The value of bank capital buffers in maintaining financial system resilience

There is a current controversy concerning the appropriate size of banks’ capital requirements, and the trade-off between the costs and benefits of implementing higher capital requirements. We quantify the size of capital buffers required to reduce system-wide losses using confidential regulatory data for Australian banks from 2002 to 2014 and annual public accounts from 1978 to 2014. We find that a moderate increase in bank capital buffers is sufficient to maintain financial system resilience, even after taking economic downturns into consideration. Furthermore, while banks benefit from paying a lower cost of debt when they have a higher capital buffer, lending volumes are lower indicating that credit supply may be hampered if bank capital levels are too high within a financial system.     

以远见与睿智推进资本创新 专访首创集团董事长刘晓光

北京首都创业集团(简称:首创集团)是北京市国资委所属的特大型国有集团公司,自1995年12月完成重组以来,首创集团逐步打造了以基础设施、城市地产、金融服务业为核心的三大主业,其中,水务和房地产已跻身中国国内同行业领先地位。日前,《国际融资》记者在北京首创大厦独家采访了首创集团党委书记、董事长刘晓光。作为集团的领头人,他敢于担当,理念超前,具有金融家的远见和思想者的睿智,对中国大企业与国际大企业之间的差距有着难得的清醒,不避讳谈及集团改革中的挫折,也不避讳谈及与资本打交道中的艰辛。在经历了18年的改革与发展后,刘晓光这样说:"首创集团现在的定位是‘城市综合投资运营商’,我们将继续坚持‘四·四·二’资源配置战略,即40%的资金投资于基础设施,40%的资金投资于房地产,20%的资金用于兼并收购等金融投资,同时,牢牢抓住参与国际竞争的绝好商机和中国消费升级的战略契机,推进商业模式和发展模式上的改革创新,让首创集团的国际化程度上一个大台阶。"     

无限沟通造就高效率协作——腾博（TANDBERG）视通整套视频通信解决方案应用于安信证券

每周一、四的下午，安信证券股份有限公司（以下简称“安信证券”）业务部负责人都要捧着自己的笔记本电脑步入会议室，每周例行的工作交流就此展开。也许有人提出质疑：“每周都让各地的咨询人员聚在一起开会，未免给公司增加了太多差旅费，而且也太浪费时间。”事实上，安信证券咨询人员会议是通过视频实现的，各地的咨询人员无需亲自赶来总部就可以进行面对面的交流。     

外商投资“独资化”将带给中国什么

近几年来，外商在华投资出现了独资化倾向趋势，引起了国内学术界及有关部门的关注。本文对外商在华投资“独资化”倾向趋势、原因、负面效应进行深入的分析与研究，并在此基础上有针对性地提出相关对策建议     

让优秀文创企业从资产价值转为资本价值

文创企业可分为三大类 第一,技术类企业,即通过企业自身拥有的核心技术,生成文化创意产品,同时实现传媒和其他服务能力的产生.例如动漫游戏制作、影视剧特效,还有很多VR领域企业都属于技术类企业.     

产品创新:为行业客户带来厚重价值体验——访三星电子中国总部营销副总裁曲敬东

行业市场一直是商家必争之地，尤其是政府、金融、电信等领域，为其提供产品和服务的品牌厂商高手林立。如果缺乏创新，不能提供领先的技术，不能及时推出一系列的一流产品与解决方案，就不可能在激烈的行业市场竞争中取得一席之地。三星自2005年全面正式进入中国行业市场以来，通过为行业大客户量体裁衣、度身定制的解决方案和市场策略，在众多领域都取得了不俗的业绩。     

做风险投资,IBM的理念

IBM这样描绘公司的风险投资战略:公司风险战略大多集中在金融投资领域,而IBM却采取了一种与众不同的互惠战略,即将关系置于直接投资之上的战略.目前,该战略正结出丰硕的成果:大的风险投资公司正逐渐了解IBM的愿景和战略并看到由其投资公司变为其组合公司从而创造利润的大好机遇;创业者们正获取IBM的技术技能、市场渠道,从而为其自身解决方案获得更高的信誉度和有效性.     

茅于轼谈资本效率

有人在解读中共十六大报告时曾经这样说过,十六大报告最鲜活的语言之一就是:让一切创造社会财富的源泉充分涌流。“充分涌流”的经济学解释就是让资源能够尽可能的高效率配置。然而,中国资源配置的低效率已经是中国未来经济发展的障碍,其中以资本配置的低效率最为突出。著名经济学家,北京天则经济研究所研究员茅于轼近年来一直在强调:中国资本市场缺乏效率,从根本上制约了中国经济的长远发展。前不久,我刊记者采访了这位学者     

Industry cost of equity capital: European evidence for multifactor models

We estimate the costs of equity capital for 117 industries from 16 European countries employing the CAPM and 8 multifactor asset pricing models as well as a variety of different econometric techniques. In doing so, we extend previous research on cost of equity estimation in mainly two ways. First, our study involves European instead of US or UK industries, which are investigated in previous research, and we find that cost of equity estimates obtained from the CAPM or multifactor asset pricing models are as imprecise for European industries as for US and UK industries. Second, in addition to the CAPM, the Fama and French [1993 Fama, Eugene F., and Kenneth R. French. 1993. “Common Risk Factors in the Returns on Stocks and Bonds.” Journal of Financial Economics 33: 3–56. doi: 10.1016/0304-405X(93)90023-5[Crossref], [Web of Science ®] , [Google Scholar]. “Common Risk Factors in the Returns on Stocks and Bonds.” Journal of Financial Economics 33: 3–56] three-factor model, and the Carhart [1997 Carhart, Mark M. 1997. “On Persistence in Mutual Fund Performance.” The Journal of Finance 52 (1): 57–82. doi: 10.1111/j.1540-6261.1997.tb03808.x[Crossref], [Web of Science ®] , [Google Scholar]. “On Persistence in Mutual Fund Performance.” The Journal of Finance 52 (1): 57–82] four-factor model, which are usually employed, our study includes six multifactor models that have not yet been examined on their ability to provide precise estimates of the costs of equity: the five-factor model of Fama and French [1993 Fama, Eugene F., and Kenneth R. French. 1993. “Common Risk Factors in the Returns on Stocks and Bonds.” Journal of Financial Economics 33: 3–56. doi: 10.1016/0304-405X(93)90023-5[Crossref], [Web of Science ®] , [Google Scholar]. “Common Risk Factors in the Returns on Stocks and Bonds.” Journal of Financial Economics 33: 3–56] as well as the multifactor models of Pástor and Stambaugh [2003 Pástor, Lubos, and Robert F. Stambaugh. 2003. “Liquidity Risk and Expected Stock Returns.” Journal of Political Economy 111 (3): 642–685. doi: 10.1086/374184[Crossref], [Web of Science ®] , [Google Scholar]. “Liquidity Risk and Expected Stock Returns.” Journal of Political Economy 111 (3): 642–685]; Campbell and Vuolteenaho [2004 Campbell, John Y., and Tuomo Vuolteenaho. 2004. “Bad Beta, Good Beta.” American Economic Review 94 (5): 1249–1275. doi: 10.1257/0002828043052240[Crossref], [Web of Science ®] , [Google Scholar]. “Bad Beta, Good Beta.” American Economic Review 94 (5): 1249–1275]; Hahn and Lee [2006 Hahn, Jaehoon, and Hangyong Lee. 2006. “Yield Spreads as Alternative Risk Factors for Size and Book-To-Market.” Journal of Financial &; Quantitative Analysis 41 (2): 245–269. doi: 10.1017/S0022109000002052[Crossref], [Web of Science ®] , [Google Scholar]. “Yield Spreads as Alternative Risk Factors for Size and Book-To-Market.” Journal of Financial &; Quantitative Analysis 41 (2): 245–269]; Petkova [2006 Petkova, Ralitsa. 2006. “Do the Fama–French Factors Proxy for Innovations in Predictive Variables?” The Journal of Finance 61 (2): 581–612. doi: 10.1111/j.1540-6261.2006.00849.x[Crossref], [Web of Science ®] , [Google Scholar]. “Do the Fama–French Factors Proxy for Innovations in Predictive Variables?” The Journal of Finance 61 (2): 581–612]; and Koijen, Lustig, and van Nieuwerburgh [2010 Koijen, Ralph S., Hanno N. Lustig, and Stijn G. van Nieuwerburgh. 2010. “The Cross-Section and Time-Series of Stock and Bond Returns.” Working Paper, University of Chicago, University of California at Los Angeles, New York University. [Google Scholar]. “The Cross-Section and Time-Series of Stock and Bond Returns.” Working Paper, University of Chicago, University of California at Los Angeles, New York University]. Our results suggest that these models provide even more imprecise cost of equity estimates. One main reason for these inaccurate estimates is the large temporal variation of the risk loadings on the non-traded factors in these models.