保险公司CFO的职能与角色定位

现代企业理论表明，公司就是一系列委托代理关系的总和。而只要存在委托代理关系．就不可避免信息不对称。代理人作为“内部人”就可能会利用手中的信息优势侵害委托人的利益，即我们通常所说的“道德风险”和“逆向选择”。为此，现代公司治理结构理论应运而生，通过设计和完善公司治理结构、     

现代家族企业中CFO角色定位

CFO即首席财务官或者财务总监,是我国公司企业中最有价值、最重要的高层管理职位之一。针对我国现代家族企业中CFO的角色定位模糊的现象,本文详细论述了我国家族企业中CFO的基本内涵、产生途径,职能作用等问题,明确了CFO在我国家族企业不同生命周期的角色定位,为我国家族企业在日益激烈的竞争环境中选择适合自身的治理模式提供参考与借鉴。     

CFO与独董职能PK

有人的地方就有江湖。换言之,有人的地方就有治理,公司也概莫能外。在公司治理中,有两个角色很特殊：独立董事和CFO。     

论当代财务总监(CFO)职能的转变及其发展趋势

长久以来,财务总监(CFO,亦称首席财务官)所充当的只不过是站在总经理(CEO,亦称首席执行官)身后咀嚼数字的角色,很少有人想到财务总监也有他们自己的思想。但是时代已经不同了,CFO套用陈规就能完成日常事务的时代已经一去不复返。商业社会的变化如此之快,以至于那些高层管理人员必须做到能够熟练处理企业运营过程中有可能遇到的各种问题。此外,技术的进步和全球经济的发展等一些不容忽视的因素,也使得现代CFO的职能发生了重大转变,他们不再仅仅是一名会计专家,还必须是一位优秀的企业指挥家。一、提供战略性意见当代CFO的作用极其广泛,…     

CFO内部董事有助于董事会履行监督职能吗?

董事会具有咨询和监督双重职能。现有文献一般认为内部董事主要履行咨询职能,独立董事主要履行监督职能,而本文则基于2006~2013年我国A股非金融上市公司的数据,从CFO兼任董事的角度研究了内部董事对监督职能的贡献。研究发现,CFO内部董事能够帮助董事会更好地履行监督职能,并且这种治理机制能制约CEO权力、解决国有企业的代理问题、弥补一些外部治理机制的缺陷。本文丰富了董事会治理以及CFO制度领域的研究,并为公司治理实践中董事会如何构成以及如何提高董事会监督职能提供了新思路。     

商业智慧,行为财务与CFO职能

目前CFO的职能不应只局限于财务方面,而应广泛地参与到人才管理﹑组织变革和组织建设中去。强化CFO的战略焦点地位过去几年里,CFO在职能和战略上的重要性一直被广泛讨论,但是其中并未涉及到CFO的职能应该如何包含人力资源、组织变革和组织建设。     

对职能调整后人民银行角色定位的思考

金融监管作为人民银行的一项重要职能从人民银行分离出去后，人民银行作为中央银行在宏观调控体系中的地位和作用将会更加突出，人民银行的中心工作也将随之进行相应调整。因此，在机构改革的特殊时期，重新明确人民银行的角色定位，对全面履行好央行职能起着至关重要的作用，是一个迫切需要解决的问题。     

强化财产保险公司防灾防损职能的几点思考

近几年来,财产保险公司的防灾防损职能不断弱化。强化防灾防损职能,提高经营效益,是新时期保险业发展的必然要求。应从进一步建立健全财产保险公司内部防灾防损工作机制,明晰防灾防损工作任务、突出防灾防损重点,规范防灾现场检查行为、提高防灾防损服务能力,层层落实防灾防损责任,加大防灾防损考核与处罚力度等方面来强化财产保险公司的防灾防损职能,从而实现自身效益与社会效益同步提高的防灾防损目标。     

西方保险公司内部治理结构新特征与我国国有保险公司内部治理结构优化

本文揭示了我国国有保险公司治理困境,探讨了西方国家保险公司最新进展。比较研究认为,我国保险公司治理的出路是股权重构,完善委托代理制度,并推进公司上市。     

Chief financial officer demographic characteristics and fraudulent financial reporting in China

We investigate whether management's cognitions, values and perceptions are associated with fraud for 18 863 firm‐years for Chinese listed firms from 2000 to 2014. Demographic characteristics of the chief financial officer (CFO) are used as proxies for management's cognitions, values and perceptions. We find that fraudulent financial reporting is higher when CFOs are younger, male, and have lower education backgrounds. An analysis of inflated earnings, fictitious assets, material omissions and other material misstatements provide similar results, with the exception that CFOs with higher education levels are associated with more inflated earnings.     

CFO role and CFO compensation: An empirical analysis of their implications

Given concerns over CFO pay, especially incentives, and considering the tension between a CFO’s fiduciary responsibility and being a key member of the firm’s executive team, we examine the determinants and effects of CFO compensation amount, incentive intensity, and proximity to CEO compensation in a sample of European companies (FTE 500, 2005–2009). First, we focus on the CFO role as a determinant of CFO compensation. Like prior work, we proxy for CFO roles by using hand-collected public data on education and past professional experience, but we supplement these proxies with proprietary data to more directly capture the firm-specific nature of the CFO job in term of its similarity with that of the CEO. We thus argue how CFOs can have varied roles characterized by different levels of financial expertise and CEO-likeness, and document that it is this latter aspect that is associated with CFO compensation. Second, we study the effects of CFO compensation design on outcomes in the CFO’s realm related to financial reporting. We find that CFO financial expertise is positively associated with financial reporting quality, while a CFO’s pay long-term incentive intensity and a CFO’s incentive compensation proximity with the CEO are negatively associated with financial reporting quality. Overall, then, our results suggest that CFOs get rewarded for their CEO-likeness, and particularly for their being similar to the CEO in terms of tasks and decision making authority. But it is their financial expertise that is positively related to financial reporting quality. At the same time, using compensation that is more incentive intensive and more similar to that of the CEO appears to be potentially detrimental to the quality of financial reporting. These results are relevant for boards involved in selecting highly expert CFOs, and their compensation committees charged with defining subsequently effective incentive compensation plans for those CFOs.     

保险资产管理公司风险管理研究

先后经历了无序和管制阶段,从1999年的<保险公司投资证券投资基金管理暂行办法>,到2004年的<保险机构投资者股票投资管理暂行办法>,再到2007年7月的<保险资金境外投资管理暂行办法>,保险资金运用渠道逐步拓宽.     

What the Pension Benefit Guaranty Corporation can learn from the Federal Savings and Loan Insurance Corporation

This article attempts to draw attention to some important lessons that the Pension Benefit Guaranty Corporation (PBGC) can learn from the experience of the Federal Savings and Loan Insurance Corporation (FSLIC). FSLIC was the government agency that insured deposits at savings and loan associations until it was replaced in 1989, leaving a massive deficit to be financed by taxpayers. Like FSLIC, the PBGC is a government agency that guarantees a form of private corporate debt. As guarantor of the pension benefits promised by private plan sponsors, the PBGC bears the risk of a shortfall between the value of insured benefits and the assets securing those benefits. There has been a significant change in the attitude and behavior of senior public officials and legislators as a result of the S&L debacle. Directors of the PBGC and the Secretaries of Labor to whom they report have pointed out the weaknesses of some of the pension funds that the PBGC insures and have pursued an active legislative agenda designed to reduce the PBGC's vulnerability to those weaknesses. Those efforts have resulted in a series of laws and amendments to laws that have significantly improved the U.S. pension guarantee system. But the magnitude of the PBGC's exposure to shortfall risk depends on three factors: (1) the financial strength of plan sponsors, (2) the degree of underfunding of insured benefits, and (3) the mismatch between the market-risk exposure of insured benefits (a form of long-term corporate debt) and the market-risk exposure of the assets securing that debt. Only the first two of these have been addressed by past legislative reforms. The third factor appears not to be well understood. It is apparently a widespread belief among policymakers that a well-diversified pension portfolio of equity securities provides an effective long-run hedge against liabilities of defined-benefit pension plans, so that there is no mismatch problem. This belief is mistaken. Equities are not a hedge against fixed-income liabilities even in the long run. Thus, even if the PBGC achieves the goal of full funding at one point in time, the mismatch between the market-risk exposure of the pension benefits that it insures and the pension assets backing them creates the potential for large shortfall losses in the future as the economy and capital market rates change in unpredictable ways. Therein lies an uncomfortable parallel with the S&L debacle.     

韩国存款保险公司风险监测机制及启示

1995年12月,韩国出台《存款人保护法》,正式建立存款保险制度.为强化对金融机构的风险监测及评估,降低存款保险基金损失风险,韩国存款保险公司(KDIC)建立了相对完善的风险监测机制,起到了补充监管、推动金融机构稳健经营的作用.KDIC根据日常采集的各类金融信息,通过信息系统、模型评估等开展非现场监测,结合现场核查或与...     

Deposit Insurance and Depositor Monitoring: Quasi-Experimental Evidence from the Creation of the Federal Deposit Insurance Corporation

The Banking Acts of 1933 and 1935 insured deposits up to $5,000 and limited interest paid by commercial banks. This essay uses a treatment-and-control estimation strategy to determine how those reforms influenced depositors’ reactions to information about banks’ balance sheets by comparing preferred and regular depositors at New York state banks. Before deposit insurance, regular depositors reacted more to information about banks, while preferred depositors reacted less. After, this difference diminished and almost disappeared. This change indicates insurance reduced monitoring, although depositors’ continued response to some information indicates that large, uninsured depositors continued to monitor banks, as the legislation intended.     

信息攫取与出口信用保险发展:以中国出口信用保险公司为例

出口信用保险是规避收汇风险的有效途径,信息攫取则是发展出口信用保险的手段之一,对出口信用保险发展起到促进作用。当信息攫取、资本、国际贸易对出口信用保险发展的边际贡献率相同时,出口信用保险增长率达到稳态,并以一个稳定的速率增长。将出口信用保险纳入Ramsey模型,从信息攫取角度分析中国出口信用保险业发展,结论表明,无论长期还是短期,信息攫取对出口信用保险发展都存在显著影响。但出口信用保险行业的信息攫取力度仍有待加强。     

银保合作的新领域:无追索权保理业务

本通过对商业银行是否应开办国际保理的讨论，指出开展无追索权保理业务，满足客户现时的融资需求，是顺应我国金融业改革的发展趋势的必然选择，并且就此业务由银行和保险公司相互合作，开辟了银保合作的新领域，提出自己的看法。     

Role of Clearing Corporation in Indian financial market development

The Clearing Corporation of India (CCIL) was set up with the prime objective to improve efficiency in the transaction settlement process, insulate the financial system from shocks emanating from operations related issues, and to undertake other related activities that would help to broaden and deepen the Money, Gilts and Forex markets in India. The role of CCIL is unique as it provides guaranteed settlement of three different products under one umbrella. It has been instrumental in setting up and running NDS-OM, NDS-Call and NDS-Auction system for the central bank that had helped the Indian market to evolve and grow immensely. It had also immensely bolstered CCIL's image in terms of ability to provide transparent, efficient, robust and cost effective end to end solutions to market participants in various markets. The success of its money market product `CBLO' has helped the market participants as well as the central bank to find a solution to unusual dependence on uncollateralized call market. CCIL has introduced many innovative products/tools like ZCYC, Bond and Tbills indices, Sovereign Yield Curve, Benchmark reference rates like CCIL-MIBOR/MIBID and CCBOR/CCBID.