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货币供应量作为中介目标应满足可控性,由我国货币供应的基本模型Ms=B×m(其中B为基础货币,m为货币乘数)可知,货币供应量的可控性取决于基础货币和货币乘数的可控性。一、基础货币具有内生性我国的基础货币由流通中的现金、商业银行在中央银行的准备金存款、财政性存款和邮政储蓄构成。我国的基础货币是由中国人民银行通过资产业务提供的。中国人民银行资产结构的变化可以反映出基础货 相似文献
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从2005年第一款银信合作产品问世以来,短短几年,银信合作市场发展迅速、规模日益庞大。早期的银信合作基本上源于证券市场的新股申购理财产品,2008年证券市场进入深度调整,银信合作的重点转移到信贷类产品上来。银信合作的方式和投资的领域也更加多样和广泛,以信贷为主,结合股权等权益投资稆受益权分层设计,在货币市场、资本市场和事业投资等领域大战拳脚。 相似文献
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货币供应量是间接调控方式下的产物。因此,在间接调控方式下必须选择货币供应量作为调控指标。调控货币供应量就是调控现金和各项存款。要分析决定和影响现金和存款的各种要素,最后找出这些要素中哪些由中央银行决定,哪些由专业银行、政府财政和公众决定,各自的影响力有多大。货币供应量的多少除了基本上决定于经济增长外。 相似文献
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推进利率市场化改革对我国货币供应的影响分析——从商业银行经营管理的视角 总被引:1,自引:0,他引:1
本文首先分析了利率市场化改革对商业银行业务经营、风险管理、改革发展等方面的影响,在此基础上从传统货币供应的银行渠道入手,研究阐述了存款稳定性下降、净利差缩小、经营管理转型等因素对我国货币供应的抑制作用,得出了以银行信贷为主的货币创造机制将被削弱,商业银行在货币供应中"王者"地位将动摇的结论。本文最后提出了加大对金融创新产品和银行金融机构的分析监测,适时调整货币供应量统计口径,研究重构我国货币供应形成机制等对策建议。 相似文献
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存款准备金是金融机构为保证客户提取存款和资金结算需要而准备的资金。金融机构按规定向中央银行缴纳的存款准备金占其存款总额的比例就是存款准备金率。中央银行通过调整存款准备金率 ,可影响金融机构的信贷资金供应能力 ,从而间接调控货币供应量。中国人民银行决定 ,从1999年11月21日起将存款准备金率由8 %下调到6 %。此次下调存款准备金率不仅为商业银行扩大贷款发放创造了条件 ,也有利于商业银行调整资产结构 ,增强支付能力和改善经营管理。具体效应表现在以下几方面 :一、增加金融机构的可用资金 ,为扩大贷款发放创造条件。… 相似文献
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目前央行的货币调节经济结构的主要手段有调节存款准备金率、调节再贴现率和公开市场操作.但从货币供应量的角度分析,不同企业融资难易程度不同,货币的流动具有结构性特征,在一定程度上可能出现货币供应的截留,而且过重的税负负担,使得我国经济结构体系出现弊端性问题.因此,央行的“降息”、“降低存款率”、“逆回购”等总量调节工具,已不足以解决结构性的问题.本文将围绕如何通过货币政策和财政政策搭配的功能特征,展开调节经济结构的话题. 相似文献
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STEPHEN A. ROSS 《The Journal of Finance》1985,40(3):637-657
With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory. 相似文献
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来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制. 相似文献
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Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings. 相似文献
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This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials. 相似文献
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A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions. 相似文献
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This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance. 相似文献
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Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions. 相似文献
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R. G. Coyle 《Futures》1984,16(6):594-609
The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations. 相似文献