Capital Flows to Developing Countries: Long- and Short-Term Determinants

This article focuses on the determinants of the large portfolioflows from the United States to Latin American and Asian countriesduring 1988–92. Cointegration techniques reveal that bothdomestic and global factors explain bond and equity flows todeveloping countries and represent significant long-run determinantsof portfolio flows. The article also investigates the dynamicsof portfolio flows by estimating seemingly unrelated error-correctionmodels. Global and country-specific factors are equally importantin determining the long-run movements in equity flows for bothAsian and Latin American countries, while global factors aremuch more important than domestic factors in explaining thedynamics of bond flows. U.S. interest rates are a particularlyimportant determinant of the short-run dynamics of portfolio,especially bond, flows to developing countries.     

民间资本转化为银行资本的现状与问题——以湖北省为例

正长期以来,我国民间金融一直没有得到官方认可,除极少数渠道外,均以"非法"的形式存在,民间资本没有获得应有的增值能力。2005年,国务院发布《关于鼓励支持和引导个体私营等非公有制经济发展的若干意见》,为民间资本进入银行业打开了一扇大门。经过多年发展,民间资本已是银行业资本金的重要组成部分。但研究发现,受传统观念、自身实力、外部环境等因素的影响,民间资本转化为银行资本仍存在一些困难,需进一步加以改进。     

The Determinants of Capital Structure Choice

This paper analyzes the explanatory power of some of the recent theories of optimal capital structure. The study extends empirical work on capital structure theory in three ways. First, it examines a much broader set of capital structure theories, many of which have not previously been analyzed empirically. Second, since the theories have different empirical implications in regard to different types of debt instruments, the authors analyze measures of short-term, long-term, and convertible debt rather than an aggregate measure of total debt. Third, the study uses a factor-analytic technique that mitigates the measurement problems encountered when working with proxy variables.     

银行资本管理术

近年来,随着银行金融体制改革向纵深推进,金融监管逐步与国际接轨,中国银行业正面临着对资本约束的考验和风险文化的冲击。尽管目前多家银行虽然实行了经济资本管理,但是由于理解深度不够,操作不规范,存在一些不足之处。例如,关注表内贷款管理,管理幅度不能涵盖银行全部风险;与财务和资产风险的管理衔接性不够;对风险资产经济资本的事后定量计量,没有形成对风险资产和资本回报的有效约束机制等。今年6月,银监会推出《商业银行资本管理办法》,对银行资本管理提     

浅谈经济资本在商业银行经营管理中的应用

经营环境的改变使得商业银行竞争实力发生变化,为了更好地应对这种变化,商业银行通过降低经营成本来保持自己的竞争优势显得越来越有必要。由于商业银行是经营风险的特殊企业,所以风险管理方法的选择将直接决定经营成本的大小。基于此背景．本文主要阐述了经济资本对商业银行经营管理的重要作用、经济资本该如何进行计算和分配及在我国的实践和未来改进方向。     

德意志银行风险与资本管理

德意志银行是全球最大的全能制银行,2007年资产规模超过2万亿欧元,实现利润65亿欧元,股本收益率达16%,每股收益较上年增加7%.     

论商业银行经济资本的配置与管理

即将公布的巴塞尔新资本协议指出,资本作为银行抵卸风险的最终保证,应在所有业务敞口上得到合理配置;资本配置的基本原则是将资本要求与风险度量直接挂钩。该原则确立了经济资本配置在银行经营管理中的重要地位,也为我国商业银行风险管理模式的变革与创新指明了方向。一、经济资本的基本概念银行的资本对其风险控制具有     

The Effects of Bank Lending in an Open Economy

This article assesses the effects of bank lending in a small open economy with a floating exchange rate and sticky prices. A theoretical model with costly financial intermediation is developed for New Zealand. The results show that the long-run and business cycle effects of bank lending are small. Whether firms borrow from financial intermediaries or public debt markets is unlikely to affect economic activity. In other words, the financial structure, or degree to which a country's financial system is intermediary based or market based, does not matter.     

The Determinants of Debt Maturity: The Case of Bank Financing in Singapore

This study presents important international evidence by examining the determinants of debt maturity of listed firms in Singapore, a major financial center in Asia. We focus on bank debt because it is the principal source of financing for most Singapore firms. We find that consistent with the contracting-cost hypothesis, firms with greater growth opportunities rely more heavily on short-term bank debt whereas larger firms are more likely to use long-term bank debt. In contrast, we find no strong support for either the tax or signaling hypotheses.     

A Theory of Bank Capital

Banks can create liquidity precisely because deposits are fragile and prone to runs. Increased uncertainty makes deposits excessively fragile, creating a role for outside bank capital. Greater bank capital reduces the probability of financial distress but also reduces liquidity creation. The quantity of capital influences the amount that banks can induce borrowers to pay. Optimal bank capital structure trades off effects on liquidity creation, costs of bank distress, and the ability to force borrower repayment. The model explains the decline in bank capital over the last two centuries. It identifies overlooked consequences of having regulatory capital requirements and deposit insurance.     

美国风险投资波动的影响因素分析

本通过建立计量经济模型，从宏观层面研究了过去26年里影响美国风险投资波动的各项因素。回归分析结果表明：第一，GDP及与之相连的资本市场表现是影响风险投资发展的长期因素；第二，风险投资的发展必须依靠私人养老基金的支持，这是一个普遍的现象；第三，资本利得税对风险投资的影响更多地是通过需求方而非供给方来实现的；第四，美国风险投资具有较强的区域性，研发费用越高的区域，风险投资数量也越多。     

资本结构影响因素和双向效应动态模型——来自中国上市公司面板数据的证据

根据不同解释理论分析了影响资本结构公司特征因素,构建双向效应动态模型,采用中国非金融上市公司面板数据,从动态视角研究了公司特征因素如何影响资本结构选择。研究发现,宏观经济因素显著地影响资本结构决策;交易成本是影响资本结构选择的一个因素,但中国的交易成本小于美国、英国等发达国家;资产有形性、规模、独特性与杠杆正相关;成长性、资产流动性与杠杆负相关;非债务税盾与杠杆的关系不显著;产生内部资源能力与杠杆负相关,且这是由信息不对称造成的。     

Capital Structures in Developing Countries

This study uses a new data set to assess whether capital structure theory is portable across countries with different institutional structures. We analyze capital structure choices of firms in 10 developing countries, and provide evidence that these decisions are affected by the same variables as in developed countries. However, there are persistent differences across countries, indicating that specific country factors are at work. Our findings suggest that although some of the insights from modern finance theory are portable across countries, much remains to be done to understand the impact of different institutional features on capital structure choices.     

Determinants of Bank Distress in Europe: Evidence from a New Data Set

Using a unique data set on bank distress, this paper provides novel empirical evidence on the determinants of bank soundness in the European Union (EU) as a whole. The estimation results are consistent with the hypothesis that bank risks have converged across EU members, providing empirical support for introduction of a more centralized system of financial regulation in the EU. We show that asset quality and earning profile of banks are important determinants of bank distress next to leverage, suggesting that these should be central in EU-wide financial regulation and supervision. We find that market discipline, both by depositors and by stock market participants, plays a role in the EU, supporting the notion that transparency and dissemination of financial information would contribute to the financial soundness of banks. Our data also point to the presence of contagion effects, relatively higher fragility of concentrated banking sectors, and hazards associated with high ratios of wholesale funding.     

贷款证券化、监管资本套利与资本监管改进

巴塞尔协议的资本充足率指标可以反映银行部门吸收风险损失的能力,但是无法监测和控制银行体系外的贷款总额和累积的信用风险。20世纪70年代的贷款证券化创新导致银行进行监管资本套利,并使得资本充足率监管趋于失效。本文基于贷款证券化下银行贷款余额与社会贷款余额的差异,分析银行监管资本套利的微观机制并提出改进资本监管的建议。     

吉林省发展低碳经济的对策与战略研究

发展低碳经济是实现生态文明和可持续发展的必由之路。低碳经济要求经济发展实现低排放、低污染、低能耗的生产方式。吉林省能源储量相对缺乏、经济发展严重依赖第二产业,而能耗高、排放高的行业又主要集中于第二产业的重工业领域。因此,分别以化工行业、汽车行业、建筑行业、冶金矿业和农业这些高能耗的行业为切入点,探索吉林省发展低碳经济的对策更具可操作性和实际意义。