论产权、竞争与财务治理效率

财务治理的根本目标是提高财务治理效率,本文揭示了产权激励与竞争作为相互依存和补充的机制,对财务治理效率的影响机理,明晰了产权、竞争与财务治理效率之间的关系。     

适应一流大学建设的高校财务治理创新探讨

中国特色的一流大学建设是一个值得深入研究的课题,建设创新型国家和人力资源强国,需要若干一流大学和一批一流学科,这是教育强国的重要标志。文章研究了高校财务治理对一流大学建设的必要性和紧迫性,从适应中国特色一流大学建设需要的角度探析,提出了高校财务在治理理念、治理结构、治理机制方面创新的措施及建议,以期对突破中国特色一流大学建设的"瓶颈"问题,加快高校内涵式发展的进程有所裨益。     

产权优化与企业财务动态治理

本文在综述企业产权理论的基础上提出了产权优化的内涵、原则、核心及现阶段产权优化的关键、组织保障、会计保障和实现机制等问题;指出重复产权博弈均衡条件下的财权安排能够实现产权优化与财务治理的对接,并对产权优化与财务治理的互动进行了深入分析。     

构建适应教育产业化的高校财务控制机制

当前,我国高校财务治理结构存在着诸多问题,直接影响着学校的内部财务控制机制的建立。本文提出,应在教职工大会、校务会和财经领导小组的委托代理链条上分别设置审计委员会、内部审计机构和总会计师,建立起适应教育产业化的高校财务控制机制。     

我国高校财务信息公开现状及治理对策研究

高校财务信息公开,对于防治高校腐败、加强风险管理、提高财政资源配置和使用效率具有重要的意义,是加强高校治理体系建设和提升治理能力的重要途径.文章结合当前进一步扩大省级政府教育统筹权和高校办学自主权的改革背景,对高校财务信息公开的现状及问题进行了分析,在此基础上,构建了新形势下高校财务信息公开问题的治理框架,并从统一平台和通用标准、内容体系、绩效评价、激励约束、监督检查等方面提出了具体的实施策略.     

公司财务治理及其效率探析

基于产权的公司财务治理由内部财务治理和债权人相机财务治理组成,其效率的提高有赖于对财权的合理配置,在对债权人财权配置时应解决控制权错位和合理安排债权人财务控制权的问题。在非产权基础上,除通过将治理主体下移延伸财权配置以解决广泛专业化分工导致的代理关系下的财务治理及其效率外,还应关注信息不对称对财务治理效率带来的负面影响,应当从完善法律法规、建立健全财务评价机制和经理人声誉传导机制和充分发挥独立审计作用等方面改善公司财务治理效率。     

《OECD公司治理原则》下高校财务治理结构探析

一、高校财务治理及相关概念 （一）高校财务治理高校财务治理是指通过高校财务治理权在利益相关者之间的不同配置,来协调利益相关者在高校财务体制中的地位及影响的一系列制度安排,以实现权利的制衡和效益的提高。其中,财务治理权包括财务决策权、财务执行权和财务监督权。     

从高校财务理念看财务行为

在产权虚置、责任不清基础上,放松对银行贷款控制以实现高校大发展,破坏了原有产权虚置与硬预算约束的平衡,使高校逐步形成了外延扩张财务理念。受外延扩张财务理念影响,高校出现了许多不合理的财务行为。高校改变财务理念必须要有相应的政策调整。     

财务治理视角下高校基建财务工作能力提升路径

进入高质量发展新阶段,我国内外部环境发生深刻变化。在经济高质量发展的新形势下,经济资源的筹集、配置和管理是高校财务治理的核心内容。结合高校基建财务工作实践,分析目前高校基建财务工作现状和普遍存在的问题,从财务治理的视角,提出高校基建财务工作能力提升的方法与路径。     

《OECD公司治理原则》下高校财务治理结构探析

一、高校财务治理及相关概念(一)高校财务治理高校财务治理是指通过高校财务治理权在利益相关者之间的不同配置,来协调利益相关者在高校财务体制中的地位及影响的一系列制度安排,以实现权利的制衡和效益的提高。其中,财务治理权包括财务决策权、财务执行权和财务监督权。     

An evolutionary game theory model for the inter-relationships between financial regulation and financial innovation

Financial regulation and financial innovation tend to show a dynamic game process of ‘regulation-innovation-re-regulation-re-innovation’. This paper constructs an evolutionary game model to simulate the above phenomena for analyzing the stable equilibrium strategies between financial institutions and regulation institutions. Previous studies mainly stay in a theoretical perspective; instead, this study uses the financial and macroeconomic data of the U.S. during 1947–2007 to numerically demonstrate the dynamic evolution paths of financial regulation and financial innovation. This study finds that the financial regulation and financial innovation of the U.S. presents a dynamic adjustment process by promoting the development of each other. Both regulatory and innovative strategies should be coordinated in the evolutionary progress in a timely and coordinated reason. This study has great referential value for policy makers to balance regulation and innovation in the financial industry and for avoiding financial crises.     

Corporate governance and the insolvency risk of financial institutions

We investigate whether shareholder-friendliness of corporate governance mechanisms is related to the insolvency risk of financial institutions. Using a large sample of U.S. financial institutions over the period 2005–2010, we find that corporate governance is positively related to the insolvency risk of financial institutions as proxied by Merton’s distance to default measure and credit default swap (CDS) spread. We also find that “stronger” corporate governance increases insolvency risk relatively more for larger financial institutions and during the period of the financial crisis. Lastly, our results suggest that shareholder-friendliness of corporate governance mechanisms is viewed unfavorably in the bond market.     

对加强基层事业单位财务管理的思考及探索

事业单位是公益性的社会服务单位,对社会发展有着积极的推动作用.随着近几年社会的不断变化,事业单位的管理机制也发生了一定的变革,特别是事业单位的财务管理有了明显的改善.但是,目前事业单位在进行财务管理中还存在一些问题,如预算编制、财务监管以及内控制制度等都存在力度不够的问题.据此,文章分析了基层事业单位财务管理的重要性,...     

Bank capital and the macroeconomy: Policy considerations

We develop a macroeconomic model in which the balance sheet condition of financial institutions plays an important role in the determination of asset prices and economic activity. The financial intermediaries in our model are required to make investment commitments before a complete resolution of idiosyncratic funding risk that can be addressed only by costly refinancing, forcing them to behave in a risk-averse manner. The model shows that the balance sheet condition of intermediaries can drive asset values away from their fundamentals, causing aggregate investment and output to respond to shocks to intermediaries. We use this model to evaluate several public policies designed to address balance sheet problems at financial institutions. With regard to short-run policies, we find that capital injections conditioned upon voluntary recapitalization can be a more effective tool than asset purchases. With regard to long-run policies, we demonstrate that higher capital requirements can have sizable short-run effects on economic activity, and that a long transition period helps avoid undesirable side effects. Finally, we show that the marginal effects of policies can be larger during “crises” because of the nonlinear interactions between some financial frictions and policy actions.     

浅谈高校财会人员的职业道德

在市场经济时代，高校财会人员职业道德的优劣直接影响到高校教育科研事业的发展。文章从顾全大局、提高思想觉悟、严格执行财政政策和制度、学习专业知识、优质服务、保密守信6个方面对高校财会人员的职业道德进行了概括。     

Addressing the growth failure of the oil economies: The role of financial development

The oil exporting countries have experienced a relatively continuous fall in GDP per capita over the last 30 years. This is in spite of benefiting from a more than average of the rest of the world investment rate. The findings of this paper, report a lower level of financial development for the oil economies when compared with the rest of the world. We will show in this paper that the higher rate of investment of the oil economies can be explained mainly by the oil revenues and surprisingly, financial development has a net dampening effect on investment for these economies. The paper also shows that the weakness of financial institutions, contributes to the poor performance of economic growth of the oil economies and the weakness of financial institutions might be associated with the dominant role of government in total investment and the weakness of private sector.     

Institutions for Financial Development: What are they and where do they come from?

Abstract.  Among the fundamental causes of long-run economic performance, differences in 'institutions' have received considerable attention in recent years. At the same time, a large body of theoretical and empirical work shows that financial development can have a big effect on economic performance. This raises the more fundamental question as to why some countries have developed financial markets while others do not. This paper reviews the theoretical and empirical research on this issue and shows that one of the channels whereby better institutions may have an effect on economic development is through the consolidation of larger and better financial markets. An issue that is left aside in this paper relates to what regulations and policies lead to better functioning capital markets. At some level, one can think of regulations and policies as particular types of institutions. Nonetheless, institutional problems are deeper causes leading to poor economic performance; bad policies might simply be part of the channels through which they influence performance. Thus, addressing the question of what determines the emergence of 'good' institutions – i.e. institutions that promote financial development – seems particularly important. Recent research providing some answers to this question is also reviewed.     

我国高校财务困境的界定和特征

国内外关于高校财务困境的研究多以特征事件例举法对困境进行判别,没有进行概念性界定.从资金管理的内容和特点出发,对高校财务困境界定有利于揭示高校资金运行的主要矛盾,为防范风险提供对策.基于现金流量形成过程的解析,本文总结出了我国高校财务困境具有的四个主要特征.     

Real income convergence and the patterns of financial integration in the EU

We analyse real income convergence among the EU28 countries throughout 1995–2017 and the relationship with the convergence patterns of financial systems. We apply the nonlinear latent factor model of Phillips and Sul (2007, 2009) to real incomes and the IMF financial development indices for financial markets and financial institutions (Svirydzenka, 2016), and identify convergence clubs endogenously. We have several results. First, income disparities narrowed significantly over the last twenty years; yet, the growth convergence process lost momentum triggered by the global financial crisis and countries legacies shaped up asymmetries that have crystallised. Second, countries' financial systems exhibit high fragmentation, especially for financial markets, with the new EU member states at a lower financial development, confirming the existence of a two-tier Europe. Overall, the convergence patterns for real incomes and financial development are strongly correlated. Finally, the financial structure matters and market-oriented economies feature higher long-run growth, indicating the need to implement pan-European policy actions that increase the opportunities of risk diversification, enhance capital raising and channel large-scale financing to firms.     

Real Estate and the Asian Crisis

This paper suggests that activities in the real estate markets in Southeast and East Asian economies were an important contributing force to the financial crises of 1997 in the Asian economies. The analysis relies upon unpublished data reported contemporaneously by financial institutions and market watchers to document the extent of the imbalances in the real property market that were evident to informed observers at the time of the financial collapse. The analysis argues that a series of reforms in the regulation of the property market and the treatment of real property loans by financial institutions are necessary to prevent the recurrence of the kind of speculative bubble that contributed to the financial crises in Asia. Given the recentness of the crisis, the nature of the data, and the absence of definitive statistical sources, the results are tentative, but they are certainly consistent with a financial collapse whose proximate cause was unchecked activity in the property market.