金融自由化、金融发展与实体经济资本配置效率

当下我国金融资本"脱实向虚"、实体经济"空心化"问题日渐突出,金融发展和金融自由化程度对实体经济增长具有支持作用,厘清金融自由化在金融发展与实体经济资本配置效率之间的调节关系,有利于推进金融和实体经济的互融互促。本文基于2001—2016年中国省际面板数据,运用三阶段DEA和熵值法分别测算实体经济资本配置效率和金融发展水平,采用系统GMM模型和面板门限回归模型,探究金融发展与实体经济资本配置效率的关系以及金融自由化对两者关系的调节作用。研究结果表明:实体经济资本配置效率呈东、中、西部地区依次递减趋势;金融发展对实体经济资本配置效率的影响显著存在以金融自由化为门限的双门限效应,即两者存在非均衡性关系。金融发展对实体经济资本配置效率的影响受金融自由化程度的负向调节。当市场化改革处于初步阶段时,金融发展会促进实体经济资本配置效率的提高;随着金融自由化水平的不断提升,促进作用逐渐减弱,市场化改革漏洞凸显,致使金融发展对实体经济资本配置效率的影响由正转负,非均衡性抑制了实体经济资本配置效率的提高。同时本文分别探究了金融发展中金融规模、金融结构以及金融效率三个维度对实体经济资本配置效率的影响,发现不同金融自由化程度上,金融发展各方面对实体经济资本配置效率的作用效果存在差异。最后根据实证结果并结合国情分别从金融自身发展及其自由化改革和实体经济自身积累两个角度提出对策建议。     

国外金融体系资本配置功能理论综述——基于原理、机制与制度的视角

在现代经济中,资本的增长效应,相对要素数量效应而言,配置效率权重日渐增加.本文对西方金融体系资本配置理论进行了归纳.文献表明,金融体系通过信息、规模经济和专业化等机理,能促进资本配置于以预期收益(效益)、利润、长期资本形成等定义的"好"项目;通过监督和控制权市场等机理使资本配置于以专业化、风险、效率等定义的"好"企业.银行、股票市场和公司债券市场的配置功能,机理与机制各不相同,且各有比较优势.在政策上,存在金融管制、金融抑制、金融发展(自由化)和金融约束等分歧.实证分析方面,通过间接或直接定义资本配置效率,不同程度证明了金融体系资本配置功能的存在性.     

金融深化与地区资本配置效率的再检验:1999-2013北大核心CSSCISSCI

国际学术界关于金融深化能促进经济增长和提高资本配置效率已达成共识,但国内学术界对于我国金融深化与资本配置效率的关系存在分歧。本文提出地区非国有企业负债占比以及地区非国有企业资产负债率与国有企业资产负债率的差额这两个新指标,以衡量地区金融深化程度。利用省际面板数据研究发现,地区金融深化程度的差异导致地区资本配置效率的不同,金融深化同时促进了地区第二、第三产业资本配置效率的提高。同时,我们还发现,经济周期会影响资本配置效率,第二产业在经济低迷期存在投资过度的现象,而第三产业在经济繁荣期投资相对不足;实际利率的提高有利于第三产业的投资增长从而提高资本配置效率。     

甘肃省农村金融资源配置效率实证分析

引言金融发展理论认为经济的增长与金融市场的发展息息相关。经济学家普遍认为:金融市场的发展能提高资本配置效率,从而促进经济的增长。从这个角度来看,我国从2006年开始推进的新农村建设主要靠农村金融发展的支持,而农村金融发展又离不开农村金融效率的提高。温     

金融中介发展、利率市场化与县域资本配置效率

“先农村、后城市”的利率市场化改革以及县域金融中介体系的发展,共同推进了县域地区的金融深化进程,这对县域经济究竞带来了怎样的影响,是否可以通过优化资本配置效率促进经济增长？本文实证检验了金融中介发展以及利率管制放松对县域地区资本配置效率的影响。研究结果表明,金融中介的规模扩张促进了县域地区资本配置效率的改善;贷款利率上限的放开较为显著地改善了县域地区的资本配置效率,但随着利率市场化改革的推进．这种积极影响已逐步弱化．     

区域实体经济资本配置与金融发展——基于玉溪市金融支持实体经济发展的实证分析

<正>本文以1978-2019年玉溪市经济金融数据为样本,从实体经济运行视角,观察金融支持改善区域实体经济资本配置效率,采用Wurgler资本配置效率估算模型,构建小微信贷比重等金融发展程度指标,进行实证检验显示：一是金融发展显著促进提升实体经济资本配置效率,玉溪市资本配置效率达到0.42;二是金融系统对区域实体经济资本配置效率的改善功能会受到地方政府干预的影响,但效果不显著。最后针对结论提出相应政策建议。     

金融开放、金融摩擦与资本配置效率北大核心

金融开放是市场化改革与对外开放中至关重要的一环,在推动资本配置效率提升、助推经济高质量发展方面发挥着重要作用。本文以2003—2021年中国工业企业数据库为样本,实证检验了金融开放对资本配置效率的影响以及金融摩擦对金融开放提升资本配置效率的抑制作用。研究发现:(1)金融开放可以显著提高企业的资本配置效率。(2)金融摩擦会降低金融开放带来的资本配置效率的提升程度。(3)异质性分析发现,金融开放促进资本配置效率的功能在非国有企业体现得更明显。本文最后为我国金融开放和资本配置效率提升提出了政策建议,以助力经济高质量发展。     

内生金融发展的二元经济增长模型

本文通过吸收内生增长理论思想,修正了外生技术进步假设,建立了一个内生金融发展的二元经济增长封闭模型.研究表明.发展中国家金融发展能够通过提高部门资本存量及其积累速度.实现二元经济总产出的增长.但是,受银行主导型金融体系配置资本内在机制的影响,金融资源配置在部门之间会出现流动性失衡,而这种失衡最终会在促进经济总量增长的同时,强化二元经济结构.研究还发现,农村剩余劳动力的转移会促进二元经济的良性转化,但受生产要素配置比例的影响,劳动力转移速度受农业部门资本存量增长速度和非农业部门产出增长率的限制.     

新疆地区金融运行效率实证分析

金融发展不仅取决于经济投入总量,更取决于金融效率的进步,对新疆地区而言,因其相对有限的金融资源总量,故提高金融效率的意义更为重要.本文利用1981年-2012年的数据,根据新疆金融市场发展的实际情况,以银行为主要金融中介,选用地区银行的储蓄率、储蓄投资转化率与资本的配置效率数据,实证新疆地区银行的金融效率,并进而研究金融效率与经济增长相关性.     

金融科技如何促进企业资本结构优化

在新兴信息技术蓬勃发展的数字经济时代,探讨如何借助金融科技提升金融部门资本配置效率,优化企业资本结构,提高经济抗风险能力与经济韧性,是我国后疫情经济恢复时期的重要议题。本文以动态权衡理论为基础,基于地区金融科技公司数量构建金融科技发展程度指标,利用我国2010—2020年沪深A股非金融上市企业数据,探究金融科技对企业资本结构动态调整的影响。研究发现,金融科技能够显著加快企业的资本结构调整进程。机制分析表明,金融科技是通过降低企业在金融市场上面临的金融摩擦而推动其进行资本结构优化。进一步的研究表明,金融科技对非国有企业和在利率市场化程度较高环境中经营企业的资本结构动态调整的正向影响效应更大。本研究对进一步发展金融科技和深化金融供给侧结构性改革,借助金融科技等新型金融模式促进企业资本结构优化,推动我国经济高质量发展,具有一定的理论意义和实践价值。     

Bayesian Premium Rating with Latent Structure

We propose a fully Bayesian approach to non-life risk premium rating, based on hierarchical models with latent variables for both claim frequency and claim size. Inference is based on the joint posterior distribution and is performed by Markov Chain Monte Carlo. Rather than plug-in point estimates of all unknown parameters, we take into account all sources of uncertainty simultaneously when the model is used to predict claims and estimate risk premiums. Several models are fitted to both a simulated dataset and a small portfolio regarding theft from cars. We show that interaction among latent variables can improve predictions significantly. We also investigate when interaction is not necessary. We compare our results with those obtained under a standard generalized linear model and show through numerical simulation that geographically located and spatially interacting latent variables can successfully compensate for missing covariates. However, when applied to the real portfolio data, the proposed models are not better than standard models due to the lack of spatial structure in the data.     

The development of the group accounts disclosure system in Japan

The Japanese disclosure system of consolidated statements was introduced in 1977 and extensively revised in 1997. The role of the bureaucracy has been significant in these developments and seems to be part of Japan's closed culture. However, other explanations could also be applied. In particular, although Japanese firms opposed such disclosures on the basis of preparation costs, the Japanese government had to modernize the disclosure system, including consolidation, in order to develop the securities market regardless of an individual company's interests.     

Moments of Compound Mixed Poisson Distributions

Recursive formulae are derived for the evaluation of the moments and the descending factorial moments about a point n of mixed Poisson and compound mixed Poisson distributions, in the case where the derivative of the logarithm of the mixing density can be written as a ratio of polynomials. As byproduct, we also obtain recursive formulae for the evaluation of the moments about the origin, central moments, descending and ascending factorial moments of these distributions. Examples are also presented for a number of mixing densities.     

The designing of corporate accounting law in Japan after the Second World War

After the Second World War, during the neutralization of the controlled economy of wartime Japan, a design for a Corporate Accounting Law was elaborated by the Investigation Committee on the Business Accounting System. The Investigation Committee tried to establish not only new business accounting standards but also a central and independent administrative organ of corporate accounting regulation on the basis of the Corporate Accounting Law. The Corporate Accounting Law was expected to lay the legal foundation of the new corporate accounting regulation regime in Japan. Nevertheless, even though the original design of the fundamental accounting law was never realized, it should be considered the starting point for our understanding of external accounting history in post-war Japan.     

The deliberation around accounting techniques: accounting for depreciation and foreign exchange in an Indian jute company, 1870-1900

This paper examines the way two accounting techniques, namely depreciation and foreign exchange, were deliberated on, between 1870 and 1900, in an Indian jute company whose shareholders resided in the UK. The arena for these deliberations was the conflictual relationship between controlling and non-controlling shareholders as to how best to account for depreciation and foreign exchange especially when the particular accountings affected distributional issues such as the dividend decision. The purpose of this paper is to analyse and explain the processes by which a company's accounting practices emerge and develop as a contest between different interests. Accounting framed the parameters of the deliberations and provided the language of power and dissent. The paper uses a rich archive that includes narrative and accounting material.     

Pricing Dynamic Insurance Risks Using the Principle of Equivalent Utility

We introduce an expected utility approach to price insurance risks in a dynamic financial market setting. The valuation method is based on comparing the maximal expected utility functions with and without incorporating the insurance product, as in the classical principle of equivalent utility. The pricing mechanism relies heavily on risk preferences and yields two reservation prices - one each for the underwriter and buyer of the contract. The framework is rather general and applies to a number of applications that we extensively analyze.     

Guidelines for Manuscripts Submitted to The China Journal of Accounting Research

正The China Journal of Accounting Research"CJAR"(ISSN 1755-3091)publishes quarterly.It contains peer-reviewed articles and commentaries on accounting,auditing and corporate governance issues that relate to the greater China region.We welcome the submission of both theoretical and empirical research papers pertinent to researchers,regulators and practitioners.Authors should note:1 Submissions must be original     

International harmonization of Japanese accounting standards

Historically, Japanese accounting standards have been quite distinct from International Accounting Standards (IASs) which have been perceived as being modelled on British-American accounting standards. However, in the 1990s, after the publication of E32 in 1989 and the IASC-IOSCO Agreement in 1995, the Business Accounting Deliberation Committee (BADC), the standards-setting body in Japan, has pursued a policy of harmonization with IASs. Accounting standards relating to consolidated financial statements of companies that make cross-border offerings of securities or operate worldwide are being revised drastically. This paper focuses on the development of international accounting harmonization and its impact on Japan.     

Commodity financialization and sector ETFs: Evidence from crude oil futures

We investigate the diversification benefits of energy assets in the setting of commodity financialization using data on crude oil futures and Sector ETFs (SPDRs). Correlations between commodities and financial assets increased during the post-Commodity Futures Modernization Act (CFMA)/commodity bull cycle period, resulting in lower benefits of diversification. However, we find that conditional correlations between crude oil futures and sector ETFs meaningfully increased only since the 2008–09 financial crisis. The results therefore suggest that the financial crisis, rather than CFMA regulation, explains changes in the diversification benefits of commodities. Moreover, we find that oil futures returns are less correlated with SPDRs than with the S&P index. Thus, energy futures, and crude oil in particular, offer the potential for diversification benefits in sector-style investing.     

Dutch accounting in Japan 1609-1850: isolation or observation?

The trading station or factory maintained by the Dutch East India Company (VOC) was Japan's sole window on the Western world during most of the Tokugawa period (1600-1868). While many aspects of the factory's role in Dutch/Japanese cultural exchange have been researched little is known in the West of the accounting at the factory. This paper considers the possibility that double-entry bookkeeping employed by the Dutch may have been diffused to the Japanese. The available evidence is synthesized after considering the accounting system in the Dutch factory.