商业银行固定资产贷款资金流向监控分析

本文通过对目前商业银行固定资产贷款发放流程的分析,指出了目前各家商业银行在具体业务叙做过程中,对固定资产贷款用途的监控普遍存在诸多漏洞,贷款用途管理流于形式,存在贷款被挪用的风险.因此,本文从合同签订、贷款发放与支付三个环节建议商业银行细化对固定资产贷款资金流向的监控.     

《商业银行并购贷款风险管理指引》法律解读

2008年12月6日，银监会发布了《商业银行并购贷款风险管理指引》（以下简称“《指引》”），首次从监管层面明确了商业银行开展并购贷款业务的条件和要求，为并购活动当事人拓宽了融资渠道，同时也对我国习惯于发放固定资产贷款或流动资金贷款等传统贷款业务的商业银行提出了挑战。     

探索资金出路

自2002年开始,商业银行资金持续富裕,市场利率和系统内利率不断走低,如何拓展资金使用渠道、为富裕资金寻求出路成了摆在银行面前的重要任务。增加贷款的有效投放目前,贷款仍然是所有资金使用渠道中收益最高的项目,因此把如何扩大贷款有效投放放在资金使用第一位置是必然的。近几年政府为了解决国有商业银行的金融风险问题,为商业银行提供了非常有利的政策环境,我行应该抓住这一有利时机,扩大营销力度,增加贷款的有效投入。我们之所以强调有效投入就是要在贷款投放过程中控制风险,实现最大效益的资金释放。事实上,西方国家一些商业银行在上…     

江龙控股危机调研

在中国资本市场,江龙控股是一个江湖传说：从创建到成为行业龙头企业,拥有“中国印染第一股”,用了四年多时间;然而,从风光无限到轰然倒塌,却只用了短短一年。     

Cash management using multi-stage stochastic programming

We consider a cash management problem where a company with a given financial endowment and given future cash flows minimizes the Conditional Value at Risk of final wealth using a lower bound for the expected terminal wealth. We formulate the optimization problem as a multi-stage stochastic linear program (SLP). The company can choose between a riskless asset (cash), several default- and option-free bonds, and an equity investment, and rebalances the portfolio at every stage. The uncertainty faced by the company is reflected in the development of interest rates and equity returns. Our model has two new features compared to the existing literature, which uses no-arbitrage interest rate models for the scenario generation. First, we explicitly estimate a function for the market price of risk and change the underlying probability measure. Second, we simulate scenarios for equity returns with moment-matching by an extension of the interest rate scenario tree.     

现金流量表在银行信贷决策中的运用

通过对现金流量表的分析．能正确评价企业当期及以前各期取得的翻润质量。科学预测企业未来的财务状况．从而有利于商业银行信贷员作出正确的信贷决策。     

Cash flow disaggregation and the prediction of future earnings

We examine the incremental information content of the components of cash flows from operations (CFO). Specifically the research question examined in this paper is whether models incorporating components of CFO to predict future earnings provide lower prediction errors than models incorporating simply net CFO. We use Australian data in this setting as all companies were required to provide information using the direct method during the sample period. We find that the cash flow components model is superior to an aggregate cash flow model in terms of explanatory power and predictive ability for future earnings; and that disclosure of non‐core (core) cash flows components is (not) useful in both respects. Our results are of relevance to investors and analysts in estimating earnings forecasts, managers of firms in regulators’ domains where choice is provided with respect to the disclosure of CFO and also to regulators’ deliberations on disclosure requirements and recommendations.     

MBS提前偿付模型的现金流分析

MBS在中国刚起步,但是前景非常看好,因为中国具有庞大的住房贷款市场。模拟MBS构建的住房抵押贷款池中平均贷款期限、平均票面利率等因素,通过对MBS中不同提前偿付速度情况下的现金流和无提前偿付情况下的现金流的对比分析,可以得出提前偿付对MBS服务商和投资者两者造成的现金流损失,进而为MBS风险控制提供一定的财务基础。     

Cash from operations and earnings management in Korea

Our study investigates the relationship between the operating performances of Korean industrial firms and the behavior of discretionary accruals during the period 1994-1997. We hypothesize that the degree of earnings management will depend on the firm operating performances. We construct 10 “cash from operations (CFO)” portfolios to test if there are systematic differences in discretionary accruals across portfolios.Four test methods (a mean accrual test, a correlation test, a regression analysis, and a sign-change test) are used to investigate if operating performances affect discretionary accruals differently. We compare three accrual estimation approaches (two discretionary accruals and total accruals) in testing the earnings management hypotheses.The results support the hypothesis that Korean industrial firms manage earnings. When operating performance is poor, the firms tend to choose income-increasing strategies. In addition, when operating performance is extremely poor, some firms tend to take a big bath, while some of the exceptionally well-performing firms tend to select income-decreasing strategies.     

地方国库现金流监测分析与控制

近年来,国库现金流量逐年增加,库存余额经常保持较高水平,国库资金的效能没有得到充分发挥.本文通过对河南省南阳市国库现金流实证监测分析,寻找国库现金流运行特点和规律,并就国库现金流对地方经济金融发展进行深层分析,尝试建立国库现金流预测模型,加强国库现金流预测和控制,从而提高国库资金效率和国库资金运作水平.