统筹城乡金融发展的重点和难点在农村

我国城乡金融发展不协调,其薄弱方面是农村金融.从总体上看,农村金融机构在改革和发展中竞争力不断增强,经营活力日渐提升,金融服务进一步改进.但同时,农村金融体制还不适应经济和社会发展的需要,存在体制不健全、金融供给不足、融资成本偏高、信用体系建设滞后等问题.     

《金融的逻辑》作者PK《货币战争》作者

耶鲁大学管理学院金融经济学教授陈志武所著《金融的逻辑》出版。在该书中他追问：为什么中国的钱这么多？为什么中国人钱多了反而不安？为什么说西方的兴起主要靠制度而不是掠夺？为什么政府有钱不如民间富有？为什么“养儿防老”不道德？为什么发展金融是中国的惟一出路？……其实,引人关注的是,不只是因为这些尖锐问题,而是作者和同样流行的《货币战争》的作者宋鸿兵在一些问题上完全不同的观点,乃至有媒体说：《金融的逻辑》全面驳斥了关于金融“阴谋论”等观点。     

Capital account liberalization, financial development and industry growth: A synthetic view

This paper synthesizes studies analyzing the effects of capital account liberalization on industry growth while controlling for financial crises, domestic financial development and the strength of institutions. We find evidence that financial openness has positive effects on the growth of financially dependent industries, although these growth-enhancing effects evaporate during financial crises. Further analysis indicates that the positive effects of capital account liberalization are limited to countries with relatively well-developed financial systems, good accounting standards, strong creditor rights and rule of law. It suggests that countries must reach a certain threshold in terms of institutional and economic development before they can expect to benefit from capital account liberalization.     

Foreign currency debt,financial crises and economic growth: A long-run view

Foreign currency debt is widely believed to increase risks of financial crisis, especially after being implicated as a cause of the East Asian crisis in the late 1990s. In this paper, we study the effects of foreign currency debt on currency and debt crises and its indirect effects on short-term growth and long-run output effects in both 1880–1913 and 1973–2003 for 45 countries. Greater ratios of foreign currency debt to total debt are associated with increased risks of currency and debt crises, although the strength of the association depends crucially on the size of a country's reserve base and its policy credibility. We found that financial crises, driven by exposure to foreign currency, resulted in significant permanent output losses. We estimate some implications of our findings for the risks posed by currently high levels of foreign currency liabilities in eastern Europe.     

论我国金融产品集成与供给改进

我国经济结构正向更高质量升级转型 ,金融消费需求的综合化、复式化、个性化、套餐化趋势日益凸现。彻底改变目前我国金融产品集成度低下状况 ,使金融产品体系向着集成化方向演进 ,是金融产品战略与时俱进的客观要求。本文提出了近期改革路径的“三大突破”与未来发展对策的“五大体系”建设目标 ,供决策参考。     

A reading guide for last passage times with financial applications in view

In this survey on last passage times, we propose a new viewpoint which provides a unified approach to many different results which appear in the mathematical finance literature and in the theory of stochastic processes. In particular, we are able to improve the assumptions under which some well-known results are usually stated. Moreover we give some new and detailed calculations for the computation of the distribution of some large classes of last passage times. We have kept in this survey only the aspects of the theory which we expect potentially to be relevant for financial applications.     

我国金融会计诚信建设问题研究

本文分析了金融会计诚信的现状与缺失原因 ,提出了加强金融会计诚信建设的思路。     

Disciplining the shopfloor: A comparison of the disciplinary effects of managerial psychology and financial accounting

This paper is concerned with a theoretical and empirical examination of the nature and impact of two kinds of managerial discipline. Following Foucault's insight that discipline is embedded in routine social practices within modern power-knowledge regimes, we compare the technologies of psychological (i.e. human relations) and financial accounting managerial power in terms of their disciplinary effects on an all-male shopfloor of manual workers. The effect of management's attempt to communicate with, and be more available to, the shopfloor was only to reinforce worker suspicion and distrust. By contrast, but perhaps because this distrust was further confirmed by them, the financial accounts presented in a redundancy audit went unchallenged. The paper seeks to understand how financial, in contrast to psychological, discipline is rendered more effective because of the subjective positioning of male shopfloor workers as economic breadwinners with a tough, masculine, practical and independent sense of reality. In other words, the subjectivity of the male manual workers contributes significantly to the effective power of financial accounting to discipline labour.     

金融业反洗钱监管方式的国际比较与启示

近年来,发达国家金融业反洗钱监管出现了由“规则为本”反洗钱方式向“风险为本”反洗钱方式的转变。该文回顾了近年来我国金融业反洗钱工作取得的成绩,在对两种反洗钱监管方式进行分析和比较的基础上,提出我国应从战略角度推动风险为本方法的实施,制定指引以明确风险为本的反洗钱监管要求,加强对洗钱风险可能性模型及计量方式的研究,并重点开展对反洗钱内控措施有效性的评价。     

我国商业银行应对金融危机的思考与对策

本文在简要分析当前国际金融危机成因及教训之后,着重对我国商业银行如何应对金融危机问题作了初步探讨。     

A comparison of debt measures in fiscal statistics and public sector financial statements

This paper examines the differences between measures of debt used to analyse a government's financial position. It compares the statistical and accounting approaches and presents a way of reconciling the two statements: thereby identifying possible convergence between GPFS and GFS. In doing so, it contributes to the ongoing international debate on harmonization of public sector accounting standards, such as IPSAS/EPSAS and GFS.     

后改革时期中国农村金融体系发展的战略定位

中国后改革时期农业经济发展的不平衡,即二元经济结构的存在,决定了区域金融市场的二元化。从后改革时期农村金融发展的现实来看,中国农村金融体系已无法满足不同地区不同收入的农户多元化、多层次的金融需求。后改革时期农村金融体系的定位,其核心不是农村金融机构设置的多元化,而是适应不同收入阶层的农户在不同经济发展阶段上的金融需求,建立“城乡协调、统筹兼顾、资金回流、扶助三农”的农村金融体系,最终实现农村金融的全面、协调、可持续发展。     

The market's perception of the information conveyed by dividend announcements

This paper tests whether the market perceives announced dividend changes to reflect information about current and/or future cash flows. The empirical relationship between dividend changes and earnings changes is inconclusive. Furthermore, there is no empirical evidence regarding the market's perception of managers' intentions in changing the level of dividends. By analyzing the price reaction of scores to an announced dividend change, we are able to isolate the effects of a short-term change and a long-term change. Our findings indicate that the market perceives dividend changes to reflect a long-term change in earnings.     

外资银行进入中国的战略探析及对我国金融安全的可能影响

金融是国民经济的核心。在外资银行将大量涌入中国、中资银行又纷纷在海外上市的新形势下．中国金融监管部门如何对境内的外资银行实施更有效的监管：中国现行金融法规与政策如何与国际金融法规平滑对接：金融监管方式如何适应国内商业银行日趋综合经营的发展趋势．更有效地防范各种金融风险：金融监管手段如何更好体现对中国商业银行发展和金融创新的支持等．是当前迫切需要关注的重大课题。本文作者对外资银行进入中国的战略意图及其将对我国金融安全产生的可能影响作了翔实的分析．无疑具有较高的参考价值。同时．本刊拟对上述这些关于国计民生的金融热点话题展开更全面、更深入的讨论．欢迎金融界的专家、学者和广大金融管理人员踊跃来稿．参与研讨。[编者按]     

The roles of rating outlooks: the predictor of creditworthiness and the monitor of recovery efforts

Review of Quantitative Finance and Accounting - Using a comprehensive U.S. rating sample from S&P between 1981 and 2015, we examine the information content, responsiveness to credit risk...     

Financial econometrics,mathematics, statistics,and financial technology: an overall view

Review of Quantitative Finance and Accounting - Based upon my experience in research, teaching, writing textbooks, and editing handbooks and journals, this review paper discusses how financial...     

境外金融产品投资中的客户适当性制度比较

作为投资者保护的重要内容,境外金融立法中均要求市场中介机构履行审慎选择客户的义务,将适当的产品销售给适当的客户。通过借鉴境外相关的立法及监管经验,结合我国目前证券期货市场正在建立的投资者适当性制度,本文提出了监管机构应从投资者保护的角度,通过强制性制度变迁,立足于树立中介机构理性选择客户的理念,建立适合我国国情的合格投资者制度。     

International equity valuation: the relative importance of country and industry factors versus company‐specific financial reporting information

The relative importance of country‐ and industry‐specified factors vis‐à‐vis company‐specific financial statement–based information in explaining equity valuation multiples in an international setting is examined. Both country‐specific effects via previously identified variables and an indicator variable approach are analysed. While company‐specific factors are predominant in explaining cross‐sectional differences in valuation, country and industry factors have sizable incremental explanatory power over them; the latter are not independent, so their relative importance is influenced by how we adjust for this commonality. Using country indicators provides larger incremental explanatory power than using country‐specific factors, suggesting that previously identified factors may be measured with sizeable error or omitted factors are important.