金融工程与金融效率：兼论金融工程有我国的应用与发展

广义的金融工程是指利用一切工程化手段来进行来解决金融问题的技术开发,它不仅包括金融产品设计,还包括金融产品定价、交易策略设计、金融风险管理等各个方面。金融工程通过创造金融产品、迅速实现均衡价格、提高投资者的投风险能力、降低交易成本、提高融资便利、提高监管水平促进金融效率的提高。我国应积极创造条件应用金融工程来提高金融业的整体效率。     

对发展政策性金融的分析与思考

随着我国经济体制改革的进一步深化,根据市场需求配置金融资源,已经成为我国金融体系建设的重要目标.但是由于我国经济结构极不平衡,很多领域需要通过政策性金融加以解决.笔者研究了我国政策性金融的发展历史及积极意义和存在的问题,提出了推进政策性金融发展的对策建议.     

对发展政策性金融的分析与思考

随着我国经济体制改革的进一步深化,根据市场需求配置金融资源,已经成为我国金融体系建设的重要目标。但是由于我国经济结构极不平衡,很多领域需要通过政策性金融加以解决。笔者研究了我国政策性金融的发展历史及积极意义和存在的问题,提出了推进政策性金融发展的对策建议。     

江苏省文化金融的实践与思考

本文以江苏文化金融发展为例,尝试从产业发展、金融支持、政策扶持等角度分析当前文化金融发展面临的困境,并提出通过完善顶层设计、加强政策倾斜、把握契机、协同推进、促进文化与金融在更高层次上紧密融合的政策建议。     

我国普惠金融发展的现状与建议

普惠金融是一项意义深远、势在必行的发展战略。发展普惠金融是我们全面建成小康社会、实现共同富裕的重要途径,意义可谓重大而深远。过去几年,普惠金融在我国的发展取得了明显成效,但从实践看,普惠金融服务还不均衡,相关体系也不健全,以及商业可持续性也尚待提高,因此需要尽快采取相应对策,促进我国普惠金融健康发展。     

金融功能研究的回顾与总结

金融功能观的提出对金融理论研究产生了重大影响,但对金融功能如何界定存在较多争议.金融功能就是金融工具、金融机构以及整个金融体系对经济社会发展所具有的推动作用,根据抽象程度的区别可以划分为不同层次.金融功能处于整个金融发展问题研究的关键节点,连接着整个金融体系与实体经济.     

我国金融体制改革与发展的总体思路

中国实施改革开放政策以来,金融业发展取得了显著的成绩,建立和完善了金融宏观调控与监管体系、金融机构体系、金融市场体系、金融产品体系和金融基础设施服务体系。在后危机时代,中国金融业面临新的机遇和挑战。从国际上看,世界经济正从波动中缓慢复苏,但是世界经济复苏的基础仍比较薄弱。从国内来看,我国经济面临的有利因素较多,同时,我国经济社会发展仍然面临严峻挑战,促进经济发展方式转变和经济结构优化的任务还很艰巨。因此,我国需要深化金融改革和加快金融创新,加强宏观调控和维护金融稳定,促进国民经济又好又快地发展。     

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.