“两头在外”企业的银行融资风险控制

“两头在外”是一种较为特殊的企业经营模式，其核心特点是企业资金的“境外循环”，因此对银行的融资风险控制也提出了更高的要求。本文在分析“两头在外”企业经营模式的特点和成因的基础上，结合不同的核销方式以及银行融资的品种对“两头在外”企业的融资风险进行了深入探讨。风险防范不仅取决于企业的贸易方式，而且取决于收汇核销方式等多重因素。因此，实践中必须对企业的贸易方式、收汇核销方式详加分析，否则很容易导致融资品种与融资比例的错配，在此基础上本文提出了控制融资风险的基本原则。     

出口企业已收汇未核销成因分析及对策

一、出口企业已收汇未核销成因分析 (一)特殊结算方式造成未核销 1.预收货款方式收汇.主要表现为两种情况:一是正常贸易项下的预收货款.在当前国内经济持续快速发展和人民币升值预期不断加强的情况下,企业以预收货款方式收汇有利于加快货款回笼速度,防范汇率风险,因此该方式已越来越多地为企业所接受.该部分收汇核销的普遍特点是核销周期相对较长,企业核销前,在核报系统中呈现未核销.二是因银行申报不准确而形成的虚假预收货款.个别银行误将其他项方式下的贸易货款申报为预收货款,虚增了已收汇未核销数据.     

福费廷之福：融资又避险

中国人民银行的调查显示，贸易融资是目前企业采用最多的避险方式。在被调查的样本企业中，约有31％的企业使用该类方式。主要原因是：贸易融资可以较好地解决外贸企业资金周转问题。随着近年来我国外贸出口的快速增长，出口企业竞争日益激烈，收汇期延长，企业急需解决出口发货与收汇期之间的现金流问题。通过出口押汇、福费廷、出口保理等贸易融资方式，出口企业可事先从银行获得资金，有效解决资金周转问题。同时，企业也可以提前锁定收汇金额，规避人民币汇率变动风险。     

标准仓单在大宗商品贸易融资中的应用模式

随着银行大宗商品贸易融资业务的快速发展,如何把握大宗商品贸易融资业务特点,提高银行风险控制能力,进而获取更高收益是商业银行共同面临的问题。本文从控制大宗商品贸易融资业务风险的角度出发,探讨结合银行监控下的套期保值头寸,在贸易融资业务中将标准仓单作为风险退出手段的应用模式,并就如何建立起这一应用模式提出相关建议。     

出口企业已收汇未核销成因分析及对策

<正>一、出口企业已收汇未核销成因分析 (一)特殊结算方式造成未核销 1．预收货款方式收汇。主要表现为两种情况:一是正常贸易项下的预收货款。在当前国内经济持续快速发展和人民币升值预期不断加强的情况下,企业以预收货款方式收汇有利于加快货款回笼速度,防范汇率风险,因此该方式已越来越多地为企业所接受。该部分收汇核销的普遍特     

完善核报系统实现数据下载"T+0"模式--现行出口收汇核销制度探析

出口收汇核销管理是指外汇管理局在商务、海关、税务、银行等有关部门的配合、协助下,以出口货物的价值为标准核对是否有相应的外汇(或货物)收回国内的一种事后监管措施,是对出口收汇的贸易真实性的审核.一直以来,它都是我国经常项目外汇管理的重要手段之一,通过督促出口单位及时足额收汇,防止外汇资金流失或非出口项下外汇资金混入,维护国际收支平衡,促进我国对外贸易的发展.该制度实行已有15年,客观环境发生了巨大变化,制度本身也作了几次完善.本文从我国出口收汇核销系统的发展变革入手,重点分析现行出口收汇核报系统的利弊,对其完善途径进行了初步研究,并提出了核报数据下载"T 0"的运行模式.     

贸易企业融资风险控制问题探析

在贸易企业发展过程中必然会存在各类风险,而融资风险是贸易企业目前风险防范的重点.本文对贸易企业融资风险类型和成因进行分析,从而提出了规避融资风险的建议,为贸易企业进行融资风险控制提出了思路.     

信用证项下出口押汇特点及风险防范

信用证项下出口押汇是指信用证结算方式下出口商将信用证所要求的单据质押给银行,由银行买下单据并按票面金额扣除从押汇日到预计收汇日的利息及有关费用,将净额预先付给出口商的一种融资方式。其主要特点:一是有真实的贸易背景,融资风险小。二是有进口方银行的付款保障,一般来说,银行信誉高于商业信誉,因此,收汇比较有保障。三是有追索权,即当出现非出口商银行无法收汇或不能按期收汇的情况时,银行可以向出口商或出口商的担保方追索融资款项,进一步降低了融资的风险。四是有多重还款保障:货物出口收汇;物权单据下对货物的处置;向出口商或出口商的担保方追索。但银行在办理出口押汇时在开证行/保兑行、信用证本身、单据、出口商等方面仍存在一些风险,应从以下几方面注意:     

旅游购物商品出口退出核销的影响与建议

影响 由于原有旅游购物商品出口收汇核销政策的弊端，2005年12月7日总局出台政策规定旅游购物商品出口退出外汇核销管理，不再进入出口收汇核销系统。出口单位以该贸易方式出口报关的，海关不再验凭出口收汇核销单，外汇局不再办理出口收汇核销，外汇指定银行不得为出口单位旅游购物项下（结）收汇出具出口收汇核销专用联。此项政策的实施，适应了旅游购物出口与收汇的特点和实际情况，受到边境地区地方政府、出口企业的普遍欢迎，彻底解决了出口企业核销难的问题，同时也减轻了基层外汇管理部门和海关的工作量和核销压力，对进一步促进对俄贸易便利化将起到积极的推动作用。     

提高出口收汇核销率的难点和对策

出口收汇核销是以出口货物的价值为标准核对是否有相应的外汇收回国内的一种事后管理措施.出口收汇核销制度以事后管理为主,是通过发放出口收汇核销单,监督出口企业按出口货物的价值足额收回外汇并办理核销.我国自1991年实施这一制度以来,对防止出口不收汇和国家外汇资金的流失起到了积极的作用.但由于多种因素的影响,企业领取出口收汇核销单报关出口后,没有及时收汇并到外汇局办理出口收汇核销,造成逾期未核销,严重影响出口收汇核销率的提高.最近,国家外汇管理局玉林市中心支局牵头对辖内出口企业收汇核销情况进行调查,分析出口收汇核销工作难点,并提出相应对策.     

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.     

Disclosure of government financial information and the cost of local government’s debt financing——Empirical evidence from provincial investment bonds for urban construction

China’s slowing economic growth and rapid urbanization have made local government debt financing a significant issue.This study uses a sample of China’s provinc...     

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.     

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     

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.