可转债分拆交易研究——台湾经验借鉴与国内创新

本文旨在对可转债分拆交易的理论研究和台湾实践经验进行梳理的基础上,为国内可转债分拆的交易框架和定价设计提供借鉴。本文的结构安排如下:首先,对可转债分拆交易的相关文献进行综述;其次,阐述可转债分拆的交易结构与理论定价;再次,介绍台湾可转债分拆交易的现实定价与法律框架;最后,结合国内的发展现状,提出国内可转债分拆交易的相关制度设计框架,并给出了进一步的政策建议。     

国有商业银行分支机构调整战略及规划探析

我国国有商业银行在分支机构管理上存在着分支机构总量过于庞大、人员过多、布局缺乏地区定位以及管理链条较长等问题,导致的结果就是管理成本高、市场反应速度慢,这将不利于其在日益激烈的同业竞争中获胜.据此,结合我国区域经济发展的特征和金融资源的分布情况,参照国际商业银行分支机构管理的经验,作者提出了国有商业银行分支机构调整战略目标以及"一个重心,三条主线"的战略规划,"一个重心"主要是指以中心城市行为发展重心;"三条主线"包括纵向的组织结构扁平化、横向的网点区域布局调整以及按业务流程对组织架构进行整合.     

再议编制现金流量表的要点

现金流量表编制质量的高低，对企业经营活动的影响至关重要。作从合理区分现金流量的类别、正确界定现金及现金等价物、全面掌握现金流量表编制的方法、准确把握附注的列示四个方面提出了正确编制现金流量表应把握的要点。     

信用风险管理与信用衍生产品

本文首先介绍了信用风险管理的传统方法和度量手段及影响,然后指出其不足之处,并引出信用衍生产品。信用衍生产品主要通过将信用风险从其他风险中剥离出来,转嫁其他机构以达到降低自身的风险的暴露水平,然后再系统地分析各种主要的信用衍生产品的基本原理之上,分析了利用信用衍生产品管理信用风险并说明了意义所在,最后对如何在中国金融市场上应用它提出了几点建议。     

Stock price informativeness on the sensitivity of strategic M&A investment to Q

Using a strategic merger sample that covers the period from 1985 to 2011, we find that the acquirer’s stock price firm-specific information, the new information created by investors about the value of firm fundamentals, increases the positive sensitivity of strategic merger investment to the acquirer’s Q; the target’s stock price firm-specific information increases the negative sensitivity of merger investment to the target’s Q. These results suggest that managers learn from financial markets in identifying strategic merger investment opportunities by transferring assets from poorly managed firms to well managed firms. In addition, the target’s stock price firm-specific information itself increases the acquisition size, indicating that informed acquirer managers are more likely to take out large merger investment. Last but not the least, stock price informativeness increases merger synergies and post-merger performance, suggesting that informed managers make better merger investment that increases shareholder value. Our study contributes to the recent increasing stream of studies on managerial learning from the market.     

Financial Policy in Practice: Benchmarking Financial Sector Strategies Around the World

Policy makers use financial sector strategies to formulate a holistic policy for the national financial system. This article examines and rates financial sector strategies around the world on how well they formulate development targets, arrangements for systemic risk management, and implementing plans. The strategies are also rated on whether they consider policy trade-offs between financial development and systemic risk management. The rated strategies are then benchmarked against a range of country characteristics. The analysis finds that the scope and quality of national strategies for the financial sector are systematically influenced by several country characteristics. Interestingly, policy trade-offs, particularly between financial development and systemic risk management, are not adequately considered in the strategies.     

Intelligent agents for adaptive security market surveillance

Market surveillance systems have increasingly gained in usage for monitoring trading activities in stock markets to maintain market integrity. Existing systems primarily focus on the numerical analysis of market activity data and generally ignore textual information. To fulfil the requirements of information-based surveillance, a multi-agent-based architecture that uses agent intercommunication and incremental learning mechanisms is proposed to provide a flexible and adaptive inspection process. A prototype system is implemented using the techniques of text mining and rule-based reasoning, among others. Based on experiments in the scalping surveillance scenario, the system can identify target information evidence up to 87.50% of the time and automatically identify 70.59% of cases depending on the constraints on the available information sources. The results of this study indicate that the proposed information surveillance system is effective. This study thus contributes to the market surveillance literature and has significant practical implications.     

匹配式管理模式在汽车城规划建设中的探索与应用

针对两江国际汽车城规划建设中招商引资困难的问题,结合两江国际汽车城的实际情况、资源条件以及发展趋势,设计了匹配式管理模式.在阐述匹配式管理模式内涵基础上,对匹配式管理体系的组成要素、框架结构、匹配关系等进行了分析,并对该管理模式在实际中的应用效果及推广意义进行了总结.     

Behavioural Modification Techniques as Tools for Performance Enhancement in the Nigerian Banking Industry： A Survey of Selected Banks in Makurdi

This paper is a critical analysis of behavioral modification techniques as tools for performance enhancement in the Nigerian Banking Industry. The overriding objective of the study was to determine the impact of behavior modification techniques on performance enhancement in the Nigerian banking industry. The specific focus was on selected banks in the Makurdi metropolis, Benue State. The study employed a simple empirical survey method with a view to eliciting relevant data for analytical purpose so as to answer several questions and to obtain the objectives of the study. Both primary and secondary sources were explored in a bid to attain data which were considered to be highly germaine to the investigation under reference. Five-point Likert scale rating questionnaire was used in obtaining the views and opinions of respondents （i.e. strongly agree-5, agree-4, undecided-3, disagree-2, and strongly disagree--l）. Two hypotheses were formulated and tested. Non-parametric tools including simple percentages and Pearson Chi-square statistics were used due to their analytical simplicity and relevance. The study found that banks in Makurdi utilized behavior modification strategies translated to high organizational success or enhancement in a comparative sense. This was evident from the fact that the banks net profitability trends were observed to be upwards generically. In the light of the findings of the study, it is hereby recommended that proactive behavior modifications strategies rules guideline and the like be tailored along lines with greatest organizational profitability trends and performance enhancement profiles, both potential and actual. This will require rewarding productive behaviors that detect/report fraudulent acts with cash gifts, meritawards, prizes and discouraging unproductive behaviors such as fraudulent activities, absenteeism, drug abuse, alcoholic influences and lateness to work amongst others with punishment, extinction, and negative reinforcement.     

浅谈±660kV宁东-山东精品工程中的创新与发展

创新是一个民族进步的灵魂,是一个国家兴旺发达的不竭动力。文章介绍了±660kV宁东-山东精品工程中的创新与发展。