A LONGITUDINAL SURVEY ON CAPITAL BUDGETING PRACTICES

This paper reports the findings of a longitudinal study of capital budgeting practices within 100 large UK companies between 1975 and 1992. Such an approach enables a more meaningful comparison of changes in investment practices over time and helps to clarify the confusing picture built up from comparison of prior surveys with different research designs and often low response rates.     

CAPITAL INVESTMENT APPRAISAL TECHNIQUES: A SURVEY OF CURRENT USAGE

This paper seeks to show that organisational change, fuelled by the expansion of information technology, may have contributed to the erosion of the previously established relationship between company size and the quantitative investment appraisal criteria selected. It finds that companies are using more methods together, that usage of the more sophisticated discounted cash flow techniques is higher, and that usage of the less theoretically sound accounting rate of return technique is lower, than previous studies would have suggested for companies of the size involved. It suggests that the size/method selection relationship may only be identifiable when the companies involved are all part of one study, or the studies compared are contemporaneous.     

BUDGETING PRACTICES IN LOCAL GOVERNMENTS OF ENGLAND AND WALES

Results of two surveys (1983/1988) of local authorities' budgeting practices for strategic planning, budget preparation, and budgetary control are presented and contrasted. Findings show both improved practices and areas needing improvement. The budgetary process remains dominated by reporting requirements that disclose the budgetary compliance position rather than control the economy, efficiency, and effectiveness of operations. Shortcomings include limited use of mid- to long-term financial planning, inadequate profiling in control statements, general failure to distinguish between controllable and non-controllable items, and general disregard of non-financial output measures.     

基于SD法的苏南地区仿古街区开发现状调查与评价

近年来,仿古街区逐渐受到人们关注,成为城市发展文化旅游中可以依托的一部分.文章将苏南地区仿古街区作为研究对象,通过SD法定性与定量地研究人们对仿古街区的主观印象,通过因子分析提取出美学、环境、氛围三大评价维度.通过分析受访者对苏南地区的多条仿古街,从单一评价因子到整体维度评价,进行了对比分析与归纳,得出了苏南地区仿古街区的整体现状及差异背后的影响因素.最后结合数据分析出这一地区的情况与特点,并提出了仿古街区的建设建议与未来展望.     

MEASURING LIMITS OF ARBITRAGE IN FIXED‐INCOME MARKETS

An emerging literature relies on an index of limits of arbitrage in fixed‐income markets. We analyze the benefits of an index that is model‐free, robust, and intuitive. This new index strengthens the evidence that limits of arbitrage proxy for risks priced in the cross‐section of returns. Trading simulations show that the new index improves identification of limits of arbitrage because it bypasses a noisy estimation step. Relative value indices in the United States, United Kingdom, Japan, Germany, Italy, France, Switzerland, and Canada exhibit strong commonality and high correlations with local volatility and funding conditions. The indices are updated regularly and available publicly.     

构建云南区域性金融中心——访全国人大代表、工行云南省分行行长许海

金融是现代经济的核心,而金融中心则会为区域经济发展提供源源不断的强大动力。因此构建区域金融中心成为城市化进程乃至区域化发展的重要议题。     

关于我国银行业建立存款保险制度的探讨

我国商业银行建立存款保险制度势在必行.实施存款保险制度,宜制定相关法律,正确确立存款保险制度的目标和组织形式,从严规定存款保险资格的标准,保险费率应遵循与商业保险费率相同的原则.存款保险制度的标的范围和保险限额,应分阶段确定.存款保险制度的资金来源宜多渠道筹集,资金运用应类似于一般商业保险公司.对问题存款保险机构的处理,应在保护存款人利益,进而保持市场稳定的前提下,防止风险进一步传导和扩散.同时,在我国建立存款保险制度还需要解决金融机构市场运行机制、金融机构经营状况、存款保险机构与中央银行的关系,以及实行差别费率所带来的实际困难等众多现实问题.     

在利率市场化条件下构建商业银行的利率风险防范机制

利率风险是由于利率随市场规律波动而引起银行收益的变动。按照风险形成的原因 ,利率风险可以划分为缺口风险、基差风险、期权风险和贴水风险。利率市场化是我国金融管理体制的重大改革 ,它将推动商业银行加强集约化经营 ,加强成本核算 ,补充资本金 ,提高抗御风险的能力 ,为业务创新提供条件和动力。建立我国商业银行的利率风险防范机制要参照《巴塞尔协议》的有关原则 ,借鉴国际商业银行的成功经验 ,建立先进的利率信息系统、高效的利率管理机制和科学的利率风险管理模式 ,并要加快商业银行改革 ;管理利率风险的根本途径是发展金融工程 ,为此 ,商业银行应及早制订金融工程发展战略。     

AN EXAMINATION OF FEDERAL AGENCY DEBT PRICING PRACTICES

Debt issuance procedures for federally sponsored agency securities differ considerably from the methods used by the U.S. Treasury and most corporate and municipal debt issuers. This paper examines the debt issuing procedures of the three major federally sponsored agencies and the efficiency with which the fiscal agents for those agencies price new debt issues. The conclusions from the analysis are: (1) fiscal agents for the major federally sponsored agencies are extremely adept at estimating the equilibrium competitive yields for new debt issues; (2) pricing errors on new issues are generally due to factors beyond a fiscal agent's control, such as the volatility of debt market conditions; and (3) the debt pricing practices for federally sponsored agency securities are efficient and effective.     

A JUDGEMENTAL INTERNATIONAL CLASSIFICATION OF FINANCIAL REPORTING PRACTICES

This paper briefly surveys some recent "empirical" international classifications. It suggests that their data contains errors and is not designed for classification, and that their methodology relies upon the doubtful data to generate hypotheses rather than to test them. This paper proposes a hypothetical classification which is more detailed and defines its universe more precisely than previous research. The testing selects factors deemed to represent fundamental aspects of difference in measurement practices, and scores these overtly and with explanation. Analysis is performed in several ways, including computer-assisted clustering techniques. The results seem to confirm the hypothetical classification, and to be consistent with (but more detailed than) some earlier classifications.     

试论工商银行内部控制机制建设的改革取向

随着金融体制改革的深入和入世后经济金融环境的变化 ,商业银行的经营风险日益暴露 ,由于我国商业银行的内部控制机制存在缺陷 ,导致违规操作和经济案件频繁发生。因此 ,健全和完善内部控制机制 ,日益成为实施科学规范化管理和实现经营目标的客观需要。本文根据巴塞尔银行监管委员会的《有效银行监管的核心原则》和《银行内部控制制度框架》 ,借鉴西方商业银行的内控机制建设经验 ,针对我国商业银行的内部控制机制建设的现状与存在的问题进行了分析和阐述 ,并结合工商银行的实际情况 ,从内控环境、风险识别与评估体系、内控措施和信息交流与监督评价等方面提出了内部控制机制建设的基本思路     

现阶段我国信用问题的表现、原因及治理对策

信用问题是关系我国市场经济健康、有序发展的重大问题之一.当前我国信用状况存在的诸多问题直接危及到经济和金融秩序,成为市场经济发展的羁绊.本文认为,我国与西方国家市场经济发展的时间相去甚远,解决信用问题不可能一蹴而就,必须逐步推进和分步实施.当前,应该以强大的舆论攻势实施拨乱反正,将不讲信用尤其要将"逃债有理"、"废债有功"的理论及行为予以彻底纠正;进而规范政府行为和会计准则,使全民树立诚信观念.此外,加强法制建设、经济金融运行的"防火墙"建设、社会信用制度及征信系统建设、存款保险机制建设等应作为完善我国市场经济、建立良好信用的中长期对策.     

当前牡丹卡业务存在风险的法律分析与建议

牡丹卡业务既是银行金融服务的一项市场工程 ,也是国家货币使用、流通、交换、储备等经济运行的一项系统工程。去年以来 ,工商银行牡丹卡业务在体制改革和服务创新的同时 ,也显露出多种风险 ,并且正形成一场牡丹卡信任危机 ,为此应引起决策者的高度重视。本文从多学科的角度 ,揭示了当前牡丹卡安全信任危机产生的主要原因 ,指出了牡丹卡业务改革创新中存在的四大责任风险 ;分析警示了“信任危机”和“责任风险”形成的负面影响 ;从法学理论上对牡丹卡的责任风险进行了深入的剖析 ,明晰了银行的法律责任 ;并从建筑有效安全防火墙的角度 ,提出了若干风险防范措施 ,以保障牡丹卡各项业务有序健康发展。