清朝昭信股票始末

昭信股票是中国最早发行的国家公债,戊戌变法期间,光绪皇帝曾把它列为新政措施之一。1895年,清政府与日本政府签订了《马关条约》,规定中国偿付对日战争赔款二亿两白银,后又添上“赎辽费”三千万两。这一下使入不敷出的清政府又背上了一偌大的包袱,财政更感窘迫,只能再次乞借外债。1897年清政府筹办第三次借款时,英国和沙俄为独占贷款权争执不下,形成僵局。清政府为了不得罪双方,决定停借外款,改为自己筹集。     

对我国地方政府发行公债融资的思考

在西方发达国家的债券市场中，不仅活跃着由中央政府统一发行的国家公债，地方政府组织发行的地方公债也已成为一种比较普遍的债券市场品种，并逐渐成为政府经济部门发行债券的主要组成部分。然而，我国地方债券还是一片空白，随着我国市场经济的全面发展，地方政府发行债券融资已具备了多方面条件。本文在分析了我国地方政府发行公债的必要性、基础条件和指导原则之后，提出了相应的建议。     

近代湖北地方公债研究及对当今地方债监管的启示

正公债,即公共债务,政府向国内的个人和单位举借的债称为国内公债(内债),政府向国外举借的债就是国外公债(外债);而按发行债券的政府级别划分,又可分为中央公债和地方公债。公债的发行往往与一个地区的历史和财政息息相关。目前关于近代湖北省地方公债的研究主要散见于历史研     

如何鉴别国家债券的真伪

如何鉴别国家债券的真伪问：请谈谈我国国家债券发行的基本情况及其构成要素。答：我国自１９８１年恢复国债发行，１４年中，已经发行了６种国债，即：国库券、重点建设债券、财政债券。国家建设债券、特种国债和保值国债。其中国库券、保值公债、国家建设债券都发行了实...     

关于城市公债问题的探讨

我国《预算法》第28 条规定:“除 法律和国务院另有规定外,地方政府 不得发行地方政府债务。”法律虽作如 此规定,但我国城市经济的发展和城 市政府职能的履行,已在客观上提出 了发行城市公债的问题,而且我国发 行城市公债的各项条件正日趋成熟。 在现实生活中,已出现了地方政府通 过项目债、企业债(公司债)的形式变 相发行城市公债(市政债)的案例。因 此,可以预见,随着建立公共财政框架 过程中各项关系的逐步理顺,城市公 债在不太远的将来有可能成为我国城 市政府财政收入体系中的一个重要组 成部分。 有关城市公债 的一些基本原理 在我国,由于长期禁止发行地方 公债,人们对城市公债是比较陌生的。 考察城市公债的种类,除公债理论一 般的分类方法外,又可根据担保条件 分为一般责任债券和收益债券两种类 型。一般责任债券属于“纯公共品”项 目,即项目本身难以收回投资。它以城 市政府的经常性财政收入为担保,其 信誉度较高;收益债券属于...     

发展我国地方债券的思考

地方债券即地方政府债券，是以地方政府为主体发行的，用于弥补地方政府财政赤字或投资于地方特定项目建设的债券。目前世界上许多国家都允许地方政府发行债券，以满足地方政府的投资支出。20世纪50年代，我国中央政府在发行国家经济建设公债时，有些省     

建立我国地方公债制度的构想

从国际上看，大多数国家允许地方政府发行债券，用以解决地方财政不平衡的矛盾。地方公债已成为当今世界各国地方政府广泛采用的筹资手段，如日本地方政府的公债收入约占全部债务收入的1／3，法国地方政府可自主发行5亿法郎以下的债券。     

努力做好保值公债的发行工作

最近,国务院决定向社会发行120亿元的保值公债。这一决策是在总结我国近年来发行国家公债经验基础上作出的,它对今后进一步做好国家公债发行,疏通筹集资金的渠道将起到重要的指导作用,具有十分深远的意义。债券实行保值,彻底改变了过去债券利率固定不变的格局,使其能够随着市场物价、市场利率的变动而不断进行调整,始终达到保值,而不至因各种经济因素的变化,使债券出现贬值的后果。这次发行的中华人民共和国保值公债,虽然偿还期限仍是三年,但     

发行国债券知多少？

发行国债券知多少？薛颖我国自１９８１年恢复发行国债以来，已连续发行了１４个年头。１４年中，共发行了６种国债券，它们是：国库券、重点建设债券、国家建设债券、财政债券、特种国债、保值公债６个品种。其基本情况如下：１．１９８１年发行的国库券，年利率４％，主...     

我国证券市场的发展和几点建议

证券市场稳步发展我国自1981年起恢复发行国库券,各年的发行数量稳步增长,起到了弥补财政赤字,支持国家经济发展的重大作用。除国库券外,又分别发行了财政债券、国家重点建设债券、国家建设债券、特种国债、保值公债、基本建设债券、重点企业债券、地方企业债券和金融债券等。这在动员多方资金,满足不同资金需求、活跃发债市场,优化初级市场结构方面起到了积极的作用,也为二级市场的开办创造了条件。截止1991年底,各种债券累计发行额     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.