Relative risk aversion,incentive effects,and risk sharing

Comments and suggestions by R. C. Kumar, K. R. Stollery, and an anonymous referee of this journal are appreciated.     

On the specification of risk aversion in an expenditure equation

Summary The article starts with an attempt at deriving the consequences of introducing uncertainty in a very simple one-period investment model. Within the framework of this model it justifies the well-known procedure of Duesenberry of (subjectively) increasing the marginal cost of funds.The results of this simple model are used as a starting point for the more general problem of uncertain receipts, available funds and planned expenditure,i.e., expenditure planned without taking into account the uncertainty receipts. In general, there is a gap between available funds and planned expenditure. It is argued that the fraction of the gap which is bridged depends on the size of the gap relative to the available funds. The final part of the article tries to apply these ideas to the specification of a macro-consumption function.     

Heterogeneous gender effects under loss aversion in the economics classroom: A field experiment

This article evaluates the impact of loss aversion as a behavioral motivator on students’ classroom performance. Conducting an experiment with University of Kentucky undergraduate students, the authors framed student grades as a loss and gain. In treatment sections, the students began with full marks and lost points as the semester progressed, whereas in control sections, under a traditional grading scheme, students accumulated points throughout the semester. We find that treated individuals, on average, do not have a statistically different final grade than individuals in the control class. However, we uncover a heterogeneous gender effect. On average, a male in the treatment class scores between 3.17 and 4.05 percentage points higher on the final grade than a male in the control class, ceteris paribus. Conversely, a female in the treatment class scores between 3.61 and 4.36 percentage points lower on the final grade than a comparable female in the control class.     

管理学视野下企业法律风险防控研究

本文分析了企业管理中法律风险防控的必要性,提出法律风险防控应树立整体、全员、全过程、全方位的防控理念;建立识别、评估、控制、监控、化解风险的防控工作流程;视企业的状况、企业所处的经营环境及风险来源采取不同的防控方略。文尾提出调动企业法律风险防范动力、提高企业法律风险防范能力、保持企业法律风险防控效用的研究展望。     

Firms’ activity risk under a knowledge economy

Processes of growing uncertainty and risks in economics are analyzed against a broad background of the “civilizational shift” and globalization. The rapid ageing of equipment, technologies and knowledge leads to numeric growth of bankruptcies and the intensification of their destructive effects. Their mitigation would be possible if an institutional system of threat monitoring and prevention were created. The case is presented for revision of existing bankruptcy laws towards the readjustment of enterprises, not just their debt repayment to creditors. The author comes to the conclusion about an increase of the state’s role in shaping the educational environment of enterprises and the need to synchronize micro-and macroeconomic policies.     

金融危机背景下出口企业信用风险防范研究

金融危机已经延伸到实体经济并给全球经济以重创。严峻的外部形势凸显信用风险管理的重要性。文章系统分析了我国出口企业在信用风险管理过程中出现的理念偏差,并从强化风险管理意识、构建科学有效的信用管理模式以及信用管理外包等方面提出了具体的应对措施。     

创业激励下创业家与风险投资的合作博弈

风险投资与创业家的合作博弈,是一种理想的状况,需要资本市场的良好环境。本文认为,创业板的设立将不仅是对中国多层次资本市场的重大改进,更重要的是在企业层面对创业投资的激励,这种创业激励将全方位地推动中国科技创新活动和创业投资活动。     

人口老龄化背景下的中国养老保险风险分析

伴随着我国人口老龄化的不断加速,社会保障尤其是养老保险领域的压力也随之加大,我国当前的养老保险体系也存在着一些现实问题与不足之处。而这都将导致在养老保险体系中固有的筹资、基金投资运营风险上升,同时也将出现制度与政策等新的风险。文章认为,需加强风险管理,不断完善养老保险制度,才能积极应对风险与收益的平衡。     

竞争优势视角下的企业战略并购风险分析

企业战略并购是目前企业并购浪潮的新趋势,其目标是获取竞争优势。从企业竞争优势的角度分析企业战略并购,对于我国企业充分认识战略并购的风险,实施恰当的并购战略,实现企业持续发展有重要的战略指导意义。     

浅析汇率波动下的外贸企业风险防范

自2005年7月21日我国汇率制度改革以来,人民币汇率已累计升幅超过7%。这使得我国出口产品的竞争力减弱,外贸企业的利润减少,抑制了出口积极性,同时也加大了外贸企业的外汇风险。因此,如何正确地认识外汇风险和较好地防范与化解外汇风险,如何保障企业的正常经营成果并赢得未来国际市场、进一步健康发展,是外贸企业一个亟待探讨和解决的问题。     

出口信用证项下融资与风险防范

在国际贸易结算方式中，跟单信用证使用非常广泛，一直被视为是相当保险的一种结算方式，实际操作中，它往往与银行的贸易融资相关联，深圳作为全国进出口贸易较为发达的地区，信用证及贸易融资运用得非常普遍，但由于信用证的条款问题及其他一些问题，使得信用证结算方式潜伏着很大的风险。     

新国际监管准则下的财务公司操作风险管理

管理操作风险对于包含企业集团财务公司在内的银行业是至关重要的。巴塞尔协议II奠定了对操作风险的监管基础,提出了完整的计量标准;巴塞尔协议III更收紧了操作风险的监管要求。结合构成金融安全网的资本充足率、监管检查和市场约束三大支柱对银行业尤其是财务公司操作风险的管理进行了分析。最后针对财务公司操作风险管理的实际提出了五点改进建议。     

Reassessing the role of buffer stock money under oil price shocks

This paper uses the structural vector autoregressive approach to assess the significance of buffer stock money under alternative real shocks in the U.S. economy over the 1960–96 period. Buffer stock effects are shown to play a minor role when oil price shocks are explicitly considered.     

新巴塞尔协议下我国商业银行全面风险管理

资本是一家银行赖以生存的基础，从1988年的资本协议到2004年6月公布的新巴塞尔资本协议看，巴塞尔委员会一直在努力使银行的资本能更加敏感地反映经营过程中面对的风险。巴塞尔新资本协议的主要内容体现在其3大规则上：第一，最低资本要求；第二，外部监管约束；第三，市场纪律约束。其中第一支柱下对风险加权资产的度量其实就是对资本的度量，对风险加权资产的管理也就是对风险占用资本的管理。     

ERM框架下的税务机关内部风险管理初探

税务机关风险管理理念是近年来各地税务机关都在研究探讨的新的税收管理模式,而结合税收工作实际、关注实现途径的,则研究甚少。本文拟借鉴国际权威的风险管理ERM框架,结合内部控制和税务机关工作实际,对税务机关内部风险管理的实现途径进行研究,从具体途径上着手,保证税收的安全、稳定,提高税收工作效率,降低税收征管成本。     

浅析金融海啸中的信用卡业务风险及防范预警对策

随着我国改革开放的深入和金融市场的发展,商业银行的信用卡发行量迅速增长,并且已经成为银行利润的重要来源之一。但是从2008年美国次贷危机引起的全球金融海啸可以看出,银行的信贷业务深刻影响着经济的健康发展,信用卡业务中的潜在风险威胁着国民经济的稳定。本文从对我国信用卡业务发展现状的分析出发,针对信用卡的风险特点和目前信用卡风险管理中存在的问题进行了重点研究,提出了信用卡的风险防范及预警措施。