我国城商行规模扩张方式与经营效率研究——基于随机前沿方法与嵌套模型的实证分析

近年来,随着金融改革和创新的深入,我国城市商业银行的规模不断得到扩张,而其经营效率能否随规模的扩张而实现提升的问题也备受各界的关注。本文通过采用随机前沿方法对城商行的经营效率进行了分析,发现近几年城商行的经营效率总体呈现上升趋势,忽视不良贷款会严重高估城商行的成本效率。接下来,本文构建了基准模型和嵌套模型对我国城商行经营效率的影响因素进行了分析,同时讨论了不同规模扩张方式对城商行经营效率的影响。实证结果发现,总资产规模与城商行的成本效率显著正相关,城商行规模越大,其经营效率越高;从规模扩张方式看,上市融资方式能够提升城商行经营效率,通过资本注入重组实现快速的规模扩张会减弱城商行的经营效率,而合并重组的扩张方式对城商行的经营效率影响不大。本文的研究结论对我国城商行规模扩张控制及扩张方式选择具有政策启示。     

公立医院规模扩张中的风险及应对策略研究

随着社会对多层次医疗服务需求的增加,公立医院规模扩张进入快速发展的轨道,在此过程中,各种风险日益凸显。如何识别、应对这些风险成为公立医院在规模扩张过程中必须解决的问题。本文分析了公立医院在规模扩张中所可能面临的人力资源风险、市场风险、资金短缺风险及政策风险,以及所采取的有针对性的措施,最后对文章进行总结。这一研究对强化公立医院在规模扩张中的风险管理具有一定的启示意义。     

城市商业银行跨区域经营与风险管理研究

持续提升与保持风险管理能力的先进性,是构筑城市商业银行（以下简称“城商行”）持久竞争优势的基石,同时也是实现跨区域发展战略和目标不可或缺的保障。只有有效地管理和控制风险,跨区域经营才能促进城商行业务发展与规模扩张。所以,如何把握跨区域发展带来的机遇,制定和实施与跨区域发展战略和政策相一致的风险管理政策和措施,无疑成为城商行跨区域发展面临的一个现实问题。     

规模经济、市场竞争与中小商业银行发展策略研究

利用我国商业银行的资产和利润率等指标构建新增单位资产利润率以及赫芬达尔指数研究我国商业银行的规模经济与增长效率间的内在关系以及行业竞争对增长效率的影响。结果表明2004-2010年间我国大型国有、股份制以及城商行存在表现出利润随规模增长的规模经济特性,但是增长效率呈现下降趋势,市场竞争导致一些商业银行规模的外在不经济。同时结合我国商业银行发展和监管实际提出了我国城商行的未来发展策略等对策。     

城市商业银行跨区发展的模式选择——基于当前的监管背景

跨区发展是城市商业银行（以下简称“城商行”）突破地域限制、提升竞争力的重要路径,但是,相对于城商行的快速发展,其风险管控能力较弱？近年来银行监管机构为了加强城商行的风险管理,开始审慎对待城商行跨区发展问题。本文通过分析我国城商行的跨区发展概况和当前的监管背景,认为跨区发展是城商行实现资产增长的有效途径,现阶段应选择控股模式跨区发展,即：城商行完全拥有或有效控制其他城商行、农商行、村镇银行等金融机构或小贷公司,以实现跨区发展。在此基础上,进一步分析了实施中需要注意的问题和今后的发展方向。     

探秘城市商业银行“隐形冠军”——兼议新金融生态环境下城商行发展转型路径

扩张规模、做大做强抑或深耕细作、做精做特，是近几年国内城商行的两种重要发展模式、国内金融生态环境的变化再次使这一路径之争成为城商行发展的重要议题。虽然规模继续扩张，但盈利增速下滑、资本消耗加速及风险管控压力加大，正在考验城商行的未来发展前号。以洛阳、上饶、抚顺等为代表的中小型城商行，在坚守差异化定位的同时实现了做强做大，成为国内城商行发展的典范，解析其转型发展路径具有重要的理论及现实意义。     

城商行跨区域经营探析

近年来,山东银监局审慎推进辖内城商行跨区域发展,采取设立异地分行和县域支行等方式拓宽发展空间。城商行突破地域限制,能够有效提高自身的竞争能力．推动银行体系的良性发展及目标城市金融市场的繁荣。但是,城商行跨区域发展的同时,也削弱了原有人缘、地缘等固有优势．如果自身的风险控制手段和管理技术跟不上其扩张的速度,     

上市银行业务风险控制研究 ——基于普惠金融视角

中小微企业作为我国社会经济的重要组成部分,一直以来都面临融资难、融资贵等问题,加之我国社会经济发展不平衡,偏远地区居民享受到的金融服务十分有限。本文以2010~2020年18家上市银行经营数据为样本,实证分析普惠金融业务对上市银行业务风险的影响机理。实证结果表明,国有银行能够利用自身实力,发挥规模效益,降低自身整体风险,而在风险管理效率方面,股份制银行及城商行要优于国有银行。但是,由于业务发展不成熟、缺少专业人才队伍等因素制约,上市银行普惠金融业务风险管理能力仍有待提升。对此,本文提出提高自身盈利与经营能力、培养专业人才、严把业务质量关等建议,以期为金融机构更好服务实体经济提供理论基础。     

内控警钟为谁而鸣

在城市商业银行快速扩张的背景下,频频暴露出的金融案件,尤其是齐鲁银行高额骗贷一案的曝光,让原本积极扩张中的城商行遭遇到了信任危机,也更凸显了城商行在风险内控方面的"短板"。     

探究城市商业银行“隐形冠军”——兼议新金融生态环境下城商行发展转型

路径之争成为近几年城商行发展的重要议题。规模扩张、做大做强,或者深耕细作、做精做特成为两种重要发展模式。2012年国内金融生态环境的变化再次使这一模式之争成为焦点。虽然规模继续扩张,但盈利增速下滑、资本补充及不良贷款控制压力进一步加大正在考验城商行的未来发展前景。以洛阳、上饶、抚顺等为代表的中小型城商行在坚定不移践行自身发展道路的同时做强、做大,成为国内城商行发展的典范,剖析其发展经验具有重要理论及现实意义。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.