基于盈利模式分析的商业银行信用卡营销策略研究

本文针对我国银行信用卡产业处于起步阶段,各大发卡行基本亏损的现状,在信用卡盈利模式分析的基础上,对现阶段商业银行信用卡营销策略中存在的问题提出改进的意见,以期促进信用卡产业的健康发展。     

Assessing credit quality from the equity market: can a structural approach forecast credit ratings?

We investigate the empirical performance of default probability prediction based on Merton's (1974) structural credit risk model. More specifically, we study if distance‐to‐default is a sufficient statistic for the equity market information concerning the credit quality of the debt‐issuing firm. We show that a simple reduced form model outperforms the Merton (1974) model for both in‐sample fitting and out‐of‐sample predictability for credit ratings, and that both can be greatly improved by including the firm's equity value as an additional variable. Moreover, the empirical performance of this hybrid model is very similar to that of the simple reduced form model. As a result, we conclude that distant‐to‐default alone does not adequately capture the firm's credit quality information from the equity market. Copyright © 2007 ASAC. Published by John Wiley & Sons, Ltd.     

金融外包与产业链延伸:信用卡产业集约化发展路径选择

如何通过金融外包,实现发卡机构降低营运成本、突出主业、提高市场竞争力;推进中国以银行为主体,多元化金融外包机构共同协作,形成中国信用卡产业链,成为中国银行业、金融业共同关心的问题。本文从信用卡业务分割入手,通过机具配置、服务水平、财务成本和市场竞争力等方面的分析,揭示信用卡实施金融外包的内生性因素,阐述金融外包不仅提升了发卡机构管理和盈利效率,而且对信用卡产业形成、丰富中国金融服务体系具有积极意义。     

网络货币在我国发展的现状及存在问题分析

网络货币是继电子货币后新出现的一种虚拟信用货币。它具有电子货币的优点,更具有隐匿性好、流通方便等优势。最近几年在我国和世界范围内有较快发展。随着网络在中国加速普及,网络货币在流通、支付、监管等方面出现许多问题。本文通过研究网络货币的发展现状,认为网络货币作为一个金融创新,可以成为未来货币发展的一个方向,应用方面将会从外延和内涵大大发展。但是,央行应该对此尽早制定相应规则,以使其健康发展。     

日本银企信用关系的约束机制分析

战后,基于日本企业融资结构的特点,日本银企之间形成了一种长期的交易关系,其得以维系依赖于日本主银行制度与企业内在机制约束作用的双重迭加。分析表明,充分发挥作为企业主要金融援助者的银行对于企业的指导与监督作用是实现银企信用关系约束机制有效性的关键。     

Risk and Return Around Bond Rating Changes: New Evidence From the Spanish Stock Market

Abstract:  This study analyzes the effect of corporate bond rating changes on stock prices in the Spanish stock market. We explore their effects on excess of returns and systematic risk. Rating changes by Moody's, Standard and Poor's and FitchIBCA are analyzed. On an efficient market, these changes will only have some effect if they contain some new information or if they are associated to a redistribution of wealth between shareholders and bondholders. We use an extension of the event study dummy approach. Our results support the redistribution of wealth hypothesis in the abnormal returns behavior. We also find that changes in both directions cause a rebalancing effect in the total risk of the firm, with significant reductions on their systematic component.     

大学生助学贷款的信用评估

国家助学贷款违约现象屡见不鲜，鉴此，科学选择大学生助贷信用行为的评估指标，合理评估助学贷款信用，有效防范助学贷款风险尤显重要。文章结合现有商业银行可获取的相关数据，应用因子分析法与Logistic回归法相结合，建立起较为理想的信用评估模型，解决了单纯Logistic回归法的变量多重共线性问题，同时又较好地分析了影响学生助贷信用行为的因素，为银行防范助学贷款风险提供依据。     

Consumption, house prices, and collateral constraints: a structural econometric analysis

If borrowing capacity of indebted households is tied to the value of their home, house prices should enter a correctly specified aggregate Euler equation for consumption. I develop a simple two-agent, dynamic general equilibrium model in which home (collateral) values affect debt capacity and consumption possibilities for a fraction of the households. I then derive and estimate an aggregate consumption Euler equation, and estimate its structural parameters. The results provide robust support for housing prices as a driving force of consumption fluctuations.     

推行企业总法律顾问制度势在必行

企业总法律顾问制度的实行是在现代市场经济条件下，企业实现依法经营管理，依法维权的需要．也是企业立足于国际国内市场竞争的需要。企业总法律顾问制度还需不断自我发展，不断创新。目前存在许多问题尚需在实践中解决。     

外贸企业如何防范风险

随着我国加入世贸组织，越来越多的企业将会从事外贸易业务。其不同于国内贸易，涉及到不同的制度，法律，政策措施与贸易惯例，情况错缩复杂，极容易产生种种风险，如果不采取恰当的方法加以防范，必然会给进出口企业带来不必要的损失。如何防范这些风险，将是外贸企业面临的重要课题。还分析了对外贸易所面临的主要风险及这些风险产生的原因，并着重提出防止这些风险的措施，即信用风险，价格风险和货币风险的防范。