电子支付的兴起与商业银行服务边界的改变

电子支付方式的出现和兴起不仅影响和改变着商业银行的服务方式,而且对商业银行的核心支付功能将带来挑战。随着电子支付方式的演进和第三方支付组织的出现,商业银行作为借贷中介出现"脱媒"之后又面临着"支付脱媒"的挑战。本文将围绕电子支付当前的主要方式、产品和组织创新,其对商业银行服务边界可能带来哪些改变,银行面临哪些"支付脱媒"挑战等方面进行论述,然后提出一些政策建议。     

Comparing Tax and Tax Reallocation Payments in Financing Rail Noise Abatement Programmes: Results from a Stated Choice Valuation Study in Italy

The paper examines the use of stated choice experiments (SC) to assess the economic value of alternative rail noise reduction interventions on the Brennero railway in Italy. The paper formally tests the econometric robustness of the SC estimates under three payment regimes: (a) a regional tax, where consumers must trade off welfare gains due to noise reduction for part of their income; (b) a transport tax reallocation scheme, where consumers must trade off a part of the tax payments that are currently spent on the public transport sector; and (c) an administration tax reallocation scheme, where consumers must trade off a part of the tax payments that are currently spent on the administration sector. The test results are varied. On the one hand, the SC estimates are found to be statistically different for the tax reallocation and the tax introduction regimes. This confirms previous valuation research results, and thus reiterates the hypothesis that states the inequality between marginal values of private income and public money. On the other hand, the SC estimates are not found to be statistically different for the two proposed tax reallocation regimes, suggesting that, in the case study investigated here, the marginal value of public money does not depend upon the budget source.     

控制权稀释威胁影响上市公司并购支付方式选择吗

当现金并购支付方式优先于股票被大量采用时,以往研究认为这源于主并方控股股东避免控制权稀释导致控制权私利受损的动机,忽视了并购发生时和并购后有持续攫取控制权私利的潜在需要。本文构建了一个基于控制权私利动态性的并购支付方式选择的理论框架。对2004-2007年上市公司774个并购事件的实证分析表明,并购支付决策是控股股东在控制权稀释威胁、债务融资约束及预期并购后所面临的监督之间权衡的结果,前者促进了现金支付偏好,而后两者均减低了该偏好。所隐含的政策启示是,上市公司并购支付方式创新本质上要与抑制控制权私利活动结合起来。     

吉林省支付清算系统及业务发展问题研究

吉林省支付清算系统的高效运行对地方经济的发展发挥了积极的推动作用,本文在研究吉林省支付清算系统的运行情况及其与地方经济、金融关系的基础上,对制约支付体系业务发展的因素进行了深入分析,并提出了相关政策建议。     

第三方支付的宏观经济风险及宏观审慎监管

国内第三方支付市场发展迅猛,作为一种新型的支付清算体系,它的诞生也为现代金融体系增加了新的宏观经济风险。本文针对第三方支付独特的风险机理,探讨将其纳入宏观审慎监管框架的理论依据,同时在借鉴欧美经验的基础上,提出我国的监管对策。     

Financial consequences of a payment-by-results scheme in Catalonia: gefitinib in advanced EGFR-mutation positive non-small-cell lung cancer

Background: In 2011 the first payment-by-results (PbR) scheme in Catalonia was signed between the Catalan Institute of Oncology (ICO), the Catalan Health Service, and AstraZeneca (AZ) for the introduction of gefitinib in the treatment of advanced EGFR-mutation positive non-small-cell lung cancer. The PbR scheme includes two evaluation points: at week 8, responses, stabilization and progression were evaluated, and at week 16 stabilization was confirmed. AZ was to reimburse the total treatment cost of patients that failed treatment, defined as progression at weeks 8 or 16.

Objective: To estimate the financial consequences of this PbR reimbursement model and determine the perception of the stakeholders involved in the agreement.

Methods: Differential drug costs between two scenarios, with and without the PbR, were calculated. A qualitative investigation of the organizational elements was performed by interviewing the parties involved in the agreement.

Results: Forty-one patients were included from June 2011 to October 2013 and assessed at two evaluation points. Clinical results were comparable to those observed in the pivotal studies of gefitinib. The difference in the cost of gefitinib using the PbR compared to the traditional purchasing scenario was 6.17% less at 8 weeks, 11.18% at 16 weeks and 4.15% less for the overall treatment. The PbR resulted in total savings of around €36,000 (€880 per patient). From an operational and organizational perspective, the availability of adequate data systems to measure outcomes and monitor accountability and the involvement of healthcare professionals were acknowledged as crucial.

Conclusions: Tangible and intangible benefits were identified with respect to the interests of the parties involved. This has led to the incorporation of innovation for patients under acceptable conditions.     

中国的对外资金循环与外汇储备的结构性问题

本文探讨了自20世纪90年代以来的中国对外资金循环的特点及结构性问题。根据资金循环的动态过程建立了国际资金循环分析的理论模型,应用模型从储蓄投资与经常收支以及国际资本流动三方面,分析中国对外资金循环出现的双顺差现象以及由此所产生的外汇储备急增的问题。提出了对外资金循环结构性调整以及完善经济发展模式的政策建议。     

转移支付制度与县乡财政体制构建

地方财政问题本质上不是一个技术性问题,而是一个制度创新问题,但自1994年至今,我们一直在技术的层面上进行,即税率的增降、税种的开征与停征以及收入共享的划分等,而从未考虑过用制度创新来解决县乡财政问题.虽然短期内技术层面的操作能解决暂时的表面上的矛盾,但从长期来看,往往酝酿着更深层次、更激烈的矛盾.制度上的创新要求一方面要逐步建立民主的理财机制,另一方面要重构县乡财政体制的新框架,明晰界定县乡两级政府事权,培育新的主体税种,下放税权并且加大转移支付力度.如果制度上的创新能够真正实行,那么县乡财政问题可望从根本上得到解决.     

Do Lenders Cross-Subsidise Loans by Selling Payment Protection Insurance?

This study examines the recent UK regulatory decision to ban the joint provision of consumer lending and payment protection or credit insurance (hereafter PPI). This case has wide regulatory implications following concerns that the sale of PPI has been detrimental to customers due to overpriced PPI and a cross-subsidy flowing from PPI to unsecured lending. The study examines whether interest rate setting of unsecured lending is influenced by banks issuing PPI or otherwise to help establish whether such cross-subsidies have been made. This assessment is undertaken over time for a diverse and comprehensive selection of banks offering unsecured lending with and without PPI between 1998 and 2011 for three levels of borrowing. It is reported that offering PPI is a significant explanatory variable of unsecured lending interest rate levels. When unsecured lending is offered with PPI, interest rates are lower, a finding consistent with a cross-subsidy flowing from PPI remiums to unsecured lending.     

Collective agri-environment schemes: How can regional environmental cooperatives enhance farmers’ intentions for agri-environment schemes?

The effectiveness of agri-environment schemes (AES) in enhancing biodiversity on farmland and creating a long-lasting change in farmers’ motivation towards a more environmental-friendly practice is still strongly debated. Applying a regional approach has been advocated widely to make AES more ecologically and socially sustainable. In the Netherlands, some AES are performed collectively by large regional groups of farmers called Environmental Cooperatives (EC). We hypothesise that these cooperatives enhance farmers’ intention to participate by facilitating the application of AES, but also by generating group pressure. In the study at hand, we used an extended version of the Theory of Planned Behaviour (TPB) to investigate which factors are associated with farmers’ intention to participate in two kinds of collective AES (ditch bank management and the protection of meadow birds). Our results demonstrate that attitude and perceived personal ability to participate in these AES are associated with the intention of farmers to participate in ditch bank management. However, for the protection of meadow birds, social pressure, self-identity and facilitation by the EC also relate to the intention of farmers. We conclude that the facilitation undertaken by ECs positively relates to farmers’ intention to participate in collective AES.