网络借贷生态环境的缺陷及其治理研究

网络借贷作为金融与科技融合的数字金融业态,市场需求旺盛,未来必然会长期作用于民间金融。网络借贷在发展中存在着诸多问题,是源于网络借贷生态环境的缺陷。网络借贷需要在规范经营中探索业务模式和监管方式的创新,加强监管协调,引入“监管沙盒”机制。因此,需要加强大数据、云计算、人工智能在网络借贷中的应用,并完善社会征信体系和法制体系,改善社会信用环境,完善行业自律机制,建立良好的网络借贷生态环境,以促进网络借贷健康可持续发展。     

互联网金融风险及监管对策研究

互联网金融在我国发展迅速,对传统金融行业的“鲶鱼效应”显著.互联网金融是金融创新的产物,代表了金融民主化和普惠金融的趋势.同时,它具有第三方支付风险、网络借贷风险、“长尾”风险等内生性风险.在保护创新与普惠精神、有效维护金融稳定和金融秩序之间寻求平衡,是监管的基本原则和逻辑.重塑法律监管原则与逻辑,通过提供有效法律供给、切实保护金融消费者合法权益、完善征信体系等是互联网金融法律监管的可行性路径.     

互联网金融背景下校园网络借贷的困局及其解决路径

最近几年,因借贷门槛低、行业暴利、监管缺失等多个因素,校园网络借贷飞速发展.校园网络借贷迅速发展的同时也引发一系列校园特殊风险事件,如“裸条借贷”风波、“网贷赌球欠债60万跳楼身亡”事件等.要解决此问题,建议有关部门应考虑大学生群体的特殊性,出台校园网络借贷监管法规,整顿校园网络借贷行业;各大高校在做好学校安保工作之余,应当加大学生互联网金融方面的教育,提倡理性消费;校园网络借贷行业应加强行业自律.     

互联网金融:内生性风险与法律监管逻辑

互联网金融是金融创新的产物,其在一定程度上改变了金融交易结构,代表了金融民主化和普惠金融的趋势。应当把互联网金融作为践行创新性金融监管理念的试验田,探索未来“新金融”监管的范式。互联网金融的有效监管必须具有翔实的微观基础,如厘清其体系边界、业态模式以及内生性的风险等。重塑法律监管原则与逻辑,通过提供有效法律供给、完善征信体系、切实保护金融消费者合法权益、充分协调和发挥各监管主体的监管职能是我国互联网金融法律监管的可行性路径。     

中国互联网金融风险及监管对策研究

互联网金融在我国发展迅速,对传统金融行业的＂鲶鱼效应＂显著。互联网金融是金融创新的产物,代表了金融民主化和普惠金融的趋势。同时,它具有第三方支付风险、网络借贷风险、＂长尾＂风险等内生性风险。在保护创新与普惠精神、有效维护金融稳定和金融秩序之间寻求平衡,是监管的基本原则和逻辑。重塑法律监管原则与逻辑,通过提供有效法律供给、切实保护金融消费者合法权益、完善征信体系等是互联网金融法律监管的可行性路径。     

P2P网络借贷发展与监管初探

近年来,随着互联网的快速发展和金融工具的不断创新,网络借贷平台在国内外快速兴起,P2P借贷模式作为互联网金融一种重要的创新模式,受到各界的高度关注和认可。本文从P2P网络借贷的模式出发,分析P2P网络借贷风险,并结合国外P2P发展及监管模式,对我国如何加强P2P网络借贷监管进行研究和探讨。     

互联网金融:内生性风险与法律监管逻辑

互联网金融是金融创新的产物,其在一定程度上改变了金融交易结构,代表了金融民主化和普惠金融的趋势。应当把互联网金融作为践行创新性金融监管理念的试验田,探索未来"新金融"监管的范式。互联网金融的有效监管必须具有翔实的微观基础,如厘清其体系边界、业态模式以及内生性的风险等。重塑法律监管原则与逻辑,通过提供有效法律供给、完善征信体系、切实保护金融消费者合法权益、充分协调、发挥各监管主体的监管职能是我国互联网金融法律监管的可行性道路。     

论述互联网金融监管的原则和必要性

互联网金融是依托互联网技术而产生的新型金融模式,其借助网络平台来完成支付和交易,现阶段我国主要的互联网金融有众筹融资、网络借贷及网络支付等,这种金融模式对传统的金融经营模式产生了深远的影响,但是我们应当看到在互联网金融繁荣发展的背后,也存在着较多的监管问题,我们下面讨论的重点就是关于互联网金融监管的问题,旨在发现问题解决问题,为互联网金融健康发展献计献策。     

我国互联网金融现状探析

<正>随着我国经济的高速发展,互联网金融随之而生且不断发展壮大,目前已发展出包括在线支付、网络借贷、互联网保险、互联网基金以及股权众筹等众多金融服务形式。我国互联网金融环境包括其监管环境、信用环境以及法制环境等,目前都需要继续加强建设,为使我国的互联网金融环境与传统金融互利互惠持续发展,那么加大互联网金融法律体系构建力度以及信用体系建设,互联网金融监管机制显得尤为重要。互联网金融生态主体、生态环境以及金融模式三个方面组     

P2P网络借贷的羊群行为及其信息驱动

我国互联网金融投资者面临的骗局和连锁风险,是否是互联网金融羊群行为的必然结果呢?如何建构互联网金融的监管制度,才能在不影响互联网金融融资效率前提下降低互联网金融的风险呢?在改进的MNL模型基础上,通过研究我国P2P网络借贷羊群行为的性质及其背后的信息驱动,回答上述问题。研究结果显示,我国P2P网络借贷市场上存在着理性的羊群行为;其背后的信息驱动因素依次为平台信息、项目信息和借款人信息。因此,我国网络借贷市场不会由于投资者羊群行为引发市场风险,互联网金融监管机制的重点在于,强化投资者保护、完善和统一P2P网络借贷平台的信用评估和披露制度。     

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.