利差演进、利差层次与我国利差结构分析

本文从金融学视角揭示了商业银行存贷款利差、中央银行与商业银行利差和国内与国际金融市场利差三个层次,并指出利差三个层次构成了有机的统一体.作者对建国以来历次利率调整进行了综合系统分析,勾画出我国利差变化的轨迹,得出以下基本结论:中国人民银行对利差管理从无序逐步过渡到有序,利差体系从扭曲逐步得到矫正,在金融管制环境下实现了利率总体水平的国际化"磨合".存在的主要问题是:存贷款利差考虑商业银行收益因素较多,兼顾国际化竞争不足;邮政储蓄转存利差在体现政策性的同时负效应越来越大;再贷款利差调整频繁和扩张太快,透视出金融宏观调控手段相对单一.     

自然资本代际配置研究--可持续发展的产权制度设计

自然资本配置不仅涉及当代人利益,也涉及后代人利益,即涉及代际利益问题。现代产权理论,对于说明市场机制配置资源产生帕累托最优效率,提供了反传统的论证,但是缺乏代际利益均衡理念,无法令人信服地说明可持续发展框架下的自然资本的最优配置问题。本文以罗尔斯的代际正义论为伦理基础,提出自然资本代际产权理论,以期对现代产权理论加以修正并对可持续发展进行产权制度设计。     

知识员工雇佣管理模式研究--基于SHRM的分析

本文从战略人力资源管理的视角,综合运用知识资本理论和战略管理理论熏以知识员工异质性为研究的逻辑起点,根据知识员工所拥有知识的战略价值及企业专用性这两个维度,把知识员工分为先锋型、工兵型、卫士型和盟友型等四种类型,然后较深入地分析了各类知识员工的特点,并在此基础上提出了差异化雇佣管理模式。文章最后还就差异化雇佣管理所带来的问题进行了研究,一方面丰富了雇佣关系管理理论的内容,另一方面也为中国的知识型和高科技企业在实践中分层分类雇佣管理知识员工提供了理论依据。     

The role of e-marketplaces in supply chain management

Electronic marketplaces (e-marketplaces) have a profound influence on the way in which organizations manage their supply chains. Proponents of the e-marketplace concept suggest that web-based trading systems, such as World Wide Retail Exchange (WWRE) and GlobalNetXchange (GNX), would enable companies to more efficiently buy, sell, and manage their supply chain processes on a global scale. This study investigates the extent to which e-business tools of the e-marketplace are used by channel members in the retail sector for business-to-business supply chain management (SCM). The study is based on a survey involving food service companies, retailers, and wholesalers in the UK. It is shown that the e-marketplace supply chain applications enable the majority of companies to automate transaction-based activities and procurement-related processes rather than strategic supply chain activities. The results also indicate that full participation in e-marketplaces requires companies to integrate their internal and external supply chain activities and share strategic information.     

Measuring new product success: an empirical investigation of Australian SMEs

New product development (NPD) has long been recognised as one of the corporate core functions. However, measuring new product success has remained elusive. This paper attempts to examine several conceptual issues underlining the measurement of new product success and the measurement practice adopted in Australian small and medium enterprises (SMEs). The sample included 276 SMEs from two most innovative industries: chemical and machinery industries. Results have indicated that four factors underline the commonly used success measurement: financial performance, objective market acceptance, subjective market acceptance, and product-level measures. These four factors are related to each other and can be used to well predict the overall measurement. The most frequently used specific measures in Australian SMEs are customer acceptance, customer satisfaction, product performance, and quality.     

Alternatives to blanket guarantees for containing a systemic crisis

This paper seeks to explain how policy actions undertaken at the outset of recent crises—particularly the issuance of extensive liquidity support and government guarantees—absorb off-budget fiscal resources and inappropriately constrain officials’ subsequent options for restructuring their country’s troubled financial and corporate sectors. Empirical evidence supports the commonsense view that the damage a crisis works on a country’s financial sector and on its real economy is lessened by taking market-mimicking actions that promptly estimate and allocate losses during the early stages of a crisis. The most important steps are to plan to call a timeout to separate hopelessly insolvent institutions from potentially viable ones and to provide haircuts, guarantees, and liquidity support in ways that protect taxpayers and avoid subsidizing insolvent institutions’ longshot gambles for resurrection.     

The Impact of Capital Requirements and Managerial Compensation on Bank Charter Value

This paper examines the joint impact of capital requirements and managerial incentive compensation on bank charter value and bank risk. Most of the previous literature in the area of banking and agency theory has focused on asymmetric information between either banks and regulators, (and therefore on the role of bank capital), or between bank shareholders and bank managers, (and therefore on the role of managerial ownership). In this paper we unify these issues and present empirical results from the regression of capital requirements jointly with measures of incentive compensation on Tobin's Q, our proxy for bank charter value, and on the standard deviation of total return, our proxy for bank risk. In a sample of 102 bank holding companies we find that capital levels are consistently a significant positive factor in determining bank charter value and a significant negative factor in determining risk. On the other hand, we find our six measures of incentive compensation to be generally insignificant relative to charter value but do provide some evidence consistent with a theory relating types of incentive compensation with risk.     

The Impact of Basel II on Lending to Small- and Medium-Sized Firms: A Regulatory Policy Assessment Based on Spanish Credit Register Data

The objective of this paper is to evaluate the impact on bank credit exposures to small- and medium-sized Spanish firms of the current proposal for reform of the 1988 Capital Accord using information from the Spanish Credit Register. Capital requirements for exposures to those firms, according to the various revisions of the proposed capital reform (from the January 2001 consultative document to the April 2003 one), are calculated to analyze whether the existing pattern of bank financing of small- and medium-sized firms might be altered. Finally, the incentives for individual banks to adopt the advanced internal ratings-based approach proposed by Basel II are evaluated.     

Effects of Economic Convergence on Stock Market Returns in Major EMU Member Countries

This study updates and extends existing literature by investigating the effects of economic convergence among major European Economic and Monetary Union (EMU) member countries on stock market returns in each respective nation. Main findings include: (1) long-term stability in the EMU appears to be attainable, but further integration of product and factor markets is needed to reinforce convergence of real sectors; (2) the UK can be considered a quasi EMU participant due to convergence of its key economic variables with those of formal EMU members; and (3) economic convergence appears to be an important contributing factor to returns from stock markets in the included EMU countries except Germany.     

Diversification and Capital Structure: Some International Evidence

This study examines the effects of international and product diversification on capital structure with 232 firms from 30 countries. Results for the full sample show that international diversification is negatively related to financial leverage, but further analyses indicate that this is mainly attributable to US firms. For non-US firms, we fail to find a significant relationship. Results also show that product diversification is positively related to financial leverage, indicating that such diversification allows firms to reduce their risks, thereby enabling firms to carry higher debt levels.