加强企业财务管理的若干建议

随着现代企业制度的推行,企业财务管理成为企业管理的重要组成部分。企业财务管理直接关系到企业的生存与发展。在市场经济条件下,企业要生存、发展和盈利就必须建立现代企业制度,科学地进行资本运营,而这一切都需要强化财务管理。企业财务管理如何适应知识经济发展的要求,在管理目标、融资内容、资本结构、风险管理方法、财务分析以及分配方式等方面进行科学的调控,越来越引起企业的重视。     

Competition and risk in South East Asian commercial banking

This article investigates the effects of competition on bank risk taking behaviour in four South East Asian countries (Indonesia, Malaysia, Philippines and Vietnam). Our main finding is that competition does not increase bank risk-taking behaviour and the results appear robust to different model specifications, estimation approaches and variable construction. We also find that concentration is inversely related to bank risk whereas regulatory restrictions positively influence bank risk-taking.     

信用衍生品的信用风险转移对金融稳定性的影响

银行信用风险转移激励与监管当局提高金融稳定性的目标是一致的,监管当局应该通过鼓励金融机构之间的总信用风险转移,使得信用风险转移的收益最大化;研究还发现,随着跨部门之间信用风险转移的出现,为了使得个体激励与提高信用风险管理中金融机构稳定性的社会目标相一致,应该鼓励部门之间的差异化监管。     

中国农村非正规金融履约机制的实证研究

中国农村非正规金融的履约机制包括信息和信任机制、重复博弈和信誉机制、严厉的惩罚机制、灵活的担保机制、女性市场定位机制等.以湖北农村非正规金融为例,对它的履约情况进行了实证分析,得出结论:农村非正规金融具有极强的自生能力和可持续性.结论的政策含义是:压制、取缔非正规金融的行为不可取,强制性地将非正规金融正规化的行为同样不可取,正确的做法应是放松管制,引导正规金融与非正规金融的联接,促成农村一体化金融市场的形成.     

加强“三北”防护林工程资金管理的思路与对策

介绍了三北防护林现行投入机制、资金管理状况及使用效益,提出今后加强资金管理的基本思路、遵循原则和建设重点,并针对存在的问题提出加强资金管理的对策。     

Property finance in the UK in the post‐war period

Summary

This paper is intended to introduce readers to the subject of property finance and to provide a review of post‐war trends in property finance and investment. In particular, it considers the growth and influence of institutional investment. The property ‘myth’ is examined in the light of recent analysis of the rental performance of commercial and industrial property, and the obsolescence of buildings.     

Domestic financial market frictions,unrestricted international capital flows,and crises in small open economies

Summary. We present an example of a small open economy where small increases in the world interest rate may induce a sharp decline in output and a precipitous depreciation of the exchange rate. Due to a costly state verification problem in domestic credit markets, combined with unrestricted international capital flows, our economy generates two long-run equilibria, one with low GDP and a relatively depreciated real exchange rate (RER), and one with high GDP and a relatively appreciated RER. The first is always a saddle, while the second may be a sink or a source, depending on the level of the world interest rate. A crisis is identified with the economy switching from an equilibrium path approaching the high-output steady state to the saddlepath approaching the low-output steady state. In Mexicos recent history, periods of growth associated with appreciation of the RER have alternated with periods of sharp contraction and depreciation of the RER. Our economy displays such behavior in response to changes in the world interest rate.Received: 9 April 2002, Revised: 20 March 2003JEL Classification Numbers: E5, F4.G. Antinolfi, E. Huybens: We thank Steve Fazzari, Tim Kehoe, Todd Keister, Manuel Santos, Karl Shell and especially Bruce Smith for very helpful discussions. Jaime Calleja Alderete, Eduardo Camero Godínez, and Juan Vargas Hernández provided excellent research assistance. All remaining errors are ours. Huybens was an assistant professor in the Centro de Investigación Económica, ITAM, at the time this article was written, and part of this work was completed while Antinolfi was a visiting scholar at the Federal Reserve Bank of St. Louis. The views expressed herein are those of the authors, and do not reflect those of the World Bank or the Federal Reserve Bank of St. Louis. Correspondence to: G. Antinolfi     

广州市金融机构微观集聚案例

利用广州市1984年第三产业普查数据,1996年、2001年基本单位普查数据以及金融机构名录资料等数据,识别出广州市4个金融机构微观集聚地段,并概述了天河北地段金融服务业发展状况。通过对天河北地段金融服务业及其辅助行业经理人员的访谈和问卷调查,得出天河北地段金融机构线性增强微观集聚模式的特点,即空间上尚未连接成片区,组织结构尚未形成垄断,集聚程度不高,金融机构及其辅助机构与众多非金融性公司之间的锁定关系使集聚得到强化,政府以及行业公会组织公共服务尚显不足。指出了天河北金融机构微观集聚对于广州市21世纪CBD金融商务区建设的借鉴意义。     

战略性新兴产业上市公司金融支持效率及其影响因素研究

培育战略性新兴产业是当前我国促进经济结构转变,顺应世界经济发展趋势的必然选择。本文运用DEA方法测度战略性新兴产业金融支持效率,以此为基础构建金融支持效率影响因素模型。实证研究表明,市场性金融支持行为在经济波动期存在效率缺失;金融支持效率的实现伴随风险的增高;在间接融资驱动力不足情况下,直接融资成为战略性新兴产业发展的主要支撑。分析结果认为,提高战略性新兴产业金融支持效率需要充分发挥政策金融的引导作用,突出银行的支持功能,推进金融服务多元化,提高产业的风险抵御能力。