信用风险水平与宏观经济变量的实证研究——基于中国、美国、日本部分银行的比较分析

基于1999～2007年中国、美国和日本部分银行的不良贷款率数据,本文对影响银行信用风险的宏观经济因素进行了实证研究和比较分析。结果表明:(1)中国的银行信用风险水平与失业率呈现显著的负相关关系;(2)表面上美国的银行信用风险水平极低,而且不受宏观经济变量波动的影响,但是实际上其风险被金融衍生工具隐藏并积累起来;(3)日本的银行信用风险水平与CPI呈现显著的负相关关系。最后本文提出了几点建议。     

基于GIS的配送车辆调度系统的设计与实现

本文分析了物流配送与GIS的特点和功能，简要介绍了我们所设计开发的基于CIS的配送车辆调度系统。     

商业信用:基于企业融资动机的实证研究

商业信用是企业从外部市场进行短期融资的重要组成部分。本文采用我国上市公司2000年至2004年的数据实证研究了商业信用作为企业外部融资方式的决定因素。实证结果发现企业获得的商业信用与企业规模、财务杠杆、销售增长率以及国有股比例呈显著正相关关系．而与短期银行借款比例以厦毛利润率呈显著负相关关系。这些发现表明,在我国目前所处的融资环境下。商业信用已经成为企业的重要融资手段。与银行信贷相比。商业信用具有一定的融资比较优势,作为提供商业信用的企业,对客户的经营状况等信息的了解更有效。     

一线金融监管的治理效应及其作用机制——兼论《证券交易所管理办法》的修订效果

近年来,加强以沪深交易所为主要依托的一线金融监管成为\"转变政府职能、创新监管方式\"的重要举措.本文基于2004—2018年沪深交易所处罚公告数据,探讨了一线金融监管的治理效应及其作用机制.实证研究发现:(1)由于沪深交易所天然的信息优势和治理效应,一线金融监管提升了上市公司的信息披露质量和内部治理水平,该作用效果受到被处罚次数和公示单位的影响.(2)机制检验表明,一线金融监管还具有外溢效应:可通过引发媒体和投资者的普遍关注形成有效的监管合力,从而实现共同维护资本市场秩序的目的.(3)2017年修订的《证券交易所管理办法》进一步强化了一线金融监管效果.通过上述研究,本文一方面丰富了金融监管、信息披露、内部治理效果这些领域的研究;另一方面旨在通过检验一线金融监管的治理效应,为政府职能部门\"放松管制、加强监管\"提供经验证据.     

Shadow costs of incomplete information and short sales in the valuation of the firm and its assets

This paper presents a simple framework for the valuation of compound options within shadow costs of incomplete information and short sales. The shadow cost includes two components. The first component is the product of pure information cost due to imperfect knowledge and heterogeneous expectations. The second component represents the additional cost caused by the short-selling constraint. Information costs are linked to Merton's (1987. Journal of Finance 42, 510) model of capital market equilibrium with incomplete information, CAPMI. This model is extended by Wu et al. (1996. Review of Quantitative Finance and Accounting, 7, 136) who propose an incomplete-information capital market equilibrium with heterogeneous expectations and short sale restrictions, GCAPM. This model is used in our paper to provide for the first time in the literature analytic solutions for derivatives in the presence of both shadow costs of incomplete information and short sales.When deriving the compound call option formula, we consider a call option on a stock, which is itself an option on the assets of the firm. Our methodology incorporates shadow costs of incomplete information and short sales on the firm's assets as well as the effects of leverage in the capital structure. The formula can be useful in the valuation of several corporate liabilities in the presence of information uncertainty and short sales constraints about the firm and its cash flows. Our analysis can be used for the valuation of several real options.     

Integrating information technology and marketing: An examination of the drivers and outcomes of e-Marketing capability

This research examines the performance implications of integrating information technology with marketing capabilities and other firm-level resources. Specifically, this study introduces and empirically tests a model that conceptualizes e-Marketing as the integration of complementary technology, business and human resources that, when combined, positively influence firm performance. The results from a survey of 522 Belgian firms highlight the importance of how market and technology orientation leads to e-Marketing capability and that this capability is shown to positively influence firm performance by improving customer retention and satisfaction. The results suggest that researchers and practitioners should pay special attention to the complementary resources that are needed to successfully implement IT-enabled marketing initiatives and that an emphasis on the technology alone may not be sufficient.     

Banking deregulation and credit risk: Evidence from the EU

This paper studies the effect of banking deregulation on credit risk. Its theoretical model shows that a bank is willing to invest more resources in screening borrowers when there is an entry threat, even though loan rates are driven lower. Thus, deregulation may result in improved loan quality and lower credit risk. This result is tested using bank-level balance sheet data and macroeconomic data for the European Union. The data reveal that competition intensified after the completion of the Second Banking Directive, while loan quality improved in most markets. Evidence is found that the loan quality improvement is associated with lower interest margin.     

The cost of being late? The case of credit card penalty fees

This paper is the first in the literature to examine the determinants of US credit card penalty fees. Many critics of credit card fees – including a number of US Senators – have argued that credit card penalty fees reflect banks’ market share. Using a unique data set we find that fees are increasing in customer risk which supports the position of defenders of penalty fees, such as banks. However, our finding that fees are increasing in a bank's market share is consistent with the concerns expressed by politicians and regulators. We also find card penalty fees are direct substitutes for card interest rates.     

基于GIS和CFD的城市街道通风廊道研究——以武汉为例

改善通风的城市形态因素可以分为建筑和道路2个方面。建筑形态的通风评价主要采取综合迎风面积密度方法,将城市建筑环境转化为具有数值属性的栅格,从而提取城市建成区的通风廊道,但是该方法忽略了城市重要的通风路径——城市街道。以街道的朝向为主要评价对象,挖掘线状要素城市道路的通风廊道,作为建筑形态通风廊道划分方法的补充。根据通风潜力随夹角的变化规律,利用地理信息系统(GIS)的空间分析技术进行街道的通风潜力评价,在综合迎风面积密度密集的区域,存在通风潜力较高的城市街道     

声誉机制与棘轮效应对预算松弛影响的研究

本文将单一期间代理模型扩展到多期间代理模型来研究委托一代理关系,从预算棘轮效应和经理人声誉相结合的角度来揭示预算松弛产生的原因,并得出两者的联合作用将显著增加预算松弛产生的可能性,这使我们对影响预算松弛的因素有了进一步的认识,丰富了预算管理理论。