Koyck distributed lag models, estimated using dynamic panel estimation with System Generalized Method of Moments. We use 10-year panel data from 42 out of 43 commercial banks in Kenya covering the years 2004–2013. We provide empirical evidence that at the firm level, branchless banking is driven by firm size, transaction cost, agency costs, technological developments at the firm level and firm constraints. In addition, at the macro level, regulation, technological developments at the macro level, incompleteness in financial markets and globalization are important drivers of branchless banking.     

浅谈资产证券化会计信息的披露

资产证券化的本质是一种金融创新,是将传统金融资产重新组合,以满足企业多样化的融资需求和投资人的投资需求。但也恰恰是这种金融创新,导致了美国次贷危机,进而形成了全球性的金融海啸。究其原因,资产证券化会计信息披露不充分难逃干系,因此,有必要对资产证券化的会计信息披露加以研究。     

It happened again: A Minskian analysis of the subprime loan crisis

The advanced countries are now going through the worst crisis since the Depression, but today's dominant current theories and econometric models proved unable to predict the crisis. The paper investigates whether the financial instability hypothesis of Hyman P. Minsky offers a better explanation. Minsky argued that in a period of economic growth and tranquility economic agents are more prone to take risk, and banks are more willing to finance borrowers. Meanwhile, in the course of the boom over-indebtedness and financial innovations make the financial system more fragile, and more exposed to adverse effects. We show that both these effects made themselves felt in the subprime loan crisis. Specifically, the main determinants of the crisis have been the increasing appetite for risk and financial innovations. So, we conclude that, although this crisis differs in some of its features from previous crashes and from Minsky's account, the mechanisms underscored by Minsky were and are nevertheless at work.     

Robert E. Wright. The First Wall Street: Chestnut Street, Philadelphia, & The Birth of American Finance

The First Wall Street is Robert Wright's latest installmentin his campaign to highlight financial institutions as the drivingforce in the economic and political history of the Early Republic.Wright reminds us that prior to Wall Street's ascendance inthe 1830s, Chestnut Street in Philadelphia was the nation'sfinancial center and the birthplace of some of America's mostimportant financial innovations. Wright argues that despite its physical disadvantages as a port,Philadelphia thrived because its climate of     

宏观调控背景下我国房地产金融创新的理论逻辑及影响

各类房地产金融创新为开发商和购房者提供了充足的金融支持,出现这一局面的根本原因在于房地产市场是一个生产者主权市场。这些金融创新不仅抑制了房地产金融调控效果,还在商品房供给增加的同时推动房价不断上升,使得房地产市场和房地产金融市场风险加速聚集。对此应改变房地产调控思路,增加供给,管理预期,转变银行的信贷管理思路,加强对非银行金融机构的房地产金融业务监管。     

WTO金融服务法中的承认制度及其实践

为了鼓励有关成员方建立更高水平的金融服务自由化安排,从而消除非歧视性贸易壁垒,WTO金融服务法确立了承认制度,并将其作为最惠国待遇原则的一项例外。然而,受多边贸易体制现有一体化水平和组织基础的制约,该制度的实体规则尚不完备并缺乏有效的实施保障机制。除了欧盟成功推行了相互承认原则之外,承认制度的总体实施状况不尽人意。WTO金融服务法应当借鉴欧盟金融服务法的成功经验,通过专项复边协议,为成员方建立相互承认安排提供一个基础性的法律框架,引导和推动特定领域金融服务相互承认实践的发展。     

浅析金融创新理论与金融体系创新

金融创新的主要目的是为了提高金融机构竞争能力,提高金融效率、优化资源配置等。我国的金融创新应从宏观和微观两个方面同时进行,重点在于强化产权制度创新、经营体制创新、组织体系创新、金融监管创新,为金融业务和金融市场营造更广阔的发展空间。     

Managing the Innovation Adoption of Supply Chain Finance—Empirical Evidence From Six European Case Studies

Logistics’ contribution to corporate performance has increased over recent years, particularly due to supply chain innovations. Opposed to common innovations focusing on the improvement of product or information flow, supply chain finance (SCF) targets the financial flow and allows buying firms and their suppliers to improve working capital and reduce costs. However, the adoption process of SCF is complex and rather unexplored in academia. This article provides an early step in building knowledge about SCF and in particular how firms adopt SCF, why they adopt differently, and what role suppliers play in the adoption process. The objective was therefore to close the gap between our knowledge on product and information flow oriented innovations and financial flow innovations along the supply chain, namely SCF. For this explorative research, we opted for an inductive multiple case study approach with six European firms. Based on our findings, four sets of propositions are posited and an extended SCF adoption framework is proposed revolving around the interrelated adoption processes of buying firms and their corresponding supplier bases.