两类主流信用风险定价模型的比较分析

目前，对信用风险的定价主要有两种模型，即结构模型和简约型模型。结构模型以Merton（1974）模型为原型，以企业的资产价值为定价模型的输入参数，采用B1ack＆Seholes期权定价方法对信用风险进行定价。简化型模型放弃了对企业资产价值的依赖，直接用一个外生变量来刻画企业的违约过程，并以此确定公司的违约概率，进而定价信用风险。     

Joint-Product Export Smuggling and Export Tax Policy

The effect of smuggling on tax revenue collection and the revenue-maximizing tax rate is an unresolved issue in the smuggling literature. Clandestine and joint-product smuggling models arrive at different conclusions concerning smuggling's effect on tax revenue collection and the revenue-maximizing tax rate. Clandestine (joint-product) smuggling is consistent with the assumption that legal and illegal trade are substitutable (complementary) activities for the exporting firm. The effect of smuggling on the tax rate and tax revenue is shown to be dependent on whether smuggling and legal trade are assumed to be complementary or substitutable activities.     

税制改革和国有商业银行资本充足率的内源性提升

金融部门被认为是现代市场经济的枢纽和命脉,其效率水平会对整个经济的效率水平产生基础性影响。资本充足率是衡量银行抵御风险能力和稳健性的重要指标,我国国有商业银行资本充足率状况不容乐观。税收作为国家主要政策手段,是金融发展的重要制度因素。文章从税制改革角度,探讨提升国有商业银行资本充足率的问题。     

Corporate Rights to Free Speech?

Although the courts have ruled that companies are legal persons, they have not yet made clear the extent to which political free speech for corporations is limited by the strictures legitimately placed upon corporate commercial speech. I explore the question of whether or not companies can properly be said to have the right to civil free speech or whether corporate speech is always de facto commercial speech not subject to the same sorts of legal protections as is the right to civil free speech. In the absence of clearly defined legal precedent, I emphasize moral reasons for determining the appropriate limits of corporate civil free speech. Appealing to arguments typically used to justify individual rights to civil free speech, I examine the extent to which this sort of justification may or may not be legitimately extended to corporations. I conclude that corporate rights to civil free speech must be restricted because granting rights of free speech to institutions may, in practice, undermine the moral rationale and practical feasibility of guaranteeing rights of civil free speech to individuals. Furthermore, I argue that granting corporations full rights to civil free speech will undercut attempts to develop good moral character in corporate institutions by undermining the efforts of watchdog organizations.     

信贷市场非均衡对需求者与供给者的影响

信贷市场非均衡将改变企业与金融机构的行为 ,降低资源配置效率 ,增加企业与银行的经营成本。“超贷”与“惜贷”都是信贷市场非均衡现象 ,不以利润最大化为目标是导致“超贷”、“惜贷”现象的根本原因。     

网上商店成功的三件法宝

伴随网络经济的发展 ,网上商店的群体规模正在不断地发展壮大。同时 ,这种打破时空限制、方便快捷的新型购物方式已经被许多消费者接受。但是 ,经营成功的网上商店却很少。究其原因 ,在网上商店的经营中缺少三件法宝 ,即增强网上商店的粘着力、注重网上消费心理研究、树立网上商店的诚信形象。只有将这三件法宝有机地结合起来 ,溶入网上商店的经营管理之中 ,才能使网上商店真正发挥作用 ,才能为企业和个人经营者创造更多的财富。     

国有商业银行表外业务发展的现状与对策研究

改革开放以来，国有商业银行表外业务的发展取得了长足进步，但是范围还很狭窄，多以金融服务类业务为主，“或有类”业务较少，因此与西方发达国家商业银行相比差距十分明显。具体来说，存在表外业务收入占比偏低、创新能力不足、发展不平衡、管理不规范等问题，究其原因主要包括分业经营管理体制的约束、金融市场环境欠佳、市场交易主体不够成熟、银行体制改革滞后及专业人才与先进技术缺乏等。因此，国有商业银行大力发展表外业务必须深化金融体制改革、尽快实行混业经营制度。统筹规划、强化产品开发，加大科技投入和人才储备力度，实施有效市场营销策略，强化风险防范和金融监管。     

商业组织创新:一个分析框架

商业组织创新是一项有计划的系统工程,是一个动态的渐进变革过程。其发展变革的趋势是确定每一个发展阶段特定商业组织创新内容和方向的依据。文章认为,生产组织特征与商业组织特征的历史互动,决定着商业组织创新的技术方向;消费需求特征及其变动趋势与商业组织的性质、特征的历史互动,决定着商业组织创新的任务;历史环境特征及其演变趋势对商业组织创新具有多方面、多层次的影响;商业组织自身的性质和特征决定了商业组织创新与其他类型企业的异质性。由于这四个因素的不断变化,决定了商业组织变革是一个持久性的课题,商业企业只有紧紧把握这四个因素的特点和发展趋势,才能始终把握住组织变革的正确方向。     

对国有商业银行公司治理结构改革思路的探索

中国入世给国有商业银行带来了前所未有的挑战和机遇,国有商业银行如何在规范中求发展,在竞争中寻合作,改革和完善公司治理结构,文章在对国有商业银行公司治理结构现存问题进行分析的基础上,提出了改革思路。     

Fuzzy Numbers in the Credit Rating of Enterprise Financial Condition

Most of the parameters used to describe the credit rating are in linguistic terms, which are vague and difficult to put into precise numerical values. Fuzzy set theory, which was developed to handle this kind of vagueness, is used to represent and to aggregate the various linguistic data usually used in commercial banks. To illustrate the approach, numerical examples are solved and compared with existing approaches.