发展国际贸易融资的问题和对策

中国入世后,国际贸易环境因此得以改善,中国的优势产品出口空间得以扩展,与此相俘相生的是进出口企业对中长期贸易融资的需求更加强烈,然而,现实的贸易融资无论从形式上、业务量上还是法律的健全上都无法和市场的要求相匹配,中资银行留下的市场空白外资银行来补,中资银行已有的市场份额外资银行来抢,现实迫使我们集中人才优势,培育黄金客户,完善法律法规,在控制好国际贸易融资风险的前提下．使之向多样化的方向发展．最终和外资银行分庭抗礼。     

Information, Informal Finance, and SME Financing

Informal finance exists extensively and has been playing an important role in small- and medium-sized enterprise (SME) financing in developing economies. This paper tries to rationalize the extensiveness of informal finance. SME financing suffers more serious information asymmetry to the extent that most SMEs are more opaque and can only provide less collateral. Informal lenders have an advantage over formal financial institutions in collecting “soft information” about SME borrowers. This paper establishes a model including formal and informal lenders and high- and low-risk borrowers with or without sufficient collateral and shows that the credit market in which informal finance is eliminated will allocate funds in some inefficient way, and the efficiency of allocating credit funds can be improved once informal finance is allowed to coexist with formal finance. Translated from Economic Research Journal, 2005, 7 (in Chinese)     

Monetary policy and the financial decisions of firms

Summary. In this paper we develop a general equilibrium model with heterogeneous, long-lived firms where financial factors play an important role in their production and investment decisions. When the economy is hit by monetary shocks, the response of small and large firms differs substantially, with small firms responding more than big firms. As a result of the financial decisions of firms, monetary shocks have a persistent impact on output. Another finding of the paper is that monetary shocks lead to considerable volatility in stock market returns.Received: 20 November 2003, Revised: 26 August 2004 JEL Classification Numbers: E5, G3.T.F. Cooley, V. Quadrini: We have received helpful comments on earlier versions of this paper from Jeff Campbell, David Chapman, Thomas Cosimano, Joao Gomes, Boyan Jovanovic, José-Víctor Ríos-Rull, and Harald Uhlig. Correspondence to: V. Quadrini     

金融结构转型与收入分配优化*

本文阐释了金融结构(包括银行业结构)影响收入分配的理论机制，并运用动态面板模型和面板门槛模型分析了金融结构对收入分配的影响效应。研究表明：(1)金融制度功能的有效发挥依赖于金融资源在数量规模和结构层次上的匹配程度，金融要素之间根据市场主体的融资需求形成相互分工协作，在促进金融结构转型过程中实现收入分配优化；(2)在资本密集型产业优先发展的战略背景下，银行业结构对收入分配存在逐级递减的正向影响效应，大型商业银行市场融资份额占比过高将不利于优化收入分配；(3)在经济增长进程中，金融结构对收入分配存在倒“U”型影响效应，金融结构由“银行主导型”向“市场主导型”转变将有利于优化收入分配。     

财政联邦制、非正式财政与政府债务——对中国转型经济的规范分析

财政联邦制的一个潜在消极后果是,地方政府竞相从事高风险投资项目等脱离中央监督的非正式财政活动,从而引起预算软约束,并导致政府债务的积累。如果地方政府都这么做,就会形成“太多而不能惩罚”的局面。文章还探讨了如何通过改变政府行为导向,改善政府治理来避免这类问题的可能性。     

中国经济转型:社会资本视角

本文从社会资本角度对中国和俄罗斯的经济转型作了比较，分析两国原来存在的非正式网络在两佃不同转型方式下对转型所造成的影响，并在承认扩展信任对经济发展和转型重要性的基础上讨论了两国转型的缺陷，指出规范政府行为和建设市场支持性的正式制度对转型过程中实现扩展信任的重要性。     

论民间金融的规范化发展

近年来,随着金融机构信贷资金日益向大城市和大企业集中,造成中小企业和农村资金供需矛盾不断加剧,使得我国民间金融日趋活跃并出现了较快的发展势头.如何将我国的民间金融从"地下"转为"地上",变私下交易为公开操作,使这部分"体外循环资金"纳入有效的金融监管范围内,并不断向规范化、合法化的方向发展已成为当前金融改革中的重要问题.     

灵活就业中的雇佣关系外部化

随着外部环境的变化,越来越多的组织采用灵活就业的人员配置形式,由此带来了组织管理控制成本的降低和组织应对市场竞争更具弹性等方面的优势。但与此同时也给组织带来了负面的影响,诸如员工的忠诚度下降等。笔者首先界定了雇佣关系外部化灵活就业的形式,在此基础上分析了企业采用雇佣关系外部化人员配置的原因和对企业的贡献,并从另一个角度剖析了雇佣关系外部化可能给组织带来的冲突。     

基才流动性过剩的中小企业融资分析

以商业银行流动性过剩为背景，对我国中小企业融资难问题进行分析。认为除信息不对称外，国有商业银行对中小企业信贷动力不足是导致我国中小企业融资难的又一重要原因。为此提出通过再造银行体系、重塑国有商业银行经营目标及完善内部激励制度来健全对中小企业信贷的动力机制。     

Political uncertainty and corporate debt financing: empirical evidence from China

We examine the influence of political uncertainty on corporate debt financing under the Chinese highly specialized political system. A new reasonable and effective alternative indicator, official turnover reason, is constructed to measure different political uncertainty level. Robust results suggest that listed companies will keep low debt financing level and smooth debt financing volatility under political uncertainty, which will be weakened during the global financial crisis. We also find that the listed company will raise equity financing level while overall financing is significantly reduced. In addition, SOEs are more sensitive to political uncertainty than non-SOEs, as they have stronger political connections with government officials.