要闻回放

银监会发文规范银信理财合作业务。 1月13日,银监会发布《中国银监会关于进一步规范银信理财合作业务的通知》,对银行和信托公司理财合作业务作出进一步规范。《通知》主要有三项内容,一是细化《中国银监会关于规范银信理财合作业务有关事项的通知》对商业银行银信合作业务表外资产转入表内的规定,要求商业银行在2011年按照每季度不低于25％的降幅制定具体转表计划,并严格执行;     

银信理财合作业务新规带来的挑战

银信理财合作业务新规的主要特点早在2009年12月24日,中国银监会便下发《中国银监会关于进一步规范银信合作有关事项的通知》一文。该文件对既有的信贷类银信合作的合作架构带来重大影     

后银信合作时代的银行理财产品选择

银信合作在7月初被口头紧急叫停,各家银行和信托公司开始等待监管层的书面细则出台。时间过去一个月,另一只“靴子”很快落地。一份名为《中国银监会关于规范银信理财合作业务有关事项的通知》（以下简称《通知》）的文件8月5日发布。     

银监会规范银信类业务

近日,中国银监会发布《关于规范银信类业务的通知》,对银信类业务进行规范。其中,要求信托公司在银信类业务中,不得将信托资金违规投向房地产、地方政府融资平台、股市、产能过剩等限制或禁止行业。该《通知》共10条,分别从商业银行和信托公司双方规范银信类业务,并提出加强银信类业务监管的要求。     

信贷类理财产品卷土重来

2009年年底,中国银行业监督管理委员会（以下简称银监会）发布的《关于进一步规范银信合作有关事项的通知》规定,银信合作理财产品不得投资于理财产品发行银行自身的信贷资产或票据资产。     

“72号文”影响几何

继7月初对银信合作业务“紧急叫停”,201O年8月12日,银监会正式下发了《关于规范银信理财合作业务有关事项的通知》[银监发[2010]72号]（以下简称《通知》）对银信合作业务给予了明文规范,也为未来银行理财产品的发展指明了方向。     

“72号文”影响几何

继7月初对银信合作业务“紧急叫停”,201O年8月12日,银监会正式下发了《关于规范银信理财合作业务有关事项的通知》[银监发[2010]72号]（以下简称《通知》）对银信合作业务给予了明文规范,也为未来银行理财产品的发展指明了方向。     

银信如何合作更合适

<正>《中国银监会信托投资公司行政许可事项实施规定》的出台为商业银行进军信托业打开了大门,近几年商业银行掀起了入股信托公司的风潮。厘清银信合作的作用、商业银行通过何种方式进入信托业以及各种模式的利弊等问题对于促进银信合作的发展和提高商业银行的盈利能力意义重大。一、可见的好处自商业银行和信托公司开展合作以来,两者间的关系就不断拓宽和加深,通过优势互补、资源共享,实现业务合作与创     

基金

银信合作被紧急叫停7月2日,银监会1：3头通知各地银监局及相关信托公司．暂停一切与银行理财业务对接的银信合作业务。目前,银信合作理财产品以信托贷款和信贷资产投资类业务为主。有关数据显示,这一规模从去年9月末的不足6000亿元．到今年4月末飙升至1．88万亿元。     

银信合作新规对商业银行理财业务的影响

在监管层叫停银信合作逾月,相关产品大幅缩减之后,日前一份最新出炉的银监会《关于规范银信合作理财合作业务有关事项的通知》如一枚重磅炸弹再次炸开。这次《通知》的出台无疑是政府对中国金融业展开调整的强有力的体现,这次调整使得银行与信贷机构不得不重新审时度势在新的市场条件下不断更新自身体制,在改变中相互依存寻求新发展。但一切都仅仅是开始,在具体的实施细则出台后金融业的旋风将会更加猛烈。     

Debt and Taxes and Uncertainty

With a graduated personal tax schedule, Miller showed that there could be an equilibrium debt supply for the corporate sector as a whole. In the presence of uncertainty there is also a unique debt/equity ratio for each individual firm, and this ratio is related to the firm's operational risk characteristics. However, if firms merge and spin off in response to tax incentives, the identity of firms is ambiguous and only the corporate sector is a meaningful construct. These arguments are developed in both discrete and continuous models that employ extensions of the arbitrage-free pricing theory.     

教育与资本怎样的前景怎样的现实

来自政府的声音: "动员各种社会资源,发展教育" 此次论坛上财政部长助理张少春的发言是最受关注的发言之一.他的演讲传达出的信息有这样几方面:第一,谈到现实,他认为全社会对教育的巨大需求与我国公共投入不足已成为我国教育事业发展的突出矛盾.近年来,以公共部门投入为主,多渠道筹措教育经费的教育投入机制成为解决这一问题的重要途径,也使得公共部门与私营部门在教育领域的合作日益密切.第二,谈到前景,他认为,1.中国经济持续、快速的增长对高技能人才产生巨大的需求,这为私营部门的参与提供了广阔空间.2.随着公共财政职能的不断完善,财政资金将在各项教育事业中重新进行分配,进一步优化财政支出结构,提高资金的使用效率.在"十一五"期间,我国将把公共支出的重点转移到农村.我们将逐步把全体农村适龄儿童的义务教育全部纳入公共财政体制.     

Director gender and mergers and acquisitions

Does director gender influence CEO empire building? Does it affect the bid premium paid for target firms? Less overconfident female directors less overestimate merger gains. As a result, firms with female directors are less likely to make acquisitions and if they do, pay lower bid premia. Using acquisition bids by S&P 1500 companies during 1997–2009 we find that each additional female director is associated with 7.6% fewer bids, and each additional female director on a bidder board reduces the bid premium paid by 15.4%. Our findings support the notion that female directors help create shareholder value through their influence on acquisition decisions. We also discuss other possible interpretations of our findings.     

Political corruption and mergers and acquisitions

This research examines the relation between political corruption and mergers and acquisitions (M&As). We find that local corruption increases firm acquisitiveness but decreases firm targetiveness. The levels of corruption in acquirer areas relate positively to the bid premiums and negatively to the likelihood of deal completion. Corruption motivates acquiring firms to use excess cash for payment, which mitigates the negative effect of corruption on acquirer shareholder value. The evidence indicates that acquisitions help acquiring firms convert cash into hard-to-extract assets and relocate assets from the high to low corruption areas, thereby shielding their liquid assets from expropriation by local officials.     

Trust and cross-border mergers and acquisitions

A number of studies suggest that social trust matters for investment. Using different measures of trust from World Values Survey, we show that countries where people display higher levels of trust engage in more cross-border M&A activities. When they do, these acquirers pay lower premiums. To the extent that these acquirers also tend to engage in larger acquisitions as well, our findings suggest that a larger selection pool of potential targets and higher value targets enable these acquirers to negotiate for lower premiums. We do not find evidence of the significant effect for target country trust levels. Hence, trust may benefit those acquiring firms in cross-border transactions.     

Tournament-based incentives and mergers and acquisitions

This research examines the relation between tournament-based incentives, which are proxied by the difference between a firm's CEO pay and the median pay of the senior managers, and mergers and acquisitions (M&As). We find that tournament-based incentives are positively related to firm acquisitiveness and acquiring firms' stock and operating performance. Further analysis indicates that positive acquisition performance increases the likelihood of the CEO being promoted from inside the acquiring firm. Our evidence is consistent with the view that tournament-based incentives motivate acquiring firms' managers to make greater efforts and take more risk that result in superior acquisition performance.     

Corporate Innovations and Mergers and Acquisitions

Using a large and unique patent‐merger data set over the period 1984 to 2006, we show that companies with large patent portfolios and low R&D expenses are acquirers, while companies with high R&D expenses and slow growth in patent output are targets. Further, technological overlap between firm pairs has a positive effect on transaction incidence, and this effect is reduced for firm pairs that overlap in product markets. We also show that acquirers with prior technological linkage to their target firms produce more patents afterwards. We conclude that synergies obtained from combining innovation capabilities are important drivers of acquisitions.     

East and west and north and south : A preliminary model

The Brandt report and other proposals for a new North-South world order continue to be the focus of lively debate, yet it is often argued that little concrete has emerged from their recommendations. A major reason for this, the author argues, is that the East-West conflict component is not sufficiently taken into consideration-East-West tensions are a severe constraint on and a determining factor of North-South relations. Using influence diagrams, the author develops a flexible framework for discussion and assessment of N/S-E/W relations.