商业银行经济资本管理理论和实践探索

经济资本管理基于资本的稀缺性和高成本性,具有效益约束和风险约束的双效应。近年来,银行管理领域发生的最为显著的变化是,其管理重点逐渐过渡到以风险度量和资本优化配置为核心的全面风险管理。经济资本是贯穿风险度量和资本优化配置这一过程的关键概念,不仅可以提高商业银行的资本管理水平,而且通过发挥经济资本在商业银行经营管理中的预算管理、资源配置和绩效考核作用,推动我国商业银行向现代商业银行转变。从长远看,推行经济资本管理将对商业银行和金融监管当局产生重大的深远影响。     

The exit decision in the European venture capital market

This article analyses the exit decision in the European venture capital market, studying when to exit and how it interacts with the exit form. Using a competing risks model we study the impact on the exit decision of the characteristics of venture capital investors, of their investments and of contracting variables. Our results reveals that the hazard functions are non-monotonic for all exit forms and suggest that, in Europe, Initial Public Offering candidates take longer to be selected than trade sales. Moreover our results show that, in Europe, venture capitalists associated with financial institutions have quicker exits (stronger for trade sales), and highlight the importance of contracting variables on the exit decision. An unexpected result is that the presence on the board of directors leads to longer investment durations.     

Credit Crunch and Target Capital Structure: Empirical Studies Based on Natural Experimentin China

Abstract:

Data from China’s credit crunch, which started in 2007, is utilized to establish a natural experiment to investigate the impact of the credit crunch on target capital structures. The sample consists of 1,128 listed companies in China during the period 2000–2011. The interest-bearing debt to total assets ratio is used as a representative indicator for capital structures. The results indicate that the credit crunch was associated with a decrease in the target debt ratios for all listed companies. Small firms, privately owned enterprises, and firms with weak mortgage capabilities responded more sensitively to the credit crunch by showing a substantial decrease in target debt ratios.     

Bankruptcy risk induced by career concerns of regulators

We introduce a model in which a regulator employs mechanism design to embed her human capital beta signal(s) in a firm’s capital structure. This can enhance her compensation at the firm, and the value of her contract with the firm in the form of an executive stock option. We prove that the agency cost of this revolving door behavior increases the firm’s financial leverage, bankruptcy risk, and affects estimation of firm value at risk (VaR).     

创客资本对创新绩效的影响机制研究

伴随着时代的发展,创客将成为未来社会创新的主体,而创客资本则是创客实现创新绩效的最根本的驱动力。研究基于社会认知理论探究了创客资本对创新绩效的影响机制,通过实证研究检验了创客资本对创新绩效的直接效应、创新效能感的中介作用,以及知识分享的调节作用,系统的阐述了创客资本对创新绩效的影响机制和路径,这将有助于我国人才驱动创新、创新驱动发展战略的推进和实施。     

国家公园旅游发展对周边社区居民生活质量的影响——以黄山风景区为例

旅游发展是国家公园生态价值转化的重要路径与国家公园全民公益性的重要体现,周边社区居民是国家公园体制建设与旅游发展中的核心利益相关者之一,其生活质量影响国家公园生态保护与高质量发展。本文利用黄山风景区门户社区居民调查数据,探讨了处于探索阶段、参与阶段、发展阶段和巩固阶段等不同旅游生命周期阶段的社区居民生活质量差异及其成因。研究表明：（1）不同旅游发展阶段的社区居民生活质量差异显著,居民生活质量随社区旅游发展阶段演进而提升的现象具有滞后效应;（2）居民生计资本对不同旅游发展阶段社区居民生活质量的提升具有差异性;（3）随着社区旅游发展水平的不断提高,人力资本对居民生活质量的提升处于主导地位。     

基于生计资本的低收入农户长效增收自主适应机制

低收入农户长效增收存在自主适应机制,利用陕西省榆林市建档立卡贫困户的截面数据,采用 OLS 逐步回归模型识别生计资本对低收入农户收入的影响,有利于探究生计资本的作用机制、增收效应与异质性。结论如下：（1）低收入农户长效增收机制是在政府计划适应下农户自主适应,通过改善生计资本实现农户增收的机制;（2）生计资本对农户增收存在抵消和协同作用;（3）生计资本对农户增收具有异质性,因此农户长效增收机制具有异质性;（4）提能、强基以及结盟是低收入农户长效增收的自主适应策略。     

Trust or bust: Growth effects of knowledge,human and social capital revisited

Social capital consists of trust, collective values, and shared norms. It helps society to work efficiently and, hence, promotes knowledge accumulation and growth. This paper identifies the contribution of social capital to differences in total factor productivity among European subnational regions, but, unlike other studies, it focuses on the effects of interregional differences in social capital. To do so, the paper employs a spatial Durbin model of a social-capital extended Cobb-Douglas production function. Our results suggest that transfers of knowledge might be secondary to the presence of collectivism and human capital in knowledge-generating regions. Although knowledge can cross boundaries, an absence of skills and trust limits local growth capacity. Our estimations also suggest the presence of gravity effects emanating from social and human capital in which some regions lose against others nearby that have more abundant social and human capital.     

重大突发公共卫生事件背景下企业捐赠对股价的影响——基于企业异质性的分组检验

以2020年沪深A股上市公司为样本,探讨在重大突发公共卫生事件暴发后企业捐赠对股票价格的影响,并分别从公司自身性质（产权性质、行业性质）、内部特征（内部控制质量、信息披露质量）、外部环境（产品市场竞争、所在地区疫情严重程度）三个维度研究捐赠发挥的作用效果是否会因企业异质性而存在显著差异。实证结果显示,在重大突发公共卫生事件背景下,企业捐赠对股票价格有显著正向影响。进一步研究发现,此关系会受到企业异质性的影响。具体而言,国有企业、受疫情负面影响严重行业的企业、内部控制质量低的企业、信息披露质量低的企业、疫情严重地区所在企业、产品市场竞争度高的企业,捐赠对股价的提升作用不显著。     

央行资本盒与货币政策的有效性

2007年次贷危机后,各国央行都承担起“最后贷款人”的职责,救助金融机构,央行自身资产负债表的质量不断恶化,引发对中央银行资本金的关注。央行在履行维持物价稳定和一些“准财政”职能时,资本金可能遭受损失,资本金的损失会影响到央行的公信力和独立性,以及货币政策的有效性。充足的央行资本金对于货币政策的有效执行来说是一种有力的保障。