中央银行在宏观审慎监管体系中的地位与权限

全球金融危机后,欧美等主要国家加快了金融监管改革步伐。在新的金融监管框架中,中央银行的监管地位明显加强。实际上,中央银行在履行最后贷款人职能、实施货币政策、开展宏观审慎监管和维护支付清算系统运行中都扮演着金融稳定的重要角色。因此,强化中央银行监管权限有着充分的理论依据。中国人民银行担负着维护金融稳定的法定职责,在构建我国宏观审慎监管体系中,应进一步明确其监管地位,赋予其应有的监管权限。     

国有控股商业银行监督权配置问题研究

本文首先通过提出一种新的企业观,并结合对股份制商业银行企业特性的分析说明了股份制商业银行应高度重视监督权的配置,接着,对我国现有的股份制商业银行的监督权配置的现状进行了考察并对其低效配置的原因进行了分析,最后,本文提出,可通过战略投资者委派监事这一新的监事会制度来完善我国国有控股商业银行监督权的配置。     

金融行业协会在金融监管中的作用——兼评中国现行金融行业协会的缺陷与不足

文章较为详细地阐述了金融行业协会的产生、地位和作用,并指出其有非政府性、自律性、非盈利性三大法律属性。市场和政府的双重缺陷促使金融行业协会适时而生,金融行业协会的服务与监管功能、干预与调控功能和协调与自律功能也能在很大程度上弥补市场和政府的双重缺陷。但是,由于中国特殊的政治、经济体制,使得其金融行业协会缺乏独立性,也缺乏权威性,无法起到其应有的作用。今后的改革方向是,进一步深化金融体制改革,增强中国金融行业协会的独立性,建立健全相关的金融消费者组织。     

The Alternative of Private Regulation: The London Stock Exchange's Alternative Investment Market as a Model

Most people assume that markets require a strong set of government rules and regulations to eliminate problems associated with transparency and fraud. Commonly overlooked is the fact that stock exchanges did, and to a large extent still do, provide a set of private rules and regulations. One modern stock exchange that relies heavily on private rather than government regulation is the London Stock Exchange's Alternative Investment Market (AIM). Founded in 1995, AIM is an exchange regulated market in which private regulators, called Nominated Advisors or Nomads, oversee individual firms and decide whether they can list their shares. This system of private regulation reduces regulatory barriers and has attracted many new firms. But rather than being ‘a race to the bottom’ in which anything goes, the private regulators work to put their stamp of approval only on firms that warrant trading. The market has attracted a lot of investment, and the survival rate of IPOs is in line with that of other more regulated markets.     

加强道德修养 构筑思想防线 浅议党员领导干部树“观”防变

江泽民同志三个代表的重要思想,对新时期党员领导干部提出了更高的要求,要把这一要求落实到实处,广大党员尤其是各级领导干部就必须以三个代表重要思想严格规范自己,大力加强自身思想道德修养和从政道德建设,以德律权,在内心深处筑起一道牢固的思想道德防线。     

Network Rail – forward or backward? Not-for-profit in British transport

This article examines the brief and unsuccessful career of the privately-owned infrastructure company, Railtrack, and its part in the privatised railway system in the UK between 1996 and 2001. It discusses the decision of the British government to discontinue public support for Railtrack and to set up a new not-for-profit company, Network Rail, to replace it. The ongoing public debate over these events and the prospects for the new company are analysed. Two earlier, and broadly successful, examples of not-for-profit companies in British transport history, are briefly considered for comparative purposes – the Port of London Authority and the London Passenger Transport Board.     

Factors influencing Generation Y consumers’ perceptions of eWOM credibility: a study of the fast-food industry

eWOM communication is certainly one of the most influential drivers of purchase decisions. However, little knowledge is available on the factors that influence the trustworthiness and credibility of eWOM communication. To address this research gap, the study aimed to assess whether the three independent variables (homophily, authority and interestingness) have a significant positive indirect effect on eWOM credibility, as mediated by source trustworthiness. The context of the study was fast-food retailers. A cross-sectional survey was conducted and the target population included all Generation Y consumers that visited the fast-food market leaders in Gauteng province, the economic hub of South Africa. Lisrel version 8.8 was used to analyse the results obtained from a realised sample of 362 respondents and to compile the structural equation model. The findings of the study support the research hypotheses formulated and offer a theoretical contribution by enhancing knowledge of the relationships between the variables investigated as well as the factors that could influence eWOM credibility. The study also has meaning to fast-food retailers, as the model could be applied to formulate appropriate strategies and influence the online conversations and perceptions of consumers.     

哈耶克诘难、权威转变与经济成长:中国分权式改革的逻辑

中国的分权式改革一定是做对了什么才产生了我们见到的经济奇迹,那是什么呢?中国的分权式改革从事实上回应了哈耶克诘难,即信息和知识的分散性使得计划体制不可能实现其理想状态。通过经济上放权让利和政治上的集权,调动社会各阶层的能动性,使得权威和信息相匹配,形成了有效的层级分工创新体制,从而实现经济成长。由于分工的深化和经济活动的扩展,经济分权体现出必然性。在这一过程中,每一个分立的个体都凭借个体知识在分工体系中分享收益,因而实现了共享式的发展,从自由的角度看,个体的自由也得到了极大的扩展。如果要释放更多的经济增长潜力,进一步的改革是必需的。     

The catering industry as a source of campylobacteriosis in Europe—A review

Thermotolerant species of Campylobacter are the causative agents of the human illness called campylobacteriosis. The number of confirmed cases of human campylobacteriosis in the European Union followed a significant increasing trend in the period 2008–2012, and continued to be the most commonly reported zoonosis with 214,779 confirmed cases in 2013; the notification of human campylobacteriosis is today mandatory in most European Member States. Recent reports from the European Food Safety Authority have identified catering (catering services, restaurants, hotels, pubs, bars) as the most frequently reported setting for Campylobacter infection (EFSA and ECDC, 2015). As can be evinced from the analysis of the scientific literature, the quality of raw meat has been identified as a parameter of fundamental importance, but the contribution of incorrect food handling procedures is by no means negligible. In fact, poor hygiene during poultry meat preparation as well as inadequate cooking and cross-contamination between raw meat and ready-to-eat food were found to be the main causes for the spread of campylobacteriosis related to the catering industry.     

Predictive analytics and centralization of authority

We examine the relation between plant-level predictive analytics use and centralization of authority for more than 25,000 manufacturing plants using proprietary US Census data. We focus on headquarters' authority over plants through delegation of decision-making and design of performance-based incentives. We find that increased predictive analytics use is associated with reduced delegation of decision-rights to local managers, increased centralization of control over data gathering and reduced plant managerial payrolls. In terms of incentives, predictive analytics use is associated with more accurate targets and tighter linkages between rewards to workers (performance-based bonuses, promotions and firings) and measured performance. Overall, our findings suggest that predictive analytics use is associated with increased centralization of authority in headquarters.