Micro and macroeconomic effects of financial innovation in a domestic and international perspective

This paper is focused on the rise and the fall of structured finance, derivatives, and asset-backed securities. Special focus is made on the attempts of the banking sector to improve the economic performance, particularly the ROE, by creating, acquiring, and selling derivatives. The possible outcome of public intervention to rescue the financial sector is finally discussed. V. Coppola supported the research in collecting and elaborating data.     

Industrial development environment and innovation efficiency of high-tech industry: analysis based on the framework of innovation systems

This present paper studies the relationship between the industrial development environment (IDE) and the innovation efficiency (IE) of China’s high-tech industry. First, drawing upon insights from research on regional innovation systems and sectoral innovation systems, the paper proposes a definition of the IDE within which China’s high-tech industry exists. Then, by a factorial analysis, three main components reflecting the IDE are obtained: regional development conditions, regional consumption potential, and interactions between innovation actors. Furthermore, the impacts of various facets of the IDE on three kinds of IE are investigated through the DEA-Tobit regression approach. Based on the results, our analysis can provide information for policymakers to create a favourable environment for China’s high-tech industry.     

信誉、财富与农村信贷配给——欠发达地区不同农村金融机构的供给行为研究

文章使用2006年云南、宁夏近800个农户家庭的调查数据,实证分析了欠发达地区不同农村金融机构的信贷供给行为.在区分农户的名义需求和有效需求的基础上,研究发现信用社和银行在发放贷款时偏向富有农户,民间借贷者没有这种偏向,因而其服务的覆盖面远远超过正式机构.两者都重视农户的信誉状况,但信用记录没有实现共享.这些行为的差异主要来源于各类金融机构之间信息成本和交易成本的差别.     

金融创新与金融监管和谐发展

金融创新是金融深化的突破口,金融监管作为一种管制手段对金融创新既有促进作用也有抑制作用。不同类型的金融创新对金融监管也提出了不同的要求。金融创新与金融监管在"博弈"互动过程中共同促进金融业发展。     

铜陵市产业投资基金发展研究

推动铜陵工业转型升级的一个重要路径是发展产业金融,通过产融结合,快速高效地推进产业转型升级。产业金融是更高层次的发展平台,铜陵市是一个高度工业化的城市,具备推动产业资本与金融资本融合的基础条件。产业投资基金是产融结合的主要形式,目前国内的产业投资基金主要有市场化专业投资机构主导的股权投资基金、政府主导促进特定产业发展的基金、政府与市场化投资机构合作基金三种类型。针对铜陵的实际情况,铜陵市应选择政府导向型基金模式。从组织方式看,契约性产业投资基金更适合铜陵市。从基金形式方面看,伞形基金的模式是一个好的选择。     

物流金融业务运作模式分析

物流金融是国内近年来逐渐兴起的一种新型物流增值服务,它运用金融工具促使物流业产生价值增值,在我国很多省市已经得到迅猛发展。目前,我国越来越多的中小企业开始尝试通过物流金融产品获得银行的贷款授信以改善资金流,国内许多物流企业包括中国外运、中储、中远、中铁现代物流、宝供等多家企业也积极抓住这一有利时机,努力拓展业务。     

黑龙江省农村金融领域的信用风险及其防范

信用是市场经济的基础,也是市场经济的必然产物,因此,信用风险一旦发生就会对经济发展产生诸多不利影响,在金融领域的影响尤为严重。中国作为一个农业大国,农村金融领域发生信用风险就会严重地制约经济的总体发展水平。因此,从农村金融的角度,以黑龙江省为例,提出合理防范农村金融领域的信用风险,对黑龙江省整体县域经济发展具有重要意义。基于此,分析了农村金融领域信用风险产生的原因和对区域性农业经济发展的影响,提出了相应的风险防范措施.     

缄默知识、产业集群及其技术创新

产业集群内部存在着显性知识和缄默知识两类知识。与显性知识相比;缄默知识是产业集群更重要的知识资源,是产业集群技术创新成功的一个不可或缺的变量;而产业集群有利于缄默知识的传播和扩散从而促进技术创新。     

Risk allocation and uncertainty: some unpleasant outcomes of financial innovation

Financial innovation introduces the possibility of exchange on wider time-events sets. In this way, market incompleteness should be reduced with an overall advantage. The existence of this advantage also depends on other elements, like the degree of market competition, the level of information, and the presence of inefficiencies generated by moral hazard. One kind of behavior which has been widely common among banks consists in the reduction of risk taking in relation to credit activity. Credit risk tends to be covered through the packaging of credits into securities. This situation means that since the bank is not shouldering the risk, it does not invest in the acquisition of knowledge regarding the borrower, but only regarding his/her generic characteristics which are reflected in the evaluation of the assets in which the credits are packaged. Moreover, financial innovation was developed, in particular by investment banks, with non-standardized products, exchanged over-the-counter, and substantially lacking secondary markets. The greatest problems derive from the low liquidity of these products and from the uncertainty over their returns. This is why it would be good to stimulate the introduction of standardized products, whose risks are easy to determine, to be exchanged on organized markets, instead of complex products, which are substantially illiquid and exchanged over-the-counter.

国内外金融创新进展及其在中国的发展趋势

当前中国金融市场进入了全面开放时期,国内外金融机构将在同一个市场环境和同一套监管规则下直接竞争。在新的竞争形势下,实体经济对金融服务的需求量正在迅速扩大,需求层次也在不断提高,金融创新将进入全新的发展时期。本文在对国内外金融创新现状做出全面分析和评价的基础上,从金融业务创新、金融体制改革的深化、资产证券化和证券投资机构化、衍生金融工具市场发展和混业经营等多个角度,探讨了中国金融创新的发展趋势。     

优化产业结构，提升苏南地区的产业竞争力

产业结构的优化升级是增强产业竞争力的重要途径。苏南地区要实现经济长期可持续发展,必须在促进产业结构优化升级方面下工夫。本文对苏南地区产业发展现状进行了分析,指出了当前苏南产业发展中存在的问题。在此基础上,就如何解决存在的问题,进一步提升苏南地区产业竞争力提出了6个方面的建议。     

赤道原则——金融机构社会责任的新典范

在当今的社会环境下,企业越来越意识到履行社会责任的重要性。尤其在金融危机、全球化背景、可持续金融理念、新能源政策的影响下,金融机构也开始认识到履行社会责任对自身的正面效应。赤道原则作为一种自愿性的企业贷款金融行业基准,旨在强调金融机构在企业融资中发挥的重要引导作用,规避对社会环境有害项目的实施,更好的促进人类、社会、自然的和谐发展。     

产业集聚、循环经济以及二者关系的理论综述

产业集聚和循环经济问题已成为学界的研究热点。本文综述了产业集聚、循环经济问题研究的渊源、现状以及国内学者研究二者关系的初步进展．并指出产业是发展循环经济的重要依托．产业集聚为发展循环经济创造了得天独厚的条件，而循环经济能确保产业集聚得以持续发展。     

农民对金融需求的现状及信贷支农面临的问题探讨

本文剖析了当前农民群众对金融需求的现状和信贷支农面临的问题，基于农村信用社在农村经济发展中的主力军地位，论述了完善小额信用贷款的操作程序，大力推广小额信用贷款，加快金融创新、改善金融服务，实现农、信双赢。     

产业集群的创新动力及其形成机制分析

产业集群的强劲发展势头与其产生的创新优势和持续进行的创新活动密不可分,而创新动力是推动创新的激发力量。文章在分析集群创新优势的基础上,从不同的角度对集群创新动力的来源、类型及影响创新动力的因素进行了探讨,提出了促进创新动力形成的有效机制。     

产业集聚、技术创新与环境污染——基于中国工业行业面板数据的实证分析

利用1999—2013年中国21个两位数工业行业的面板数据,利用面板数据向量自回归模型,实证分析了产业集聚、技术创新与环境污染的动态关系。结果表明:工业集聚程度的提高能够显著减少工业污染排放、促进技术创新;技术创新对环境污染排放具有显著的正向影响;环境污染排放具有循环累计因果效应;随着时间的推移,产业集聚对环境污染排放的抑制作用越来越明显,但长期内技术创新对环境污染波动的解释力将超越产业集聚。     

Private consumption behaviour, liquidity constraints and financial deregulation in France: a nonlinear analysis

This paper examines the effect of financial deregulation on consumption expenditure in France during the period 1970–1993. A nonlinear model for consumption which allows for liquidity constraints through a time-varying parameter dependent on a proxy for financial deregulation is estimated using nonlinear instrumental variables. It is concluded that in France financial deregulation has significantly reduced liquidity constraints faced by consumers, allowing a higher percentage of the population to smooth consumption over time. Evidence is also provided that the intertemporal elasticity of substitution is not significantly different from zero at conventional nominal levels of significance. First version received: January 1997/final version received: May 1999     

Multicomponent signals and financial constraints

ABSTRACT

The inventive process creates knowledge asymmetries between research-intensive firms and external investors, making it difficult for firms to obtain funding for inventive activities. Consequently, most research-intensive firms face financial constraints (FC). Some suggest patents act as signals to reduce asymmetries, attracting external financing. Yet, prior findings are mixed. We integrate literature on FC with signaling to explore these inconsistent conclusions. We argue ambiguity in previous studies results from examining patents as sending a single signal. We examine impacts of three firm-level attributes on FC – use of emergent technology inputs, firm age, and repeat alliance partners. We demonstrate consideration of multiple simultaneous signals provides better insights into the patenting-FC relationship.     

Industrial Development Banking in Nigeria: A Forty Year Failed Experiment

Abstract

The first industrial development bank in Nigeria was established in 1964 as part of the First National Development Plan. Its original mandate was to provide medium‐ and long‐term finance to privately owned enterprises in Nigeria. Forty years after its establishment (1964–2004) funding still remains the major obstacle to industrial development in Nigeria. This paper argues that the major problem for the bank was the government’s inability to separate the affairs of the bank from politics.     

产业组织对装备制造业产业创新能力的影响

从产业组织的角度出发,分析了企业自身状况、产业市场环境、技术提升行为以及创新成果产出4个维度对我国装备制造业产业创新能力的影响。构建了产业组织对装备制造业产业创新能力影响评价指标体系,并用因子分析法计算了产业组织各要素对装备制造业产业创新能力的影响权重。最后根据分析结果提出相应的对策建议。