美国特许金融分析师认证体系分析

美国“特许金融分析师”(Chartered Financial Analyst，简称CFA)是一种金融投资从业专业资格认证。自从1962年1月，美国“投资管理与研究协会”(AIMR)，通过授予CFA称号来确认从业人员具有高级专业资格。美国投资管理研究协会(AIMR)的“特许金融分析师”认证体系值得我们借鉴。培养和认证中国高级金融分析师，将提高我国金融从业人员的整体素质，增强我国金融业在国际金融市场的竞争力。     

Impacts of e-Commerce and Enhanced Information Endowments on Financial Services: A Quantitative Analysis of Transparency, Differential Pricing, and Disintermediation

Some implications of e-Commerce financial services firms are becoming clear. The web drives transparency, and increases the information endowment of all market participants. It is harder to manipulate customers' behavior, or to overcharge them. Transparency drives differential pricing. Not all customers can or should be charged the same prices. Transparency reduces the viability of cross-subsidies between customers can or between products. The differential pricing enabled by the web transforms distribution channels, and enables direct distribution and alternative forms of distribution. Some intermediateraries may be bypassed altogether, while others may rapidly lose their best, most profitable, and previously most loyal customers.     

Information Content of Earnings and Earnings Components of Commercial Banks: Impact of SFAS No. 115

SFAS No. 115 modified classification of debt and equity securities held by firms and also modified the reporting format for unrealised gains/losses on security transactions (URGL). This study investigates whether implementation of SFAS No. 115 improved information content of earnings and earnings components of commercial banks. Improvement in the information content is measured by comparing the association between equity returns and earnings and earnings components of the post-adoption period of SFAS No. 115 with the pre-adoption period.The test results indicate that the association of equity returns with earnings components and aggregate earnings is significantly stronger in the post-adoption period compared to the pre-adoption period. The improvement is especially evident for the components of URGL and non-interest revenues. These results suggest that information provided by earnings components is considered more value relevant for investment decision after implementation of SFAS No. 115. Findings on non-interest revenues indicate that revenues from banking activities other than lending also play an important role in the commercial banks' profitability.     

Credit Risk in Two Institutional Regimes: Spanish Commercial and Savings Banks

Although credit risk is an important factor that financial institutions must cope with, the determinants of bank problem loans have been little studied. Using panel data, we compare the determinants of problem loans of Spanish commercial and savings banks in the period 1985–1997, taking into account both macroeconomic and individual bank level variables. The GDP growth rate, firms, and family indebtedness, rapid past credit or branch expansion, inefficiency, portfolio composition, size, net interest margin, capital ratio, and market power are variables that explain credit risk. However, there are significant differences between commercial and savings banks, which confirm the relevance of the institutional form in the management of credit risk. Our findings raise important bank supervisory policy issues: the use of bank level variables as early warning indicators, the advantages of bank mergers from different regions, and the role of banking competition and ownership in determining credit risk.     

Liquidity, Transaction Costs, and Reintermediation in Electronic Markets

Relationships between trading cost, technology, and the nature of intermediation in the trading services industry are discussed. Electronic markets are linked to reductions in trading costs. Lower explicit costs are related to system development and operating costs. Electronic order book information is identified as a means of realizing implicit cost savings. The concept of liquidity management in electronic environments is introduced, and its potential is empirically illustrated. The empirical results suggest new roles for brokerage and exchange operations, and competition between the two. Competitive advantage with respect to the provision of liquidity management services is compared across types of intermediaries.     

金融全球化与金融风险

中国入世标志着中国经济已开始融入世界经济体系之中 ,而在经济全球化进程中伴随着金融全球化的大趋势 ,金融全球化对各国经济和金融体系既是机遇 ,也加大了风险 ,在金融全球化的环境下中国银行体系中存在的大量不良贷款和远不能满足巴塞尔协议要求的资本充足率 ,使中国银行业存在现实和隐含的金融风险。中国的商业银行和金融监管当局必须采取有力的对策来应对挑战     

四大国有商业银行的收缩战略研究——从规模经济的角度探讨银行实施收缩战略的必要性

在不断出现的全球银行业并购案例中 ,人们往往只重视对商业银行的扩张战略进行研究 ,但是收缩战略在当今的银行业中同样发挥着重要的作用。本文首先通过对银行业的背景和银行适度规模的分析 ,探讨商业银行实施收缩战略的原因 ,然后从实证的角度对我国国有商业银行的规模及其效益进行分析 ,证明实施收缩战略的必要性。文章最后针对我国的现实情况 ,提出实施收缩战略的两点具体措施。     

产权改革是经营改革的基础--论我国国有商业银行改革的关键

一般认为 ,产权改革是我国国有企业改革的关键。但对于同样属于国有企业的国有商业银行的改革 ,人们却往往把重点放在经营问题上 ,以至无法从根本上提高国有商业银行的效率。本文以我国国有商业银行的贷款量为切入点 ,运用模型和数据说明在产权关系不明晰的前提下 ,政府运用行政手段对银行经营者进行监管的不良效果 ,同时论证了产权关系对委托—代理问题的决定性作用     

经济结构调整与中小企业的发展

经济结构调整 ,朝阳和夕阳产业在不同国家有不同的表现 ,在产业轮换中 ,产业进入障碍限制了不同规模企业在部门间的资本转移。新兴产业是中小企业容易竞争优势的地方 ,但新兴产业不是向所有投资者开放。高新技术产业 ,需要全新概念的投资者 ,中小企业的投资者最好把投资局限在自己能力和熟悉的范围内 ,这是中小企业投资者保持投资的成功所在