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一、发展票据市场的现实意义票据市场是以商品和劳务的真实交易为基础的短期融资市场,它由票据的发行、承兑、贴现、转贴现和再贴现等环节构成.票据市场作为货币市场的主要组成部分之一,它的发展在现阶段具有重要的现实意义.首先,从企业的角度讲,有两点好处.第一,有利于降低企业经营的风险度.长期以来,我国的商业信用大都以挂帐形式出现.挂帐的最大弊端,就是由于企业之 相似文献
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苏延彬 《商业经济(哈尔滨)》2006,(3):74-75
票据市场是以商业票据为金融工具,主要从事短期融资交易或融资业务的货币市场。我国票据市场在取得一定进展的同时,存在着统一的票据市场未形成、市场功能发育不充分、市场要素不完整等问题。完善与发展我国票据市场,应坚持协调、创新、信用、开放的原则,采取多种类型的市场主体共同参与,开发能够满足各种市场交易主体需求的短期融资工具,构建市场化运作的专业性票据公司等措施,促进票据市场的快速发展。 相似文献
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《现代营销(创富信息版)》2018,(4)
我国票据业务已经进入了一个快速发展的时期,作为货币市场的重要构成部分,票据业务已成为国有企业当前非常重要的短期直接融资方式,并对国有企业融资总量和融资结构具有重大影响,但是同时也应重视票据业务在国有企业管理中暴露出的问题。在新经济形势下,巨额的融资性票据贴现后涌入金融市场,这将对我国经济发展又将构成极大的风险,有效防范票据风险不仅是国有企业可持续、良性发展的新问题,也是我国经济健康发展的现实问题。 相似文献
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一、融资性票据的发展历史
(一)融资性票据的定义
融资性票据与真实性票据相对应,主要是指市场主体之间在没有真实贸易背景的情况下,纯粹以融资为目的、凭发行主体本身信誉向其他市场主体发行的商业票据。其种类繁多,广义上包括国库券、银行汇票、银行本票、商业汇票、商业本票及大额定期存单等;狭义范围内的融资性票据是指工商企业凭自身信誉向其他市场主体发行的商业票据。 相似文献
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票据作为一种银行信用和商业信用相结合的重要金融工具,它的产生和发展是社会经济发展到一定阶段的必然产物。我国的票据法规从自己的国情需要出发,规定票据的签发、取得和转让,必须具有真实的交易关系和债权债务关系,不支持融资性票据的贴现和再贴现。本文以M银行为例,采用读取企业电子报税系统的增值税发票数据,有效防范企业提供虚假增值税发票和交易合同的风险,规避政策风险,有效保护贴现银行信贷资金的安全。 相似文献
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Drawing upon the corporate social responsibility literature, we investigate the moderating effects of the natural environment and the stage of an organization's life cycle on the market orientation to firm innovativeness relationship. Through 229 owners or chief executive officer respondents, our results establish evidence of (1) a positive linkage between market orientation and firm innovativeness; (2) natural environmental policy positively moderating the market orientation to firm innovativeness relationship; and (3) organizational life cycle negatively moderating market orientation to innovativeness. Our findings suggest ventures characterized as being early in the organizational life cycle are more likely to have a positive environmental policy toward the natural environment leading to a competitive advantage through firm innovativeness. 相似文献
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Most studies on the impact of WTO agreements on policies are ex ante simulations or focus on trade effects. We estimate ex post the impact of the WTO on agricultural policies, including both the total transfers by the policies and the policy instruments used, in particular their market distortions. We use OECD data on total support and instrument choice in agricultural policy. Our empirical analysis provides evidence that the WTO did not cause a significant reduction in the total amount of support to agriculture but that it caused a significant shift from distortionary to less distortionary instruments. 相似文献
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Authentic Leadership and Employee Voice Behavior: A Multi-Level Psychological Process 总被引:1,自引:0,他引:1
Hsin-Hua Hsiung 《Journal of Business Ethics》2012,107(3):349-361
This study investigates the psychological process of how authentic leadership affects employee voice behaviors. The theoretical
model of this study proposes that employee positive mood and leader–member exchange (LMX) quality mediate the relationship
between authentic leadership and voice behavior, while the procedural justice climate moderates the mediation effects of positive
mood and LMX quality. Multi-level data from 70 workgroups of a real estate agent company in Taiwan support all hypotheses.
This study reveals the cross-level effects of authentic leadership, and provides practical suggestions to help employees express
their opinions in organizations. 相似文献
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Sen Sendjaya Andre Pekerti Charmine Härtel Giles Hirst Ivan Butarbutar 《Journal of Business Ethics》2016,133(1):125-139
Drawing on cognitive moral development and moral identity theories, this study empirically examines the moral antecedents and consequences of authentic leadership. Machiavellianism, an individual difference variable relating to the use of the ‘end justifies the means’ principle, is predicted to affect the link between morality and leadership. Analyses of multi-source, multi-method data comprised case studies, simulations, role-playing exercises, and survey questionnaires were completed by 70 managers in a large public agency, and provide support for our hypotheses. Our findings reveal that Machiavellianism offsets the positive relationship between moral reasoning and authentic leadership. Specifically, we show that when Machiavellianism is high, both the positive relationship between moral reasoning and authentic leadership, and the positive relationship between authentic leadership and moral actions, are reversed. This study offers new insights on the underlying processes contributing to the emergence of leaders’ authentic behavior and moral action. Implications for the moral development of leaders, and directions for improved leadership training are provided. 相似文献
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The response of the single stock futures (SSF) market to a short‐selling ban is investigated. The hypothesis is that traders use SSF as a substitute instrument for short‐selling. A significant increase in SSF trading activity is documented, accompanied by narrower spreads. SSF market volatility did not react during the ban, which suggests that the increased trading activity did not weaken SSF market quality. The quality of the underlying market during the ban period is also assessed, with the results suggesting that changes in SSF market activity had neither positive nor negative effects on the stocks’ liquidity, volatility, and volume. 相似文献
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金融衍生工具的产生和发展,给西方资本市场注入了新的活力。目前,我国经济正处在快速发展的上升通道,经济的快速发展,必然产生对资金的极大需求,客观上要求有广阔的融资渠道与之相适应。因此,为活跃我国的资本市场,开展对金融衍生工具投资风险特征的分析和研究,是摆在我国经济工作者面前的一项迫切任务。 相似文献
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Regardless of leaders’ efforts to do the right thing and meet performance expectations, they make mistakes, with possible ramifications for followers’ and leaders’ well-being. Some leaders will apologize following transgressions, which may have positive implications for their followers’ and their own well-being, contingent upon the nature and severity of the transgressions. We examine these relationships in two separate studies. In Study 1, leader apologies had a positive relationship with followers’ psychological well-being and emotional health, and these relationships were moderated by the severity of the transgression. In Study 2, leader apologies had a positive relationship with their own psychological well-being, positive emotional health and authentic pride. In addition, the nature of transgressions moderated the relationship between leader apologies and leaders’ positive emotions and authentic pride, while the severity of transgressions moderated the relationship between leader apologies and their positive emotions, psychological health, and authentic pride. Implications and future research directions are discussed. 相似文献
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We study trade policy in a two-sector Krugman (1980) trade model, allowing for wage, import and export subsidies/taxes. We study non-cooperative trade policies, first for each individual instrument and then for the situation where all instruments can be set simultaneously, and contrast those with the efficient allocation. We show that in this general context there are four motives for non-cooperative trade policies: the correction of monopolistic distortions; the terms-of-trade manipulation; the delocation motive for protection (home market effect); the fiscal-burden-shifting motive. The Nash equilibrium when all instruments are available is characterized by first-best-level wage subsidies, and inefficient import subsidies and export taxes, which aim at relocating firms to the other economy and improving terms of trade. Thus, the dominating incentives for non-cooperative trade policies are the fiscal-burden-shifting motives and terms-of-trade effects. 相似文献
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衍生金融工具是一种交易手段或交易媒介,是在传统的金融产品如货币、股票、债券等基本金融工具的基础上派生而来的金融工具。衍生金融工具的兴起与发展给传统会计确认、计算、报告和披露带来强烈的冲击。研究衍生金融工具会计对传统会计的影响的目的,是以达到规范金融市场,推动金融机制改革,促进经济发展,同时丰富和发展会计学科理论,发挥会计在社会主义市场经济中的更大作用。 相似文献
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This paper analyzes the scope for rules-based countercyclical fiscal policy in small open economies where a subset of households is liquidity-constrained. Relative to balanced budget rules, structural surplus rules significantly improve welfare. But they minimize fiscal instrument volatility rather than business cycle volatility. More aggressively countercyclical tax revenue gap rules (strong automatic stabilizers) increase welfare gains by around 50%, with only modest increases in fiscal instrument volatility. If liquidity-constrained households' labor income is independent of raw materials prices, the government should save excess raw materials revenue on their behalf. The best fiscal instruments are transfers, consumption and labor taxes. 相似文献