金融衍生品信用风险管理与制度设计的法律问题

本文以法与金融学的方法分析了金融衍生产品信用风险的双边性质,并认为,我国金融机构在信用风险管理时应采用ISDA主协议或中国银行间市场金融衍生产品交易主协议文本,并应注意文本术语的差异。立法部门和监管部门应积极借鉴发达国家金融衍生产品市场的立法经验和实务操作,完善我国的《破产法》和《担保法》,对净额结算条款、信用支持文件、信用限额和信用衍生产品等法律效力给予明确规定,以增强可操作性。     

Responses by Australian auditors to the global financial crisis

We examine the impact of the global financial crisis (GFC) on auditor behaviour in Australia. Using a sample of listed companies, we examine whether the GFC impacted the propensity of auditors to issue going concern modifications and increased audit effort as reflected in audit fees and audit reporting lag. Controlling for client characteristics, we find an increase in the propensity to issue going concern opinions during the period 2008–2009 compared with the period 2005–2007 and that Big N auditors responded to the GFC earlier than non‐Big N auditors. In relation to audit effort, we find evidence of increased audit fees during the period 2008–2009 compared with the period 2005–2007. There is, however, no evidence of increased audit reporting lags during the GFC.     

碳金融：撬动低碳经济的杠杆

金融业要支持低碳经济,发展“碳金融”是必经之路。碳金融创新渐成市场新宠,碳金融交易市场日益成为低碳经济制高点。中国碳金融具有巨大的市场空间,因此,应积极发展碳金融,获得主动权：要积极制定碳金融发展的战略规划;要健全碳金融监管和法律框架,规范碳金融发展;要培育碳金融创新机制;发展多种碳金融工具;改进碳金融中介服务;完善碳金融,促进碳金融开展;要构建交易平台,统一碳金融市场;要积极推动碳交易人民币计价的国际化进程;等等。     

Inter-enterprise arrears in economies in transition

In the context of economies in transition, the paper argues that an excessive liquidity squeeze could throw the economy into a persistent state of low economic activity. In such bad equilibrium, enterprise transactions become largely demonetized, with a chain of arrears, a form of involuntary credit, spreading over the entire system. The empirical analysis of the Romanian experience seems to support the view advanced in the paper.     

Discount rates and credit markets: Theory and evidence from rural india

Three models of credit markets - (1) the permanent income model, (2) upward sloping credit supply to individual borrowers, and (3) constrained credit due to imperfect enforcement - are tested using credit market data and an experimental study of individuals' discount rates in south India. The permanent income model is rejected by both the discount rate and the credit market data. The discount rate data are consistent with either of the other two models, while the credit market data are consistent with a combination of these two models. Other explanations are found to be insufficient to explain the results of this study.     

论征信的十个特征

征信就是独立第三方向授信机构提供信用信息服务的活动。它具有以下十个特征：征信采集的数据信息主要是信用信息;建立个人或企业的信息账户;征信具有微观性,需要切实保护信息主体特别是消费者的权益;征信是一个行业／专业;征信的主要服务对象是授信机构和授信活动;征信是一种信息分享机制;由独立于信用交易当事人的第三方提供服务;征信的功能,是在一定程度上揭示信息主体的信用状况;征信业发展更适合市场化运作,也需要政府的监管;征信行业是较严重依赖于法律法规,并与社会文化环境有密切关系的新兴行业。     

Central bank disclosure as a macroprudential tool for financial stability

The Basel Capital Accord (pillar 3) states that disclosure of information (transparency) is essential to financial stability. This study analyzes, through inflation reports, the disclosure of information from the Central Bank of Brazil concerning the credit market. We consider credit risk and capital buffers as measures of financial stability in this analysis. Furthermore, in order to measure the perception of the monetary authority on the credit market, we built two indices based on the central bank’s communication on credit development. We performed a panel data analysis based on a sample of 125 banks for the period from June 1999 to September 2014 (7000 observations). The findings suggest that central bank communication regarding expectations concerning the credit market contributes to financial stability. Therefore, this kind of communication of central banks (about credit development) may constitute an important macroprudential tool to improve financial stability.     

中小企业集群的融资优势和障碍分析

融资难是困扰中小企业发展的主要问题。但中小企业集聚成群后却可以形成与单个的中小企业截然不同的独特融资优势：增大中小企业的守信度,降低金融机构的融资风险,促使民间融资发展等。中小企业集群的融资优势十分明显,但目前还存在一些阻碍中小企业集群融资优势充分发挥的因素,如集群内部企业专业化分工不够深入,协作程度低;银行信贷政策和意识存在偏差,银企互动关系有待加强;中小企业集群的信用担保体系建设滞后;集群内服务中小企业的金融机构发展滞后等。为缓解中小企业融资难题,促进中小企业集群融资优势的发挥,我们应采取措施强化中小企业集群产业关联,建立诚信合作的集群文化;加快建设为中小企业集群服务的区域性中心银行,密切银企关系;完善中小企业信用担保体系,设立互助担保联盟;拓宽民营金融经营范围,加快民营金融机构的发展。     

基于信息共享机制的供应链融资风险管理研究

从信贷业务的共性和供应链融资的特殊性出发,指出了供应链融资面临的多种信贷风险,分析了信息共享对信贷风险的影响,并提出基于信息共享机制的供应链融资信贷风险管理策略。     

制度创新与社会信用

信用是现代市场经济的基石,也是优化资源配置的有效手段。本文认为,造成我国信用缺失的原因是多方面的,有认识上的原因,也有法律制度不健全、对失信行为处罚力度不够等原因,但最主要的原因是产权制度不完善。因此,进行制度创新,完善产权制度,是建设现代市场经济社会信用的必要条件,也是规范市场经济秩序的治本之策。