将创新的OEM技术和世界一流的现金处理经验引入中国

提起得利来公司,在行业用户中可谓是“家喻户晓”,而新成立的,这一前身是得利来现金系统部和全球现金处理技术专家的Taiaris 公司目前却未被行业用户所认知。     

Talaris多种OEM技术和专长的产品亮相金融展

2008中国国际金融展期间,来自英国、前身为得利来现金系统部的Talaris公司展示了多种OEM技术和专长的产品,包括多面额纸币出钞机NMD100、支持4种面额的出钞机NMD50和单面额出钞机SDD等产品,其中NMD100多达8个钞箱,拥有出色的纸币出钞能力。     

对国内商业银行引入国外先进技术的思考

在金融创新化、自由化、全球化变革中，业务主导式创新正在向技术主导性创新转移。现代银行业对技术，尤其是信息技术的依赖程度越来越大，技术水平深刻地影响着现代银行的经营模式和服务水平。据统计，西方金融创新产品95％来自于信息技术，我国100％基于信息技术。     

2008中国国际金融（银行）技术暨设备展览会掠影

2008年9月25日至28日,第十六届中国国际金融（银行）技术暨设备展览会在北京展览馆隆重举行。     

2006中国国际金融（银行）技术暨设备展览会掠影

2006年9月17日至20日，中国国际金融（银行）技术暨设备展览会（简称金融展）在北京展览馆隆重举行。     

农户小额贷款创新研究——基于小额信贷的国际经验与中国实践

本文通过对小额信贷的国际经验与中国实践的比较分析,对我国农户小额贷款产品的结构体系、市场营销、盈利模式、风险与收益等方面进行研究,提出了符合现阶段我国农村实际的农户小额贷款可持续发展模式。     

贴近客户业务需求 支持银行业创新发展——中钞科堡现金处理技术（北京）有限公司常务副总经理余岱芳访谈

最近几年，国内自助金融服务市场一直处于竞争非常激烈的状态，全球金融危机的到来使得这一领域的生存环境更为艰难，自助设备厂商面临的市场形势也更为严峻。中钞科堡公司作为一家中型ATM厂商，凭借中国印钞造币总公司的本土优势和奥地利KEBA公司的国际经验，在激烈的市场竞争中稳步发展，取得了良好的市场业绩。日前，该公司常务副总经理余岱芳为我们诠释了中钞科堡公司与中国银行业共同发展的经营理念和未来发展策略。     

新需求加快金融自助服务技术创新——2010年银行自助设备创新技术与服务研讨会在京举行

2010年6月24日～26日,由中国金融电脑杂志社举办、全球知名ATM服务商NCR协办的2010年银行自助设备创新技术与服务研讨会在北京香山饭店举行。中国工商银行信息科技部、软件开发中心、工行福建省分行等金融机构的相关领导、技术专家以及NCR公司领导、技术专家们等出席了研讨会。     

理解低技术背景下的R&D创新和非R&D创新

本文通过建立一个企业内部和外部知识资源的理论框架去分析R&D活动和非R&D活动的创新的区别,特别是对于大部分企业都是非高技术企业,他们的创新活动是怎么进行的。本文的实证分析基于一个由2023个制造业企业2007-2010年度的面板数据样本,研究表明,非R&D变量(比如市场营销,设计)对在生产和处理过程中的创新具有显著影响。而R&D支出对创新并没有显著影响。     

第三届亚洲智能卡展将展示NFC技术的发展及机遇——中国9亿手机用户为业界研发者带来无限商机全球手机厂商布局NFC技术

香港,2011年10月27日GoogleWallet及全球主要手机厂商Nokia、Samsung（Google）、RIM、LG和ZTE纷纷推出NFC装置（近距离无线通信）,使NFC技术成为全球焦点并为业界带来新一波冲击。中国内地拥有超过9亿的手机用户,必将成为未来广泛使用NFC技术最具潜力的地区。要零距离接触NFC行业供应商及获取最新技术趋势的业内人士,切勿错过参与2012年3月28及29日在香港举行的亚洲智能卡展2012。     

Out-of-sample cash flow prediction and cash distributions to shareholders

This study provides empirical evidence that net cash distributions to shareholders provide a noteworthy context for improving the out-of-sample prediction of cash flow. Dechow et al. (2008) suggest that net distributions to shareholders is an indicator for future cash flow, and the current study hypothesizes that the accuracy of out-of-sample forecasts increases with the magnitude of the shareholder distributions. The empirical results are consistent with this hypothesis for one-year-ahead forecasts, and the results are robust to controls for firm size. Moreover, the results indicate that the distributions to shareholders effect largely subsumes the firm size effect for forecasts of free cash flow, but not for operating cash flow. This suggests that firm size is a proxy for operating stability but not investing stability. Overall, the study provides a practical context for analysts, creditors and others to consider when generating cash flow forecasts.     

外商投资“独资化”将带给中国什么

近几年来，外商在华投资出现了独资化倾向趋势，引起了国内学术界及有关部门的关注。本文对外商在华投资“独资化”倾向趋势、原因、负面效应进行深入的分析与研究，并在此基础上有针对性地提出相关对策建议     

亚行与中国将重点关注创新型绿色增长项

亚洲开发银行（简称：亚行）与中华人民共和国达成了一项新的《国别合作伙伴战略》,着重于发展创新型项目。亚行将通过这些项目,在解决中国的贫困、收入差距不断扩大、地区发展不平衡加剧等问题和促进实现低碳经济方面,起到催化作用。     

Green credit policy and corporate cash holdings: Evidence from China

In 2012, China implemented a green credit policy (GCP) that restricts bank credits to heavily polluting firms. Using a difference-in-differences research design, we find that polluting firms increased their cash reserves by 9.5% after the GCP's issuance relative to non-polluting firms. We also document that the GCP significantly reduces firms' access to bank finance but increases the value of cash. Cross-sectional analysis shows that the increase in cash holdings is more significant for firms with greater financial constraints, firms with more investment opportunities, and high-tech companies. Overall, our findings are consistent with a constraint explanation: when external financing is restricted, firms retain more cash to meet future investment needs.     

Misvaluation and the corporate propensity to hold cash

This study adopts a new perspective, misvaluation, to explain corporate propensity to hold cash. We find a strong cross-sectional relationship between misvaluation and the propensity to hold cash, which can be attributed to firms' investment, cash dividends, and equity raising activities. We further show that the equity issuance channel is driven by both firm-initiated issuance activities and the exercise of employee stock options. The results are robust after controlling for endogeneity issues. Several additional robustness tests reject alternative explanations, such as precautionary motives, agency conflicts, near-term cash needs, and tax motives.     

Labor education,cash transfers and student development: Evidence from China

Based on China Education Panel Survey data, this study used the PSM-DID method to explore the relationship between labor education and cash transfers and analyzed the causal effect of its impact on student development. We found that labor education and cash transfers can significantly improve student academic performance and cognitive and noncognitive abilities. There was an obvious crowding in effect between labor education and cash transfers. Upon increasing investment in labor education and reducing cash transfers, students improved their academic performance and had better cognitive and noncognitive abilities. We suggest that the government, schools and families increase investment in labor education to achieve a better level of student development and reduce financial burdens.     

债券回购市场国际经验及对我国的借鉴

我国的债券回购市场以银行间债券回购市场为主导,近年来交易所回购市场呈现快速发展,债券回购市场成为金融机构、非金融企业、个人等众多市场主体直接参与的金融市场,随着投资者数量及市场规模的扩张,应对债券回购市场发展现状进行审视并寻求进一步完善。文章对国际主要回购市场的情况进行梳理,并提出完善我国债券回购市场的相关建议。     

Family control,institutional environment and cash dividend policy: Evidence from China

Using a sample of 1486 Chinese A-share listed companies for the period 2004–2008, this study empirically tests the impact of family control, institutional environment and their interaction on the cash dividend policy of listed companies. Our results indicate that (1) family firms have a lower cash dividend payout ratio and propensity to pay dividends than non-family firms; (2) a favorable regional institutional environment has a significant positive impact on the cash dividend payout ratio and propensity to pay dividends of listed companies; and (3) the impact of the regional institutional environment on cash dividends is stronger in family firms than in non-family firms. Somewhat surprisingly, we find that controlling family shareholders in China may intensify Agency Problem I (the owner–manager conflict) rather than Agency Problem II (the controlling shareholder–minority shareholder conflict), and thus have a significant negative impact on cash dividend policy. In contrast, a favorable regional institutional environment plays a positive corporate governance role in mitigating Agency Problem I and encouraging family firms to pay cash dividends.     

Corporate governance and the sensitivity of investments to cash flows

We find very strong and consistent evidence that investments in Strong‐Governance firms (managers not entrenched) are strongly sensitive to availability of internal cash flows while such sensitivity is not different from zero for Weak‐Governance firms (entrenched management). We interpret this as evidence in support of Kaplan and Zingales' (1997) contention that sensitivity of investments to cash flows is not an adequate measure of financing constraints. More importantly, our findings are consistent with Kaplan and Zingales’ conjecture that the observed sensitivity of investments to cash flows in firms that do not face financing constraints may be driven by excessive risk aversion of managers.