银信合作叫停之后

就在信托公司等待股指期货放行之际,监管层叫停2万亿元银信合作业务的哨声,给市场增添了许多紧张气息。     

一桩合作投资争议案发生之后

在合作、合资经营中,保存业务交往中的证据材料是十分重要的,否则一旦出现纠纷,纵使占理,也会眼睁睁的看着自己吃亏。在本文中仲裁专家的冷分析能否让吃一堑者长一智呢     

律师与注册会计师在破产管理人事务中的关系与协作

《企业破产法》设立的破产管理人制度中,律师事务所、会计师事务所是担任管理人的主要社会中介机构。在破产法规定的众多管理人职责中,其业务内容大多侧重于法律业务或会计业务。但是,在法院就具体案件指定的管理人只能是一家的情况下,律师事务所担任管理人必须面对侧重会计业务的职责,会计师事务担任管理人必须面对侧重法律业务的职责。     

“一带一路”战略与国际能源合作

中国新能源发展非常速度,不论是水电、风能、光伏的装机容量都是世界第一.整个能源重型化结构和资源禀赋以及产业结构紧密相关.伴随着新能源飞快的发展速度,能源需求日益增大,同时也存在弃风、弃光、弃水,包括新能源产能过剩等非常突出的问题. “一带一路”是国家战略之一,包括新能源领域的产能合作,应是“一带一路”战略里面的重要基础和支撑,此战略实施为促进中国与国际能源合作提供了新机遇.而石油企业从1993年就已是“走出去”的先锋.1992年,中共中央提出“走出去”战略,号召国有企业开展国际化经营.     

加强国际交流与合作 助推行业战略实施——中国注册会计师行业国际交流与合作的回顾

我国注册会计师行业恢复重建以来,全面推进行业建设,在发展战略的制定和实施、行业的培育和监管、人才选拔和培养等各个方面取得突出成就。在财政部领导和国际司等方面支持下,积极参与国际合作交流,充分利用国际资源,成为推动行业发展的重要方面,同时也积累了丰富的国际合作经验,为行业战略实施和国际化发展创造了有利条件。     

The impact of macroprudential housing finance tools in canada

This paper combines loan-level administrative data with household-level survey data to analyze the impact of recent macroprudential policy changes in Canada using a microsimulation model of mortgage demand of first-time homebuyers. Policies targeting the loan-to-value ratio are found to have a larger impact on demand than policies targeting the debt-service ratio, such as amortization. In addition, we show that loan-to-value policies have a larger role to play in reducing default than income-based policies.     

融资工具ABC

后金融危机时代,中国经济在宏观层面和企业微观层面表现出背离特征:宏观表现为人民币对外升值和对内贬值,国内出现通货膨胀;企业微观层面上,则出现通货紧缩和流动性不足。同时,企业与金融市场之间存在信息不对称,企业管理不规范;企业规模小,缺乏足够抵押物;单个企业融资规模相对小,融资成本     

The inescapable need for fractal tools in finance

Summary. This short paper advances and defends a strong statement concerning financial modeling. It argues that, even when the present fractal models become superseded, fractal tools are bound to remain central to finance. The reasons are that the main feature of price records is roughness and that the proper language of the theory of roughness in nature and culture is fractal geometry.This revised version was published online in January 2005 with corrections to the Cover date.     

京津冀协同发展关键在产业合作

京津冀协调发展,关键在三地产业的有机合作。因此,必须打破各家“一亩三分地”观念,顶层规划先行,发挥各方优势,重构产业布局．协同推进“软硬件”建设．注重生态环境建设等     

The under-pricing of IPOs in the Gulf cooperation council countries

We document the phenomenon of under-pricing initial public offerings (IPOs) for 47 Gulf firms that went public between 2001 and 2006. The IPOs had, on average, initial abnormal returns of 290 percent, far exceeding those documented for both developed and emerging markets. In aftermarket performance, we find that these IPOs provide investors with negative abnormal returns over a one-year period, which seems to be consistent with findings in other industrial and emerging markets. The empirical models fail, however, to provide us with a satisfactory explanation using the common independent variables employed in the literature. Nevertheless, it appears that country- and industry-specific characteristics, in addition to the timing of the offers, play a key role in explaining IPO behavior in the region. This paper's empirical findings support the hypothesis that investors are initially over-optimistic about an IPO's performance, but grow more pessimistic over time.     

银证通系统的设计与实现

近几年，随着银行界存折炒股业务的发展，建设银行的银证通系统应运而生。通过采用中间业务平台无缝链接技术，开展更高效的存折炒股业务，突破性地实现了券商和银行的双向发起模式，并推出网上交易和电话交易两种实现手段，使双向委托变得更加方便可行。     

永乐被迫联姻国美——来自大摩的操控

2006年我们最应关注哪一个由外资主导的并购案例呢?摩根士丹利(以下全文简称"大摩")在中国投资似乎总有妙手"点石成金",在中国家电连锁行业的老大国美、老二苏宁分别盘踞香港和国内资本市场的情况下,投资老三永乐,并大力促成永乐成功登陆香港资本市场.     

The hard side of change management

Everyone agrees that managing change is tough, but few can agree on how to do it. Most experts are obsessed with "soft" issues, such as culture and motivation, but, say the authors, focusing on these issues alone won't bring about change. Companies also need to consider the hard factors-like the time it takes to complete a change initiative, the number of people required to execute it, and so forth. When the authors studied change initiatives at 225 companies, they found a consistent correlation between the outcomes of change programs (success versus failure) and four hard factors, which they called DICE: project duration, particularly the time between project reviews; integrity of performance, or the capabilities of project teams; the level of commitment of senior executives and staff; and the additional effort required of employees directly affected by the change. The DICE framework is a simple formula for calculating how well a company is implementing, or will be able to implement, its change initiatives. The framework comprises a set of simple questions that help executives score their projects on each of the four factors; the lower the score, the more likely the project will succeed. Companies can use DICE assessments to force conversations a bout projects, to gauge whether projects are on track or in trouble, and to manage project portfolios. The authors have used these four factors to predict the outcomes and guide the execution of more than 1,000 change management programs worldwide. Not only has the correlation held, but no other factors (or combination of factors) have predicted outcomes as successfully.     

The existential necessity of midlife change

As life expectancy in the West increases and companies can no longer promise lifelong security, many businesspeople will need to make major changes during middle age, embarking on a second life and a second career. They must start by getting beyond two pervasive and opposing myths. The first is that midlife marks the onset of decline. Problems do arise during middle age--concerns about health and finances, for instance--but one's life force does not expire at 65, nor do possibilities vanish. In fact, by middle age, most executives have gained a freedom that only self-knowledge can impart, and they relish unprecedented opportunities for personal growth. Midlife transitions, however, must be rooted in realism, not driven by the second myth, which paints middle age as a time of magical transformation. Contrary to what self-help books and inspirational speakers proclaim, such transformations do not happen. A 50-year-old with little musical training, for instance, will not suddenly become a concert pianist. People who buy into this myth find that their inevitable disappointment can be debilitating. Paradoxically, the doctrine that aims to encourage change actually stifles it. To make successful transitions, executives must stay open to the possibilities their experience qualifies them for but remain realistic about what they can achieve. For companies, employees' midlife transitions represent both a challenge (senior managers seemingly on track to become CEO may instead leave) and an opportunity (other midlife executives, with different perspectives and experiences, may knock on the door). Organizations must help middle-aged executives through this difficult period, not just by offering a workshop or two but by providing ongoing coaching and opportunities for personal and professional development.     

The effects of cross-border cooperation on disclosure enforcement,earnings attributes,and transparency

This study tests for changes in U.S.-listed foreign firms’ financial reporting properties and transparency when their home market regulators enter an arrangement that facilitates enforcement cooperation with the Securities and Exchange Commission. This arrangement—the International Organization of Securities Commissions’ Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU)—has explicit disclosure-related provisions. I show that the MMoU is associated with improvements across various measures of accounting properties and transparency. Collectively, the findings help resolve enduring questions about why the earnings quality of U.S.-listed foreign firms diverged from that of U.S. firms during pre-MMoU periods.     

The resolution of cross-border banks: Issues for deposit insurers and proposals for cooperation

This paper reviews critical legal and policy issues created by cross-border banking insolvencies. These include (I) Insolvency principles, such as (1) criteria for intervention; (2) deposit insurance; (3) power to manage; (4) ability to maximize recoveries. Also included is (II) International legal complications. Critical issues in cross-border crisis management involve: (1) division of labor between home and host countries; (2) the availability of information; (3) the legal, regulatory and supervisory framework; (4) the law governing initiation of proceedings; (5) grounds for intervention; (6) deposit insurance; (7) legal powers of controlling authorities; (8) the potential financial and economic effects. We conclude with a few proposals for cooperation.     

可损发生前后——记中国信保与贷款银行合作实例

2004年,法国兴业银行被请求为一家知名电信企业与G国某电信股份有限公司签署的通讯网扩容合同提供买方信贷。贷款金额6700万美金,项目在进入执行阶段后的第一年,2／3的款额基本已经提完,2005年下半年,银行发现电信公司违反了协议中的一些规定,并且有些承诺到期后没有得到落实,围绕欠款,法国兴业银行与中国信保经历了基于信任前提下的可损处理全过程     

The challenge of long-term structural change

In the next 15 years, provided that aggressive rearmament is avoided, the world economy is likely to grow relatively slowly and erratically, constrained by the availability of oil. Besides energy, two other factors are challenging the established economic order—Third world industrialisation and new technologies. The author argues that the only way for a developed economy, particularly the UK, successfully to meet all three challenges is by adopting these new technologies as quickly as possible: to yield to protectionist pressures would be self-defeating since growing Third world markets will be essential to the growth of the developed world. The policy dilemma is that slow growth and rising unemployment exacerbate the rigidities of the system and slow down adjustment at a time when the need for change is at its greatest.     

关于银证合作的几个问题

编者按加入WTO后,我国的金融业将融入世界经济一体化大潮中,银行、券商无论大小都毫无选择地参与到世界竞争的行列之中.银证合作是提升我国金融体系竞争力、提高我国金融市场化程度、顺应资本市场和商业银行自身发展需要的必然趋势.银证合作所产生的影响不仅仅局限于商业银行体系和资本市场本身,还将对包括金融技术、金融信息化、货币政策以及金融法律体系等产生深远的影响.银证合作是一种资源共享、功能互补的合作,最终的目标是提升中国金融体系整体竞争力,推进金融市场化进程.我们有必要研究和分析银证合作将给券商、银行所带来的机遇与挑战,并探索各自在新形势下的应对措施.为此,我们特邀中信实业银行副行长刘志强、中国工商银行城市金融研究所所长詹向阳、中国人民大学财政金融学院教授谭荣华和业界人士一起探索银证合作之路.