关注大众之所关注（中小企业融资篇）

中小企业的发展事关大众的就业水平，是事关民生的大问题，但是，长期困扰中小企业发展的融资难融资贵始终没有得到很好的解决。针对此，《国际融资》杂志记者在今年“两会”期间专访了几位全国政协委员，请看本栏目文章：《建立政策性中小企业融资服务体系很有必要》、《解决中小企业融资贵，重在金融市场体制创新》、《调整金融服务与民营经济间的结构性失衡》、《多举措解决融资难融资贵》《税收政策一刀切不利于激发小微金融活力》、《推进中小企业做专做精再做强的创新模式》。     

温州的金融改革时分——民间借贷危机催生金融改革

2011年年末，《国际融资》焦点话题栏目以“民间借贷的危急时分”为题，刊登了一组文章，从多种角度谈论了温州的民间借贷危机的形成原因，也对金融改革有一种期待。如今，金融改革终于在温州拉开序幕，请看本栏目文章《民间借贷危机催生金融改革》；国务院批准的《浙江省温州市金融综合改革试验区总体方案》全面反映此次温州金融改革内容，那么，这次改革有哪些突破？请看本栏目文章《温州金融改革有望突破》；对这场可以说是被逼出来的改革，叫好的大有人在，也有人忧心忡忡，因为在中国，这毕竟是一场深层次的改革，既然是改革，风险和机遇自然会并存，所以，必须对风险有足够的认识，请看本栏目文章《温州金融改革试点的风险有多大？》     

大数据金融体系建设与应用研究——以兰考普惠金融改革试验区为范本

国务院2015年12月31日发布的《推进普惠金融发展规划(2016—2020)》(以下简称《规划》)提出要建立健全普惠金融信用信息体系。同时,鼓励运用大数据、云计算等信息技术,为客户提供信息、资金、产品等全方位金融服务(1)。兰考县作为我国第一个国家级的县域普惠金融改革试验区,可以通过大数据金融体系的构建实现对大数据的有效利用,探索一种普惠金融建设的新思路、新方法,更好地促进改革方案的落实和实施,形成县域普惠金融建设的示范效应,因而具有重要意义。     

金融助推龙江两大平原现代农业发展的实践与思考——以宝清县为例

为深入贯彻《黑龙江省"两大平原"现代农业综合配套改革试验总体方案》,宝清县作为此次改革的试点县之一,笔者以金融助推龙江两大平原现代农业发展为例,就宝清县金融支持"两大平原"发展中存在的不足、有益尝试等诸多问题开展深入调查,探索金融助推"两大平原"发展中建设的切入点。调查显示:宝清县经济欠发达,两大平原发展亟需金融服务创新。宝清县助推"两大平原"发展的现     

美国信用社昌盛之路

随着我国金融体制的改革,大银行撤离小城镇,为了弥补金融“真空”以及充实社区金融服务,发展信用社是一种较好的选择。请看     

普惠金融与商业可持续

党的十八届三中全会《关于全面深化改革若干重大问题的决定》将发展普惠金融作为完善金融市场体系改革的一个重要内容。在2014年4月,国务院发布《关于金融服务＂三农＂发展的若干意见》（以下简称《意见》）,进一步从机构网点布局、基础金融服务内容以及金融扶贫等方面,对发展普惠金融的内容做出了更为详尽的规定。可以预见,在未来一段时期内,这一领域将吸引理论和实务界越来越多的关注。     

政策关键词

中国人民银行等七部门 金融支持水利 3月1日,中国人民银行、发展改革委、财政部、水利部、银监会、证监会、保监会联合发布《关于进一步做好水利改革发展金融服务的意见》,提出将水利列为国家基建优先领域,要求为水利改革发展做好金融服务工作。坚持金融服务实体经济的原则,引导金融资源更多投向农田水利和水利基础设施等经济瓶颈领域和薄弱环节,进一步改进和加强水利改革发展的金融服务。     

甘肃省发布全国首个省级《普惠金融发展规划》

省政府近日公布《甘肃省普惠金融发展规划（2014-2018年）》,据悉,这是全国各省区市发布的首个《普惠金融发展规划》. 《规划》要求,在充分发挥政府引导扶持作用的同时,坚持市场导向,立足省情实际,不断优化金融资源配置,以金融改革发展成果惠及全省人民为宗旨,以实现城乡金融服务均等化为目标,以增加广大群众对基础金融服务的可获得性为核心,进一步健全金融服务体系,丰富金融产品,加强政策支持力度,优化金融生态环境,提高金融支农支小支弱覆盖面,努力为低收入人群、小微企业等弱势群体和社会薄弱环节提供全方位的金融服务,     

关注社区金融

随着社会经济结构的变化，我国的社会管理重心正从“单位制”向“社区制”转变，社区经济的重要性逐步凸显，而社区金融服务相对滞后，导致了社区金融服务需求与产品供给之间的矛盾日益加深，要求解决中小企业融资瓶颈、基层金融“空洞化”、个人金融服务单一化等问题的呼声高涨。国内学者纷纷建议通过发展社区金融、建立社区银行来解决以上问题。[第一段]     

泉州金融综合改革的探索

2012年12月,国家批准了人民银行等12个部委通过的《福建省泉州市金融服务实体经济综合改革试验区总体方案》。继浙江省温州市金融综合改革试验区、广东省珠江三角洲金融改革创新综合试验区之后,泉州市成为第三个国家批准设立的金融综合改革试验区。开展金融服务实体经济综合改革试验,将为泉州民营企业"二次创业"和实体经济发展提供坚实的金融政策支持,也为金融改革发展注入新的生机和活力。泉州:自下而上的金融改革第     

关注大众之所关注（环保篇）

在中国工业文明已经迅速发展的今天，环保问题不仅事关工业发展如何转型的问题，而且事关每个人的身心健康，已经是重大的民生问题，特别是大气的治理更是为大众所关注。今年“两会”期间，《国际融资》杂志记者采访了几位全国政协委员，聆听了他们对环保问题的看法，请看本栏目文章《建设碳期货市场乃大势所趋》、《运用经济杠杆内生长效机制治理雾霾》、《中国经济新的增长极在移动能源产业》。     

Director attention and firm value

In this article, we show that exogenous director distraction affects board monitoring intensity and leads to a higher level of inactivity by management. We construct a firm-level director “distraction” measure by exploiting shocks to unrelated industries in which directors have additional directorships. Directors attend significantly fewer board meetings when they are distracted. Firms with distracted board members tend to be inactive and experience a significant decline in firm value. Overall, this article highlights the impact of limited director attention on the effectiveness of corporate governance and the importance of directors in keeping management active.     

Limited attention by lenders and small business debt financing: Advertising as attention grabber

Developing predictions by drawing upon the limited attention perspective, we investigate if small firms may use advertising as an attention grabber to increase their opportunities to access debt financing. Using a sample of over a million observations, we find that small firms with higher advertising expenditure are more likely to gain access to debt financing, thus increasing their financial leverage. Our tests show that lenders constrained by a limited attentional capacity are more likely to be attracted by small firms with higher advertising expenditure, and that small firms with financial constraints are not found to use advertisement intentionally to acquire resource.     

Managerial incentives for attracting attention

This paper studies the mechanisms which motivate managers to engage in cheap talk and attract the market's attention in a credible way. We consider stock split announcements, voluntary earnings forecasts, and press releases issued by firms to the media as proxies for managerial cheap talk. We show that: (a) managerial performance‐related pay contracts incentivize executives to attract attention; (b) analysts increase their coverage of firms following cheap talk; and (c) chief executive officers are punished for attracting attention when market prices do not increase following cheap talk. The results are stronger for firms which are most in need of attention.     

Targeted information and limited attention

We examine the implications of limited consumer attention for the targeting decisions of competing firms. Limited attention alters the strategic role of information provision as firms may become incentivized to behave as mass advertisers, despite perfect targeting abilities. We analyze the consequences of limited attention for targeting, strategic pricing, market shares, attention competition between firms, and the value of marketing data to firms. Accounting for limited attention in an otherwise standard targeting framework can explain several recent key issues from the advertising industry, such as consumer-side information overload or the increased usage of ad blocking tools.     

Getting the attention you need

Employees have an enormous amount of business information at their fingertips--more specifically, at their desktops. The floodgates are open; profitable possibilities abound. But having to handle all that information has pushed downsized staffs to the brink of an acute attention deficit disorder. To achieve corporate goals, business leaders need their employees' full attention--and that attention is in short supply. Authors Thomas Davenport and John Beck have studied how companies manage the attention of their employees and their site visitors. In this article, they analyze the components of attention management through three lenses--economic, psychobiological, and technological--and offer guidelines for keeping employees focused on crucial corporate tasks. Their lessons are drawn from the best practices employed by today's stickiest Web sites and by traditional attention industries such as advertising, film, and television. The authors say executives must manage attention knowing that it's a zero-sum game (there's only so much to go around). Managers should also consider capitalizing on the basic survival and competitive instincts we all have that help determine how much attention we pay to certain things. For instance, the threat of corporate demise--and the consequent loss of jobs and livelihoods--undoubtedly focuses workers' attention on the need to change. Likewise, internal competition among business units may give employees added incentive to pay attention to a profit or sales goal. Leaders today need to pay more attention to attention because it's widely misunderstood and widely mismanaged, the authors conclude.     

CEO overconfidence and IRS attention

We examine the likelihood that the US Internal Revenue Service (IRS), in its enforcement role, will accord particular attention to firms that are managed by CEOs who exhibit over-confidence, given that such CEOs may be more aggressive in their tax policies and strategies. Using data from 7757 firms, we find that this is indeed the case. Such attention is even more pronounced in the instance of overconfident CEOs whose firms are financially constrained and/or financially distressed. We also find that the IRS has augmented its audit processes to give more attention to overconfident CEOs during and post financial crisis. This may be due to the increased vulnerability of their firms to external shocks, which consequently increases the incentives to embark on tax avoidance strategies, value-destroying investments, and/or highly biased financial reporting (and forecasting responses) to tax authorities. Our results are robust after accounting for the possibility of endogeneity and using a wide range of specifications, measures, and econometric models.