证券公司客户资产管理业务的法律关系探析

在现行法律制度框架下，本文对证券公司客户资产管理业务中所蕴涵的法律关系特征和性质进行研究，并对最高人民法院正在制订的《关于审理金融市场上委托理财类合同纠纷案件的若干规定》司法解释有关内容以及完善客户资产管理业务有关法律制度提出了若干建议。     

内蒙古地区证券交易结算资金第三方存管业务存在的问题与建议

内容提要：证券公司客户结算资金第三方存管制度实施以来,在防范证券公司挪用客户资金、保护投资者利益方面发挥了非常重要的作用,本文在对内蒙古法人证券公司调研的基础上,从证券公司客户结算资金第三方存管制度一定程度上影响证券公司业务创新和发展方面,提出了见解。     

加强投资者利益保护 推动证券公司规范发展——评《证券法》中证券公司监管制度相关内容的修订

十届全国人大常委会第十八次会议通过的修改后的《证券法》，一个很重要的内容就是对证券公司的监管制度进行了全面的修订和完善。此次修订中，《证券法》第六章“证券公司”修改了十三条、增加了十三条、删除了九条，条文从二十九条增加到三十三条，是修订幅度最大的一章。此次《证券法》关于证券公司监管制度的修订全面体现了“加强投资者利益保护、推动证券公司规范发展”的指导思想，在总结实践经验的基础上，完善了监管制度，强化了客户资产的法律地位，保护投资者交易安全；积极借鉴境外成熟做法，改进证券公司监管模式。     

从客户认知谈受信赖的友好型银行的打造

建立良好的银行与客户的关系是银行生存和发展的必要,银行友好的服务是客户能否产生信赖的重要依据。本文从客户认知角度谈信赖的友好型银行的打造体现了银行以客户为中心的服务宗旨,金融从业人员在工作中不仅要按监管等部门的要求进行,同时也要考虑民众的需求,满足客户不断增长的金融需要,双方友好合作,互相信赖,利益共赢,是银行业长远发展的必由之路。     

从客户认知谈受信赖的友好型银行的打造

建立良好的银行与客户的关系是银行生存和发展的必要,银行友好的服务是客户能否产生信赖的重要依据。本文从客户认知角度谈信赖的友好型银行的打造体现了银行以客户为中心的服务宗旨,金融从业人员在工作中不仅要按监管等部门的要求进行,同时也要考虑民众的需求,满足客户不断增长的金融需要,双方友好合作,互相信赖,利益共赢,是银行业长远发展的必由之路。     

银行应重视与客户之间的法律关系

银行应重视与客户之间的法律关系中国银行上海市分行陈小侉研究与明确银行与客户的法律关系，对于规范银行的经营活动，提高银行的管理水平和服务质量，保护银行的自身利益和国家资金安全，促进银行向商业化、国际化方向发展均有十分重要的作用与意义。一、银行与客户间法...     

打造以“客户为中心”的营销文化

以“客户为中心”的营销文化,其核心是全心全意为客户服务,最大限度满足客户的需求,建立银行与客户之间相互信赖、相互依存的利益关系。银行员工应该摆正自己的心态,以平等的身份对待管理者,对待同行业,对待客户。     

证券经纪人制度的若干问题研究及监管建议

证券经纪人已成为我国证券市场的重要组成部分。随着证券经纪人的发展，证券经纪人相关纠纷不断涌现，凸现其法律地位模糊、法律责任界定不明等问题。为此，本文探讨了证券经纪人制度相关模式、现实状况及存在的主要问题，并分析了其与证券公司、客户之间的基础法律关系，提出规范发展我国证券经纪人制度的若干监管建议。     

融资融券交易法律关系分析

实践中融资融券交易的构造十分复杂,证券公司与其客户之间存在着借贷关系、担保关系和证券经纪关系。融资融券合同签订时,证券经纪关系发生,信托合同成立,借贷预约关系发生,但担保关系、借贷关系未发生;此后,客户提交保证金,担保关系(以担保为目的的信托关系)发生;客户进行了融资融券交易,形成客户对证券公司的债务,则借贷关系发生。     

证券公司客户关系管理信息系统及营销

根据80/20法则 ,一个企业80%的业绩来自于20 %的客户 ,如何能确切了解客户需求 ,从而发展出对客户与企业有利的价值、策略与机制 ,已成为证券公司赢得竞争的热门课题。如何维系及培养现有客户已经成为证券公司营销人员的基本要务。尤其在电子经济(E -economy)的时代中 ,证券公司必须重新思考与客户之间的关系 ,特别是在营销方面实现变革 ,引入客户关系管理 ,证券公司应该依照每一位顾客的独特需求 ,量身订做(customization)其所需的产品及服务 ,实现定制化。     

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.     

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.     

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.