中国国有银行体制渐进演进的逻辑

中国经济体制决定了中国国有银行体制的选择集合和选择空间.在中国经济渐进转轨的过程中,由于各参与方目标函数和约束条件的变化,由于国家选择在集中金融资源、控制金融风险和引进市场竞争等因素之间的动态权衡,中国国有银行同样经历了一场渐进演进的逻辑过程.WTO过渡期的结束,中国金融业全面开放的格局已然形成,如何在中国经济渐进转轨的整体框架下继续将改革向前推进,如何随着中国更多地参与国际竞争而融入全球金融市场,并在全球金融市场中立于不败之地,成为国有银行未来改革的关键所在.在未来改革方向的选择上,中国应该立足于培育国有银行的金融功能.     

成长企业面临并购威胁的动态模型

以Shleifer与Vishny股市推动型并购理论为基础,本文提出了成长企业面临随机并购威胁的动态新模型．具体分析了在随机的股票市场产生定价错误和收购者预期有协同效应收益的情况下,利润最大化企业面对并购威胁所采取的防御性红利支付策略。本模型运用可靠性理论的“风险率”概念。不但解释了并购活动和观察到的成长型企业的红利支付行为,还导出了关于反并购成本影响目标企业价值的可验证性推论。     

高校财务管理中专项核算的应用研究

文章首先对专项核算进行概述,随后细致分析与探讨了专项核算在高校财务管理工作中的意义,最后对其中存在的问题提出了具有针对性的改善措施,以求助力高校财务管理工作更加优质地完成.     

A new financial order in Asia: Will a RMB bloc emerge?

The objective of this paper is three-fold. First, the monetary and exchange rate regimes of the Asian countries are described and analyzed. The degrees of flexibility in exchange rates and capital controls vary across countries. Some countries have adopted a flexible inflation targeting framework, while others have pursued exchange rate targeting. The paper presents a new result of a tradeoff between price stability and exchange rate stability in the hyperbolic relationship of Asian countries. Second, a framework that analyzes and quantifies the degree of currency internationalization is proposed and applied to the RMB. In every indicator, the RMB’s weight in private-sector international finance has grown in the last several years, both in the private and public sectors. In the settlement role of currency, the RMB is ranked 8th in the BIS survey and 7th in SWIFT usage. This paper exploits data of a recent period when the RMB became de-pegged from the USD and show some of the emerging Asian currencies co-moving with the RMB, more so than the USD. In the official sector, RMB is also increasing its weight. The Chinese central bank has extended the currency-swap agreements with 30-some countries, so that the RMB can be used for trade finance and liquidity assistance. The RMB is adopted as a composition currency of the Special Drawing Rights (SDR), effective in October 2016, with 10.92%, ranking number 3, surpassing the JPY and GBP. Finally, potential impending changes in the Asian monetary and exchange rate regimes in Asia are discussed. Projecting the growth of the Chinese economy into the future, the weight of the RMB in the financial markets will increase globally as well as in Asia.     

特区旅游从业人员计算机学习模式构建

随着特区旅游办公环境的网络化,旅游行业员工的计算机技能要求越来越高,为此,作者提出在互联网云资源环境下,构建全新的旅游行业员工在岗培训的自主学习模式。阐明特区旅游员工计算机学习模式构建的理论基础和基本策略,具体内容,指出存在的问题与对策。依此,构建的特区旅游从业人员的计算机动态学习模式,使学习者在云环境下的学习过程中迅速融合所学知识并运用到具体的旅游管理工作中,提高旅游管理效率,促进旅游经济结构升级。     

Should special agricultural safeguard be ignored? An evaluation for dairy trade

This study measured the impact of special agricultural safeguards (SSG) on dairy products imports by the US and Japan. It was observed that dairy products have been the most affected by this protectionist measures, and that these countries are relevant importers that impose SSG. The tariff lines subject to SSG were selected, and the period of analysis was from 1995 to 2015. The results showed that the impact of SSG applied by the US was much higher than for Japan. The overall estimated value of imports that did not happen due to the application of SSGs was approximately USD 2 billion. Specifically for the Brazilian economy, the condensed milk not exported to the US due to SSG applied cost the country BRL 345 million in GDP value and almost 4.5 thousand jobs. These results might be underestimating these effects, since the SSG tariff was not subject to calculation in several years.     

Barriers to offering special interest tour products to the Chinese outbound group market

As Chinese outbound tourists expand in numbers and diversity, they may seek more challenging special interest tourism (SIT) activities. Tourists' participation in SIT activities can be profitable to a wider range of providers, enhance destination image, and enrich tourists' experiences. This research investigated the opportunities for offering SIT products to the China outbound group market by interviewing 20 Chinese outbound tour operators to examine the extent of interest in developing the product as well as factors driving or hindering the development. Findings revealed four types of barriers that influence operators’ willingness to incorporate SIT activities in their product offerings. Drawing on a critical social theory approach that focuses on 'enlightenment' and 'critique', this paper argues the validity of these perceived barriers - operators are risk-averse for institutionalised practical, social, cultural, and policy-related reasons.     

强化农业专项资金管理，落实强农惠农政策

强化农业专项资金管理是我国落实强衣惠农政策的关键措施,对农业的发展至关重要。本文通过对农业专项资金管理使用中的现状、存在的问题进行分析,提出加强农业专项资金管理监督的对策。     

The recurrence of financial distress: A survival analysis

Companies often suffer periods of financial distress before filing for bankruptcy. Unlike one-off bankruptcies, financial distress can occur repeatedly within the same individual firm. This paper is focused on the recurrence of financial distress and studies the Chinese stock market, where Special Treatment – an official indicator of financial distress – can be repeatedly applied to a listed company. We employ a stratified hazard model to predict the probability of subsequent distress with variables, including duration dependency, event-based factors, institutional variables, financial ratios, market-based variables and macroeconomic conditions. Our empirical results show that accounting and market-based variables have limited power in predicting the recurrence of distress, whereas the duration of recovery, restructuring events and their interaction terms with the accounting and macroeconomic factors affect the recurrent risk significantly. Tested on out-of-time samples, our proposed hazard models show a robust performance in the prediction of recurrent risk over time.     

特区扩容:破解深圳市"一市两法"困局的路径选择

近年来,深圳市一直在被"特别的优势"和"特殊的局限"这两个问题所困扰,即如何用好较大市立法权以及如何用好特区立法权.特区扩容提供了一种有效的解决方案,并对促进特区内外一体化进程、平衡深圳市社会和经济发展以及提高城市的竞争力和辐射力等都有着深刻而长远的意义.