中小商业银行属性特征与高质量发展

中小商业银行是我国商业银行中数量最多的法人机构,也是当前发展普惠金融的生力军。同大型商业银行相比,中小商业银行的属性特征就是“小”,这既赋予了中小商业银行灵活的经营优势,同时也带来了诸多限制。回顾历史,中小商业银行在发展中出现的各种问题,其中一个重要原因就是脱离了中小商业银行的属性特征而选择急进的经营行为造成的。步入新发展阶段,中小商业银行要实现高质量发展,必须重新审视自身的属性特征,科学确定市场定位和发展目标,抓住发展和风险管理重点,为我国金融业高质量发展作出中小商业银行的贡献。     

依托债券市场发展提高商业银行核心竞争力

十多年来,债券市场在我国宏观经济、金融市场建设中发挥了重要作用,参与机构、交易品种和交易量都有了很大程度的提升,债券市场经历了数量快速膨胀的规模化发展阶段和调整、巩固、提高阶段,市场的发展给商业银行改革和创新注入了新的动力和活力,为商业银行提供了更为广阔的发展空间。可以说,没有中国债券市场10年间的快速发展,也就没有商业银行市场化改革的深入进行。     

对欠发达地区中小商业银行发展的对策建议

从中小商业银行十几年来的发展历程,可以清晰地看到,国家高度重视中小商业银行在经济金融体制改革中的作用,特别是近几年国民经济持续稳定快速发展,为中小商业银行改革和发展提供了极为有利的外部环境。在我国金融体制改革逐步深入的背景下,中小商业银行不断锐意创新,迅猛发展,     

中小银行改革发展稳健性的思考

近年来,在社会各界的关心支持、银行业监管部门的有效引导和中小商业银行的不懈努力下,我国中小商业银行改革发展取得了显著成绩。有关数据显示,截至2011年年末,中小商业银行的资产总额、存贷款总额等指标均占全国银行业金融机构的25%左右,资本     

中小商业银行实现差异化发展的思考

中小商业银行是我国银行业的一个重要组成部分,是支持国民经济发展不可缺少的重要力量;2011年两会期间,中小商业银行发展问题成为一个广泛关注的焦点.那么,当前形势下,面对复杂多变的外部环境的挑战和自身不足的劣势,如何实现差异化已成为中小商业银行可持续发展中尤为重要的问题.本文通过分析当前中小商业银行必须走差异化发展路径的...     

我国中小商业银行资本管理的演进

我国商业银行资本管理经历了从无到有、从狭义到广义、从软约束到硬约束、从低级到高级、从古典到现代的演变和发展过程。而对于中小商业银行资本管理历史演进的回顾，恰恰正是对我国金融体系改革背景下中小商业银行不断发展壮大真实画卷的真实再现。     

合并与重组:"十四五"中小商业银行生态变化趋势研究 ——基于金融供给侧结构性改革视角

2002年在江苏省徐州市举行第三届"淮海经济区城市金融论坛"会上提出成立由淮海经济区17家地方银行组建成准海银行倡议之后,地方银行合并与重组拉开序幕,之后先后有徽商银行、江苏银行等陆续成功合并与重组.20年间我国的经济、金融发生了巨大的变化,以金融科技为代表的数字经济的快速发展彻底改变了中小商业银行生态基础与发展逻辑,金融生产力得到了充分的释放,中小商业银行的生态呈现出新的特点与趋势."十四五"期间,我国中小商业银行中的城市商业银行以省级行政区或省内区域经济为载体,农村商业银行和农村合作银行以地市为载体进行合并与重组将成主流趋势,这两类法人机构总数将大幅减少,而以科技基因为特征的民营银行数量将大幅度增加,并形成以科技为主导特征的大中小型商业银行新的生态体系,以保持我国商业银行的生态与经济生态的融合性发展.     

吉林省中小金融机构发展策略研究

中小金融机构是相对于大型金融机构而言,在资本规模、存贷款业务规模、从业人员规模等方面明显较小的金融企业。中小金融机构是一个动态发展的概念,不同时期有不同的衡量标准。从广义上讲,我国的中小金融机构是指在宏观调控能力、资产负债规模、信用担保体系、网络覆盖范围、机构整体机能以及服务手段、社会地位都明显低于国有大银行的中小型商业银行、中小型保险公司、信用合作社、财务公司、消费信用机构、邮政储蓄机构等。     

我国中小商业银行转型研究——以城市商业银行和村镇银行为例

我国中小商业银行实施转型是金融市场激烈竞争、金融脱媒、利率市场化改革和银行经济资本考核趋严等多种因素综合作用的结果。中小商业银行转型的理念定位是“差异化、特色化、零售化”。以城市商业银行和村镇银行为例,诠释中小商业银行转型的理念定位,分析中小商业银行全面转型的实践经验,并给出中小商业银行理念转型、业务转型和组织转型的路径选择方向。     

中小银行机构风险防范和化解问题研究

近年来,随着我国金融改革的不断深入,城市商业银行、农村商业银行、城乡信用社、农村合作银行、村镇银行、农村资金互助社等中小银行业金融机构已发展成为支持中小企业和为"三农"服务的主力军.由于中小银行机构规模小,产品结构单一,管理水平低,资本充足率不高,自身抗风险能力低等因素的影响,运行时间相对较长的机构已形成了不少的金融风险和历史包袱.……     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.