由新兴互联网金融模式探讨我国金融业改革进程

十八届三中全会以来,金融业改革的进程较过去艰难推动的局面相比,有了明显加快,那么新兴的互联网金融模式在加快我国金融业的改革进程中起了何种作用呢?本文以P2P和余额宝为例,从互联网金融模式发展现状入手,介绍该模式的利弊;并通过其对传统金融业及对金融改革进程的影响分析,展望我国金融业改革的美好前景。     

巴曙松 2007中国金融改革六大趋势

2007年金融改革面临的主要问题，应该是对原来金融体系中的空白地带、欠缺和不完善部分进行调整、补充和提高。     

现代金融改革和金融市场体系

传统的金融体系具有支付清算和媒介资源配置的功能,而现代金融体系必须增加分散风险与管理财富这两个新功能。中国金融改革的一个战略目标是构建市场主导型金融体系,即建立以充分发达的社会主义市场为基础的现代金融体系。商业银行的改革和社会主义市场的发展是相辅相成的,商业银行改革的目标应当是建立在社会主义市场平台之上;要发挥中国的社会主义市场的基本功能,需要克服法律制度层面的、文化层面的、政策层面的不利因素的制约,当前最重要的问题是股权分置改革。     

金融功能观对我国金融改革的适用性研究

金融功能观是一种很有价值的金融改革指导方法,本文分析了金融功能观的理论框架,从其产生的背景和理论内容出发,指出金融功能观依赖于一定的经济、制度等前提条件,我国金融改革不能完全搬用金融功能观,应该以金融功能观作为改革的整体思路,深化我国金融体系改革.     

我国金融改革背景下的闽台金融合作研究

在回顾改革开放三十年来金融改革成果的基础上,结合闽台地区关于建设合作试验区的战略构想,对两岸金融的交流与合作进行研究。     

巴曙松：2007中国金融改革六大趋势

2007年金融改革面临的主要问题，应该是对原来金融体系中的空白地带、欠缺和不完善部分进行调整、补充和提高。     

金融全球化进程中我国金融风险防范研究

金融全球化是当今世界金融业发展的趋势,它对世界经济有着重要的影响。进入20世纪90年代,金融全球化的进程明显加快,它的发展更是引人注目,可以说现代国际金融的最主要特征就是金融全球化。金融全球化一方面给市场的参与者、全球各个国家提供了资本要素、套利机会和风险规避措施,但另一方面又大大加剧了金融风险。     

供给侧改革下商业银行金融创新问题研究

本文以供给侧结构性改革背景下商业银行存在的主要问题为切入点,认为商业银行在信贷供给与金融创新上存在一定的不足。然后从规模发展小微金融、建立健全供应链金融、推进符合个性化与多样化需求的消费金融、进一步深化互联网技术的进一步应用四个方面对商业银行的金融创新进行了探讨。最后本文就金融创新中的风险管理问题进行了简要探讨。     

现代中国金融深化进程中的金融控制力研究

当前我国经济发展十分迅猛,在此背景下,金融行业唯有加快改革的进程、强化对金融风险的管理和规避,才能为我国社会主义市场经济的发展提供助力。在金融行业中,风险虽然时时存在,但我们可以采取一定的措施避免风险的产生和加剧,一方面,吸取其他国家庭在金融管理方面的先进经验,推进我国金融改革的深化,提升改革效率,建立一个具有自我调节能力的市场环境;另一方面,加强金融制度的建设,建立、健全金融管理、市场监管、金融调控等方面的制度,以控制金融行业发展过程中的各类风险。本文对我国金融深化进程中的金融控制力展开探讨,以期为我国金融行业的发展提供一些理论参考。     

International good market segmentation and financial innovation

While international capital flows are now well liberalized, markets for goods remain segmented. To investigate how financial innovation may relieve the effects of this segmentation on risk sharing, we examine a series of two-country economies with internationally segmented good markets, distinguished by the available financial securities. Sufficient conditions for efficiency include complete international financial markets together with liberalized international financial flows. Under these conditions, heterogeneous agents from the same country may use securities as a substitute for the international shipment of goods. This allows them to partially circumvent the segmentation, allowing for efficient risk sharing.     

股份制和中国资本市场改革

股份制和资本市场改革是中国最重要的改革之一。本文分析了我国股份制和资本市场改革的历史背景及其重要作用,指出应发展多层次资本市场,加强资本市场各项制度的建设,让资本市场在发展中规范,在规范中发展。     

Upstream internationalization process: Roles of social capital in creating exploratory capability and market performance

This paper investigates to what extent resource governance of international ventures affects dynamic capability and market performance in the high-tech firms’ internationalization process. We examine the non-equity-based international network collaborations of high-tech firms as forms of strategic resource seeking within the internationalization process. Within the context of upstream technology collaborations by international software and hardware firms, this paper proposes and empirically examines the impact of resource governance mechanisms (i.e. trust-building and behavioral monitoring) on the exploratory capabilities of firms. The findings indicate that building trust in the internationalization process of network ventures contributes to the firm-level exploratory capabilities and, in turn, market performance. Furthermore, this paper tests the moderating effects of structural capital on the capability–performance relationship. The relationship is stronger when network relationships existed before the inception of the international technology alliance. We also find a negative moderating effect from the existence of an actual alliance and from network duration on the relationship between exploratory capability and market performance. To this end, the longevity of the alliance may not always be something firms should aim for. The paper highlights the criticality of relational and structural capital in the internationalization process and the importance of exploratory capability for creating radical innovation in high-tech industries.     

The role of market orientation,relational capital,and internationalization speed in foreign market exit and re-entry decisions under turbulent conditions

Firms’ internationalization strategies can vary with changing environments. Occasionally, a firm may choose to re-enter a foreign market it had abandoned in the past if environmental conditions have improved. The present study provides insight into the foreign market exit and subsequent re-entry processes. Specifically, we utilize the strategic flexibility perspective to investigate the impact of market orientation, relational capital, and internationalization speed on market exit and re-entry decisions under turbulence in a host market. Using a sample of 156 Turkish firms that operated during the Arab Spring in the Egyptian market between 2010 and 2015, we find that the market-oriented firms are more flexible in their market exit decisions than less market-oriented organizations. In addition, relational capital specific to the host country has a negative impact on market exit decisions under conditions of political conflict. The results also suggest that strong ties with partners in the host country increase the propensity to re-enter the market.     

Welfare versus market access: The implications of tariff structure for tariff reform

We show that the effects of tariff changes on welfare and import volume are fully characterised by their effects on the generalised mean and variance of the tariff distribution, implying two “cones of liberalisation” in commodity price space. Because welfare is negatively but import volume positively related to the generalised variance, the cones do not intersect, which poses a policy dilemma. We present a new radial tariff reform rule, which implies new results for welfare- and market-access-improving tariff changes. Finally, we show that generalised and trade-weighted moments are mutually proportional when the trade expenditure function is CES.     

Human and financial capital as determinants of biopharmaceutical IPO de-listings

The present study combines human capital theory with work on IPOs related to sources of financial capital of recent, publicly traded biopharmaceutical firms and relates this to the de-listing of these firms. The study follows the generally accepted view that more or better quality human capital is a positive factor in individual and firm performance to develop the hypotheses, positing a negative relationship between these factors and IPO de-listing. The results show that to a limited extent firms having CEOs with more or better human capital and strategic alliance partners are associated with biopharmaceutical IPOs’ de-listing. The study further finds that de-listing in this industry is due primarily to acquisitions (and not financial distress) and that the findings differ based upon whether examining financial distress or acquisition de-listings. The study draws upon the IPO motivation literature to help explain the results.     

Institutional environment and firms' sources of financial capital in Central and Eastern Europe

The external business environment is a major determinant of which sources firms select to obtain financial capital. We examine how the regulatory, political, and financial dimensions of the institutional environment influence the extent to which firms rely on informal sources of financial capital. The analyses of data from 2869 firms in twenty-six transition economies in Central and Eastern Europe (CEE) indicate that ineffective regulatory system, underdeveloped financial system, and government corruption are strong determinants of firms' reliance on informal channels for financial capital. We also find that smaller firms are more vulnerable when the local financial system is underdeveloped and the regulatory institutions are less effective in these transition economies. A subgroup analysis of firms' forms of establishment shows that private firms are sensitive to the level of development of the local financial system and state-owned enterprises are particularly sensitive to the degree of corruption.     

The market microstructure of central bank intervention

How quickly do central bank intervention operations impact the foreign exchange market? And, do intra-daily market conditions influence the effectiveness of central bank interventions? This paper uses high-frequency intra-daily data to examine the relationship between the efficacy of intervention operations and the “state of the market” at the moment that the operation is made public. The results indicate that some traders typically know that the Fed is intervening at least 1 h prior to the public release of the information in newswire reports. Also, the evidence suggests that the timing of intervention operations matters—interventions that occur during heavy trading volume, that are closely timed to scheduled macro announcements, and that are coordinated with another central bank are the most likely to have large effects.     

Measuring intellectual capital and its effect on financial performance: Evidence from the capital market in Taiwan

This paper studies intellectual capital in companies in Taiwan, China. Intellectual capital is an invisible, yet important resource for companies. The first aim of this paper is to provide a systematic investigation on how to measure intellectual capital. Results show that the coefficient of value-added intellectual capital is positively related to return on assets and market capitalization in both fix and random effects. Similar results are also obtained with dynamic panel data. Furthermore, innovation variables such as research and development expenditure are more accurate than structural capital in measuring intellectual capital. The author thus suggests that companies need to keep a close track of their intellectual capital and focus on internal information delivery to gain competitive advantage.     

中国资本市场股权融资偏好原因分析

融资理论重点研究企业股权融资与债务融资之间的构成比例,近年来融资优序理论与权衡理论逐渐成为企业融资理论的主流.然而各研究表明,我国上市公司存在与传统融资优序理论相悖的现象,融资顺序体现了极强的股权融资偏好.本文从筹资者、投资者和宏观环境三个方面进行了分析,提出完善我国上市公司的融资结构相关对策建议.