关于做好跨行政区划调拨发行基金的思考

在人行总行货币金银局和人行呼和浩特中支的指导下,人行阿盟中支实施了就近跨行政区划调拨发行基金的试点工作,初步收到了较好成效。总结这一阶段工作,笔者认为,做好跨行政区就近调拨发行基金．必须做好以下几项工作：     

县级人民银行发行库撤并带来的负面效应值得关注

近年来,人民银行全面整合发行库资源,着力推动跨行政区划就近调拨发行基金,撤并了一批县支库,对当地金融机构运营乃至县域经济和谐发展带来诸多负面影响,亟需关注解决。     

跨行政区划调拨发行基金改革试点工作的探索

人民银行广安市中心支行作为总行确定的跨行政区划就近调拨发行基金改革工作试点行之一，按照总、分行的统一部署，认真组织实施，顺利完成了试点工作任务。在取得一些经验的同时，也面临一些新的问题，亟待上级行出台配套政策措施，以推动此项改革工作的深入开展。     

人民币全额清分问题认识

2006年发行基金调拨管理体制的改革，推行了依托钞票处理中心进行跨行政区划回笼完整券的清分工作。从宝鸡中支8个月的运行情况看，实行人民币清分，既显现出高效、低耗、安全的积极作用，但也暴露出一些不容忽视的问题需加以解决。     

跨行政区调拨发行基金可行性研究——以张家口沽源县为例

针对人民银行县级发行库撤并多且恢复难度大的现状,探索建立跨行政区域发行库就近调拨发行基金的新路子,是加强区域协作和现金管理,更好地履行基层央行人民币管理职责,提高金融服务水平的重要措施。     

促进西藏辖区发行基金调拨工作的思考

发行基金调拨是人民银行的一项重要基础业务工作.随着西藏经济社会发展对货币需求量的增加,发行基金调拨任务逐年加重,这对西藏发行基金调拨管理工作提出了新的要求.本文从西藏辖区发行基金调拨管理工作现状入手,对调拨工作创新取得的成效及存在的利弊进行分析,提出针对性的思考和建议.     

发行基金调拨中"非典"预防的特殊性及其控制

发行基金调拨是中央银行履行货币发行职能必不可少的业务和环节,涉及面广、社会影响大,如何针对发行基金调拨中"非典"预防的特殊性,采取有效的控制措施,确保"非典"疫情期间发行基金调拨工作正常运转,满足货币供应,对于维护社会稳定,促进经济发展,具有重要的意义.     

建立货币发行现代物流模式探析

现行货币发行基金调拨模式,几十年来为我国经济发展做出了巨大贡献,新形势下随着货币发行量日益扩大,这套相对完善的封闭式模式运行成本变得越来越高,其明显缺点是小面额纸币、硬币与大额货币的调拨模式几乎相同,致使我国货币发行成本日益上涨,严重制约了货币发行工作现代化进程。探索以节约发行成本,提高调拨工作经济效益为目标的新发行基金调拨模式,就势在必行和刻不容缓。     

区域发行基金调拨效率优化模式研究

随着社会经济规模的膨胀、经济主体构成的日趋复杂及其内在交易机理的变化,近年流通中现金需求量迅速增加,给中央银行发行基金计划与调拨工作带来较大压力。在外部需求持续增大的背景下,优化调拨操作流程,探索符合区域实际的发行基金调拨途径成为必然。本文基于山东省经济构成和区位特点,对发行基金调拨优化模式进行了探索。     

提升发行基金调拨预测准确率有效途径的思考

本文对发行基金调拨预测的方法作了阐述,指出了陕西省发行基金投放回笼的特点,对影响发行基金调拨预测的经济运行状况、主要经济指标、储蓄投资行为和其他结算工作等因素进行了分析。对人民币流通管理,本文建议：严格结算纪律,疏通结算渠道;加强现金管理工作;认真执行《反洗钱法》及＂一个规定和两个办法＂等相关规定;及时掌握人民币流通市场的运行态势,做好市场调查研究工作。     

Portfolio preferences of foreign institutional investors

This paper examines the investment allocation choices of actively-managed US mutual funds in emerging market equities after the market crises of the 1990s. We analyze both country- and firm-level disclosure and institutional policies that influence mutual funds’ allocation choices relative to major stock market indices. At the country level, we find that US funds invest more in open emerging markets with stronger accounting standards, shareholder rights, and legal frameworks. At the firm level, US funds are found to invest more in firms that adopt discretionary policies such as greater accounting transparency and the issuance of an ADR. Our results suggest that steps can be taken both at the country and the firm level to create an environment conducive to foreign institutional investment.     

Participant reaction and the performance of funds offered by 401(k) plans

This is the first study to examine both how well plan administrators select funds for 401(k) plans and how participants react to plan administrator decisions. We find that, on average, administrators select funds that outperform randomly selected funds of the same type although they do not outperform index funds of the same type. When administrators change offerings, they choose funds that did well in the past, but, after the change, added funds do no better than dropped funds. Plan participants in aggregate change their allocation decisions in a way that accentuates the changes in allocation caused by returns. The change in allocation due to the investment of new money and interfund transfers is about the same size, and in the same direction, as the change due to returns. Participant allocations in aggregate do no better than naïve allocation rules, such as equal investment in each offering.     

Cost of monitoring and risk taking in the money market funds industry

Increasing the cost associated with gathering information can hamper the monitoring activity of the market even when information remains public. Using the 2015 US money market funds (MMFs) reform as a quasi-natural experiment, I find a positive effect of removing information requirements over credit ratings on the allocation by MMFs toward securities rated as second tier. The effect is driven by monitored MMFs catering to retail investors and by monitored MMFs that do not voluntarily report credit ratings after the reform. The verfied increase in the relative demand by MMFs for second tier securities is associated with a decrease in the spread paid at issuance by second tier commercial paper.     

Pension Funds and Emerging Markets

This paper focuses on the investment behavior of pension funds in developed and emerging market countries. First, it analyzes the main determinants of the emerging market asset allocation of pension funds in developed countries. Second, it assesses how pension funds in emerging markets have contributed to the development of local securities markets. Third, it analyzes the determinants of pension funds' investment performance. The paper concludes with a discussion of why the emerging market asset allocation of pension funds in developed countries is likely to increase and what the challenges faced by pension funds in emerging markets are.     

Do mutual funds have information advantage? Evidence from seasoned equity offerings in China

By integrating the literature on institutional investors with that on seasoned equity offerings (SEOs), this paper investigates the role played by mutual funds around SEO announcements in China. To the extent that shareholdings already held by mutual funds in a firm prior to the firm's SEO issuance represent funds' information advantage, our first finding suggests a positive association between such information advantage and funds' decision to participate in certain SEOs. Second, we find that certain SEO firms that have attracted fund participation at issuance outperform peer firms without fund involvement when performance is proxied for by accounting-based measures. Collectively, our findings are consistent with the notion that mutual funds have an information advantage over other types of investors, and such an advantage would allow them to be able to invest in the “right” SEOs.     

An Integrated Model of Debt Issuance, Refunding, and Maturity

We integrate previous work in this area and develop a multiperiod model that simultaneously determines bond refunding, bond issuance, maturity structure, cash holdings, and bank borrowing policies. The focus here is on providing the required debt funds in the most cost efficient fashion. A strength of the model is that it allows for time varying interest costs, transaction costs, issuance costs, and refunding costs to be firm specific. The output of the model lays out the optimal financing decisions for each time interval that minimize the total discounted cost of providing the funds that match the requisite funds. By limiting the surplus funds available, the model minimizes the management incentive to over invest and thereby reduces the agency costs. The model has economic implications for the financing decisions and the firm's default risk, growth opportunities, riskiness of cash flows, and firm size. JEL Classification: G30     

Bank liabilities channel

The financial intermediation sector is important not only for channeling resources from agents in excess of funds to agents in need of funds (lending channel). By issuing liabilities it also creates financial assets held by other sectors of the economy for insurance or liquidity purpose. When the intermediation sector creates less liabilities or their value falls, agents are less willing to engage in activities that are individually risky but desirable in aggregate (bank liabilities channel). The paper shows how financial crises driven by self-fulfilling expectations about the liquidity of the banking sector are transmitted to the real sector of the economy. Since the government could also create financial assets by borrowing, the paper analyzes how public debt affects the issuance of liabilities by the financial intermediation sector.     

What we do and do not know about convertible bond financing

We review the literature on the issuance motives, shareholder wealth effects, and design of convertible bonds. Empirical studies on convertible debt issuance mainly focus on testing the predictions of four traditional theoretical models based on convertibles' potential to mitigate agency or adverse selection costs, and obtain mixed evidence. Recent studies on shareholder wealth effects of convertible bond issues highlight the need to control for arbitrage-related short selling and post-issuance risk changes. Studies on the determinants of convertible bond design uncover earnings management, as well as catering incentives to convertible arbitrage funds, as important determinants of innovations in convertible bond characteristics. Overall, our review indicates that recent empirical research on convertible debt provides valuable insights into issue motives and determinants of financial innovations, but also considers the broader question of how investor demand characteristics impact corporate finance decisions. We conclude with an overview of potential research questions to be addressed by future research on hybrid securities.     

SUSTAINABLE GROWTH AND CHOICE OF FINANCING: A TEST OF THE PECKING ORDER HYPOTHESIS

This paper studies the impact of sales growth above a sustainable level on the financing choices of the firm. Myers [1984] indicates that firms typically employ a pecking order of financing choices, using internal equity before the issuance of external debt, followed by the issuance of external equity. Contingency table analysis performed in this paper provides indirect evidence that the faster firms are growing, the more they use up available internal financing and, thus, must raise funds externally. In addition, logit analysis shows that firms with lower asymmetric information tend to raise the majority of their funds externally, with debt being the primary choice. Together, both sets of results provide indirect support for Myers' pecking order theory since it appears that firms use available internal financing, then debt, then new equity to finance growth.     

国外有奖债券发行及借鉴思考

汶川地震后,用市场化手段建立巨灾融资体系的问题日益提上日程,文章通过对国外有奖债券的广泛搜集和整理,从政策和产品支持等方面介绍国外有奖债券发行的基本情况。并指出作为深受中小投资人欢迎,政府筹集中长期、低成本资金的重要融资工具,开发＂巨灾有奖债券＂,符合中央关于建立多层次巨灾融资体系的精神,有利于引导社会资金投入灾后重建。