银行创新破解文化产业融资难题

国家开发银行、中国银行等多家银行正在加快创新步伐,转变传统融资模式,探索适合文化产业特点的金融服务文化产业的大发展大繁荣离不开银行业的大力支持,同时也为银行业提供了新的发展空间和利润增长点。但是,文化产业在运营方式、盈利模式、金融需求等方面,与其他产业存在较大的差别,银行业为其提供融资服务面临着一系列的困难和障碍。     

给融资担保业多一点关注——融资性担保业务监管部际联席会议办公室副主任文海兴谈行业发展与监管

截至2011年末，全国融资性担保行业共有法人机构8402家。其中，与其开展业务合作的银行业金融机构（含分支机构）总计15997家……在融资性担保业务监管部际联席会议办公室副主任、中国银监会融资担保部副主任文海兴的手中，有一长串的数据足以说明融资性担保业发展之迅猛。不过，文海兴也坦言，在“好看”数据的背后，融资性担保机构也出现了诸多经营管理不规范的问题及风险隐患。     

文化产业供给侧改革问题探讨——以酒泉市为例

文章以酒泉市为例总结了文化产业的发展现状,分析了文化产业供给侧存在地域特色文化资源深度开发整合不够、产业层次和丰富程度有待提升、开放度不高、产品供给单一、核心竞争力不强、产业集聚度和集约化水平低等问题,这些问题的原因在于文化产业人才缺失、政府扶持不够、投融资渠道单一.提出了推动文化产业发展的政策建议.     

文化产业财税支持政策的国际比较及启示

文化产业是提升一国参与国际竞争"软实力"的重要力量,被誉为二十一世纪的"朝阳产业",财税政策的扶持对文化产业发展和繁荣起着重要的推动作用。本文比较研究了美国、法国和日本三个典型国家促进文化产业发展的财税政策,并提出了相关的政策建议。一、主要发达国家文化产业财税政策比较(一)美国模式——以实现文化产业市场化为目标在经济全球化背景下,美国文化产业在世界上的地位不可动摇,对文化产业发展采取自由主义的市场化政策。一方面对某些非营利部门给予强有力的财政支持,另一方面,为激励、引导私人企业向文     

地方文化产业发展中的金融推手——以丽江为例

正丽江市是一个少数民族聚居区,拥有三大世界遗产一世界文化遗产地、世界自然遗产地,世界非物质文化遗产地以及多个5A级国家景点,纳西民族与21个少数民族的文化在这里孕育发展,丰富的旅游资源和厚重的民族文化底蕴为丽江民族文化产业发展奠定了坚实的基础。近年来,丽江银行业深入贯彻落实党的十七届六中全会精神,围绕丽江本土东巴、毕摩、摩梭、花傈僳及他留五大民族文化,着力改善金融服务,持续加大对文化产业的支持力度。截至2012年6月末,丽江银行业累计投入文化产业贷款4.4亿元,有力推动了文化产业的发展和促进了文化产业的特色化、市场化。目前,全市拥有文化经营户3100多家,其中,以演艺娱乐业、影视制作、民族文化体验,文化旅游产品加工销售四大产业为主,涉及20多个经营     

金融支持湖南文化产业发展调查与思考

文化产业具有低碳经济、高附加值、逆经济周期和全产业链特性,是当前防止经济下滑的重要增长点。党的十八大报告中提出:文化产业要成为国民经济支柱性产业;要加大财政、税收、金融、用地等方面对文化产业的政策扶持力度。在政策"春风"吹向文化产业之后,一方面各路资本均在蠢蠢欲动,另一方面,文化产业融资也在遭遇"天花板"。要实现金融和文化产业的"无缝对接",迫切需要文     

财政部牵头成立首只全国性文化产业基金

2011年7月6日,由财政部牵头,中银国际、中国国际电视总公司等四家机构共同发起设立了国内首只国家级文化产业投资基金——中国文化产业投资基金。据了解,该基金总规模为200亿元,拟以股权投资方式,投向新闻出版发行、广播电影电视、文化艺术等领域。     

封底人物介绍

谭臻,北京市百瑞律师事务所高级合伙人、律师。北京市律师协会传媒与文化产业法律事务委员会副主任、中国政法大学毕业生实习指导老师、中国法学会会员。     

美、日、韩文化产业投融资经验及借鉴

我国是文化大国,文化产业不断壮大,但存在一些急需解决的投融资问题,需要不断创新投融资模式,完善投融资机制。美、日、韩等发达国家支持文化产业发展有较为成熟的投融资经验,值得借鉴。一、美、日、韩文化产业投融资经验(一)美国:多层次的文化产业投融资体制。据统计,在全美400家最富有的美国公司中,有72家是文化企业。如迪斯尼娱乐业等,已跻身于世界大型企业500     

供给侧视角下中国文化产业新出路——以电影产业为例

十八大召开以来党和国家在文化建设方面不断出台新方针,供给侧背景下文化产业的改革势在必行.同时,众多学者基于供求侧对电影票房趋势和文化发展方向也有了初步的研究成果,在深刻分析供给侧改革在电影行业的实施现状及未来发展前景后,应当为中国文化产业谋求新出路.     

A comparison of buy‐side and sell‐side analysts

There is very little research on the topic of buy-side analyst performance, and that which does exist yields mixed results. We use a large sample from both the buy-side and the sell-side and report several new results. First, while the contemporaneous returns to portfolios based on sell-side recommendations are positive, the returns for buy-side analysts, proxied by changes in institutional holdings, are negative. Second, the buy-side analysts' underperformance is accentuated when they trade against sell-side analysts' recommendations. Third, abnormal returns positively relate to both the portfolio size and the portfolio turnover of buy-side analysts' institutions, suggesting that large institutions employ superior analysts and that superior analysts frequently change their recommendations. Abnormal returns are also positively related to buy-side portfolios with stocks that have higher analyst coverage, greater institutional holding, and lower earnings forecast dispersion. Fourth, there is substantial persistence in buy-side performance, but even the top decile performs poorly. These findings suggest that sell-side analysts still outperform buy-side analysts despite the severe conflicts of interest documented in the literature.     

山东鲁电:为企业当好电力需求侧专业管家

据国家能源局发布数据,2016年,中国全社会用电量59198亿千瓦时,其中产业用电量为51144亿千瓦时,约占全社会总用电量的86%.而中国又是以化石能源发电为主,占总能源发电比重超过60%.降低企业能耗,实现产业用电的精细化管理是减少化石能源消耗、促进整个社会节能减排事业、减少环境污染以及改善环境问题的有效手段.中国能源单位产值能耗为世界平均水平的2.3倍,污染物排放为世界第二,因此,加强D S M管理、节能降耗,势在必行.山东鲁电的核心技术——电力需求侧管理技术如能在整个社会各用能环节得到应用,对促进整个社会节能减排事业意义重大.     

The human side of disaster

Public engagement through deliberative processes is promoted in both academic and policy circles as a potential means to build public trust in risk decisions and decision‐makers. Governments in particular seem to optimistically take a positive relationship between public engagement and trust almost for granted. This paper provides a new and critical analysis of this hoped‐for relationship, questioning whether such a direct and positive link between engagement and trust is a false hope. The paper draws upon personal experience of deliberative processes to discuss key components of an engagement process that have the potential to impact positively on trust. Specifically, who is engaged and which interests are represented; an open and collaborative framing of the discussion, and a direct and clear relationship between engagement and the risk decision. But the paper argues that given the complexities of optimising these process elements and in the light of the known underlying dimensions of trust, expectations are misplaced and that enduring trust is unlikely to spring from engagement itself. This is not to negate the other benefits of engagement, rather it is to focus on those key elements that will need to be in place, both process and beyond, if trust is to be enhanced.     

On the hidden side of liquidity

This article deals with the informativeness of iceberg orders, also known as hidden limit orders (HLOs). Namely, we analyze how the market reacts when the presence of hidden volume in the limit order book is revealed by the trading process. We use high-frequency book and transaction data from the Spanish Stock Exchange, including a large sample of executed HLOs. We show that just when hidden volume is detected, traders on the opposite side of the market become more aggressive, exploiting the opportunity to consume more than expected at the best quotes. However, neither illiquidity nor volatility increases in the short term. Furthermore, the detection of hidden volume has no relevant price impact. Overall, our results suggest that market participants do not attribute any relevant information content to the hidden side of liquidity.     

The hard side of change management

Everyone agrees that managing change is tough, but few can agree on how to do it. Most experts are obsessed with "soft" issues, such as culture and motivation, but, say the authors, focusing on these issues alone won't bring about change. Companies also need to consider the hard factors-like the time it takes to complete a change initiative, the number of people required to execute it, and so forth. When the authors studied change initiatives at 225 companies, they found a consistent correlation between the outcomes of change programs (success versus failure) and four hard factors, which they called DICE: project duration, particularly the time between project reviews; integrity of performance, or the capabilities of project teams; the level of commitment of senior executives and staff; and the additional effort required of employees directly affected by the change. The DICE framework is a simple formula for calculating how well a company is implementing, or will be able to implement, its change initiatives. The framework comprises a set of simple questions that help executives score their projects on each of the four factors; the lower the score, the more likely the project will succeed. Companies can use DICE assessments to force conversations a bout projects, to gauge whether projects are on track or in trouble, and to manage project portfolios. The authors have used these four factors to predict the outcomes and guide the execution of more than 1,000 change management programs worldwide. Not only has the correlation held, but no other factors (or combination of factors) have predicted outcomes as successfully.     

The light and dark side of TARP

This paper empirically investigates the impact of the first announcement of TARP, the announcement of revised TARP, respective capital infusions under TARP–CPP and capital repayments on changes in shareholder value and the risk exposure of supported US banks. Our analysis reveals a light and a dark side of TARP. While announcements as well as capital repayments may provoke positive wealth effects and a decrease in bank risk, equity capital injections to banks are observed to be a severe impediment to restore market confidence and financial stability. Furthermore, while TARP announcements and capital injections may increase systemic risk, no significant effect on systemic risk is found for capital repayments.     

The dark side of audit market competition

This paper examines the relation between audit market competition and audit quality. We use the staggered introduction of bullet trains in different Chinese cities as shocks to travel time between audit clients and prospective audit firms, which increases the threat of competition for incumbent audit firms. The inception of bullet train connectivity leads to a 4.5 percentage point (pp) increase in the probability of GAAP violations and a 1.7 pp decrease in the probability of modified audit opinions for clients headquartered in connected cities. Bullet train connectivity is also followed by a 1.6 pp decrease in income-decreasing audit adjustments but no change in income-increasing audit adjustments. The negative relation between bullet train connectivity and audit quality is 1) stronger when bullet trains put greater competitive pressure on incumbent auditors and 2) weaker when clients demand high audit quality. Our paper provides plausibly causal evidence that competition lowers audit quality.     

Securitization and the dark side of diversification

Diversification by banks affects the systemic risk of the sector. Importantly, Wagner (2010) shows that linear diversification increases systemic risk. We consider the case of securitization, whereby loan portfolios are sliced into tranches with different seniority levels. We show that tranching offers nonlinear diversification strategies, which can reduce the failure risk of individual institutions beyond the minimum level attainable by linear diversification without increasing systemic risk.     

The dark side of individual blockholder philanthropy

We examine the market reaction to charitable pledges by individual blockholders of public firms. As this philanthropy may signal a weakening preference for wealth maximization and may be indicative of distraction or relaxed monitoring, these agency costs may overwhelm any reputation benefits. We find decreased firm value and lower pay-for-performance sensitivity, the effects of which are most severe where monitoring needs are high, the blockholder is a director, or when the firm has ex ante high corporate social responsibility ratings. Our results are robust to controlling for prior charitable foundation involvement, busy director–blockholders, dual-class share structures, blockholder exit, and pre-pledge firm sentiment.     

供给侧改革和PE的发展

2015年12月5日,由中国股权投资基金协会、北京市金融工作局、北京市海淀区人民政府、北京股权投资基金协会联合主办的“第七届全球PE北京论坛”在北京举办。中国银行首席经济学家曹远征在论坛上发表演讲,按照“十二五”的规划包括“十三五”规划,2010年到2020年G D P翻番,中国居民收入应该翻番,那按照我们目前的增长速度,未来如果继续保持6.5%的增长,居民收入增长同步,那居民收入在10年内就会翻番,中国是一个13亿人口的大国,如果居民收入在10年翻番就会再造一个中国,他这样说。