农村金融创新服务县域特色产业发展的启示

探索农村金融创新,通过产品创新、服务组织创新和制度创新服务县域特色产业的发展是当前县域金融发展的重要课题.国家级农村综合改革试验区--贵州湄潭县的茶产业的发展案例.正是这一课题的典型代表.茶产业作为该县的特色产业,随着产业规模的发展,普遍出现茶农贷款难、茶叶加工企业融资难等与农村金融服务机构由于抵押不足而导致的难贷款的矛盾现象.在内部实践和外部推动下,该县农村金融创新服务茶产业发展取得了一定的经验和启示.     

AN EVOLUTIONARY PERSPECTIVE ON DIVERSIFICATION AND CORPORATE RESTRUCTURING: ENTRY,EXIT, AND ECONOMIC PERFORMANCE DURING 1981–89

This study proposes a theoretical perspective that firms engage in continuous search and selection activities in order to improve their knowledge base and thereby improve their performance. This general framework is applied to the context of corporate evolution. Entry and exit activities are understood as search and selection undertaken by the firm to improve their performance. One of the compelling features of this framework is that firms learn from their past entry experience and approach the next entry in a more focused and directed manner over time. Also, firms acquire additional knowledge from each entry event while applying their existing knowledge base. With a longitudinal (1981–89) data base on entry and exit activities of all publicly traded manufacturing firms in the United States, this study shows that applicability of the firm's knowledge base plays an important role in predicting which businesses a firm enters or exits. Firms sequentially enter businesses of similar human resource profiles and firms are more likely to divest lines of business of different profiles. Corporate-level analysis shows that such well-directed entry and exit contribute to the improvement of a firm's profitability.     

抽油机“一拖多”节能效果测试方法探索

通过分析抽油机“一拖多”变频技术节能效果测试中存在的问题,结合“一拖多”的节能原理,比较井组测试和单井测试2种不同方法判定节能效果的科学有效性,得出井组测试是适应“一拖多”变频原理测试方法的结论。     

存款保险研究新进展:定价和制度效应

存款保险制度的主要作用是应对挤兑风险,加强公众对银行体系的信心。通过对现有关于存款保险定价和存款保险制度效应的文献进行梳理发现：基于期权定价法的存款保险定价方法虽较少在实践层面应用,但促进了存款保险制度的完善;存款保险制度受金融环境、制度设计及银行自身等影响而产生不同的效应,良性的制度运转与金融体系的完善相辅相成。未来的研究将着重考虑中小银行费率的厘定及存款保险制度与金融安全网之间的协同作用。     

面向用户的数据结构及数据访问技术

数据库是实现信息处理技术的基础,构建统一数据格式的输入输出接口,设计风格统一的数据访问界面是设计信息处理软件系统的关键。基于上述观点,笔者以实例论述了基于用户的数据结构组织及数据访问技术,总结了实现信息处理系统的行之有效的技术路线。     

Types of agency cost,corporate governance and liquidity

We study the relationship between governance and liquidity when the agency costs of entrenched management and self-serving controlling shareholders are present. Using a sample of Chinese firms, we show a positive relationship between governance and liquidity. We also find striking differences between firms faced with different types of agency conflicts. Specifically, governance measures such as management compensation, controlling shareholder monitoring and board independence are more effective in lowering the bid-ask spread for state-owned enterprises prone to management entrenchment. In contrast, multiple-layer corporate structures and a higher degree of separation between control and cash flow rights are associated with higher bid-ask spreads in non-state firms characterized by self-serving controlling shareholders. Our study highlights how governance might have different liquidity effects between firms faced with different types of agency conflicts.     

庚子赔款的债务化偿付及其影响

庚子赔款是中国近代史上最大一笔赔款,也是以长期债务形式体现的赔款。本文对庚子赔款的债务化偿付安排、利率水平、支付流程及经济影响等进行比较分析。发现:(1)庚子赔款本金4.5亿两,是清政府 1903 年财政收入的 4.33倍,但通过债务化偿付,每年支付赔款占财政收入比重逐步下降;(2)按购买力折算,庚子赔款本金约占1900年中国GDP的2.1%;(3)与当时主要国家长期债务利率相比,庚子赔款4%的利率属于中等水平;(4)将庚子赔款与德国“一战”赔款进行比较,发现赔款本金和占经济总量比重,中国低于德国,但中国每年支付赔款的财政压力高于德国;(5)庚子赔款偿付对近代中国的财税金融产生深刻影响,外籍海关税务司借机成为独立于中国政府的“第二财政”,外商银行藉此强化其“隐性中央银行” 地位,赔款还催生了货币流通的“新周期” 和“新危机”。总体上,赔款的债务化偿付安排不仅受政治外交形势主导,也与金融机构特别是银行跨国经营存在密切联系。赔款的经济影响不仅取决于偿付总量,也取决于经济治理能力和财税金融制度。国家财税金融制度落后,则受到冲击较大。     

关于商品市场场外掉期产品集中清算机制的研究

今年以来铁矿石价格明显上涨,其季度指数化定价已成趋势,而国际上铁矿石衍生品交易热度也在不断升温,其交易的金融化特征逐渐显现。文章以铁矿石场外掉期交易为例,介绍了近年来商品市场上场外掉期产品集中清算机制的构成,并研究了它的发展特征。     

关于合同索赔的几点思考

分析了索赔认识误区、业主与承包商之间的权利、“关系”意识及监理工程师的“公正性”。建议通过银行的介入、取消监理工程师的公正性,采用争端裁决委员会来解决争端等方法来平衡承包商与业主之间的权利,从而提高建筑工程索赔水平,促进筑行业水平的整体提高。     

小型水利工程监督能力建设分析

自2019年水利行业各项监督检查工作有序开展以来,水利行业监督检查相关法律法规及制度标准相继完善,监管体制机制不断健全,监管信息化不断增强,监管成果得到应用推广.按照新形势下水利监督工作要求,以小型水库安全运行监督工作为例,查找现有监督工作中存在的问题并以提升新形势下监督能力为目的提出对策建议,为提升小型水利工程安全运...