商业银行偿付能力风险、流动性风险与银行体系风险

宏观审慎监管需要微观基础.研究商业银行偿付能力风险与流动性风险和银行体系风险的关系,有助于监管当局制定合适的监管工具,有效管理银行业的系统性风险.中国未曾爆发过真正意义的银行业危机,因而研究影响银行业系统性风险的因素成为难题.在借鉴风险二维定义属性基础上,本文对商业银行偿付能力风险和流动性风险如何影响银行业稳定进行了实证分析.分析结果表明,当商业银行偿付能力上升时,银行风险承担会上升,进而增加银行倒闭的预期损失;商业银行流动性风险的上升也会增加银行倒闭的预期损失;商业银行偿付能力提高时,流动性风险会降低;商业银行流动性风险上升时,偿付能力风险也上升.     

网上购物感知风险及对策研究

对消费者来说,网络购物比在实体商店购物存在更高的风险,感知风险是影响消费者网络购买行为的主要因素.文章认为,网络购物过程中消费者的感知风险主要包括功能风险、财务风险、心理风险、社会风险、时间风险、安全风险和隐私风险.文章提出,为减少感知风险,对于消费者来讲,在整个购买过程中,应主动搜集信息,注重商店形象,购买名牌商品,寻求商家保证,选择安全的支付方式;而对于网络商来讲,则应从网络技术和安全、网站网页设计、销售产品和提供服务等四个方面进行努力.只有如此,才能提高消费者网络购物的信心,从而达到获取顾客、创造价值的目的.     

可转换债券融资风险及其规避

可转换债券现已成为我国资本市场不可或缺的投融资工具。从实践看,上市公司利用可转换债券融资仍存在发行风险、转换风险、以及经营环境、业绩、财务、操作、被接管和兼并等因素带来的融资风险,如果这些风险问题得不到较好解决,将严重阻碍证券市场的发展。企业应完善融资风险预警系统,有效规避可转换债券存在的融资风险。要根据自身特点选择适合自己的融资方式和有利的发行时机,解决好我国资本市场存在的股权融资比例过高、投资品种匮乏和金融创新困难等问题,促进中国资本市场的成熟、完善。     

风险管理委员会能降低公司风险吗?

选取2006-2015年中国沪深A股上市公司为研究样本,实证分析风险管理委员会对公司风险的影响及其作用机制.结果发现,风险管理委员会能够显著降低公司风险(财务风险和市场风险),并且这种效应在市场化程度较低的地区更加显著.作用机制检验表明,公司战略激进度在风险管理委员会降低公司风险的过程中起部分中介作用.进一步研究显示,当风险管理委员会成员与审计委员会成员交叉任职,以及风险管理委员会的独立性越强、规模越大、成员财务专业背景比例越大、召集人为董事长或CEO时,风险管理委员会降低公司风险的效果更加显著.     

不冒风险就是最大的风险

雀巢公司是当今世界首屈一指的食品公司,它已走过了130多年的发展道路。     

CRT市场与中国商业银行的系统性风险

美国次贷危机使学界和业界都开始关注信用风险转移机制及其影响,在金融危机日趋频繁的背景下,探讨中国CRT市场发展状况及其对银行系统性风险的影响具有重要意义。本文利用中国上市银行的面板数据,实证研究贷款转让对银行系统性风险的影响,研究发现贷款转让行为会提高商业银行的系统性风险,而通过贝塔的分解,发现系统性风险水平的提高并非源自银行个体风险水平的提高,而是源自贷款转让导致的商业银行与市场相关程度的提高。     

Supply Chain Risk Management Approaches Under Different Conditions of Risk

A recent Deloitte study of 600 Supply Chain and C‐Level executives revealed that 45% felt that their supply chain risk management programs were only somewhat effective or not effective at all, while a mere 33% used risk management approaches to proactively and strategically manage supply chain risk based on conditions in their operating environment. Using a two‐method approach, the research summarized in this paper investigates the effectiveness of different supply chain risk management approaches by examining how performance varies when these approaches are applied under different risk conditions. The results counter prevailing knowledge regarding the appropriate use of such widely acknowledged risk management approaches as postponement and speculation, and highlight the dangers of functionally isolated decision making. The results lend credence to increasing calls for interdisciplinary research to address broad‐based supply and demand chain problems, and support the need to utilize performance metrics such as net profit to accurately assess supply chain decisions.     

Inflation Risk?

Intereconomics - Inflation is on the rise again in the industrialised world. This has led to fears of a sustained surge in inflation. This article argues that while such fears may make sense in the...     

危机营销:几则险中求胜的故事

火后庄园 美国人保罗一直引以自豪地经营着祖父留给他的一座美丽的森林庄园.可是,有一年深秋不幸降临了,一道激烈的雷电引发了一场山火,无情地烧毁了那片郁郁郁葱葱的森林.伤心的保罗决定要向银行贷款,以恢复森林庄园以往的勃勃生机,可是银行却拒绝他的申贷.     

创新与危机

创新是面向不确定的未来,是人的理性所无法完全把握的,这就意味着创新必然也同时酝酿着危机。美国这次金融危机,在很大程度上是创新惹的祸。在普通法的治国体系下,美国涌现了无数"立法企业家",也即创新规则、制度的企业家。金融领域则是立法企业家最活跃的领域,金融企业家创造出了很多金融产品、组织形态与规则。正是这些创新,推     

Giving at Risk? Examining Perceived Risk and Blood Donation Behaviour

This paper builds on previous research into blood donation behaviour, focusing on perceptions of risk associated with blood donation in the UK. It compares indicators of risk perceptions obtained through probability and importance indicators and calculated using additive versus multiplicative models. It examines the relationships between perceived risk and blood donation with specific attention to donation frequency. The findings demonstrate that apparent perceived risk in blood donation varies substantially depending on the indicator that is used and that a more accurate indicator of risk is obtained if two components of risk are combined through a multiplicative model rather than an additive one. Social risk emerged as the more prominent aspect of perceived risk, implying a high level of trust by donors in the Blood Transfusion Service. Perceived risk was found to be significantly associated with donation frequency, highlighting the need to keep track of donors and to communicate with those whose donations lapse.     

Risk Reduction,Risk Sharing and Moral Hazard: A Vaccination Metaphor

This paper focuses on unemployment insurance; it sketches the rationale for a degree of centralisation that would create a lean insurance union, addressing the risk of large economic shocks.     

Carbon Risk,Carbon Risk Awareness and the Cost of Debt Financing

We seek insights into potential benefits for firms adopting strategies to improve business sustainability in a carbon-constrained future. We investigate whether lenders incorporate a firm’s exposure to carbon-related risk into lending decisions through the cost of financing, and if so, importantly whether firms can mitigate the penalty by demonstrating an awareness of their carbon risks. We use a sample of 255 firm-year observations from eight industries over the period 2009–2013. We measure carbon-related risk exposure as the firm’s historical carbon emissions and our primary measure of carbon risk awareness is based on the firm’s willingness to respond to the Carbon Disclosure Project (CDP) survey. We document a positive association between cost of debt and carbon risk for firms failing to respond to the CDP. Further, this association is economically meaningful, with a one standard deviation increase in carbon risk mapping into between a 38 and 62 basis point increase in the cost of debt. Equally, we find that this penalty is effectively negated for firms exhibiting carbon risk awareness. Our results are robust when we consider alternate measures of carbon awareness—disclosure through alternative medium to the CDP and firms’ annual cash investment in new capital assets using “cleaner” technology. Our results highlight not only the importance of carbon awareness as a business strategy for polluting firms, but also its importance to lenders exposed to their clients’ default and reputational risk. The debt market appears to incorporate historical carbon emissions and forward-looking indicators of carbon performance.     

试论第三方物流合作风险及其防范

本文认为,第三方物流管理的风险来自许多方面,既有自然灾害等不可抗力因素,也有人为因素。第三方物流合作风险的表现形式主要有合作双方不能达成共识;物流服务商因承诺过高而无法履行;物流服务不能满足客户需求;在协议导致利益损失时缺乏终止条款等。第三方物流风险防范管理的核心是加强第三方物流合作中的激励约束机制、风险防范机制、信任机制、协商机制等。     

住房公积金风险管理

文章分析了有效地防范住房公积金营运风险的一些对策措施.     

Risk assessment and perception

Injury prevention efforts often focus on reducing the risk of potentially dangerous activities, facilities or equipment, such as diving, swimming pools or flotation devices. This paper aims to clarify the concepts of risk assessment and risk perception. Statistically, risk denotes the probability of an untoward event, often expressed in terms of potential financial loss. Subjectively, though, risk denotes an individual’s perception of the likelihood and the seriousness of an undesirable event. Individual perception appears to be strongly influenced by personal traits and socio-cultural parameters. Risk assessment helps to form the basis for public health interventions. The implementation and effectiveness of these are influenced by individual risk perception. Therefore, preventive efforts need to incorporate and hopefully influence the determinants of risk perception among the target populations. Considering drowning, both hazard and incidence of submersion injuries are underestimated, whereas treatment options are usually overestimated. Consequently, individual risk alertness needs to be improved – drowning remains a ubiquitous risk.     

企业外汇风险防范

<正>企业外汇风险,是指企业在跨国经济交往中,持有或经营的外币资产或负债由于有关货币的汇率发生变动,给企业带来损失的可能性。而我国企业面临的外汇风险不同于完全市场条件下的外汇风险,带有明显的结售汇制度特点。对此,笔者认为,企业防范外汇风险可从外汇交易内部和外部两个方面着手。