AN ANALYSIS OF THE FINANCIAL MANAGEMENT TECHNIQUES CURRENTLY EMPLOYED BY LARGE U.S. CORPORATIONS

Economic conditions have placed increased importance upon rigorous financial analysis. In order to determine which analytical techniques are currently emp loyed by management, a questionnaire was sent to each fm on the May 1980, FORTUNE 500 list. The researchsought to establish a profile of the respondents' organizational structure and to identify the primary procedures used in risk assessment, working capital management, capital budgeting, and operations research modeling. The results do suggest a basic profile of the more active employers of analytical techniques. Relatively sophisticated capital budgeting procedures appear to be accepted across most industries, and many firms support their decision making with a "package" of formal tools.     

信用风险对冲技术与我国商业银行的信用风险管理

信用风险过渡集中一直是摆在银行业面前的一大挑战.过去银行主要是运用风险分散的手段来降低资产组合的风险集中度.然而,单一的风险分散手段会导致银行业务小型化、运作成本增加和破坏银行的客户网络等弊端.90年代以后发展起来的信用风险对冲思想使这个难题得到部分解决.本文首先介绍了信用风险对冲技术的几个基本理论问题;在此基础上,重点探讨了信用风险对冲技术在我国商业银行运用的现实性;最后得出结论认为,信用风险对冲技术是一种对宏观环境、金融机构素质、监管机构水平要求很高的风险管理手段,完善以上各方面是该项技术为我国商业银行利用的前提条件.     

基层信贷审批视角下的信用风险治理实践研究——以A、B银行为例

商业银行信贷质量优劣,攸关银行发展乃至生存。在我国经济换挡升级的大背景下,如何提高风险防控意识,营造良好风险管理文化,建立精细化管理机制,强化全流程风险防控,已成为商业银行持续健康稳定发展的必由之路。一、有效信用风险治理下的信贷质量变化(一)A、B两分行资产质量防控压力大2017年末,A分行不良贷款总额30590万元(不含信用卡,下同)、不良贷款率2.08%,远高于全省平均水平1.27%;潜在风险贷款总额70317万元,法人客户剪刀差余额6752万元。     

COMPETITION AND MERGER ACTIVITY IN THE U.S. TELECOMMUNICATIONS INDUSTRY

In this article we examine the U.S. telecommunications industry during a period of rapid deregulation to determine the effects of a deregulatory shock on industry competition and merger activity. We show that merger activity exhibits a clear wave‐like pattern, regardless of the listing status of the participants. Increased competition and IPO activity following deregulation increased cash‐flow volatility and probability of exit while the introduction of new technology increased dispersion of economic efficiency across the industry. These changes resulted in a significant increase in merger activity. Competition also played an important role in shaping “who buys whom?”     

Creditmetric模型及其对我国银行信用风险管理的借鉴

Creditmetric模型是近年来在国际金融领域信用风险管理方面的重要模型之一.就本身的框架而言,该方法实际上是一种度量组合价值和信用风险的方法,它包括了一整套的分析方法和数据库.本文介绍了该模型的算法与基本思路,包括单笔贷款信用风险情况的计算、两种贷款信用风险状况的计算以及多种组合贷款信用风险状况的计算等.由于该模型与我国传统的信用管理方法相比有着较明显的实用性,因此对我国的金融风险管理有着一定的借鉴意义;同时,由于该方法可以在不同行业之间进行量化比较,因此对于我国商业银行信用管理方法而言也是一个很好的补充.     

SERVICE INTEGRATION IN THE RISK MANAGEMENT COURSE

Abstract: The purpose of this paper is to explain the concept and application of service learning in higher education and to outline a method for integrating a community service project into the risk management curriculum.     

信贷全流程风险管理研究

信贷全流程风险管理,是商业银行把全面风险管理思想、审慎、规范、稳健的经营理念和精细化的办事文化运用到信贷流程管理领域的理论创新和实践探索。信贷业务作为目前我国商业银行的主体资产业务,具有管理周期长、运行环节多、     

加拿大蒙特利尔银行的信贷管理及其借鉴

本文对加拿大蒙特利尔银行的经营管理方式进行了系统的介绍和分析,重点考察了蒙行的信贷文化、组织机构、信贷程序、经营理念和风险管理.西方商业银行的发展已有数百年的历史,它们在银行经营管理方面积累了丰富的经验,如果我国商业银行能根据国情对此进行选择性的吸收和继承,无疑在改革和转制成为真正的商业银行管理模式的过程中少走很多弯路.本文最后对工商银行的信贷管理提出了建议,包括:建立有自身特色的信贷文化;根据本行的风险偏好设定收益与风险的对应关系;运用先进的风险测量方法进行风险控制;根据市场设定组织机构;尽快建立客户资信系统;加强对不良客户的监管;建立金融安全协调与保障机制等.     

BETAS AND DEBT MANAGEMENT WITHIN THE UK TAX ENVIRONMENT

Tax complexities relating to corporate tax losses, induced by debt finance, and to the differential tax treatment of equity and sterling debt, are introduced into corporate valuation. The after personal tax value of the geared firm can be less than that of the equivalent ungeared firm. Also, debt-induced tax losses can create negative betas. These fiscal effects are incorporated into degearing formulae under active and passive debt management policies.     

信贷业务成本收益评价、信贷管理和信贷改革

信贷业务成本收益评价是指将信贷业务视为利润中心,通过认定成本和收益计算利润,以此作为评价信贷业务经营管理状况的依据.这种评价不但可以使国有商业银行实现从风险管理向风险经营的转变,使信贷管理目标定位于在控制风险的前提下实现利润最大化,而且有利于对贷款进行准确定价和对客户经理的业绩进行科学的考核.作为国有商业银行的一项改革举措,信贷业务的成本收益评价不但需要各种制度的设计,而且需要对现有管理模式和观念进行革新,包括设立信贷经营管理中心,重新界定总行的信贷管理职能,以及在收入管理、信贷决策体制和资金管理体制方面进行改革.     

THE CHANGING RISK PROFILE OF U.S.-BASED MULTINATIONAL CORPORATIONS EXPOSED TO EUROPEAN COMMUNITY MARKETS

In this study we investigate the risk characteristics of U.S.-based multinational corporations (MNCs) that conduct much of their business in the European Community. Specifically, we assess the efficacy of a multifactor return-generating model that incorporates the influence of U.S. and European markets. Our results demonstrate that the European market is a significant factor in explaining the time-series behavior of MNC returns, and that the European market influence is stronger since the adoption of the Single European Act. In addition, the reduction in the sensitivity of MNCs to the U.S. market since the Single European Act is cross-sectionally associated with changes in their proportional levels of European sales. The results suggest that the returns of other MNCs expanding into increasingly integrated regional blocs may experience similar changes in their systematic risk profile.     

互联网+时代下商业银行信用风险智慧模型体系构建思考

当前经济金融形势深刻变化,金融领域的技术变革、跨界融合、场景创新正在改变商业银行的经营环境,商业银行因势而变、顺势而为,正加快推进新一轮金融科技创新、智慧银行战略的实施,信用风险管理作为商业银行经营的基础和核心,也亟须构建适应商业银行新时期新战略的机制体制和运作模式。同时,互联网+快速发展使得各类风险因素交织叠加、相互促发、传导扩散的可能性加大,欺诈风险的渠道多样化、形式隐蔽化、手段智能化趋势日益严峻,叠加监管趋严趋紧等因素影响,信用风险的预测、识别、缓释和控制难度持续加大,商业银行资产质量管理面临较大挑战。如何有效识别并主动防控风险显得非常重要。“方法百千条,模型第一条”可能是现实期待,而如何有效构建智慧模型,银行依然面临挑战。