Silent Large Shareholders and Entrenched Bank Management： Evidence from the Banking Crisis in Japan

Since the beginning of the 1990s, Japanese banks have become saddled with huge amounts of non-performing loans and a significant number of them have failed. We investigate the cause of this banking crisis that has jeopardized the stability of the financial and economic system. Following Hanazaki （2001）, we argue that the deficiency of effective corporate governance of banks in Japan has caused inefficient management. Our focus here is the role of large shareholders who happen to be banks and insurers. We argue that these large shareholders appear to collude or conspire with management instead of being tough monitors. Consequently, the management became entrenched. Our empirical results show that during the 1980s these ＂entrenched banks＂ extended more lending. Even after the collapse of the bubble in the 1990s, they did not dramatically undertake restructuring to cope with the accumulated bad loans.     

Coal price fluctuations and the impact on financial risk Evidence from China＇s coal listed companies

With the rise of coal price, the proportion of loss-making enterprises shows an upward trend in China＇s coal industry. This paper uses Altman Z-Score model to measure financial risk of 19 listed companies in the coal industry in A-share market from 1995 to 2007. Empirical results show that Year-Based price index of coal price has a negative correlation with the financial risk but has no significance, and coal chain price has a significant negative correlation with the financial risk. Further research indicates that enterprises increase bad investment, and a lot of debts caused by short-term rise in coal prices. The results also show that the financial risk in the coal industry declines with the rise of GDP growth rate and increases with the rise of inflation rate.     

Return to Endogenous Financial System via Corporate Bonds

After 35 years＇ reform and development, China has established an ＂exogenous＂ financial system. This type of financial system was created outside of real economy rather than derived from its inherent demand. To improve the role of market mechanism in allocation of financial resources, China＇s financial system must be reformed to be endogenous in real economy, which means, expanding the financial options available to enterprises and households so that they can compete with financial institutions such as commercial banks in financial market. Corporate bonds, with their advantages in matching the supply and demand of funds, can play important role in cultivate the endogenous financial system com- bined with real economy.     

How Green is China＇s Path of Catching Up？ An International Comparative Evaluation

China＇s rise as a global economic power in recent decades has been achieved with tremendous environmental costs. Has China been an abnormally heavier polluter in its development path？ How has pollution accounted for China＇s hyper economic growth？ This study answers these questions by evaluating the environmental effects of China＇s growth using a data set of 61 countries over a period of four decades. The analysis is focused on two pollutant emissions： CO2 emissions, which carry global externalities, and particulate emissions, of which the environmental cost is more domestic. A fractional polynomial （FP） regression model is estimated to project emissions levels per worker based on lagged values of per capita GDP and other variables. It reveals that China＇s CO2 emissions have been higher than the projection for most years with an average margin of over 5.3% while its particulate emissions have exceeded projection by an average margin of more than 7.5%. The excessive emissions levels of both pollutants confirm the severity of China＇s environmental challenges and indicate great potential for the economy to work for a greener growth pattern. On the other hand, contributions of emissions to multi-factor productivity （MFP） growth are estimated by FP regressions based on a human-capital augmented growth model. The results show opposing trends of CO2 and particulates in their ＂contributions＂ to GDP growth, which imply asymmetric incentives to abate the two types of pollution. These findings have important implications for China＇s environmental policy making.     

China＇s Achilles Heel： The Banking System

China＇s robust economy is bringing unprecedented growth and prosperity to the country. However, there is ample evidence to suggest that weaknesses in the banking system and the slow progress in reforming those weaknesses may cause disruption to continued economic growth. Bad loan portfolios as well as inadequate capital ratios point to the lack of proper governance and credit cultures at many banks. Unless these issues are quickly and properly addressed, the economic engine that drives the country will be at risk.     

Bank Credit,Firm Entry and Exit,and Economic Fluctuations in China

This study explores how a worsening bank credit quality affects firms＇ entry and exit decisions （i.e., changes in the extensive margin）, and how the extensive margin variation amplifies the transmission of financial and technological shocks to the real economy. Using a vector autoregression （VAR） model, our empirical evidence indicates that deteriorating Chinese bank credit conditions have a significant negative influence on net firm entry to the market. To explore the potential mechanism behind the stylized fact, we establish a dynamic stochastic general equilibrium （DSGE） model featuring fixed production costs, loss-related bank credit quality shocks and an endogenous balance sheet constraint which restricts the aggregate credit supply by the level of the banks＇ net worth. Model simulations indicate that the interaction of financial constraints and the extensive margin variation amplifies the impact of bank credit shocks on the real economy. When banks experience loss-related financial shocks, bank credit tightens, which increases firms＇ external financing costs. When the firms＇ expected income is not sufficient to cover the fixed production cost, some firms exit from or stop entering the market. As a result, the economy displays a severe recession and a slow recovery.     

Quantitative evaluation of sustainable development based on ecological footprint method： a case study of Tianjin

Since the coneept of sustainable devetopment emerged in the late 1980s, more and more countries and regions have been utilizing sustainable development as their developing stratety. But decades have passed without any effective methods available to quantitatively assess sustainable development. Since the ecological footprint evaluation method initiated in 1992, it has become popular in quantitative assessment of sustainable development because of its convenience, easy-understanding, and rehability. As one of the biggest coastal cities in north China and the economic center of the Bohai Coastal Region, Tianjin＇s gross domestic product （GDP） was 369. 762 billion yuan in 2005, accounting for 2.0°of the whole nation＇s GDP. The paper analyzes Tianjin＇s development with the ecological footprint method, and the results show that Tianjin＇s ecoiogical footprint and biocapacity in 2005 were 2.507gha/cap and 0.2 76gha/cap respectively. The ecological deficit was 2.230gha/cap.And from 1980 to 2005,Tianjin＇s ecological deficit per 10^4 yuan GDP decreased;while per capita ecological deficit has been tending to increase rapidly in recent years.All these result demonstrate that Tianjin is in a state of unsustainable development.     

The Accounting Reform in the Brussels-capital Region： New Tool for Financial Analysis

In the last 20 years, public administrations in Belgium have completely reformed their accounting systems. The new system consists in combining double-entry general accounting with budgetary accounting, which is traditional in the public sector. The accounting reform of 2003 marks a turning point in the history of accounting of the federal State and federated entities （regions and communities）. The Brussels-capital region is the first federated entity to embark on the adventure and implement the new accounting system in 2006. The aim of this article is to introduce the legislative framework and the different implementation steps of the accounting reform in the Brussels-capital region and to provide a financial analysis of the region. The objective is to see if the region has a good financial situation. To do this, this paper analyses the data from the balance sheet and the income statements from 2008 to 2011. On one hand, it analyzes the evolution of the region＇s different results; and on the other hand, it presents different financial ratios. It also analyzes the evolution of the regional debt. This paper concludes that, although expenses and the debt are increasing, the situation of the region is not worrying, because of good budgetary performances, sophisticated financial management, and law loans rates. Even if the results of the analysis don＇t have to be interpreted as the same way as for a private company, the annual accounts provide interesting information that can be used to improve public finance.     

Sandwich-Course Training in Higher Education as a Major Strategic Thrust Regional Policy of Professional Training： Lessons Learned From the Pioneering Example of the University Institute of Technology Corsica

Corsica is an island economy marked by the complete absence of any of the big holdings and multinationals that fuel and forge the worldwide economy. Equally absent is any of the kind of medium-sized enterprises servicing big business that have spearheaded local economies in other regions like Lombardy. Corsica＇s economic fabric is essentially made up of small and home businesses, farm smallholdings, artisans, and small-scale retail. Given how public-sector capital investment is already hypertrophied, a policy of investment in human capital could be a compelling new opportunity to trigger a dynamic regional development impetus. Leading the way, the University Institute of Technology Corsica, Corsica University＇s affiliated school of applied vocational technologies, is demonstrating its ability to act as a structurally engaged facilitator of island-wide spatial planning and regional branding. As a founding pillar in pioneering the emergence of a sandwich-course training system in higher education in Corsica, in 2010 the university made its entire training curriculum fully accessible to all through the signature of apprenticeship training or vocational qualifications agreements. This grass-roots programme is the outcome of a committed core strategy to develop partnerships with the island＇s key social and economic communities （businesses, community groups, and local authorities）, and it plays a fundamental role in shaping and selling the most vital valued assets that typify a regional territory emerging into a structured destination-brand identity （simultaneous growth in the employability and quality of school-to-work transition shown by its human capital, mass shift in the degree of skill acquisition directly tied to the regional territory＇s own organic needs, fluidity of knowledge transfer fully controlled through sandwich placements, deep sustainable entrepreneurship education etc.）. After highlighting the specific features of the sandwich training policy development process in Corsica as a shaper of the Regional Vocational Development Programme, this paper brings an analysis of the lessons learned from the pioneering example of the University Institute of Technology Corsica as a dynamic engineer of structured future and regional brand for Corsica.     

The Motivation Factors of Sales Personnel in Financial Institutions

The motivation is an employee＇s internal relationship in the form of behaviour directed towards a specific goal and is manifested as an important factor for overall organisation performance. The goal of any business is to motivate employees to perform work with the maximum results. The work motivation is complex and dynamic feature of human resources and influences to motivation are very broad and diverse. The material forms of motivation are different compensation that employees receive for their work in the company. They appear in the financial and non-financial forms （paid or in the form of various services）. The goal of this research is to identify the main factors of human resources motivation in financial institutions （banks）. The questionnaire will be used as a research instrument and consists of two parts. The first part of the questionnaire will focus on socio-demographic characteristics and the second part concentrates on the motivation variables of material and immaterial character. Applying adequate knowledge discovery research methods will be identified as the main motivation components of selling persons in financial institutions.     

Impact of Selected Insolvency Indicators on the Recoveries of Creditors＇ Claims Against Closed Banks in the Philippine Context

Banks play a pivotal role in an emerging economy. They mirror the country＇s political and economic status. The more savings deposited in banks would mean the availability of cash provided to users of funds. On the other hand, their closure affects the creditors. The goals of the study include the minimization of losses imposed on creditors and the expeditious recoveries of their claims against the closed banks＇ assets. The study proved on the four significant impacts of selected insolvency indicators on the recoveries of creditors＇ claims against the assets of closed banks under the Philippine context from 1961 to 2011. The study uses various methods such as Pearson product-moment correlation coefficient to establish the strength of association of the independent variable to the dependent variable and time series technique （moving average and trend forecasting） in order to observe the pattern of data over a known period of time. Using the regression analysis, the researchers were able to establish a regression model. The ANOVA test, f-test, and R2-test were used to prove the model＇s goodness-of-fit, the significance of the predictors, and verification of the assumption of regression hold. Empirical evidence reveals that capital to estimated realizable value of assets ratio （ERVA） and debt to assets ratio （with respect to ERVA） were significant predictors of recovery. Further, the presence of high leverage on banks indicates that their liabilities exceed the value of their realizable assets. Thus, these banks fail to meet their maturing obligations, hence, imposing losses on the uninsured depositors and other creditors.     

County financial ecology and the development of new socialist countryside in China

The new rural construction will involve many fields, such as the upgrade of the industrial structure of agriculture, the impravement of the efficiency in the use of agricultural resources, the increase of farmers＇ income, maintaining sustainable agricultural development, and strengthening the construction of agricultural service system and circulation system.Finance, as the core of modem economy, should serve the new rural construction. However, there are many problems about the financial system in the rural area for a long time. So it is vital to build a good county financial eco-environment to promote the development of county financial systems and give full scope to the supporting function of finance. Only when we solve the problems in rural financial ecology and make clear the government ＇s fanction and activities, the county financial environment can function and be improved. Based on the reality of county economic development and starting from the connotation of county financial ecology, this paper analyzes the status quo of county financial eco-environment, especially the significance of optimizing the county financial eco-environment under the macroscopic background that the country proposed the socialist new rural reconstruction, and proposes the opinions and suggestions to construct and the maintain county financial eco-environment.     

Comparative Study on Venture Capital among U.S.A., Japan and China

This essay, through comparing venture capital in China＇s modernization with U.S.A., Japan, summarizes the different characteristics of venture capital of the United States and Japan, and thinks that China＇s present modernization, as a flag of developing countries, has already entered middle period of industrialization, according to the experience of U.S.A., Japan and reality of China. The technological progress mode has already been changed from technology import to technological innovation stage at this time. In order to encourage innovations, we must develop venture capital in a more effective manner. The national conditions have determined the technology import of China, which must start with a high points, this is the most important condition of target to choose. The venture capital of China in system transitional period should use U.S.A.＇s experience for reference even more on the capital source to pay close attention to the capital sources of the government and bank. Once the government guides and starts the market, the folk capital will show the natural instinct of the capital automatically Risk investment is the embodiment capitalized personality spirit, in order to dispose such ambitious culture. We need the reform of the system as well as dispose risk investor＇s stratum at present.     

The Quantitative Analysis on Leverage and its Effects

Leverage of modem enterprise＇s financial management includes operating leverage and financial leverage. Both of them exist objectively, are not changeable with human＇s minds. They enlarge enterprise＇s benefit and risk, so they have both positive and negative effects. The degrees of them are measured as DOL and DFL. In financial management, the relationship between DOL and operating risk has regularity in quantity, and so does the relationship between DFL and financial risk.     

The Research on the Interreact act Development of Agricultural Modernization and Internationalization in the Area of Eastern Shandong

With the Chinese reform and opening-up, especially when entering the 90s of the 20th century, the internationalization process of China＇s economy is accelerated constantly, and at the same time the modernization of China＇s agriculture is also accelerated constantly. It makes China＇s agriculture modernization under the background of internationalization. Therefore, the integration of China＇s agricultural modernization and internationalization becomes an inevitable choice in developing China＇s modem agriculture. This paper takes the practice of agricultural modernization and internationalization in the area of eastern Shandong province as a basis and uses Panel Data model to analyze the interact relationship between agricultural modernization and internationalization quantificationally with the data of the seven cities in the area of eastern Shandong. The result indicates that agricultural modernization and internationalization have the relationship of interact development.     

Profitable credit card business empirical analysis of factors

Since 1995, major domestic commercial banks are beginning to have a variety of credit cards issued. However, at present, China＇s relatively low profitability of the credit card business, it accounts for a smaller proportion of total bank income. By means of credit card revenue／cost structure analysis, the authors found spending and overdraft balances affecting credit card business, an important factor in profitability. At the same time, combined with a commercial bank＇s existing statistical data, using SPSS software correlation and regression analysis, the authors found that the key to improve the bank card revenue is to raise China＇s commercial banks, credit card revolving credit utilization, and expand the scale of overdraft balances.     

Population distribution,urban construction and urban management in the process of China urbanization

Along with China＇s urbanization, a series of problems came, such as the rapidly expanding urban population, large-scale urban construction and investment, the financing gap of government＇s investment in construction, and urban management, etc. This article first describes the growth of urban population, the scale and the input of urban construction, and then analyzes the financial revenue and expenditure, and at last argues for the necessity of urban management, and puts forward the research content of urban management.     

Analysis of the Competition in China＇s Supermarket Sector

China＇s supermarket sector has been growing with a high rate for ten years. Relying on the advantages of new formats and adapting to the economic change of China, several China＇s supermarket companies have replaced the traditional department stores to become the leading player in retail industry of China. Although the interesting phenomenon shows that although these supermarket companies have the inherent problems of shortage of capital and weaknesses in management, their expansion is more emphasized on sizes and speeds. Being weak in management and over squeezing ,margin from suppliers that might lead their position to be vulnerable. Their market share is taken by different competitors, more notably by foreign giant retailers. Competition will become more fierce and complex. Merging, making joint ventures with foreign investors, expanding into chain and fuU-format retailer, hunting for skillful people would be the key strategic options to keep the sector＇s growth.     

Mixed Market Competition in a Quality Differentiated Duopoly Model An Approach to Banking Sector

This paper attempts to develop a theoretical framework to investigate the competitive implications of quality choices of financial institutions whereby they charge prices to consumers based on their willingness to pay for the service qualities in the mixed market scenario under vertical product differentiation model. Initially, it analyzes benchmark equilibrium solutions of monopoly and duopoly to establish the degree of quality differentiation between two private banks in an uncover market configuration. Further, it estimates the quality differentiation between private and public banks, and examines the interaction between two market structures keeping public bank as both leader and follower, and then measures the social welfare from different prospectives. The explicit operation of two stages Nash equilibrium game forecasted that public banks＇ monopoly seems to be still better than a private banking, and it is socially optimal. The outcome demonstrates a significant importance of vertical quality differentiation for policy implication in banking industry and provides an insight on the reasons of particular co-existence of public and private banking services in the specified location. In this context, it is concluded that the presence of public banks in banking industries is a crucial condition for obtaining the higher range of social welfare.     

New Basle Capital Agreement and Risk Management of China＇s Banking Industry

Adjustment of Basle Capital Agreement will influence the risk management and capital arrangement demand of the banks with different scales, operation level and environment. It will have widespread and profound effect on the competition strength of every country＇s banks in the global market. Starting with illustration of the present cond（tion of risk management in China＇s banks, the paper analyzes the major problems existing in the risk management system of China＇s banking industry, then puts forward some clues and suggestions to improve and better the risk management system of China＇s banking industry.