利率市场化对政策性银行融资模式的影响及对策研究

利率市场化对政策性银行以金融债为主要融资渠道的模式产生了巨大的影响。一方面,利率市场化推高了商业银行的资金成本,使之对政策性金融债投资要求的回报率升高。同时,利率市场化势必造成更大的利率波动性,如何降低利率风险对长期性债券投资价值的影响是亟待解决的问题。另一方面,金融脱媒通常与利率市场化相伴而行,企业和项目的直接债权融资需求增多,对政策性金融债产生替代效应。本文对国家开发银行融资模式在利率市场化和金融脱媒背景下受到的影响进行了分析。在此基础上,本文研究了以下应对措施:吸引养老资金,实现资金供需双方对风险与收益的匹配;推行保值储蓄,降低通货膨胀风险;吸收邮储的资金,拓宽融资渠道;直接面向互联网融资,降低中间成本;利用准国家信用级别优势,发行离岸债券;对贷款资产证券化,提高资金使用效率等应对措施。     

特色小镇融资策略

特色小镇是新型环境、产业、生活相互融合的综合发展模式。在发展上基于"产业+金融"两轮驱动的产融结合发展模式,以发展特色产业为主导,充分发挥金融市场的力量,撬动社会资本的杠杆,实现金融市场各方资金的对接。特色小镇的资本运营具有特殊性,兼具或者介乎企业融资和项目融资之间,既可以包装成企业法人实体运营的项目融资,也可以是企业以项目开发投资运营为主的融资。     

西部开发中政策性金融的融资主导性分析

政策性金融主导西部开发中的资金配置是由西部开发的资金需求性质、政策性金融的特殊功能和金融制度改革的市场化取向所决定的.当资金需求与政策供给相一致时效率损失的可能性就大大降低了.政策性金融占主导、商业金融为基础的融资模式,可以充分发挥金融体系的整体功能,而代价最小.这样,西部大开发中最令人担心的资金配置效率和使用效率问题就可以迎刃丽解.     

每股利润无差别点在最优资金结构确定中的应用

一、企业筹资方式与资金结构 作为企业理财的关键环节,资金筹措的方式对企业投资项目的有效运行、生产经营的有效运作产生着极为重要的影响.保留盈余是企业长期资金的来源之一,但当资金的需求超出了公司内部产生现金的能力时,须到外部筹集资金.企业融通外部资金最基本的形式包括股权融资与债务融资两种,即企业一般通过发行股票、发行债券、借款等方式来筹资.     

美国SBIC融资担保模式对我国政策性创业投资引导基金的启示

美国小企业投资公司项目(SBIC)自1986年开始向小企业投资公司提供担保债券和参与式证券两种融资担保方式,这种方式解决了小企业投资公司融资期限及规模与股权投资方式的不匹配问题,提高了财政资金的使用效率。目前我国地方政府设立的创业投资引导基金规模小,引资力度有限,借鉴美国SBIC计划的融资担保方式可以有效扩大引资倍数、提高资金使用效率、降低投资风险,解决引导基金资金规模过小的问题。由于目前我国债券市场不发达且政策限制银行贷款用于股权投资,因此地方政策性引导基金采取融资担保模式时应积极创新,向创业投资机构投资的创业企业提供贷款担保来达到引资目的。     

资产管理公司商业化转型情况调查

金融资产管理公司政策性不良资产处置任务已经完成,目前正处于商业化转型阶段.各资产管理公司在加快商业化不良资产处置的同时,已涉足证券、信托、金融租赁等多个金融服务领域.如何构建商业化运营模式,明确市场定位,规范运作,打造符合市场机制具有较强竞争力的现代金融企业,已成为迫切需要研究解决的问题.……     

金融科技对企业投资效率的影响研究北大核心CSSCI

本文基于2011-2019年沪深两市上市公司数据,探讨金融科技对企业投资效率的影响。研究结果表明,金融科技对企业投资效率具有显著提升作用,既可以通过融资支持功能促进投资不足企业扩大投资,也能凭借治理约束功能抑制企业过度投资行为。异质性检验发现,在校准企业投资效率的过程中,金融科技表现出显著的“普惠”“产业支持”和“后发优势”特征。机制检验说明,金融科技既能缓解企业融资约束,又可以激励企业提升内控水平,减少寻租行为和资金配置扭曲,从而为企业投资效率提升提供更良好的融资条件和更规范的融资规则。     

创业企业知识产权担保融资研究

创业企业是市场中具有创新意义的企业,其特点是从事新技术的开发或技术产业化活动.创业企业的产品开发与研究等需要大量长期资金投入,因而融资的成败关系到创业企业的成功和发展.创业企业起步和发展过程中的长期资金供给又将如何得以保障呢?如果将企业视为一个独立经营的实体,其资金供给不外乎来源于企业之内和企业之外两个渠道,即企业融资方式可以分为内源(内部)融资和外部融资.所谓内源融资是指企业的投资是由该企业内部积累的储蓄提供资金的.而外部融资的范围则十分广阔,根据金融中介在融资中的作用可以划分为直接融资(债券、股票等)和间接融资(银行信贷等).本文主要从创业企业具有较高的技术性和成长性的特点出发,介绍和分析日本政策性和商业金融机构向缺乏传统融资担保的创业企业提供知识产权担保融资的新型融资业务,并揭示国内推广知识产权担保融资的意义及其相关问题,为面临融资困难的创业企业开辟融资渠道提供新的思路.     

您能从汇丰银行拿到钱吗

尽管项目融资有n种方式可以选择,但从银行获得商业贷款仍然是企业外部融资的最主要的方式.有着1 36年悠久历史和独特的中国文化背景的汇丰银行,现在是世界上最大的金融投资机构之一,在近20多年间为中国提供了2000多个项目融资.那么,如何才能从汇丰获得你需要的资金呢?香港上海汇丰银行有限公司副行长方啸先生做了介绍.     

商业化改革后国家开发银行监管难点及模式探索

政策性银行改革是深化金融体制改革的一大亮点.其中,国家开发银行被国务院作为政策性银行改革的先行者,批准其在2007年全面推行商业化运作.本文从宏观监管的角度,通过分析当前国开行商业化改革中所面临的主要风险,深入剖析国开行的监管难点,并在此基础上进行对国开行商业化改革后的监管模式和监管战略的探讨.     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…     

银行管理信息平台建设发展的思考

一、目前国内银行IT发展现状及面临的问题 银行数据集中工作的完成,标志着银行的业务由电子化建设阶段转入信息化建设阶段.一方面银行数据的集中提供了丰富全面的基础数据,面对日益庞大的数据源,如何将数字转化为对银行有用的信息,并从中发现知识,为银行的经营决策提供支持,是摆在银行IT人员面前的一个亟待解决的问题.另一方面用户对银行信息的需求日益增长,如果银行没有一套完整、实用的信息管理系统,将对业务发展非常不利.南京爱立信公司倒戈花旗银行事件曾经轰动一时,其中一个重要原因就是中国本地银行不能满足爱立信全球总部对南京爱立信公司的要求:每周财务上报和每天贷款限额管理.这一事件为中国商业银行的未来发展敲响了警钟,如果不加快管理信息系统的开发,迅速提升业务管理水平,类似的事件还会接连不断地发生,并最终导致国内商业银行在同国外商业银行的竞争中全面溃败.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.