基层邮储银行反洗钱工作路径选择

邮储银行作为承担反洗钱任务的金融机构,在配合相关部门打击洗钱犯罪方面做了许多努力,但是由于各种原因,基层邮储银行的反洗钱工作仍存在许多困境和不足,文章对反洗钱工作存在的困境和不足进行了分析探讨,并提出了相应的解决策略。     

论全球碳市场机制的完善及中国的对策选择

本文在全球气候变化的大背景下提出一个可以将世界各国都纳入到减排体系的金融创新方法,在对全球碳市场现状和问题进行分析的基础上,通过引入碳期权来完善碳市场机制,并进一步探讨碳期权的定价策略,提出中国融入全球碳市场机制以及参加国际气候谈判的对策建议。     

中国体育产业发展研究

体育产业是国民经济产业结构高级化的重要组成部分,对其他产业具有较大的前后向效应。文章研究分析了中国体育产业的现状,探讨了存在的问题,提出了制定产业振兴规划、调整体育产业结构政策和加强体育产业投融资改革等对策,以加快我国体育产业的发展。     

Water pricing with household surveys: A study of acceptability and willingness to pay in Chongqing,China

In determining domestic water prices, policy makers frequently need to use demand-side information rather than only rely on supply-side data as previously did, and household surveys are often conducted to collect information on the demand side. This paper presents a multiple bounded discrete choice (MBDC) survey model for collecting information about acceptability of different water prices by different types of households and estimating households' willingness to pay for water service improvement. The results obtained from MBDC surveys can be directly utilized in the development of water pricing and subsidy policies. An empirical MBDC study is conducted in Chongqing, China, where domestic water service quality was seriously inadequate, but financial resources were insufficient to improve the service quality. With a survey of 1500 households in five suburban districts in Chongqing Municipality, this study shows that a significant increase in water price is economically feasible as long as the poorest households are properly subsidized. The analysis also indicates that the order in which hypothetical prices are presented to the respondents with the MBDC method can systematically affect the answers and should be taken into account when designing such survey instruments.     

金融消费者保护基本问题研究

本文对金融消费者概念的内涵和外延、保护体制、保护原则等进行了探讨。金融消费者,是指除金融业经营者以外的购买金融产品和服务的所有人。依据金融消费者在交易过程中与经营者相比所处的地位,可以将其分为三个层次,针对不同层次金融消费者应提供不同程度的法律保护。这是金融消费者保护的核心问题。金融消费者保护体制包含规则构建(民事、行政、刑事规则;强制性、自愿性规则)和机构设置(嵌入式和独立式)两个层面。金融消费者保护原则包括:统一保护与分业保护相结合;全面保护与重点保护相结合;倾斜保护与平等保护相结合;程序性保护与实体性保护相结合;事前预防、事中监测与事后救济相结合;法律特别保护与市场主体自我责任相结合。     

Asymptotic subadditivity/superadditivity of Value-at-Risk under tail dependence

This paper presents a new method for discussing the asymptotic subadditivity/superadditivity of Value-at-Risk (VaR) for multiple risks. We consider the asymptotic subadditivity and superadditivity properties of VaR for multiple risks whose copula admits a stable tail dependence function (STDF). For the purpose, a marginal region is defined by the marginal distributions of the multiple risks, and a stochastic order named tail concave order is presented for comparing individual tail risks. We prove that asymptotic subadditivity of VaR holds when individual risks are smaller than regularly varying (RV) random variables with index −1 under the tail concave order. We also provide sufficient conditions for VaR being asymptotically superadditive. For two multiple risks sharing the same copula function and satisfying the tail concave order, a comparison result on the asymptotic subadditivity/superadditivity of VaR is given. Asymptotic diversification ratios for RV and log regularly varying (LRV) margins with specific copula structures are obtained. Empirical analysis on financial data is provided for highlighting our results.     

技术创业型企业孵化资本投入的风险管控——来自多案例对比

待孵化的技术创业型企业同时具有概念性技术向差异化产品转化的高风险与产品异质性被认同后溢价评估的高收益特点,导致其投资者多处于隔岸观火却欲罢不能的的孵化投资矛盾中。对孵化资本实施有效的风险管控,成为吸引外部资本投入的关键。基于此,选择在可创概念选育与技术创业孵化领域探索出高成功率路径的概念证明中心、YCombinator和创新工场为研究案例,分析其在创业项目筛选、孵化资金运营等关键环节的风险管控方式,以期完善我国孵化资本管控理论、助力我国商业孵化器提高资金风险管控能力、促进外部资本投入。     

An Application of the Dynamic Network DEA Model: The Case of Banks in Taiwan

ABSTRACT

In this study, we apply the dynamic network slack-based measure data envelopment analysis model (DNSBM) to measure the efficiency of Taiwanese banks during the period 2005–11. Using the network structure, we define intellectual capital creation capability as one of the production stages. In order to capture the dynamics of the transformation process, the nonperforming loans and loan loss reserves are defined as carryover items. This study offers sufficient information for managers to understand not only the overall performance of their banks but also the efficiency of each production stage and the dynamic changes of the overall and divisional efficiencies.     

Do Sovereign Re‐Ratings Destabilize Equity Markets during Financial Crises? New Evidence from Higher Return Moments

This study investigates the effects of S&P's sovereign re‐ratings on the higher moments of equity market returns over recent financial crises. Using a set of intraday stock market index prices and sovereign credit ratings for a sample of 36 countries that experienced sovereign rating changes over the period from 1996 to 2013, we find that the higher moments of stock market returns are significantly more responsive to sovereign re‐ratings during financial crises, but the effects on stock markets are not the same across different financial crises. The effects during crises are, however, magnified for large downgrades and those that are associated with a loss of investment grade status. We find that there are asymmetric effects during financial crises in that downgrades are consistently more significant than upgrades in increasing realized volatility and realized kurtosis. Both upgrades and downgrades affect realized skewness in times of crises in the expected direction.     

试析城市发展的外部效应

城市发展是以城市经济发展为基础的包括城市经济发展在内的整个城市社会的进步，实际是一种有机体的经济活动，因此受到经济学“外部效应”普遍性的影响，对经济、文化、民主政治以及生态的协调发展产生积极的作用。因此实现城市科学、可持续发展，是现阶段城市建设的重要目标。