新经济条件下工商银行的跨越式发展

美国新经济是在科技生产力与货币推动力有机结合的基础上产生的,美国银行业在支撑新经济发展的同时,自身也得到了极大地发展与创新.工商银行实现跨越式发展,就是要完成从国内银行向全球全能银行的跨越,完成商业化,实现全能化,推进国际化.这既需要一定的条件,也需要恰当制定发展策略和采取得力措施.本课题在认真分析工商银行的发展阶段及未来发展的影响因素等基础上,提出了工商银行跨越式发展的主要策略:深化改革,建立现代化金融企业;加紧培养,建设国际化人才队伍;迎头赶上,提高信息化管理水平;大胆创新,完善多样化业务体系;充分合作,吸收多元化发展经验.     

EVA AND THE "NEW ECONOMY"

Some have observed that the new economy means the end of the EVA performance measurement and incentive compensation system. They claim that although the EVA system is useful for oldline companies with heavy investments in fixed assets, the efficient management of investor capital is no longer an imperative for newage firms that operate largely without buildings and machinery–and, in some cases, with negative working capital. This article argues that EVA is not only suitable for the emerging companies that lead the new economy, but even more important for such firms than for their “rust belt” predecessors. While there may be a new economy in terms of trade in new products and services, there is no new economics– the principles of economic valuation remain the same. As in the past, companies will create value in the future only insofar as they promise to produce returns on investor capital that exceed the cost of capital. It has made for sensational journalism to speak of companies with high valuations and no earnings, but this is in large part the result of an accounting framework that is systematically flawed. New economy companies spend much of their capital on R&D, marketing, and advertising. By treating these outlays as expenses against current profits, GAAP accounting presents a grossly distorted picture of both current and future profitability. By contrast, an EVA system capitalizes such investments and amortizes them over their expected useful life. For new economy companies, the effect of such adjustments on profitability can be significant. For example, in applying EVA accounting to Real Networks, Inc., the author shows that although the company reported increasing losses in recent years, its EVA has been steadily rising–a pattern of profitability that corresponds much more directly to the change in the company's market value over the same period. Thus, for stock analysts that follow new economy companies, the use of EVA will get you closer to current market values than GAAP accounting. And for companies intent on ensuring the right level of investment in intangibles– neither too much nor too little– EVA is likely to send the right message to managers and employees. The recent decline in the Nasdaq suggests that stock market investors are starting to look for the kind of capital efficiency encouraged by an EVA system.     

发展境外人民币业务须扩大资金池——访渣打银行资本市场部执行董事郑俊峰

作为香港金管局注册的金融高管、现任渣打银行资本市场部执行董事，郑俊峰拥有超过20年的资本市场工作经验，对债务融资工具、信用评级、资产负债管理等产品和业务具有深刻的理解，对人民币国际化的相关问题也有切身感受。     

INSIDER TRADING: THE CASE AGAINST THE "VICTIMLESS CRIME" HYPOTHESIS

This paper challenges the long held hypothesis that insider trading is a victimless crime. Using utility maximization analysis, the author examines both the good news and bad news cases. Injury is demonstrated. Separability of the insider's trade from the insider's information monopoly is also examined utilizing the generally accepted market structure analysis. Separability is rejected.     

给“小微”更多关爱——访全国政协经济委员会副主任、中国民生银行董事长董文标

作为首家主要由非公有制企业入股的全国性股份制商业银行,民生银行在民营企业和小微企业的广阔蓝海里纵横驰骋,优化结构、创新机制、提升服务,为民营企业和小微企业“雪中送炭”、纾难解困。     

“我们对未来抱有信心”——国务院总理温家宝回答中外记者提问

3月14日上午，十一届全国人大五次会议在人民大会堂举行记者会，国务院总理温家宝会见中外记者，并回答记者提问。温家宝说，今年可能是最困难的一年，但也可能是最有希望的一年。人民需要政府的冷静、果敢和诚信；政府需要人民的信任、支持和帮助。面对国际金融危机和欧债危机的蔓延、发展，关键是把我们自己的事情办好。我将在最后一年“守职而不废，处义而不回”，永远同人民在一起。     

贷款分类中"剪刀差"形成的原因和治理对策

我国商业银行目前根据风险管理的需要对贷款进行质量分类,但按<贷款通则>划分的"三项贷款"(逾期、呆滞、呆账)与按<贷款风险分类指导原则>划分的"后三类贷款"(次级、可疑、损失)之间有较大差额,形成不良贷款分类上的"剪刀差".作者分析了这种"剪刀差"产生的根源,认为主要在于商业银行是否及时地识别了贷款的潜在风险,并指出"五级清分法"弹性过大,目前尚不具备普遍的操作性.作者还进一步分析了"后三类贷款"产生和积累的原因,包括实体经济方面的因素和银行自身的不足,特别提出要及时识别和防范那些确实存在但尚未实现的潜在风险.最后就压缩贷款分类中的"剪刀差"提出了相应的对策建议.     

农行“三农”事业部制改革亮点频现

＂转账电话好用吗？会不会担心资金安全？＂＂转账电话很好用,现在村里人卖水果蔬菜、买农用生产物资的钱,都是用转账电话。孩子在外地上大学,也是用转账电话来转学费。＂＂农行‘惠农一卡通’用处可多了,新农合、新农保和国家对农民的20多项补贴,都能在惠农卡上体现出来。＂     

ON THE "UNANIMITY" LITERATURE AND THE SECURITY MARKET LINE CRITERION: A NOTE

This paper challenges recent results showing that under uncertainty firms can use the security market line criterion to evaluate investments in monopolised product markets. The paper looks at the simplest certainty case and shows mathematically and graphically that no unanirriously supported investment criterion can be derived to evaluate projects with monopoly power. Hence, they cannot possibly be derived on the more complicated uncertainty case, even given the restrictive assumptions necessary to derive the SML. Unanimity breaks down with monopoly power.     

BEHIND THE CORPORATE HEDGE: INFORMATION AND THE LIMITS OF "SHAREHOLDER WEALTH MAXIMIZATION"

The article begins by setting out three alternative conceptions of the corporate objective function. Relying on this framework, it shows that legal analyses tend to neglect conflicts between the interests of the corporate entity and the interests of shareholders over the amount of corporate risk-taking. Financial analyses tend to ignore both constraints on managerial discretion imposed by law and a fundamental ambiguity the author identifies in the “shareholder wealth maximization” assumption that underlies such analyses. This ambiguity arises in part from market “frictions”–particularly, the investor uncertainty and heightened price volatility that stem from informational “asymmetry.” Such an information gap between management and outside investors (along with market “irrationality”) can cause material disparities between the actual trading price and the intrinsic value (or what the author calls the “blissful price”) of a company's shares. As a consequence, corporate hedging that maximizes actual share values may not maximize intrinsic values (and vice versa), thus giving rise to a managerial dilemma. Previous analyses have also failed to give adequate consideration to the expectations of shareholders. If, for example, the shareholders of a natural resource company are seeking a relatively “pure play” on that resource–in part because they believe the company's management has no comparative advantage in managing price risks–corporate hedging that increases shareholder wealth may re-duceshareholder welfare. In this sense, the usual “shareholder wealth maximization” directive is not only ambiguous, but also incomplete. These problems stem not only from informational asymmetry, but from other institutional realities (such as the “political” taint associated with reported derivative losses of any kind) that raise the information costs of using derivatives. The article concludes with some suggestions for improving disclosure of corporate risk management “philosophy.” Better disclosure may not only help reduce such information costs, but could also encourage corporations to find–and stick to–their derivatives niche.     

"三农银行家"陈耀芳

陈耀芳,鄞州银行董事长,1955年出生在新中国的一个普通家庭。16岁时,响应毛主席的号如,下乡接受贫下中农的再教育。从此,这位城里人跟“农”字就结下了不解之缘。8年后,陈耀芳被“选调”到宁波鄞县的一家基层农村信用合作社。流年似水,岁月当歌。转眼28年过去,祖国面貌日新月异,陈耀芳与“农”的情义也日渐浓厚。这期间陈耀芳与他的同事们相继实施了一系列具有重大意义并最终牵动整个农信社系统的重大改革。他是农信社改革的探路人,也是直面“三农”问题的实干家。如今,因其与“农”的浓浓情缘,被许多人称为“三农银行家”。     

步入“金融社会”

在现代支付、个人信贷、投资理财等居民金融领域,日新月异的变革影响着正步入“金融社会”中的每一个中国居民。