国有商业银行经营风险及内控机制

经营风险问题一直困扰着商业银行的经营者和管理者。尤其是国有商业银行,经营风险激增给其带来了巨大的经济损失,导致经营陷入困境以及银行信誉受到严重影响。这反映出作为预跨和控制商业银行的内控机制存在着严重的问题或缺陷。为此,本文从商业银行的经营风险与内控机制的关系入手,探讨通过建立和完善内控机制来预防和减少经营风险损失。     

A comparison of the Japanese and U.S. business cycles

This paper constructs a consistent set of quarterly Japanese data for the 1960–2002 sample period and compares properties of the Japanese and U.S. business cycles. We document some important differences in the adjustment of labor input between the two countries. In Japan most of the adjustment is in hours per worker of males and females and also in employment of females. In the U.S. most of the adjustment is in employment of both males and females. We formulate, estimate, and analyze a model that makes the distinction between the intensive and extensive margin and allows for gender differerences in labor supply. A weak empirical correlation between hours per worker and employment in Japanese data is a puzzle for our theory.     

剖析企业发展的商业生态系统模式

商业生态系统理论打破了传统的企业之间“单赢”的竞争观念。本文从商业生态系统的视角剖析企业发展的新商业模式:首先,选择一个具有较高吸引力的商业生态系统;其次,在系统中争取较高的竞争地位;最后,持续强化维持或提升这一位置所需学习力。     

中国银行业多元化业务收入对其利润影响的实证分析

已有的实证研究表明,我国商业银行业务多元化在一定程度上能提高其盈利能力。本文在已有研究的基础上,实证研究了我国商业银行各项业务收入对其利润的影响。研究结果表明,虽然各项业务收入有助于提高银行总利润,但是利息收入、其它营业收入和投资收益却对银行净利润存在明显的负向影响,但当考虑其与是否股份制银行的虚拟变量的交互影响后,发现业务收入对股份制银行的净利润有显著的正向影响。同时,金融企业往来收入、汇兑收益、营业外收入对银行净利润都具有正向影响,其中又以营业收入的边际影响最显著。     

Of lessees,lessors, and discount rates and whether pigs have wings

Recent articles on leasing suggest five principles that should aid analysts to understand this durable, much misunderstood financial instrument. The principles are 1) the lessor must be happy too, 2) the operating inflows have nothing to do with the case, 3) financial, like physical, matter tends to be preserved, 4) debt is a function of after-tax flows, and 5) inability to use tax shelters cuts two ways. In this paper we illustrate these principles and use illustrations to demonstrate that each of these principles has merit. We argue as well that the impression, often left by the principles, that leasing seldom benefits all parties to the transaction is incorrect.     

中国金融市场风险与宏观经济景气之间的关联动态研究

为了揭示中国金融体系与宏观经济运行的系列结构性变化及其关联动态,文章分别基于货币流动性宽松程度、剩余收益模型以及银行资产负债表,对中国货币市场、股票市场与银行体系的风险进行了测度和评估;并在分析上述三个金融子市场风险变动规律及其传递机制的基础上,运用时变参数向量自回归模型实证检验了各金融市场风险与宏观经济景气之间的关联动态。研究发现:在金融危机爆发前后,不同金融市场风险之间的传递关系发生了重要转变,并且与宏观经济景气变动之间的交互影响也存在显著的阶段性差异,呈现出"良性循环"与"恶性螺旋"的非对称性切换。这些研究为中国新时期积极转变宏观经济调控政策决策机制、创新宏观经济调控与金融监管模式,实现宏观经济与金融体系的双重稳定提供了有益的经验依据与政策启示。     

“营改增”提高还是降低了服务业企业的技术创新意愿?——来自中国上市公司的实证

文章以"营改增"试点服务业企业为研究对象,利用2008-2015年中国上市公司数据,借助政策实施前后公司专利数量的变化,从创新数量和创新质量双视角经验研究了"营改增"对服务业企业技术创新意愿的影响。双重差分模型（DID）、双重差分倾向得分匹配模型（PSM-DID）以及三重差分模型（DDD）的估计结果都一致地表明,"营改增"政策显著地抑制了服务业企业的技术创新意愿;进一步地,通过作用机制检验发现,"营改增"对服务业企业技术创新意愿的抑制作用可以通过提高企业绩效实现。上述检验结果意味着,"营改增"通过提高服务业企业的经营绩效使得企业在较低的创新水平上也能够很好地生存,鉴于技术创新的高风险性,企业行为更趋于短期化,对技术进步和提高生产率缺乏足够的动力和热情。文章不仅丰富了"营改增"之于企业创新的实证研究,而且有助于理解中国企业缺乏创新动力的制度性诱因,对政府后续产业政策的制定具有重要而明晰的政策含义。     

Developing globally responsible leaders: What role for business schools in the future?

This paper reports on a collaborative research process to explore the future role of business schools in the development of globally responsible leaders. Swinburne University of Technology held a collaboratory workshop of academics across disciplines and a range of business leaders to explore firstly what a globally responsible leader would look like and secondly how these capabilities would be developed. In taking forwards actions from the workshop, the Business School was noticeably absent which raised the specific question regarding the on-going role for business schools in the future development of leaders, and how they would need to change in order to maintain a future role in this sphere. The paper reflects on the transformative process necessary within business schools if they are to meet this future agenda.     

Growth uncertainty,generalized disappointment aversion and production-based asset pricing

We study a production economy with regime switching in the conditional mean and volatility of productivity growth. The representative agent has generalized disappointment aversion (GDA) preferences. We show that volatility risk in productivity growth carries a positive and sizable risk premium in levered equity. Our model can endogenously generate long-run risks in the volatility of consumption growth observed in the data. We show that introducing leverage with a procyclical dividend process consistent with the data is critical for the GDA preferences to have a large impact on equity returns.     

AN ANALYSIS OF SUPPLY CHAIN COLLABORATIONS AND THEIR EFFECT ON PERFORMANCE OUTCOMES

This research examined how operational outcomes, relational outcomes and business performance are affected by a collaboration project between buyers and suppliers in a supply chain. It is hypothesized that interdependence of knowledge and process, supply chain partner insight, and the level of collaboration between the firms affect the outcomes of a collaboration project. Survey data from buyers and suppliers from a wide range of industries and organizations were used in this analysis. Among these participants, higher levels of collaboration led to improvements in operational and relational outcomes, which together led to improvements in asset utilization, competitive position, organizational performance, and profitability.