我国企业债券信用价差宏观影响因素建模与实证

以在上海证券交易所流通的企业债券和国债收益率之差作为信用价差,分别建立多元线性回归模型和时间序列模型,从静态和动态两个方面对我国企业债券信用价差宏观影响因素进行了定性和定量分析,并利用脉冲响应函数测试了不同因素对信用价差的影响程度,发现货币购买力水平、国内生产总值、短期无风险利率、长期无风险利率以及股票市场收益率和波动率等因素对研究我国企业债券信用价差变化具有重要影响。研究结论揭示了信用价差变化的机理,能为投资者和监管部门提供决策支持。     

农户贷款证券化：结构设计与信用增级

农户贷款证券化为农户贷款经营机构健康持续从事农户信贷提供了一种可行的资本补充与风险管理工具,从传统的资产证券化结构设计看,农户贷款特质决定了它基于不脱离发起人信用的参与式交易结构,并需要通过独立于贷款本身的增级方式——通常是多种方式的组合——来增强债券保障程度,其中,政府机构可以通过提供低成本外部增级扶持和改善发起人的农户贷款经营行为。     

Pricing of card payment services in Scandinavian banking

Pricing of card payment services includes many considerations of cost and revenue in an environment of changing payment technology, network effects in two-sided markets and price bundling. This paper describes the consumer pricing methods for card payment services by Scandinavian banks and evaluates their explicit pricing methods. The main findings suggest that Scandinavian banks in general are more interested in earning revenue from implicit prices than in encouraging the use of more cost efficient technology by charging explicit transaction fees. However, the pricing methods applied may vary, depending on the country and a bank's service supply.     

Agricultural productivity differences and credit market imperfections

This paper presents a simple model to examine the implication of credit market imperfections when considering the huge variation of agricultural labor productivity across countries. The development of credit markets enables more agents to acquire skills to work in non-agricultural sectors. The expansion of the sectors decreases the labor supply to agriculture as well as increases the supply of modern intermediate inputs to agriculture. Agricultural producers accordingly substitute the relatively cheap intermediate inputs for labor to produce a given level of an agricultural good, and, thereby, the output per worker in agriculture is improved. Poor countries with less developed credit markets are, therefore, far less productive in agriculture than rich countries with well-developed credit markets.     

征信市场乱象的根源及治理路径探究——来自新疆喀什地区的证据

征信系统在防范和化解金融风险、维护金融稳定方面发挥着重要作用.治理征信市场乱象是当前征信市场面临的一项紧迫任务.基于新疆喀什地区问卷调查数据,从服务需求端入手,探析征信市场乱象的根源及治理路径.研究发现,金融业态、信贷需求倾向、"道德风险"倾向、个体逾期倾向是催生征信市场乱象的主要因素.建议采取强化征信宣传,树立正确的...     

关于新增贷款与国内生产总值关系的研究

近年来,我国GDP增长与新增贷款的关系发生了变化,实证分析表明,新增贷款对GDP的贡献度下降,这意味着维持GDP增长需要投入更多的信贷,GDP高增长面临的信贷资源约束加大。文章从经济结构变化和信贷结构变化两个层面分析了导致这种变化的主要原因,并就进一步完善货币信贷调控提出相关政策建议。     

The effects of bargaining power on trade credit in a supply network

We develop a multi-tier supply network model, rooted in social network theory, to evaluate the effect of bargaining power on trade credit and to track the effect of buyers' trade credit on suppliers' trade credit. We apply social network analysis to measure companies' bargaining power in the supply network of Hennes & Mauritz AB (H&M, the Swedish clothing retailer). The results show that the buyer's bargaining power significantly affects the choice of trade credit, and that the supplier's “upstreamness” is significantly associated with its trade credit. We find limited evidence to support the notion of a financial bullwhip effect, a result that merits further research, since this study is limited to the network of one company up to its fourth tier of suppliers in one financial year. Our results can be applied by companies seeking to control their cash flow and, therefore, the financial pressure within their supply network. This study contributes to the literature by bringing social network measures into the buyer–supplier financial flow, as well as offering one of the first empirical examinations of the propagation of financial pressure in a multi-tier supply network.     

Optimizing order policy and credit term for items with inventory-level-dependent demand under trade credit limit

Under the combined effects of inventory-level-dependent demand (ILDD) and trade credit, the retailer is able to order more quantities to stimulate market demand. However, from the supplier's perspective, two important issues are lacking sufficient attention. First, during the credit period, the retailer's higher order quantities imply increases in both the retailer's account payable and the supplier's opportunity cost of capital. Second, given the supplier's fixed production rate, the increased market demand may drive the capacity utilization to be variable. Thus, by formulating a supplier-dominated system, this paper incorporates trade credit limit (TCL) to address its effects on optimal policies vis-à-vis the item with ILDD. Specifically, three indicators can be proposed to reveal which type of financing policy the retailer should choose. Moreover, based on TCL, the supplier can effectively manage the retailer's order quantity and the corresponding account payable. Additionally, the retailer's maximum allowable order quantity is developed to ensure that the supplier can supply the retailer's order quantity on time. Furthermore, when the effects of ILDD become more significant, the manufacturer will reduce the maximum allowable order quantity to control the retailer's order incentive.     

企业ESG绩效会影响商业信用融资吗？——基于信息传递与治理赋能视角

基于2007—2021年沪深两市A股上市公司数据,探讨ESG绩效对商业信用融资的影响及作用机制。研究发现：ESG绩效提升了企业商业信用融资能力;机制检验发现,ESG绩效提高了信息传递效率和公司治理水平,从而影响商业信用融资;区分样本发现,ESG绩效对商业信用融资的影响在低竞争地位、非污染性行业、东部地区和环保法实施后的样本中更为显著。以上研究结论为企业进行ESG实践,提升商业信用融资水平提供了经验借鉴。     

Public debt management and private financial development

In several developing countries, high and rising public debt is an important source of vulnerability. Strengthening debt management is a priority, but its effects on domestic economies have been hardly analyzed. This paper asks whether better public debt management could have spillover effects on the private sector, leading to more (and more stable) private capital flows and domestic credit. This is a relevant question in a context of financial deepening and increasing private capital inflows, which could be prone to episodes of bonanza, sudden stops and crises. Our results, based on a sample of developing countries, show positive spillover effects from better public debt management to private capital inflows and domestic financial deepening.