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中国人民银行海口中心支行课题组 《银行家》2008,(10)
"省联社"模式的制度缺陷"省联社"模式下行政力量的干预可能使农村信用社改革偏离中央设定的目标 中央在本次农村信用社改革的目标就是要把农村信用社改革成为服务"三农"的地方性金融机构.在省联社模式下,存在着严重的"外部人干预"现象. 相似文献
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论农村信用社"省联社"模式——理论依据、缺陷及实施建议 总被引:2,自引:0,他引:2
我国新一轮农村信用社改革选择"省联社"模式符合制度经济学的制度变迁理论、职能下属化理论和路径依赖理论,具有历史必然性."省联社"模式的缺陷主要表现在容易加重省级地方政府对农村信用社的干预,容易形成以"省联社"为核心的新的利益集团并阻碍农村信用社控制权向股东的回归.应加快劣质信用社退出市场的步伐,采取建立大量新型农村金融机构等措施为"省联社"模式的良性运行创造条件. 相似文献
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全国绝大部分省份在始于2003年新一轮农村信用社改革中均选择了省联社模式,但这一政企合一的管理模式存在所有者缺位、法人治理虚化和脱节等制度瑕疵,导致农村信用社面临"内部人控制"和"外部人干预"的双重风险。为此,建议对省联社模式分步推行二次改革予以矫正。 相似文献
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保定金融高等专科学校课题组 《金融教学与研究》2007,(1):22-23,26
目前,以产权制度和管理体制改革为核心的农村信用社改革工作正在进行之中,大部分省份采取了省联社的模式.但是,省联社模式并非十全十美,需要继续深化内部管理机制改革. 相似文献
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"省联社"模式:理论基础、制度缺陷与改革建议 总被引:5,自引:1,他引:5
中国人民银行海口中心支行课题组 《海南金融》2008,(10)
任何一项制度的出台都具有其历史继承性和改革的渐进性,农村信用社“省联社”模式在全国绝大省份的确立必然有其“路径依赖”的元素,具有相当程度的合理性。但由于“省联社”模式产权虚置导致其存在“内部人控制”和“外部人干预”的双重风险,使得农村信用社改革的成败建立在省联社管理层的道德与自律的基础上,具有较大的不确定性。因此,对省联社模式的改革也就势在必行。本文对省联社作为改革目标以及作为改革对象的原因进行分析,并对其改革的总体思路做一初浅探讨。 相似文献
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农村信用社治理结构改革是“花钱买机制”的核心。是保证农村信用社商业可持续发展的前提。本文在对江西25个县级信用联社进行了调查的基础上,围绕核心目标——建立商业可持续发展的信用社体制,分析比较前期改革省联社模式与核心目标的差距,并对探索农村信用社省联社模式的后续改革的途径进行了探讨。 相似文献
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深化农村信用社改革试点在八省(市)先行试点的基础上,今年将在全国21省(市、区)(除海南、西藏外)全面推开.对于农村信用社来说,今年是深化改革年,将组建成立农村信用社省级联社,建立起新的管理体制,省级联社组建成立后将负责全省农村信用社的行业管理,这将意味着农村信用社改革进一步向纵深发展,改革的成功与否,关系到农村信用社支持和服务"三农"的深度和广度,关系到农村信用社的发展和未来,对农村金融新格局的形成至关重要,因而此次深化改革不同于以往,意义重大,影响深远. 相似文献
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STEPHEN A. ROSS 《The Journal of Finance》1985,40(3):637-657
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. 相似文献
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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. 相似文献
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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. 相似文献
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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. 相似文献
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R. G. Coyle 《Futures》1984,16(6):594-609
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. 相似文献
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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. 相似文献
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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. 相似文献
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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. 相似文献