金融危机下国际金融体系改革的思考

国际金融体系改革的呼声由来已久,本次金融危机再次暴露出现有国际金融体系的重大缺陷：美元在现行国际货币体系中的垄断与霸权地位,现行国际金融组织体系缺乏独立性和权威性,现行国际金融监管体系不完善等。因此,要改造和重塑现行国际金融体系：改革国际货币体系,促进国际货币体系的多元化,打破美元的垄断霸权;推动国际金融组织改革,提高发展中国家在国际金融组织中的代表性和发言权;加强国际金融监管合作,完善国际金融监管体系等等。     

The effects of strategic and market complementarity on acquisition performance: evidence from the U.S. commercial banking industry, 1989–2001

Most traditional research on mergers and acquisitions tends to focus on the role of similarity in explaining acquisition performance. While scholars have recently begun to examine acquisition complementarity, there is still little evidence concerning how complementarity influences acquisition performance. Further, previous research has not drawn the connections between related contexts and the potential benefits from complementarity. In this article, we move the study of acquisition complementarity forward by investigating the effects of strategic and market complementarity on acquisition performance in the context of related horizontal acquisitions. We also propose that two key attributes of acquirers—strategic focus and out‐of‐market acquisition experience—will moderate this relationship. We investigate our research questions in the context of all 2,204 acquisitions made by publicly traded U.S. commercial banks during the 12‐year period from 1989 to 2001. Our findings are generally supportive, suggesting complementarity is an important antecedent of acquisition performance, and raising important issues on the nature of acquisition research in general. Copyright © 2009 John Wiley & Sons, Ltd.     

International Housing Markets and the U.S. Subprime Crisis

We propose a novel decomposition approach to study the degree of co-movement of international housing markets while distinguishing among different economic drivers. We find that the housing market variability for an average country was mainly driven by the common housing risk premium components during the years leading up to the 2007–08 subprime financial crisis. A decrease in the common housing risk premium was followed by a housing boom and economic expansion in the United States prior to the crisis. Our findings add to the understanding of the role of common risk factors across international housing markets before the crisis.     

Nonlinear Transmission of Financial Shocks: Some New Evidence

Financial shocks generate a protracted and quantitatively important effect on real economic activity and financial markets only if the shocks are both negative and large. Otherwise, their role is quite modest. Financial shocks have become more important for economic fluctuations after 2000 and have contributed substantially to deepening the recessions of 2001 and 2008. The evidence is obtained using a new econometric procedure based on a Vector Moving Average representation that includes a nonlinear function of the financial shock. This method is a contribution of the present work.     

中国装备制造业发展的金融支持测度研究

装备制造业作为中国的重要产业之一,也是制造业的“母体”,近几年发展迅速,但与美国、 日本、德国等制造业强国相比还有很大差距。本文以中国装备制造业为研究对象,从政策性 金融支持、商业性金融支持、资本市场金融支持、风险投资金融支持4个角度出发,选取了2 005～2014年10年的全国装备制造业的面板数据,创新性地运用超越对数生产函数模型与岭 回归分析4项金融支持方式对装备制造业的支持程度,找出各种金融支持方式存在的问题, 为促进我国装备制造业的发展提供借鉴。     

经济新常态下金融包容与产业结构转型——基于中国省级面板数据的分析

在经济新常态背景下,产业结构面临重大调整,金融包容的融入,使中小企业或个人能够获得价格合理、方便快捷的金融资源,扶持创业创新发展,形成新的增长动力。本文基于1995～2012年中国31个省市的相关数据,运用面板数据模型和分位数回归方法,深入探讨金融包容对产业结构转型的影响。结果表明,金融包容与产业结构转型具有显著的正向关系,并且在不同分位点上金融包容水平对产业结构转型表现出较强的解释力,随着产业结构向高级化发展,金融包容在产业结构转型升级中的作用逐步凸显。经济增长、教育发展、财政支出规模和城市化水平均对产业结构转型具有促进作用,而过多的物质资本投入不利于产业结构转型。     

中国不同省份金融结构转变与产业结构升级关系的实证研究

随着我国社会主义市场经济改革的不断深入,现有金融结构已不能适应经济发展。本文从金融结构调整的角度出发,对中国较发达地区,欠发达地区以及基于全国的数据进行面板回归。通过对实证结果的分析,得出金融结构调整对产业结构调整并不是简单线性关系的结论,金融结构调整应有合理的范围,当金融结构在其范围内变化时,能够促进经济的增长,当金融结构的调整超过合理范围时,金融功能的负作用会逐渐增强,当负作用积累到一定程度,会对经济的发展起到阻碍作用,我国各省份应根据自己的实际发展情况和自然禀赋,选择合适的金融结构和经济发展模式。     

Econometric Analysis of Managers' Judgements on the Determinants of the Financial Situation in Russia

The paper presents an econometric analysis of the determinants of the financial situation in Russian manufacturing. Official statistics in Russia are not reliable. This is why the analysis is based on business opinion surveys carried out within `The Russian Economic Barometer' long-term research programme for monitoring and investigation of the transition to the market in Russia. The new adaptive approach elaborated by the author of the paper is used to form a correct set of explanatory variables in regression equations. This approach is based on the comparison of the forecast abilities of alternative models with different sets of explanatory variables. Two periods are considered and compared: January 1993 to January 1995 and February 1995 to January 1998. Two variables, the diffusion index of output and the average order-book level, provide the best explanation of the managers' judgement regarding the financial situation in Russia for the first period. It was found that for the second period, the influence of the `output index' diminished. The main factors with which managers related a `good' financial situation in their enterprises were the sample average of order-book level, the stocks of finished goods, the index of order-book level, the index of output prices ratio, and the indebtedness to banks. All relationships are presented in the context of linear probability and logit models.     

事业单位会计报表存在的问题及改进建议

近年来财政部进行了五项财政改革,旧的《事业单位会计制度》已经不适应事业单位的发展,《事业单位财务规则》(征求意见稿)的出台,对于事业单位来说是一件划时代的事情。虽然新的征求意见稿与旧的《事业单位财务规则》相比有完善之处,但会计报表方面仍存在一些问题。文章通过对会计报表中的资产负债表、收入支出表、是否编制现金流量表及附注存在的一些问题进行分析,并提出一些改进建议。     

我国商业银行全面成本管理中存在的问题及其对策探讨

商业银行实施全面成本管理是转换经营机制、优化业务结构,建立节约性社会的有力举措。文章针对我国商业银行成本管理中存在的问题进行分析,就构建我国商业银行全面成本管理体系、推行商业银行全面成本管理的方法和措施进行了探讨,并提出了有针对性的建议和对策。