Financial statements based bank risk aggregation

One of the major challenges involved in risk aggregation is the lack of risk data. Recently, researchers have found that mapping financial statements into risk types is a satisfactory way to resolve the problem of data shortage and inconsistency. Nevertheless, ignoring off-balance sheet (OBS) items has so far been regarded as the usual practice in risk aggregation, which may lead to deviations in conclusions. Hence, we improve the financial statements based risk aggregation framework by mapping OBS items into risk types. Based on 487 quarterly financial statements from all 16 listed Chinese commercial banks over the period 2007–2014, we empirically study whether the overall impact of OBS activities and the individual impact of each of the OBS risk types on total risk depend on bank size. Moreover, this research divides the sample into two subsets, during and after the subprime crisis, to find out how the subprime crisis affects risks of Chinese banks. Our empirical results show that although OBS credit risk is positively linked to total risk while OBS operational risk is negatively linked to total risk for both large and small banks, the overall impact of OBS activities on total risk depends on bank size. The overall OBS activities are positively related to the large bank’s total risk while they are negatively related to the small bank’s total risk. Besides, we also found that it is the increase of liquidity risk and market risk that leads to the larger total risk of Chinese banks during the subprime crisis.     

Sociology,risk and the environment: a material-semiotic approach

Abstract

Sociology has made significant contributions to the conceptualisation of risk and critique of technical risk analysis. It has, however, unintentionally reinforced the division of labour between the natural/technical and social sciences in risk analysis. This paper argues that the problem with conceptualisations of risk is not a misplaced emphasis on calculation. Rather, it is that we have not adequately dealt with ontological distinctions implicit in both sociological and technical work on risk between material or objective risks and our socially mediated understandings and interpretations of those risks. While acknowledging that risks are simultaneously social and technical, sociologists have not, in practice, provided the conceptual and methodological tools to apprehend risk in a less dualistic manner. This limits our ability both to analyse actors and processes outside the social domain and to explore the recursive relationships between risk calculus, social action and the material outcomes of risk. In response, this paper develops a material-semiotic conceptualisation of risk and provides an assessment of its relevance to more sociologically informed risk governance. It introduces the ideas of co-constitution, emergent entities and enactment as instruments for reconciling the material and social worlds in a sociological study of risk. It further illustrates the application of a material-semiotic approach using these concepts in the nuclear industry. In deconstructing social–material dualisms in the sociology of risk, this paper argues that a material-semiotic conceptualisation of risk enables both technical and social perspectives on risk not only to coexist but to collaborate, widening the scope for interdisciplinary research.     

资本结构研究之动态权衡理论新证据

本文研究了井购交易对中国主并公司资本结构的影响,以检验关于动态权衡理论的假设.针对2000-2010年发生的158宗并购交易,通过托宾模型预测了主并公司在并购发生前后的最优杠杆率,并在此基础上研究了并购对杠杆率偏差的影响.结果显示,主并公司在并购前存在着资本结构对于最优值的偏差;主并公司运用并购来矫正该偏差,由于矫正过度,它们在并购交易完成后的长期内继续消除这种偏差.基于对经典研究方法的三点改进,本文结果显著支持动态权衡理论,并且比先前的研究更加符合经验证据.稳健性检验揭示,中国上市公司在资本结构方面的行为模式与美国上市公司高度一致.     

试论菲律宾挑衅中国南海主权的政策逻辑

一国的外交及安全决策是国内国际诸多因素综合作用的结果。然而,在一国的外交及安全决策中,作为主要决策者的政治领导人显然具有其他任何因素所不可替代的作用。在菲律宾挑衅中国南海主权的决策过程中,总统、外交部长及国防部长是菲律宾外交及安全的主要决策主体,尤其是总统更是具有举足轻重的地位和作用。因此,本文尝试从意愿的形成、能力的获得及策略的调整等个体认知角度,分别探究影响菲律宾南海挑衅政策及其变化的主要动因,并揭示菲律宾阿基诺三世政府挑衅中国南海主权的政策逻辑,为分析中国周边小国、弱国挑衅大国和强国的政策逻辑提供一种分析框架。     

高校研究生党员的先进性和纯洁性教育研究

保持党的先进性和纯洁性,是我党建设的内在要求,是马克思主义政党的本质属性。高校研究生党员保持党的先进性和纯洁性对党和国家事业的发展具有深远的意义,是历史发展的要求,是时代发展的要求。文章首先界定了研究生党员先进性和纯洁性的基本内容;其次,对高校研究生党员先进性和纯洁性教育研究的现状以及存在的问题进行了分析;最后,针对高校研究生党员先进性和纯洁性教育中存在的问题提出有效的建议和措施。     

中国的实际经济周期与税收政策效应

本文构建了财政税收的实际经济周期(RBC)模型,实证研究了中国宏观经济波动的周期特征及税收政策的经济效应。研究发现:(1)引入财政收支冲击的RBC模型能够解释70%以上中国经济波动的特征事实,政府支出冲击加剧中国实体经济波动,而税收冲击对经济波动的影响不显著。(2)降低劳动收入和资本收入的税率都能促进经济增长和带动资本和劳动的供给增加,降低劳动收入税率有利于促进居民消费增长,降低资本收入税率则起到抑制作用,调整劳动收入税率的政策效果更强。(3)资本收入税率与社会福利呈正相关和非对称性,劳动收入税率与社会福利呈负相关和非对称性,技术冲击和财政冲击的共同作用使得结构性税收调整政策的福利效应具有非对称性,两种税率的同向变动对社会福利具有放大作用,两者的反向变动对社会福利具有削弱作用。     

人才培养目标与教学管理水平的关系整合——以高职土建类专业为例

高职土建类专业人才培养目标与教学管理有着密切的关系。教学管理对人才培养目标的实现产生多方面的影响,主要体现在目标管理、过程管理、绩效管理三个方面,在明确学生学习目标、激励学生学习动力、调动学生学习积极性、引导学生全面发展等方面具有举足轻重的作用。为了更好地实现人才培养目标,应实现教学管理重心从传统的过程管理向目标管理和绩效管理的根本性转变。     

SMC-400型针梳机下机条质量控制

毛条车间生产工序中,SMC-400型针梳机是整个生产工序中比较重要的一道工序,它在毛条生产中起着承上启下的作用。控制好SMC-400型针梳机的下机条质量,对毛条车间的整个质量控制起着非常重要的作用。本文通过对SMC-400型针梳机下机条质量的影响因素及控制措施进行分析探讨,保证SMC型针梳机的出条质量。     

菱角壳的化学成分和药理活性研究进展

近年来对菱角壳的研究主要分为化学成分和药理活性研究两个方面,其中化学成分方面的研究可以概括为生物碱、酚酸类、萜类和甾体、多糖类、黄酮类5个方面;药理活性方面的研究可以概括为抗癌活性、抗氧化活性、降低α-葡萄糖苷酶活性、保肝护肝活性、抗菌活性5个方面。目前在化学成分方面的研究较弱,从研究结果来看,没食子酸及其衍生物是菱角壳的主要药用成分。最后就菱角壳的开发利用提出了几点建议。     

采气工劳动防护用品配置配备标准分析探讨

针对采气工在生产工作中所处的工作环境,分析了其对人体的7个部位可能造成的伤害,提出了"配置到站"与"配置到人"两种配置模式,从标准的适应性和经济性进行了分析,并提出了相应的劳动防护用品配置标准的改进建议。