上调存款准备金率对商业银行股价的影响研究

近期央行加大了运用货币政策工具进行调控的力度,货币政策对经济的调整作用日益显现,同时货币政策的应用对商业银行的经营战略、盈利能力以及股票收益率也产生了一定的影响。然而,在收集了4家国有控股银行和4家全国性股份制商业银行的股票日收益率数据后,运用事件研究法,通过严格的计算,结果证明,存款准备率金的上调对银行的股票收益率产生的影响并不明显。     

松嫩平原湿地水禽多样性保护需要关注的问题与对策

松嫩平原地处我国东北半干旱区,内陆沼泽湿地分布集中,是东亚-澳大利亚鸟类迁徙路线上的重要栖息地,水禽多样性极为丰富。近年来,在特殊的自然地理条件与人类活动导致的环境变化共同作用下,该区的水禽多样性发生了较大变化。通过大量的资料收集、数据统计,结合野外实地调查,分析了松嫩平原半干旱区内陆湿地水禽多样性现状及变化趋势,探讨了影响水禽多样性变化的环境因素及存在主要问题,并就这些问题现状提出了切实可行的对策和建议。     

iNet网络电台在珠峰核心保护区地质灾害监测中的应用研究

iNet300作为一款工业级的无线以太网设备,多运用于煤矿,水利等领域的无线数据传输。本文利用多个iNet300网络电台,组成点对点的无线数据传输链路,以延伸公网信号来解决公网盲区地质灾害信息难以传输的问题。珠峰核心保护区的珠峰桥泥石流沟属高原地区,具有低噪声、弱干扰、高带宽的电磁环境,通过应用iNet300网络电台对其地质灾害进行了测试研究,首次证明利用该设备延伸公网信号以实现视频、数据综合业务的远程传输是可行的,达到了预期设计要求。     

林业系统自然保护区建设与管理分析报告

利用2011年全国林业系统自然保护区数据,从自然保护区的类型结构、区域分布、规模、投资建设、机构人员建设等方面对林业系统自然保护区的建设管理现状进行了系统分析,并通过对我国自然保护区的发展形势分析,针对统计分析中发现的主要问题,提出政策建议。     

从中美经济相互依存看我国高额外汇储备管理

美债危机爆发后,中国作为美国在海外最大的债券持有者仍然不得不继续增持美债,一方面是由于人民币汇率长期与美元挂钩,国际贸易和金融交易主要以美元结算以及我国出口导向型经济增长方式短期内无法改变均导致外汇储备被动积累,另一方面更是因为一旦我国大规模减持美元资产,将引起全球外汇市场对美元的恐慌性抛售,并最终危及我国在美金融资产安全。美债危机表明我国经济对美国高度依赖,并凸显了经济增长方式转变以及对高额外汇储备有效管理的重要性与紧迫性。     

中国外汇储备的构成、收益与风险

基于美国财政部国际资本系统(TIC)的数据,本文对中国外汇储备的币种和证券资产构成进行推测,并估算其成本与收益,分析潜在的资本风险。本文结论显示,绝大部分中国外汇储备被用于美元、欧元资产的投资,其中,美国的国债和机构债券占主体地位。若以美元计价,2000~2009年中国外汇储备的平均收益率尚达4%~5%;若以人民币计价,汇改前的平均收益率为5.54%,汇改后仅为1%。在剔除外汇冲销成本之后,汇改前的平均净收益率为3.59%,汇改后为-1.64%。与低收益率不相匹配的是,中国外汇储备面临着较高的资本损失风险,如两房机构债券违约风险、利率(通货膨胀)风险和汇率风险等。     

The impact of bank holding companies on local market rivalry and performance

The bank holding company movement in banking is, in many respects, the counterpart of the conglomerate movement in the industrial sector. Both are characterized by a substantial amount of merger activity and thus raise questions as to the affect of the acquiring firms on competition. This study uses Tobit analysis and OLS to examine the influence of bank holding companies on rivalry and performance in 154 banking markets (1970–1979). Test results indicate that in markets where bank holding companies are a significant factor rivalry is higher, but so are prices even though profits are not higher, than in markets where bank holding companies are less important. These seemingly conflicting findings may be explained by the finding that significant holding company presence in a market is associated with relatively high noninterest expenses.     

Bank profitability and interest rate risk

It is frequently asserted that the profitability of institutions that lend long and borrow short is restricted during periods of rising interest rates. In banking circles this assertion has been translated into a concern primarily for the soundness of smaller banks, which are commonly thought to hold a large proportion of their portfolios in longer term fixed-rate loans and thus face considerable interest rate risk. Moreover, with the popularity of the new “NOW” accounts and competing money market mutual funds, there is a fear that a potential profit squeeze at these institutions has been made more probable. The present study examines the issue of the interest rate sensitivity of commercial bank profitability at a theoretical level and attempts to measure empirically the extent to which the profitability of different size classes of banks has been affected by periods of changing interest rates since 1976. This study finds that small commercial banks as a group have actually experienced increased profitability both absolutely and relative to large banks in recent periods (since 1976) of rising interest rates. However, this variation is numerically small. This finding calls into question both the usefulness of the maturity composition model as a predictor of interest rate risk and the concern for the supposed plight of small banks during periods of rising interest rates.     

Market performance and the nature of a competitive fringe

It is sometimes argued that increasing the size of fringe firms in relation to market leaders will result in more competitive performance in the market. This paper tests the hypothesis that the number and size distribution of fringe firms in a market will affect overall market performance. The analysis is based on a sample of 3777 commercial banks located in 372 local markets during 1976–1980. Test results indicate that a competitively structured fringe of firms has a procompetitive influence on performance in the market. This implies that mergers between fringe firms are likely to have an adverse effect on competition rather than a procompetitive effect, as sometimes argued.