央行票据置换农信社不良资产过程中存在的问题不荣忽视

一是出现"倒逼"现象.从目前大部分基层信用社的管理情况来看,其业务监管和行业管理暂时都归银监部门,在行业管理与业务监管博弈的过程中,银监部门往往更注重行业管理,事实上银监部门和信用社是一对利益共同体,造成在票据置换过程中信用社要求银监部门理应为其"开绿灯".另外,银监部门以与人行搞好业务协调配合,为当地信用社"早日拿到和兑现专项央行票据"为由,逼迫人行在央行票据置换过程中降门槛,置基层人行于"对上级行不忠、对信用社不义"的两难境地.     

信贷政策支持再贷款使用和管理的效应分析——以江西省某地级市为例

信贷政策支持再贷款是中国人民银行为更好地发挥央行资金引导信贷资金流向,促进信贷结构调整,强化央行"支农支小"的信贷导向作用,于2014年初在原再贷款基础上优化调整出的新的再贷款种类。信贷政策支持再贷款包括支小和支农再贷款。它在引导扩大小微、"三农"的信贷投入,支持地方经济发展方面作用明显。本文以江西省某地区为例,对近年来信贷政策支持再贷款使用和管理中出现的问题提出了相应对策建议。     

基层央行与银监机构如何实现信息共享

人民银行与银监机构实现信息共享是二者“双赢”的需要.因此,在现行体制下加强基层央行与银监机构的联系与协作,建立顺畅、高效、协作的监管信息共享机制,发挥比较优势,节约监管成本,维护基层央行和银监机构在辖内金融机构中的威信,显得格外迫切.针对当前基层存在的实际问题,我们建议：     

对基层央行员工培训工作的思考

<正>随着银监部门的分设,中央银行的职能也相应有所改变,基层央行员工能否更好地履行新职能,已成为新时期基层央行面对的重要问题,为此必须针对目前基层员工的人才结构,加大培训力度,改进培训方式方法,以适应基层央行履行职能的需要。一、当前基层央行员工培训工作存在的问题     

金融监管协调机制建设中存在的问题

存在问题和困难 （一）金融监管协调机制与央行维护金融稳定职责的契合点难以把握。央行维护金融稳定的一个重要方面就是监测和预防系统性金融风险,而履行金融监管职能的银监部门主要从事金融机构事件监管,在现有的金融监管协调机制框架内,基层央行很难找准系统性金融风险与金融事件风险的结合点,造成金融监管协调机制仅停留在数据交换、     

建立学习型组织与提高培训工作有效性的思考

"学习型组织"是二十世纪九十年代初以来风靡世界的新型企业管理组织,是21世纪全球企业组织和管理方式的新趋势,已逐渐成为西方企业家心目中未来时代企业的理想形态。本文在对学习型组织理论进行简要介绍的基础上,借鉴该理论分析目前银监部门干部培训工作存在的薄弱环节,并对提高银监部门干部培训工作有效性的路径进行探索。     

对基层央行员工培训工作的思考

随着银监部门的分设,中央银行的职能也相应有所改变,基层央行员工能否更好地履行新职能,已成为新时期基层央行面对的重要问题,为此必须针对目前基层员工的人才结构,加大培训力度,改进培训方式方法,以适应基层央行履行职能的需要.     

金融机构结售汇业务市场准入存在的问题及建议

一、问题 （一）银监部门存在越权审批问题。金融机构结售汇业务（对公、对私）申请由外汇局受理,中国人民银行有文件明确规定。但银监部门在对金融机构开办外汇业务的备案文件中,经常能看到准许其开办结售汇业务（对公、对私）的字样,以外币兑换（结售汇业务对私）多些,无论是省银监部门,还是市（地）银监部门都存在上述问题。     

提高基层央行会计报表分析质量的对策建议

人民银行会计分析质量的高低直接关系到是否真实、准确、及时反馈国家货币信贷政策的执行情况,能否成为国家经济管理部门进行宏观调控和管理的第一手信息源。笔者就当前基层央行会计分析中存在的问题进行分析,并对如何提高会计分析质量提出相关对策建议。     

民主管理与和谐央行建设的思考

<正>在和谐央行建设中,基层支行工会组织如何发挥好民主管理作用,积极参与支行建设是一个现实的、紧迫的、需要解决好的问题。结合安宁支行目前正在开展的民主管理,本人就基层支行开展民主管理与和谐央行建设谈点肤浅认识。一、民主管理推动和谐央行建设是人行工会组织在和谐央行建设中的必然选择按照构建社会主义和谐社会的要求,结合人民银行的特点,和谐央行的基本内涵包括:"以资金安全为核心的安全安定、以大局意识为核心的民主开放、以内控制度为核心的规范严谨、以团队精神为核心的诚信和睦、以促进区域经济增长为核心的协调发展、以创新金融服务为核心的活力与生机"。人民银行的民主管理属于支行民主管理的范畴,干部职工要以主人翁的身份,通过工会组织这个     

Debt and Taxes and Uncertainty

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.     

教育与资本怎样的前景怎样的现实

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.     

Director gender and mergers and acquisitions

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.     

Political corruption and mergers and acquisitions

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.     

Trust and cross-border mergers and acquisitions

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.     

Tournament-based incentives and mergers and acquisitions

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.     

Corporate Innovations and Mergers and Acquisitions

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.     

East and west and north and south : A preliminary model

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.