中国冶勘预算管理刍议

由于历史原因 ,不少地勘企业运行机制存在许多缺陷 ,其中预算管理薄弱便是其中之一。如何进一步规范和加强预算管理 ,不但事关地勘企业本身 ,而且事关地勘行业转企改制的大局。本文从中国冶勘在全系统推行全面预算管理的实践出发 ,对地勘企业预算管理中面临的三个基本问题进行了分析和探讨     

Asymmetrical return on equity mean reversion and catering

Using a momentum threshold autoregression model, we find evidence showing that there is an asymmetrical mean reversion behavior in return on equity (ROE). Results show that the speed of adjustment of ROE towards the long-term mean is slower in the ROE increasing regimes than in the ROE decreasing regimes. Additional results indicate that investor earnings optimism is significantly related to change in abnormal ROE. These results are consistent with predictions from catering theory.     

Are stock and real estate markets integrated? An empirical study of six Asian economies

Rising asset prices spurred by Asia's emerging economy have drawn much attention recently. This study examines one source of growth patterns in asset prices by analyzing the integration relationship between stock markets and real estate markets in Asia. Six economies are selected for empirical analysis: China, Hong Kong, Japan, Singapore, South Korea, and Taiwan. Results show that stock markets are integrated with real estate markets in Japan, and partially integrated with real estate markets in China, Hong Kong, and Taiwan. This implies that these two investment vehicles are substitutable in China, Hong Kong, Japan, and Taiwan, and provide diversification potential for investment portfolios in South Korea and Singapore. Examining the timing of market changes, we found the real estate market leading the stock market in some countries, and the stock market leading the real estate market in others. We conclude that stock and real estate markets show a variety of inter-relationships depending on economic and political policy environments.     

国际油价上涨导致国内全行业成本上升

2010年国际油价平稳上涨,高位运行己成定局,国内原油、天然气等主要产品产量增长较快,但原油对外依存度仍然继续上升.石油和化工领域重大项目的建成投产不断优化国内产业布局,提高国内供应能力,预计2011-2013年重大项目的建设仍然保持较快速度.2010年中国石油公司海外收购斩获颇丰,三大石油公司均有进账.随着国内原油需求的增长,石油公司海外收购的步伐会越来越大.虽然全年经济都处于通胀压力下,但油气资源产品价格体系改革并没有停滞,预计随着国际油气价格的提高,国内的改革进程会继续深入,这也将导致全行业成本上升.     

中小企业贷款担保业务风险管理研究

为了实现我国经济的又好又快发展,国家大力倡导通过各种方式支持中小企业健康成长,而中小企业担保业务是其中的重要手段.本文首先分析了中小企业信用担保的风险特点,其次对中小企业信用担保风险的来源从不同层面进行了分析,最后在此基础上提出了完善中小企业贷款担保机构风险管理的相关建议.     

银行业支持铜川资源型城市转型的建议

陕西铜川资源型城市转型过程中银行业面临的困难是：贷款在行业和企业集中度高,风险集中;当地银行规模小,授信有限;国家压缩产能过剩行业和加大节能减排带来的信用风险。本文建议：财政、资本市场和银行信贷应配套支持经济转型,降低银行风险;应建立接续产业资本金拨付和扶持基金制度,处理好地方比较优势和产能过剩的关系,适当调整对转型城市的信贷政策;对转型城市的银行内部考核给予适当容忍。     

A computing bias in estimating the probability of informed trading

This study identifies a factor that leads to a bias in estimating the probability of informed trading (PIN), a widely-used microstructure measure. It is shown that, along with the numerical maximization of the likelihood function for PIN, the floating-point exception (i.e., overflow or underflow) may eliminate feasible solutions to the actual parameters in the optimization problem. Approximately 44% of PIN estimates for recent stock market data may have been subject to a downward bias that is more pronounced for active stocks than for inactive stocks. This study develops a remedy to mitigate the resulting bias.     

同业存放与同业拆借业务的比较分析与改进建议

作为货币市场业务的重要组成部分,长期以来同业存放与同业拆借都是金融机构实现资金融通与往来的重要形式。文章通过总结当前两类业务的发展现状与问题,比较分析两类业务在会计核算、操作流程、定价机制等方面的异同点,提出了共同优化这两类业务发展的若干改进建议。     

增值税转型改革与企业固定资产投资决策——基于中国上市公司数据的面板双重差分模型分析

通过选择我国上市公司财务数据,采用面板双重差分模型,从企业微观层面分析增值税转型改革对企业固定资产投资决策的影响。研究发现:增值税转型改革显著提高了企业固定资产投资,有利于老工业基地的固定资产更新改造和优化产业结构;但从长期效果看,转型政策对企业投资行为的影响存在滞后期,而且不同地区的投资激励效果也有显著差异。     

城市商业银行跨区域发展利弊分析

城市商业银行跨区域发展对进一步完善地方金融服务体系,提高金融服务水平,促进地方经济发展发挥了较好的作用。但是,随着城市商业银行跨区域进程的加快,其自身经营管理存在的弊端逐步显现,需要监管政策加以正确引导。对城市商业银行跨区域发展进行了利弊分析,并从监管视角提出了政策建议。