银行与基金:金融中介发展趋势分析

从银行的产生与发展到基金等中介的兴起,都是交换与分工不断深化的必然结果,金融中介创新和发展的动力来自于市场和其他中介的竞争压力;同时,金融管制的不断放松,全球金融逐渐走向自由化为金融中介的发展创造了宽松的条件,这些就是金融中介不断演变的内在规律。对金融中介演变规律的理论解释是基于三条线索展开的。     

BAD taxation: Disintermediation and illiquidity in a bank account debits tax model

This paper uses a dynamic general equilibrium model to study the economic effects of bank account debits (BAD) taxation. Australia and various Latin American countries have levied or levy BAD taxes. Aspects such as financial disintermediation, market illiquidity, and impacts on dividend and interest rates are considered. Part of the BAD tax revenue may be fictitious, due to increased interest payments on government debt. The Brazilian BAD tax (CPMF) experience is evaluated. The empirical analysis confirms some theoretical predictions. Incidence base over GDP appears to be sensitive to the tax rate, possibly engendering a Laffer curve. The tax may also cause real interest rates to increase. Furthermore, the deadweight losses are relatively large, even if revenues are small. The theoretical and empirical results suggest that the BAD tax is not adequate for revenue collection. JEL Code E62 · H20     

外资引进战略与中国银行业改革：效率与稳定的权衡

中国金融业的开放更多地具有外生性质,这意味着银行业引进外国资本将面临更大的金融风险;中国银行业改革偏好于外国资本,在客观上导致了政府某些部门或某些地方政府与外资“合谋”瓜分政府长期垄断银行业而形成的特殊利益,而这些利益本应属于中国社会公众;理论研究与实践分析均表明,引入外资尽管可能会提高银行业的微观效率,但这在一定程度上是以损害宏观经济稳定为代价的。中国银行业引进外资必须注意效率与稳定的权衡。谨慎、适度地引进外资是我们当前的合理选择。     

国别差异与银行业对外开放风险评判

国际上对银行业开放的争议尚无定论。本文在简述这些争议内容的基础上,全方位地评析了国别差异对银行业对外开放风险的影响,论证了对不同的国家,同一国家不同的政治、经济发展阶段,银行业对外开放具有不同的意义。小国对大国政治、经济的依附性,决定了大规模对外开放,甚至在特定的历史条件下由外资银行占主导都不失为一种可取的政策选择,而大国之间的对抗性,及政治、经济的非依附性,使大规模引进外资的长期结果难以预料,利弊的分野在于推行开放政策的国家管理经济金融的水平。所以,国家间的差异性应当成为我们科学评判银行业对外开放风险的基础。     

信息传递、组织结构与银行效率

银行信息传递效率受银行信息渠道网络、信息结构、员工素质和激励约束机制的影响,银行渠道网络、信息结构,员工素质和激励约束机制受银行组织结构的影响.建立客户中心、适当分权、减少中间管理层、革新银行的信息技术、整合价值链引入市场机制、完善银行的激励约束机制等措施能提高我国银行的信息传递效率和整体效率.     

机制与执行力国际金融保险学院教师赴台州市商业银行调研报告

台州市商业银行2002年成立后在市场占有率、利润和不良资产控制上都取得了不俗的成绩。合理的产权结构、严格有效的信贷管理制度、准确的市场定位及适合小企业贷款的管理技术、人才选拔和培养方式，是帮助银行取得成功的重要因素，银行在制度执行上的强大执行力是银行成功的关键。银行可以通过股权激励、资本管理、贷款定价等方面的改革进一步加快发展步伐。     

Asymmetric information and the mode of entry in foreign credit markets

In a newly liberalized credit market, foreign banks with cost advantages are likely to be less informed than domestic banks that hold information on credit risks. These relative advantages may generate incentives for a foreign bank to negotiate acquisition of a domestic bank in order to capture information endowments. However, if it is difficult to assess the value of information held by banks, the foreign bank will face important choices about the optimal mode of entry and what acquisition price to pay. These choices have implications for the survival of domestic banks and how capital is allocated after liberalization.     

The role of regulatory capital in international bank mergers and acquisitions

When investigating the role of regulatory capital in bank mergers and acquisitions (M&As) we finds that US targets are better capitalized than their acquirers and non-acquired peers and that US banks maintain higher capital levels than European banks. Thus, US banks strategically raise their capital levels to avoid regulatory scrutiny. Furthermore, more value is created for targets with high excess capital and in M&As involving targets with considerably higher excess-capital ratios than their acquirers. Thus, the excess regulatory capital hypothesis is supported. Finally, market prices reflect the influence that capital has on the probability of the merger's regulatory approval.     

对冲政策的工具选择与特别国债发行

对冲政策是目前货币政策的核心问题。外汇储备增加速度不断加快,导致因基础货币投放增加过快而引起的潜在通货膨胀不断积累,中央银行因此采取的对冲政策和采用的对冲工具关系到中国经济稳定健康的发展。财政部发行的特别国债对流动性的影响是中性的,但无疑为中央银行提供了一个有效的对冲工具。     

地方政府帮助地方银行改善经营绩效了吗?--基于“地方保护”和“行政干预”的视角

本文检验了地方政府行为对地方银行经营绩效的影响,发现:(1)"地方保护"具有"保护之手"作用,"行政干预"具有"良性引导"作用,二者有利于降低地方银行的盈利波动性、提升地方银行的运营稳健性。(2)对于资产规模较小的银行、未设立省外分行的银行,"地方保护"和"行政干预"的积极影响较大;对于高技术产业投资比较活跃的地区,"地方保护"和"行政干预"的积极影响较大。(3)当省内经济增长率领先于全国水平时,"地方保护"和"行政干预"依然发挥积极作用;然而,当省内经济增长率落后于全国水平时,"地方保护"会产生"约束之手"作用,"行政干预"会产生"恶性引导"作用,二者反而会加剧地方银行的盈利波动性、降低地方银行的运营稳健性。