证券市场中的道德风险控制机制研究

证券市场中的道德风险主要来源于证券投资者、证券发行者、证券公司、证券监管者、相关机构的不道德行为。形成道德风险的原因主要是人的本能驱动、信息差异、机会吸引等。证券市场中的道德风险事故会造成一系列不利的后果。为了完善证券市场中的道德风险控制机制,应改进证券发行核准制,改进重要人员聘任制度,建立重要人员财产申报制度、出国监控制度和大额交易限期锁仓制度,建立证券专业法庭,完善证券市场赔偿制度和证券市场监管制度。     

Contracting, signaling, and moral hazard: a model of entrepreneurs, ‘angels,’ and venture capitalists

Investment by wealthy individuals, known as ‘angels,’ in startup firms is quite significant and has taken off in the last few years. Angels invest in the company at an earlier stage than venture capitalists (VCs) do. This paper examines the relationship between an entrepreneur, an angel, and a VC from the seed investment made by the angel to the exit stage. The study characterizes the equilibrium contracts among the players and provides insights into the related institutional arrangements. Next, the study examines the signaling aspects of the game. The paper also analyzes the moral hazard problems of the entrepreneur and the VC. It shows that the outcome in a startup firm is not efficient because of the free-rider phenomenon.     

关注风险管理,提升内部审计效益

随着世界经济全球化发展,市场经济环境的日趋复杂化,风险管理在现代企业管理中越显重要。而企业发展带来的巨大风险可以通过内部审计的完善与发展来控制和防范,使内部审计工作在风险管理中发挥其积极的作用。本文首先界定风险管理的概念;在此基础上,阐述内部审计在风险管理中的作用;最后,讨论企业风险管理活动中实施内部审计时要注意抓好的五个要点。     

卢梭的道德教育思想及其启示

卢梭是自然教育思想的主要代表人物.他的道德教育思想是以自然教育为基础的,主张应根据人的不同阶段明确道德教育任务,在道德教育的目的、方法上要重视符合儿童特点.卢梭的道德教育思想对当今教育仍有启示作用.     

孔子中庸哲学的双重内涵

"中庸"作为中国儒家哲学的核心概念,由孔子提出。孔子不惟提出了这一个概念,还通过言传身教的方式对其内涵进行了初步的界定。在孔子看来,"中庸"首先是一种至高无上的道德标准,与古圣先王的道德和人格紧密相连的,同时又是一脉相传的治国经验,是指导人们立身行事的行为准则。"中庸"既具有道德哲学的内涵,又具有生活哲学的内涵。     

AGRARIAN LAND TENANCY IN PREWAR JAPAN: CONTRACT CHOICE AND IMPLICATIONS ON PRODUCTIVITY

We study the tenancy contract choice and its impact on productivity in the prewar Japanese agriculture, where a unique contractual form, the rent-reduction contract, was predominant. Theoretically, this contract is more efficient than share tenancy or fixed-rent contract in terms of provision of incentives and risk-sharing, and thus raises the question of why such an efficient contract was uncommon outside Japan. We argue that transaction costs on the execution of rent reduction were the key element in the adoption of this contract. In prewar Japan, local communities played some role in governing the process of rent reduction and mitigated such costs. Thus the study proposes transaction costs and institutions as additional determinant of tenancy contract choice. We also find that higher prevalence of tenancy was associated with lower average rice yield at the prefectural level and such correlation was stronger in prefectures with a greater proportion of share tenancy.     

高等院校学生德育素质的养成途径

德育素质是学生所要具备的重要素质之一,也是高等院校教育的重要方面,但很多高等院校往往重视了学生"才"的培养,而忽略了"德"的养成,这就需要高等院校要改变以往观念,积极探究高等院校学生德育素质养成的途径,从而保证学生德育素质的有效实现。     

压缩房地产贷款背景下的信贷风险及防范对策分析

进入2008年以来,中央继续对房地产贷款进行压缩控制,而在房地产信贷业中存在着各种风险,甚至可能导致金融危机。本文从房地产信贷业发展的现状出发,分析目前房地产信贷业存在的风险,并提出规避风险、促进房地产信贷业健康发展的对策。     

Non-performing loans,moral hazard and regulation of the Chinese commercial banking system

Non-performing loans (NPLs) represent a major obstacle to the development of banking sector. One of the key objectives of the banking sector reforms in China has therefore been to reduce the high level of NPLs. To do so, Chinese regulatory authorities have injected significant capital into the banking system and scrutinized NPLs since 2003. This paper examines the impact of NPLs on bank behavior in China. Using a threshold panel regression model and a dataset covering 60 city commercial banks, 16 state-owned banks and joint-stock banks, and 11 rural commercial banks during 2006–2012, we test whether lending decisions of Chinese banks exhibit moral hazard. The results support the moral hazard hypothesis, suggesting that an increase in the NPLs ratio raises riskier lending, potentially causing further deterioration of the loan quality and financial system instability. Policy implications of findings are evaluated.