农村互助担保：形式创新与制度缺陷

区别于政策性担保的行政性和商业性担保的盈利性,互助担保凭借内生的信用联合,天然具有信息对称、成本低和风险小的优势,在农村得到了迅速发展,有效缓解了金融瓶颈制约。文章结合山东省农村互助担保的发展与创新,介绍、分析了当前普遍推行且卓有成效的三种组织形式及运作：“农户自助”、“农户＋企业”、“农户＋中介”,指出推进农村小额信贷发展务必使互助担保在风险约束、资格认定以及牵制、退出等制度方面做出改进,实现与银行信贷制度的有效衔接。     

我国资信评级业发展的现状及趋势

资信评级是社会信用体系的主题内容之一,而社会信用体系是现代市场经济运行的基础。面对正在蓬勃发展的资信评级市场,本文就其发展现状和未来趋势做较为深入地分析和阐述。     

企业集群的信用优势分析

企业集群的信用优势是企业集群的重要优势,也是企业集群超越单一企业与市场的显著表现之一。本文对企业集群的信用优势、形成机理以及企业集群信用优势的可持续性问题进行了系统分析。揭示了企业集群信用优势的一般规律,从而为企业集群信用优势的有效培育与利用提供理论依据。     

重塑我国特色的企业信用管理制度模式

信用是现代市场经济的灵魂,而目前我国企业信用问题已成为严重影响经济发展的顽梗。本文通过阐述企业信用管理制度的重要作用,针对我国企业面临的信用困境找准信用建设的契合点,提出建立中国特色的企业信用管理制度系统模式的若干对策建议。     

信用监管、营商环境与区域经济增长

本文通过构建模型刻画不同地区信用监管水平对区域经济增长的边际效应,综合考虑营商环境等多维要素与信用体系建设的协同效应,利用1999~2018年中国省级城市面板数据和2017~2019年城市信用监测数据,通过实证分析得出以下结论:(1)地区信用监管水平对区域经济增长的边际贡献显著为正,说明信用监管对区域经济增长具有重要作用;(2)营商环境与信用监管水平的交互系数显著为正,说明在营商环境越好的地区,信用监管对区域经济增长的作用越大;(3)信用监管和营商环境有利于降低企业交易成本,促进潜在企业的市场进入,进而推动区域经济发展。     

U.S. Financial Services Consolidation: The Case of Corporate Credit Unions

This paper estimates a stochastic cost frontier forU.S. corporate credit unions using call report datafor 1992–1997. The results indicate that corporatecredit unions were 91 percent cost efficient, onaverage, over this period and that institutionspassing a larger percentage of their investments toU.S. Central Credit Union are more cost efficient. However, the economic magnitude of estimatedefficiency gains from investment concentration isfound to be modest. We conclude that the currentthree-tier hierarchical structure for the U.S. creditunion industry is likely to endure.     

我国中小企业信用风险及其治理途径

信用是市场经济的基石和灵魂我国正处在经济转型时期,目前信用环境十分恶劣,中小企业信用缺失现象严重,制约着经济发展,建立有效的风险治理机制,降低企业信用风险,有利于调整市场经济活动利益关系、促进中小企业的健康发展本文针对中小企业在国民经济中的重要地位、中小企业的现状,提出加速中小企业产权制度改革、重视征信数据库的迮设和应用、连立健全失信惩罚机制等设想。     

对《征信管理条例》的几点疑惑与修改建议

2009年10月12日,酝酿了7年之久的《征信管理条例》终于揭开了面纱,目前该条例还处于正式颁布前的修改阶段。文章在梳理我国征信业及其立法历程的基础上,从征信机构、信息主体保护等几个方面全面分析了该条例的相关条款,针对其中的一些疑惑,提出了相应的修改建议,以期起到献计献策的作用。     

A review of: “PEAK-LOAD PRICING: EUROPEAN LESSONS FOR U.S. ENERGY POLICY,.A Rand Corporation Research Study,” by Bridger M. Mitchell,Millard G. Manning,Jr., and Jan Paul Acton,Ballinger Publishing Company,Cambridge, Mass., 1978, xxii + 249 pp., list, $16.50

This paper examines the decision of whether or not to forego a portion of the Investment Tax Credit in favor of full basis cost recovery as allowed under ACRS. In most, but not all, circumstances the full investment tax credit is the value maximizing alternative.     

吉林省金融机构对中小企业金融支持的对策分析

近年来,吉林省金融机构将开展中小企业业务作为改善业务结构、客户结构和调整战略方针、履行社会责任的重点,中小企业贷款满足率不断上升,但融资难问题,仍是制约不少中小企业进一步发展的障碍.加强对中小企业的金融支持,广大金融机构应提高服务中小企业发展的水平,增强金融创新能力,完善中小企业信贷考核体系,建立中小企业贷款风险补偿基金,发展多层次中小企业信用担保体系等,为中小企业的发展提供更有力的金融支持.     

Remarks on Engineering Economy Studies from the Viewpoint of Statistical Decision Theory

Lack of credit during periods of financial stress can reduce sales in an entire supply chain. To reduce the reliance on external credit, we introduce a new financing framework in which key supply chain stakeholders accept delayed payment for a pre-agreed portion of their product or service. By doing so throughout the supply chain, each stakeholder must self-finance only their in-house activities—but not the cost of purchased components and services because those are in turn financed by their suppliers. Intended to account for only a small fraction of sales, this framework is limited to supplying customers who do not qualify for external financing. The payments from these customers are distributed among the value chain stakeholders according to an agreed-upon policy. These additional sales would otherwise be lost for lack of consumer credit. This approach increases sales and profitability for the entire supply chain and is especially advantageous during credit crunches. In addition to describing this new financing framework, this article places it in the context of other financing arrangements, provides an example with cash flow and net present value calculations, and identifies implementation challenges and characteristics of supply chains that are good candidates.     

Credit Unions: Fringe Suppliers or Cournot Competitors?

Recent work has demonstrated the competitive relationship between credit unions and banks in consumer financial services. One issue underlying the nature of competition between the two, however, concerns the most appropriate way to model their interactions.Two possible approaches are the dominant-firm price-leadership model and the generalized Cournot model. In the former model, credit unions act as fringe suppliers who are price-takers in a homogeneous product market. In the latter, they possess (limited) market power. Oneway to distinguish the two is by examining the impact of credit union market shares on their pricing, as the two models imply differing effects. Our results are more consistent with the ``credit unions as fringe suppliers' view. Using a pooled cross-section time seriesof 77 small local consumer lending markets throughout the U.S., each with 10 observations over 5 years, the focus is on a loan product ex ante thought to be sold in local markets, unsecured (non-credit card) loans. For this product, increasing credit union market sharesreduces credit union loan rates, consistent with a fringe supplier hypothesis.     

Positioning of Financial Services for Competitive Advantage

The financial services sector is becoming increasingly competitive. Deregulation allows formerly nonoverlapping financial institutions to compete. To survive and succeed, financial institutions must develop strong positions. A position summarizes the distinctive competence that a company seeks to convey to the marketplace to establish its competitive advantage. In this article, Christopher Easingwood and Vijay Mahajan describe a number of positioning attempts in the financial services sector. They are guided by two central objectives.
The first is to show how the special characteristics of services give rise to eight different positioning possibilities for financial services organizations. These positions present a range of potential options from which the manager may choose. For instance, an "extra service" position is one option, a "performance" position is another.
The second objective is to demonstrate the use of the positioning framework, with examples taken from the insurance sector to provide illustrations rather than a complete picture of insurance positioning.
The article concludes with a number of recommendations. For instance, financial institutions should avoid overcrowded positions and occupy underexploited positions. If accepted, these recommendations should help the financial services executive develop a competitive positioning strategy.     

商业银行房地产项目放贷初始决策研究

信贷业务是商业银行利润的主要来源,也是银行管理和决策中最复杂、最困难的金融业务之一,具备一个良好贷款资产结构和拥有大量较强盈利能力贷款资产是商业银行核心竞争力的重要体现之一.文章从银行视角出发,对房地产项目的放贷问题进行投资分析,由于该决策具有刚性,故传统投资分析方法足够对其评价;对某房地产新项目实例进行计算分析,采用以资本资产定价模型为基础的适用新模型确定折现率,取得了较好的效果,具有一定的现实应用意义.     

Agricultural credit problems and policies during the transition to a market economy in Central and Eastern Europe

This paper assesses the problems of financing Central and Eastern European agriculture during the present transitionary period and the role of government in this process. Initially the paper looks at why credit markets work imperfectly, even in well developed market economies, focusing on problems related to asymmetric information, adverse selection, moral hazard, credit rationing, optimal debt instrument choice and initial wealth. It shows why these and related problems may cause transaction costs to be so high that credit rationing and high interest rates are rational and efficient responses by lenders to the imperfect information problems of the agricultural sector. A series of specific, transition-related issues are then discussed which have worsened these problems within the Central and Eastern European agricultural sector. The potential roles of governments in solving these issues and actual observed interventions by Central and Eastern Europe governments through credit subsidies, loan guarantees and specialised agricultural lending institutions are analysed. Finally, the paper discusses how financial market innovations have solved some of the credit market problems and derives the implications for government policies.     

Foreclosure's Wake: The Credit Experiences of Individuals Following Foreclosure

While a substantial literature has examined the causes of mortgage foreclosure, there has been relatively little work on the consequences of foreclosure for the borrowers themselves. Using a large sample of anonymous credit bureau records, observed quarterly from 1999 through 2010, we examine the credit experiences of 330,000 borrowers before and after a foreclosure start. Our analysis documents the substantial declines in credit scores that accompany a foreclosure start and examines the length of time it takes individuals to return their credit scores to predelinquency levels. The results suggest that, particularly for prime borrowers, credit score recovery comes slowly, if at all. The lack of recovery appears to be driven by persistently higher delinquency rates on consumer credit (such as auto and credit card loans) in the years that follow their foreclosure start. Our results also indicate that the experiences of individuals whose mortgages entered foreclosure from 2007 to 2009 have followed a similar path to borrowers foreclosed earlier in the decade, though their postforeclosure‐start delinquency rates have been higher and, consequently, credit score recovery appears to be taking longer.     

Can Bank Lines of Credit Protect REITs against a Credit Crisis?

In a tight credit market, the primary concern of most real estate investment trusts (REITs) is the ability to access capital and maintain adequate liquidity. Bank lines of credit or loan commitments, which are legally binding contracts arranged to provide debt at the call of the borrowers under prespecified terms, have been theorized to provide insurance protection against a credit crisis. This article examines whether bank lines of credit can indeed provide some insurance for REITs and allow them to access credit during bad times. Covering three credit crunch events, both the origination and utilization patterns of commitment loans by 275 REITs publicly traded between 1992 and 2007 are analyzed. We find that bank lines of credit insulated REITs from credit rationing at both the broad market level as well as at the firm level. However, the insurance value is qualified in the case of smaller and risky firms which may not get to extend their credit limit or draw down on their existing credit lines in a credit crisis.     

The Commission's Recommendations on Housing Finance

The Commission proposes radical changes in the structure of institutions supplying residential mortgage funds. By massive broadening of their asset and liability powers, the thrifts are to become quasi-banks. The resulting housing credit gap is to be filled by multipurpose lenders, notably pension funds, and by greater use of mortgage securities backed by conventional as well as FHA and VA loans. For these changes, the Commission relies on the magic of deregulation, initiated partly in the Depository Institutions Act of 1982. A mortgage investment tax credit is proposed to cushion adverse effects on housing, but its adoption is highly unlikely. The Commission's expectations of structural reform through deregulation are overdrawn. Hence, its approach would probably reduce resource allocation to housing. The assertion that the new system would be more efficient is not supported by the meager analysis offered in the Report . Likewise, the claim of greater cyclical stability of mortgage lending remains unsubstantiated. The Commission also recommends curtailment of federal programs supporting the private housing sector: restricting FHA to high-risk loans and phasing down the GNMA guaranty of mortgage securities. But the proposals for FNMA and FHLMC stop short of cutting their umbilical cords of government.     

信用伦理视角下的职业经理人问题研究——基于新疆职业经理人的问卷调查

自20世纪90年代以来,我国经济迅猛发展,取得了令人瞩目的成就。尤其是职业经理人的引入及其队伍的不断壮大,更令其锦上添花。但随其快速发展的同时信用危机等道德缺失问题层出不穷。文章作者通过问卷调查分析总结出当前影响职业经理人发展的因素,并从信用伦理的视角切入,着眼于对信用理念内在德性自律引导的挖掘,又致力于信用的外在制度安排和他律强制性规则的建设,从而将自律与他律结合共建社会道德共同体：     

The new product development process for commercial financial services

The attention of senior executives in the financial services industry is increasingly being focused on how well the new product development process is working within their institutions. This focus on product development results from the combined pressures of increased competition, a rapidly changing marketplace, new technology, and new and pending legislative changes. All of these factors underscore the need to be able to design, develop, and launch, in a timely fashion, new products that are winners. A strong new product initiative is now considered an essential weapon in both offensive and defensive initiatives.To achieve their goals, executives are increasingly reexamining their organizations' approach to development and launch of new products to determine if the process can be redesigned for faster reaction time, better utilization of limited resources and improved success rates. This article examines the new product development process within the setting of corporate/commercial financial services. Its conclusions provide executives with some broad principles for their own new product processes to help them in their quest for competitive advantage through winning new products.