农村金融发展的财政补偿路径选择

近年来,国家财政对"三农"投入了大量的资金,但是对农村金融机构的投入和补偿却严重不足.农村金融为"三农"的发展起到了重大作用.财政为农村金融发展提供支持也应理所当然.国家财政应在确定补偿对象、补偿标准和扩大补偿资金的来源后,采取减税、财政信贷贴息、政府信用担保和农业再保险等一系列政策措施来补偿农村金融发展.     

我国农村金融发展的财政补偿政策研究

本文对我国目前农村金融发展的现状进行了比较深入的分析,发现我国农村金融发展存在农村金融机构经营状况不佳、农村金融市场竞争不完全和农村金融中介功能微弱等问题。要解决目前农村金融发展的不利现状,离不开我国财政对农村金融发展的支持。文章通过对相关理论的分析,提出对农村金融发展进行财政补偿的政策和建议。     

农村金融风险分担和利益补偿机制研究

风险分担和利益补偿机制是控制农村金融风险的一种必需的制度安排,为了提高农村金融机构的金融安全,需要建立资本金及时补充制度,推行农村金融利率风险定价机制,发展农业保险,设立财政支农风险补偿基金,建立健全信用担保制度,从而完善我国的农村金融机构风险分担和利益补偿机制。     

关于新疆农村金融发展的财政支持问题探讨

本文以新疆农村金融发展——财政补偿——财政金融融合支农为主线,对新疆财政支农与金融支农配合运用来推进新疆农村经济跨越式发展问题进行了研究,并结合新疆农村经济跨越式发展和长治久安的要求提出了相应的对策建议。     

关于新疆农村金融发展的财政支持问题探讨

本文以新疆农村金融发展——财政补偿——财政金融融合支农为主线,对新疆财政支农与金融支农配合运用来推进新疆农村经济跨越式发展问题进行了研究,并结合新疆农村经济跨越式发展和长治久安的要求提出了相应的对策建议。     

云南农村金融发展与财政支持互动协调机制研究

农业、农村、农民,"三农"问题一直是我国农村金融发展比较重视的问题。农民增收、农业增长、农村稳定这是我们解决农村金融发展的最终目标。云南作为我国西部发展比较落后的地区,金融和经济发展水平都滞后于全国水平。通过对云南农村金融现状及其与财政支持之间的关系进行仔细研究。正确合适的财政支持可以有效地防止财政功能的缺位和越位,提高财政支持农村金融发展的效率,完善农村金融生态环境,加快社会主义新农村建设的步伐,使农村发展与财政支持相协调,相互促进,共同进步。     

我国农村金融发展与农业保险的相关性分析

本文采集1985-2008年我国农村GDP、农村贷款、农村存款、农业保险保费收入的数据,检验了我国农村金融发展与农业保险之间的关系。结果表明农村金融发展与农业保险的发展存在长期协整关系,我国农业保险发展是农村金融发展的动力之一,但农村金融发展对农业保险的促进作用不明显。为此,提出加快农村金融发展、优化现行财政支持模式、增加财政支持项目等发展农业保险的政策建议。     

构建农村金融风险分散和补偿机制的思考

近年来,我国农村金融虽然得到了较快发展,但一些影响农村金融发展的深层次问题和矛盾也日益突显,农村金融风险大、风险分散和补偿机制的缺乏成为影响农村金融资源聚集和农村金融发展的巨大障碍.要突破风险这一障碍,需要从农村金融风险的根源出发,根据不同风险的性质和特点,制定和完善相应的风险分散和补偿机制,以实现有效提高农业投入产出...     

发挥公共财政作用推进农村金融发展的政策研究——基于新疆农村金融发展情况的调研

中央财政为破解我国农村金融发展的困境,出台了一系列的政策扶持农村金融机构的发展,本文通过对新疆七个农业县的农村金融发展情况进行深入调查研究,总结财政支持农村金融发展的政策效果和存在的问题,并在此基础上提出了政策建议     

农村金融风险分担补偿机制探讨

近年来我国农村金融改革快速推进,金融支农力度逐渐加大,农村金融服务水平不断提高。但农村金融发展中一些深层次的问题如金融风险大、风险分担和补偿机制缺乏等逐步暴露出来。本文从分析我国农村金融风险现状出发,提出建立多渠道的农村金融风险分担补偿机制的应对策略。     

Corporate financial structure and financial stability

Drawing on a unique dataset of flow-of funds and balance sheet data, this paper analyzes the impact of financial crises on aggregate corporate financing and expenditure in a range of countries. Investment and inventory contractions are the main contributors to lower GDP growth after crises, with a much greater effect in emerging market countries. The debt–equity ratio is correlated with investment and inventory declines following crises. Econometric analysis suggests that financial crises have a greater impact on expenditure and the financing of corporate sectors in emerging markets than in industrial countries. Industrial countries appear to benefit from a pick-up in bond issuance in the wake of banking crises. Although companies in emerging market countries hold more precautionary liquidity, this is evidently not sufficient to prevent a greater amplitude of response of expenditure to shocks.     

推进金融信息化促进金融体制改革——国家"十五"科技攻关项目"金融信息化"简介

编者按目前,"金融信息关键技术与示范工程"项目已正式列入国家"十五"科技攻关计划,本刊2001年第12期曾对此作了相关报道,金融信息化攻关立项不仅可以带动整个金融行业的信息化建设,而且能够为国民经济管理和国家宏观经济决策提供支持,从而推动国民经济的信息化.为此,本刊特邀项目组负责人之一--中国人民银行科技司卢小冰女士对该项目的情况进行介绍.     

北金所发力金融市场化改革

两年前有人预言,一旦北京金融资产交易所运作成功,北交所集团的交易规模突破“万亿”将很快成为可能。现在这种可能已经变成现实。2012年2月,北金所成立不到两年,北交所集团累计成交金额已突破万亿元大关     

国内财经

我国政府消费占财政收入比重超日本6倍国家行政学院教授竹立家说,我国政府自身消费约占财政收入的20%,多年来一直维持在这个水平。竹立家说,美国的政府成本约占财政收入的9.9%,日本在发达国家里面比重最少,仅占财政收入的2.8%,欧盟国家平均占5%左右,中国政府自身消费与发达国家相比成本比较高。所谓政府改革,一个重要的目标就是要降低政府成本。另一方面,政府政策性浪费也比较严重,决策失误造成的财政浪费现象较严重。日本的决策失误率大约0.28%,发达国家决策失误率平均大约3%,而我国决策失误     

Individual financial risk tolerance and the global financial crisis

We investigate individual investors’ tolerance towards financial risk by focusing on changes associated with the global financial crisis (GFC) of 2007–2009. Financial risk tolerance (FRT) is analysed longitudinally controlling for demographic, socio‐economic and regional variations. In absolute terms, the change in FRT is small and contrasts with a popular view that risk tolerance is an elastic psychological state overly influenced by the pervading market conditions. Even in the presence of significant financial events, FRT tends to be a reasonably stable attribute in the shorter term but possibly influenced and reshaped by events more gradually over time.     

Financial instruments,financial reporting,and financial stability

I review new empirical evidence from the recent financial crisis on the relation between financial reporting and financial stability. I draw the following conclusions: First, there is still no evidence that fair value accounting caused widespread fire sales of asset or contagion. Second, the empirical evidence suggests that accounting and regulation might have contributed to the crisis by allowing several banks to delay actions. Third, even if share prices reacted positively to the relaxation of fair value accounting rules during the crisis, the origin of the problem might be lax rules that allowed banks to run into financial and regulatory problems. Fourth, fair values can be relevant for assets that a bank intends to hold until maturity if that bank strongly relies on short-term financing. Fifth, the recognition of fair values is no substitute for information that allows investors to judge a bank's risk exposure and the validity of reported fair values.     

Neglected risks,financial innovation,and financial fragility

We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash flows. Financial intermediaries cater to these preferences and beliefs by engineering securities perceived to be safe but exposed to neglected risks. Because the risks are neglected, security issuance is excessive. As investors eventually recognize these risks, they fly back to the safety of traditional securities and markets become fragile, even without leverage, precisely because the volume of new claims is excessive.     

The value of financial flexibility and corporate financial policy

We propose a novel approach to measure the value that shareholders assign to financial flexibility. In contrast to existing proxies for financial constraints, our measure is market-based, forward-looking and not directly influenced by past financial decisions. We find that firms for which shareholders consider financial flexibility more valuable have lower dividend payouts, prefer share repurchases to dividends, and exhibit lower leverage ratios. Moreover, these firms tend to accumulate more cash. Our analysis contributes to the growing literature on financial flexibility and indicates that—in line with prior survey evidence—financial flexibility considerations shape corporate financial policy.