Airport Regulation: Reflecting on the Lessons from BAA plc

This article discusses the implications of airport privatization and regulation with reference to the case of BAA plc. It concludes that regulation should be implemented in a coordinated manner which is consistent with wider policy goals and which respects the outcomes for all stakeholders. The need for countries to have a strategic airports policy to guide development towards national economic and environmental goals is highlighted. The implications of the regulation of BAA to protect public interest is both timely and topical given that the next government airports policy is due to be released in 2002 and current plans for the privatization of air traffic control. Regulation may be the only policy lever to shape a privatized and commercialised airport system and its role within a wider integrated transport strategy.     

Regulatory Capital Charges for Too‐Connected‐to‐Fail Institutions: A Practical Proposal

The recent financial crisis has highlighted once more that interconnectedness in the financial system is a major source of systemic risk. I suggest a practical way to levy regulatory capital charges based on the degree of interconnectedness among financial institutions. Namely, the charges are based on the institution's incremental contribution to systemic risk based on a risk budgeting approach. The imposition of such capital charges could go a long way towards internalizing the negative externalities associated with too‐connected‐to‐fail institutions and providing managerial incentives to strengthen an institution's solvency position, and avoid too much homogeneity and excessive reliance on the same counterparties in the financial industry.     

Designing the annual reports of burton plc from 1930 to 1994

This paper undertakes a historical review of the use of design and designers in the annual reports of Burton PLC, against a backdrop of the firm's commercial history. It highlights a subordinate role for design from 1930 until the 1970s, when it was used increasingly to embellish the annual report. Design assumed a very significant role from 1984, when the firm's annual report was transformed into a corporate communications tool. The paper suggests that Burton was among the first British companies to reach this stage, and that it was some ten years behind the generality of U.S. corporations in this regard. Using Burton as an example, the study concludes by proposing that the turning of the annual report into a public relations document has latent disadvantages and by advocating that design briefs in this area should be differently focused.     

完善高校内部会计控制的有效途径

内部控制制度是现代管理理论的重要组成部分,也是高校发展必不可少的管理工具之一。而目前内部控制制度的适用范围,多是针对企业而言,涉及高校的部分较少,即使是涉及到了也是不完善的。为更好地提高高校财务管理,使原本不够完善的内部控制模式实现其管理的功能,必须完善高校内部控制制度。更好地利用各种现代化管理方法等来发挥管理高校的职能,已经成为当前高校管理的重中之重。     

Alumina plc: A case study of the post-audit of capital investment expenditure

The case examines investment expenditures made by a major Australian manufacturer involved in the mining of bauxite ore and its refinement into alumina. The expenditures, around which the case revolves, are intended to increase the efficiency of operations of one West Australian refinery, consistent with corporate goals of cost reduction and profit improvement. The investment evaluation processes then in place at Alumina plc permitted the joint evaluation of multiple projects, even where the relationship between the projects might be tenuous. The case details one such multi-project investment and facilitates an evaluation of the components in a way that suggests that the appraisal process might be flawed, or at least sub-optimal.     

商业银行服务收费的合法性问题分析

对中国商业银行服务收费行为的合法性分析应当从行政管理法律关系以及合同法律关系两个层面进行.银行业监管者应当更新观念,弱化行政管理惯性,促使商业银行与其客户之间通过合同法律关系的维度来确认双方的权利和义务.根据银行服务合同是否已经缔结这一判断标准,应当将商业银行的收费行为进行分类,并判断相应收费行为的合法性.为了促进金融...     

Evidence on the Incremental Information Contained in the Components of Restructuring Charges

Among the new disclosures required by EITF 94–3 is the requirement that firms disclose the nature and amounts of the material components of a restructuring charge. The objective of this paper is to assess whether these components provide information to financial statement users beyond that contained in the aggregate charge. The evidence is consistent with the decomposition of the charge providing incremental information that would be lost if only the aggregate number is reported. The results also appear to suggest that analysts interpret restructurings as bad news and that inventory writedowns and employee terminations are interpreted as the most negative restructuring components.     

商业银行金融服务收费法律问题研究

银行收取服务费是市场经济规律的重要体现,加强监管是基于现实的必然选择。收费的核心问题是要合理界定政府和银行在服务定价中的权力范围,在定价上应当逐渐减少政府干预,以银行自主定价为主导并辅以适度监管。金融服务收费的规范必须通过加快立法等途径来实现。     

Kiva风控体系对完善我国P2P监管政策的启示

2015年,央行牵头发布了《关于促进互联网金融健康发展的指导意见》,期待已久的P2P监管政策终于落地.然而,P2P平台跑路、诈骗以及道德风险的存在,使我国在P2P风险监管政策上还需细化和扩展,而美国非营利性平台—Kiva以其独特的风控制度实现了对平台风险良好控制,加之其双层的风控结构可以为我国P2P风险监管政策完善提供重要思路.     

国内外商业银行中间业务服务收费比较研究

商业银行中间业务服务收费是商业银行一项重要的收入,本文对比了国内外商业银行中间业务服务收费的情况,分析了我国商业银行中间服务收费存在的问题,并提出相应的对策建议。     

建立我国基于风险控制的企业年金监管体系

在我国企业年金制度启动后，为防范企业年金基金管理风险，必须建立一套行之有效的监管体系和监管方法。本文提出建立我国基于风险控制的企业年金监管体系，该体系是基于风险的金融监管理论在企业年金领域的应用和实践。建立基于风险的企业年金监管体系主要包括4个方面的内容：即确定企业年金的监管架构及适合我国国情的监管模式；建立统一的风险监管平台，开发统一的企业年金风险监管系统，统一企业年金监管风险管理工具和风险指标，形成支持协同监管的技术系统平台；完善规章制度体系，凄定监管基础；切实严格执行管理机构的准入制度，形成优胜劣汰良好机制。     

商业银行中间业务收费的效应分析

随着《商业银行服务价格管理暂行办法》的出台,预示着中国银行业服务“免费时代”的终结,取而代之的是与国际接轨的“有偿服务时代”。分析商业银行中间业务产品合理收费的正面影响和不合理收费的负面影响,旨在消除在现实生活中把银行服务当作“免费午餐”的旧观念,并为商业银行积极开拓中间业务,建立中间业务可持续发展战略,增加利润来源提供理论依据和实践空间。     

中交的财务轨道

快速整合后整体上市,高负债结构下疏浚现金流,海外并购提速,以及有限多元化的资源与风险的平衡……中交集团CFO傅俊元在过去的五年中一直致力于铺设一条健康、平稳而且快速的财务轨道。     

建立我国基于风险控制的企业年金监管体系

在我国企业年金制度启动后,为防范企业年金基金管理风险,必须建立一套行之有效的监管体系和监管方法。本文提出建立我国基于风险控制的企业年金监管体系,该体系是基于风险的金融监管理论在企业年金领域的应用和实践。建立基于风险的企业年金监管体系主要包括4个方面的内容:即确定企业年金的监管架构及适合我国国情的监管模式;建立统一的风险监管平台,开发统一的企业年金风险监管系统,统一企业年金监管风险管理工具和风险指标,形成支持协同监管的技术系统平台;完善规章制度体系,奠定监管基础;切实严格执行管理机构的准入制度,形成优胜劣汰良好机制。     

On the Role of Regulatory Banking Capital

In this paper the authors study the role of regulatory banking capital and analyze the incentive effects of the Basel II Accord. They argue that Basel II may become a source of systemic risk due to endogenous risk and the risk sensitivity of the capital requirements. In this context they note that financial instability may enter via the asset side of the banks' balance sheets when banks are forced to sell assets in order to maintain the capital buffer prescribed by Basel II.     

Governance of the Regulatory Decision Making Process

The author looks at how regulatory decisions are taken, and implemented, at national as well as international level and discusses issues such as independence of regulatory and supervisory authorities, regulatory capture and the rivalry in decision taking between Basel, Brussels and Washington.     

金融危机以来的监管改革

正危机的起源很显然,今天这个场合并不适合对危机的起源作广泛的讨论。但是,在分析改革进程之前,对我们今天应该讨论的基本问题进行一个简要回顾是十分重要的。罗斯福新政融合了先前存在于《国民银行法》和各州银行法中的限制性规定,将商业银行传统的借贷活动限制在一个限定的地理区域内,同时,通过联邦存款保险安排和联储贴现窗口防止其倒闭和发生恐     

金融科技的监管模式选择与优化路径研究——兼对监管沙箱模式的反思

金融科技正在推动金融变革,并给金融监管带来挑战。为此,各国监管者基于本国的实践和自身能力不断探索适合自己的监管方案,从而在促进创新的同时降低风险。按照监管严厉程度,各国金融科技的监管模式可划分为五种类型:"自由放任"型、"个案分析"型、"试验主义"型(包括监管沙箱)、"量体裁衣"型和"削足适履"型。这五种类型的监管均利、弊共存,即使备受推崇的监管沙箱也不例外。监管沙箱目前的实践范围和规模均有限,有些制度设计只是披着监管沙箱的"外衣",其实质与传统监管路径并无二致,且"试点"等其他"试验主义"监管作为监管沙箱的替代路径也值得探讨。在此基础上,本文认为借助监管科技,构建与金融科技发展阶段和风险程度相匹配的递进性监管包容制度,是有效平衡金融科技创新与风险的有效监管路径。     

Reducing Regulatory Risk: The Case for a New Regulatory Contract with the Privatized Utilities

Privatization was intended to reverse the inefficiencies of state ownership. When the public utilities were privatized in the UK, between 1984 and 1996, newdedicated regulatory offices were established: Oftel, Ofgas, Ofwat, Offer and the ORR. Terms of reference for the regulators were set out in the privatization legislation, but more generally the regulators were given considerable discretion over their industries. Against the background of the Government Green Paper on the future of regulation in the UK, this article argues that while regulatory discretion was desirable in the early days of regulation, there is now a stronger case for introducing 'contracts' which constrain regulatory discretion and reduce regulatory risk.