A Case for Economic Capital as a Pillar 1 Regulatory Tool

Regulatory capital – as a tool for financial regulation – has come under scrutiny following the financial crisis of 2007‐2010 in terms of its ability to achieve the major objectives of financial regulations, namely contributing to financial stability; the provision of equally competitive regulatory conditions for financial institutions; and aiming to ensure that regulatory capital requirements are risk‐sensitive. This article investigates and compares the risk‐sensitivity of economic capital and regulatory capital requirements empirically from a systemic and institution‐specific perspective. The results are assessed to determine whether current regulatory capital requirements are representative of the relevant risks financial institutions face. Given these results as well as calls to strengthen Basel's Pillar 2 disciplines in the aftermath of the crisis, it also presents a case for regulators to place a heavier reliance on economic capital – rather than regulatory capital numbers.     

营运资本政策的稳健性是否会受大股东社会资本的影响

文章基于“关系是形成社会资本的基础”这一思想,研究了我国 A 股上市公司大股东社会资本对公司营运资本政策稳健性的影响。实证研究发现,大股东社会资本数量与营运资本稳健性显著正相关,大股东社会资本对公司营运资本政策的稳健程度具有积极的正向影响;进而,不同关系强度的股东社会资本的治理效应不尽相同,强关系型社会资本较弱关系型社会资本更能促进利益协同效应的发挥。文章研究证实,大股东社会资本作为“隐形权力”的存在影响了“显性”的股权比例对营运资本政策的影响。     

Fund Mobilization and Investment Behavior in Thai Manufacturing Firms in the Early 1990s*

This paper investigates capital structure and investment behavior in Thailand in the early 1990s. Various features of financial markets are considered, and the possibility of applying the ‘pecking order hypothesis’ to developing countries is discussed. By estimating the determinants of the capital structure and the investment functions, three major results are obtained. First, the lower debt ratio of listed firms is realized by an increase in the capital surplus gained by initial public offering. Second, firms’ participation in the securities market accommodates agency costs both in the equity and bank‐loan markets. Third, ‘financial conglomerate’ firms are inactive investors and are dependent upon informal financial transactions, whereas foreign firms borrow less and invest more.     

我国商业银行引进战略投资者策略探讨

随着中国政府逐步放开外资进入中国市场的限制,外资入股中资银行己成为国外金融机构进入中国的首选方式。中国金融管理层引资的愿望很好,但对于参股主体的行为识别一直是困绕管理层的大问题。笔者认为,引进战略投资者对我国银行业的改革意义重大,但是那些形似神非的战略投资者是潜藏着巨大的风险的。因此,找寻真正的、适合自身发展的战略投资者是管理层必须解决的重要问题。     

Capital Flows,Exchange Rates,and the New International Financial Architecture: Six Financial Crises in Search of a Generic Explanation

Exchange-rate history can be divided into two periods: the Bretton Woods period and the period of floating exchange rates since the early 1970s. In this second period, financial crises and the roles played by institutions, rules, and commitments in international finance have been of central importance. Many proposals for changing the international financial architecture have been presented to reduce the likelihood of crises, but the source of the problem is in variable capital flows and the floating exchange-rate system. Based on six major financial crises of the last 25 years, the wide range in movements in the exchange rate, which might also be inferred from differences in national inflation rates, reflects changes in the ex-ante cross-border capital flows. As long as currencies are floating, economic conditions among countries are likely to be more variable and diverse: the greater variability in economic conditions suggests greater variability in capital flows.     

我国上市公司资本结构效应及其优化

资本结构的效应主要包括财务杠杆效应和治理效应两种。本文通过对我国上市公司资本结构效应进行分析,认为目前我国上市公司资本结构的这两种效应均较弱。并在此基础上提出了优化我国上市公司资本结构的制度安排。     

试析仓储金融业务的发展

融资难已成为中小企业发展的瓶颈,新型的融资方式———仓储金融有助于解决中小企业融资难的问题。在介绍仓储金融业务的基础上,对中小企业、仓储物流企业、银行开展仓储金融业务的模式进行分析,进而探讨开展仓储金融业务的主要制约因素,并提出发展仓储金融业务的建议。     

Financial flows of large corporations and a region’s socioeconomic development: The case of Krasnoyarsk krai

The issues of exterritoriality of big business capital and the clash of interests between big capital owners and regional economic policy are discussed with special reference to the Krasnoyarsk krai economy. The stages in the establishment of major integrated business groups (IBGs), the formation of their financial flows, and their influence on the region’s economy are analyzed.     

新农村物流金融的整合形式创新

农村物流金融是新农村物流发展的必然产物。实现农村物流与资金流的高效率融合,是新农村物流金融模式整合的重大创新。根据我国新农村建设的实际情况,认为应从大力拓展农村物流"融通仓"模式、创建"邮政储蓄银行"、"乡村银行"开展农村物流金融业务等方面的农村物流金融进行整合创新。     

Increasing the financial integration of U.S. and Japanese markets

The term ‘internationalization of finance’ has been in general use for many years now. The term simply means that the financial systems of various countries have developed relationships that extend across national borders. Another term, ‘globalization of finance’ takes the concept one step further. Generally speaking, there are three reasons behind the steady progress of financial globalization: (1) interest rate deregulation and securitization since the 1970s have proceeded in a similar form in the major countries, which has made financial globalization easier; (2) the increased volume of international capital flows in recent years; (3) the development of telecommunications and computer technology has facilitated the increased international transaction of goods and capital and their settlement using various currencies and 24-hour trading.     

资产证券化的特殊目的载体合并问题探讨

资产证券化是近三十年来国际金融市场上一项重要的金融创新,已成为金融市场上发展最快、最具活力的金融产品。资产证券化的关键在于构造特殊目的载体(SPE),SPE作为独立的会计主体,是否应当与发起人的财务报表合并就成为一个关键问题。由于我国资产证券化刚刚开始,传统的合并规     

Financial Development,Capital Accumulation and Productivity Improvement: Evidence from China

Financial sector development may contribute to economic growth by facilitating capital accumulation and by improving productivity. This article investigates empirically the contribution that financial development may make to these two alternative drivers of economic growth in China using annual data for the period 1952 to 2005. Using cointegration and Granger-causality testing we examine the relationship between financial development and, respectively, capital accumulation and productivity in a time-series vector autoregression (VAR) framework. The substantive findings are that there is either bi-directional Granger causality between financial development and capital accumulation or that Granger causality runs from capital accumulation to financial development, depending on how capital accumulation and financial development are measured. The link between financial development and productivity is found to be statistically weak.     

国际金融资本流动规模研究——中国案例

直接法在考虑国际收支平衡表正常统计项目的基础上,通过对隐藏在贸易、直接投资等渠道中的资本流动进行合理调整,估算出中国金融资本流出流入规模.结果表明,中国正经历着金融资本的双向流动,且隐性资本流动占据主导地位.经济发展和人民币升值预期是影响资本流动的重要因素,放松资本管制在短期内难以缓解升值压力,长期内国内金融市场深化将促进金融资本有序正常流动.     

美、德不同的金融系统对风险投资影响的比较

通过比较美国与德国风险投资业的发展，本文从企业的目的和文化、获得和利用信息、投资机构组织、金融人才和退出机制分析了不同的金融体制对风险投资业的影响，表明对于风险投资业，市场主导型的金融系统比银行主导型的金融系统更有效率，这对发展我国的风险投资业具有借鉴意义。     

河北省金融机构存贷差现象分析与认识

河北省金融机构存差规模呈逐年扩大趋势,存贷比不断下降。金融机构存差不断扩大的主要原因是现行的信贷管理制度、存款的刚性增长、信贷结构不合理、企业融资渠道多元化以及金融生态环境欠佳等。要解决这些问题,除了大力发展地方经济、加强金融生态环境建设之外,还要在调整金融产品结构、加快资本市场建设等方面采取切实措施。     

浅析中国证券市场多层次发展的逻辑思路

我国资本市场上只有上海和深圳两个交易所,上市公司类型、交易品种都很少,这远不能满足各类企业的融资需求。借鉴国外成熟的资本市场发展经验,结合我国的国情,笔者认为构建多层次的证券市场体系应包括全国性一元化的证券交易所、创业板市场、区域性证券交易市场和产权交易市场四部分。每个市场针对不同的投资者和资金需求者,安排不同的上市标准、运作模式和监管方式,这些子市场相互补充、相互竞争、相互衔接,共同构成完整统一的证券市场体系。     

‘Veritable gold mines before the arrival of railway competition’: but did dividends signal rates of return in the English canal industry?

Dividends can provide a tangible signal of earnings, but this function depends upon characteristics of financial reporting that were not always present in early financial capitalism. Although eighteenth‐century English canal companies offered low‐risk securitized capital approved by Parliament and were important to the development of financial capitalism, little is known about the economic state of the canal industry, beyond observed dividend levels. This article estimates rates of return on equity for a set of major English canals, but shows that their financial reporting under‐represented equity inputs so that dividend rates did not reliably signal operating returns or equity‐based rates of return.     

关于资产证券化的金融特性

资产证券化如同许多金融创新一样 ,最早起源于美国 ,而美国也是目前资产证券化最为发达的国家。资产证券化 (Securitization)的内涵是 ,将在当前和未来可产生现金流而流动性较差的金融资产组合为特定的资产集 ,再配以相应的金融服务支持 ,将之转变为可在资本市场上销售和流通的资产支持证券 (Asset -Backedsecuritization)的过程。简言之 ,资产证券化是将特定资产的未来现金流转化为可交易证券的金融过程。与一般的金融过程或融资过程相比较 ,资产证券化具有独特的金融特性 ,本文拟对此进行分析。     

东亚金融一体化:基于资本流动的实证分析

自1997年亚洲金融危机爆生后,为了避免对外国资金的过分依赖,防止危机的再次发生,东亚各国(地区)陆续开放本国资本账户,加快区域间的资本流动以推进东亚金融一体化。本文从资本流动的角度对东亚的金融一体化程度做出分析,研究发现东亚金融一体化程度并不高,但在金融危机之后有所加强,而其中东盟是东亚各子区域中金融一体化程度最高的区域。     

罗纳德·麦金农的利率理论述评

利率作为资本的价格,是资本市场的重要货币金融工具和衡量指标。罗纳德·麦金农关注的是欠发达经济体的分割经济,而传统的新古典理论认为资本市场在本质上是完美的,通过与分割的资本市场的比较,原本的新古典中的假定将会取消。在被修改的资本市场的假设下,分割经济以及资本市场的参与者的特征得以推出,由此可以阐明政府干预造成的低效率和压抑的影响。