Flight to liquidity and the Great Recession

This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to agency problems and funding liquidity risk in their intermediation activity. Importantly, the amount of liquidity reserves held in the financial sector is determined endogenously: Balance sheet constraints force banks to trade off insurance against funding outflows with loan scale. A financial crisis, simulated as an abrupt decline in the collateral value of bank assets, triggers a flight to liquidity, which strongly amplifies the initial shock and induces credit crunch dynamics sharing key features with the Great Recession. The paper thus develops a new balance sheet channel of shock transmission that works through the composition of banks’ asset portfolios.     

我国小企业的紧融资约束

紧融资约束是我国大多数小企业进一步发展所面临的瓶颈问题。其直接原因是信贷配给制下国有银行的自利性歧视,如企业规模歧视、治理结构歧视、所有权歧视、资金需求歧视和交易费用歧视等。其根本原因是我国的金融抑制和金融发展的水平偏低。重要的是,金融抑制往往是金融不发达的重要原因。因此,解决的办法主要有加强信用评价与管理、发展信用担保业、加强对国有银行贷款行为的规制、放松对民间融资的规制和在银行业中引入私人小银行等。其中,第三条措施是根源于国有银行的企业性质的,也是可以立即执行并在短期内见效的解决办法。     

黄淮地区民间融资发展状况研究——以驻马店市为例

以驻马店市为例分析了黄淮地区民间融资的发展状况,进而分析了其存在的问题,最后就如何完善黄淮地区民间融资市场,趋利避害,提出了相应的对策建议。     

Selling Versus Leasing of Durable Goods: The Impact on Marketing Channels

While many durable products are sold through intermediaries, there is limited understanding of how channel performance is influenced by transactions involving durable goods in a competitive market. In particular, extant research shows that intermediaries can significantly impact the leasing versus selling policy of a monopolistic manufacturer. This article seeks to fill that gap by examining the selling versus leasing choice of duopolistic manufacturers in the context of decentralized channels. Our analysis demonstrates that in addition to the unique equilibrium of selling, a prisoner's dilemma may arise where both manufacturers are better off if they were to lease their products.     

大型银行、中小企业与贸易融资:青岛案例

长期以来,商业银行尤其是大银行拓展中小企业信贷市场一直面临困境。但中国工商银行青岛分行却以中小企业商品交易为基础,较为成功地开发了一系列贸易融资产品。由此可以看出,在特定的产品、制度和技术保证下,大银行也可以成为中小企业信贷市场上的有效资金供给者。     

EEC双通道健康度评估方法研究

为了解决航空发动机双通道电子控制器(EEC)两个通道均发生故障时如何评估通道健康度,从而选择主控通道的问题,论文提出了基于逆模型计算发动机推力敏感度的方法,量化不同信号故障对发动机推力的影响程度,依据推力敏感度来评估双通道健康度,协助主控通道选择,最终提高系统的安全性。     

On the role of Islamic and conventional banks in the monetary policy transmission in Malaysia: Do size and liquidity matter?

This paper empirically investigates the impact of monetary policy on the credit supply of Islamic versus conventional banks of Malaysia using an unbalanced panel dataset over the period 2005-2016. While estimating the effects of three alternative measures of monetary policy on banks' credit supply, we include several bank-specific and macroeconomic variables in the specification as control variables. We provide strong evidence on the existence of the credit channel of monetary policy transmission mechanism in Malaysia. Yet, we show that Islamic banks respond considerably less to changes in monetary policy instruments as compared to their conventional counterparts. We also find that the monetary policy measures affect small-sized banks and less-liquid banks more as compared to large-sized and more-liquid banks. Our findings suggest that for an effective monetary policy, there is a vital need to consider the nature of Islamic banking while devising any monetary policy instruments to manage credit supply in the economy.     

A quantitative study of financing efficiency of low‐carbon companies: A three‐stage data envelopment analysis

This study set out to evaluate the financing efficiency of low‐carbon companies. Applying a three‐stage data envelopment analysis with the data from 85 listed companies in China's low‐carbon industries over the period 2011 to 2017, this study has found that the overall financing efficiency of low‐carbon companies was relatively high, and the pure technical efficiency was quite steady over the period. The overall financing efficiency of these low‐carbon companies on average tended to change with the scale efficiency. This study has also shown that the scale efficiency was the main constraint influencing the financing efficiency of low‐carbon companies in China over the period. Our results are robust and have significant implications for policy makers and corporate managers.     

金融集聚能缓解中小企业融资约束吗？——基于非线性和区域异质性的视角

以2009—2017年上市中小企业面板数据为样本，应用现金现金流敏感性模型分析了金融集聚对中小企业融资约束的影响。研究发现：整体上金融集聚可以一定程度缓解中小企业融资约束，但存在地区性差异，且门槛效应明显。金融集聚对低金融集聚水平地区的中小企业融资困境有明显改善，但其影响随着金融集聚水平的增加而减少。当金融集聚水平超过高门槛值时，这一作用非常微弱，总体上呈现非线性特征。这说明当金融资源高度集中时可能产生挤出效应。     

Development costs capitalization and debt financing

This study investigates debt market effects of research and development (R&D) costs capitalization, using a global sample of public bonds and private syndicated loans issued by public non‐financial firms. Firstly, we show that firms capitalize larger amounts of R&D in a year when they exhibit a propensity for issuing bonds, rather than borrowing funds privately from the syndicated loan market, in the subsequent year. Secondly, we provide evidence that capitalized R&D investments reduce the cost of debt. We infer that debt market participants are able to identify firms’ motives for R&D capitalization, as we find a reduction in the cost of debt only for those firms that do not show indications of employing R&D capitalization for earnings management reasons. Indeed, only for this sub‐sample of firms, the amount of capitalized R&D contributes positively to future earnings. We confirm that R&D capitalization is positively associated with audit fees and thus can be deemed to be a signaling device. Lastly, we find that it is the amount of R&D a firm is expected to capitalize and not the discretionary counterparts, which facilitates a firm's access to public debt markets, reduces bond and syndicated loan prices, and contributes to future benefits.