辽宁省金融脆弱性研究

当前关于金融脆弱性的研究集中于国家这一宏观层面，对于省域金融脆弱性的研究还存在相当大的研究空间。正是基于这样一种相对创新性的视角，在对金融脆弱性现有研究进行综述的基础上对辽宁省的金融脆弱性的诱因进行了分析，并提出推动非银行金融机构的发展、拓展规模较大的银行的非利息收益以提升银行盈利能力以及全力清除不良贷款是应对辽宁省金融脆弱性的可行策略。     

Investor behaviour and reaching for yield: Evidence from the sterling corporate bond market

We provide evidence on how corporate bond investors react to a change in yields, and how this behaviour differs in times of market‐wide stress. We also investigate ‘reaching for yield’ across investor types, as well as providing insights into the structure of the corporate bond market. Using proprietary sterling corporate bond transaction data, we show that insurance companies, hedge funds and asset managers are typically net buyers when corporate bond yields rise. Dealer banks clear the market by being net sellers. However, we find evidence for this behaviour reversing in times of stress for some investors. During the 2013 ‘taper tantrum’, asset managers were net sellers of corporate bonds in response to a sharp rise in yields, potentially amplifying price changes. At the same time, dealer banks were net buyers. Finally, we provide evidence that insurers, hedge funds and asset managers tilt their portfolios towards higher risk bonds, consistent with ‘reaching for yield’ behaviour.     

中国零售业自营与联营问题的流通经济学分析

零售业自营与联营之争由来已久，在当前供给侧结构性改革、完善促进消费体制机制以及零售业寻求创新发展的背景下，有必要对这一问题展开进一步的理论探讨。文章结合马克思流通经济理论指出，自营和联营的本质区别在于是商业资本还是产业资本承担商品流通职能，自营和联营并不是非此即彼的互斥关系，但如果零售业完全倚重其中一种模式并在全社会推向极端，则需要反思商业资本和产业资本是否各得其所和高效分工。在中国流通体制变革中，虽然联营模式在特定历史时期帮助众多零售企业渡过生存危机并推进内资零售快速扩张，但发展至今，已呈现零售业普遍联营的情况，使零售业整体面临着制约创新发展的新问题。数字经济为零售业回归自营提供了有利契机，零售企业应充分利用新技术摆脱联营制的路径依赖，依托数字化开展深度自营并全面提升流通效率。     

Derivative activities and the risk of international banks: A market index and VaR approach

The results of a comparison of international banks using a three-factor multi-index model and a modified value-at-risk (VaR) analysis indicate that the use of options increases the interest rate beta for all banks, while both interest rate and currency swaps generally reduce risk. The results are the strongest and the most consistent for U.S. dealer banks, followed by European banks, and then Japanese banks. Furthermore, the evidence suggests that the VaR approach to risk management can effectively be used by both domestic as well as international banks, although the results appear to be somewhat sensitive to the regulatory environment in which the bank operates.     

商业银行成本控制方略

加入世贸组织后 ,我国商业银行将面临更加严峻的竞争环境。成本控制在商业银行经营管理中将发挥着越来越重要的作用。因此 ,有必要研究商业银行的成本控制方略     

日本主银行制度演变的路径分析

日本主银行制度源于战前的银行体制和二战期间的“军需企业指定金融机关”制度。战后，日本金融体制基本被保留下来，在日本经济恢复和高速增长期，日本企业与银行通过相互持股紧密结合起来，形成了企业和银行相互促进、共同发展的良性循环．但是，在20世纪90年代日本泡沫经济崩溃以后，紧密的银企关系加剧了企业危机与银行危机的连锁反应，导致银行与企业相互羁绊的恶性循环．     

超市进货交易关系法律调整的若干问题探讨——论“零供”关系法律调整

近年来，我国零售商供应商矛盾突出，引起了各方关注。商务部等五部委发布的《零售商供应商公平交易管理办法》，是近年来专门调整零供关系的政府部门规章，在稳定流通秩序方面发挥了一定的作用，但对此也有一些不同观点。为完善零供（买卖）关系的法律规范体系，推进和谐商业环境及商事法治建设，本文对调整零供关系的法律属性，少数零售企业恶意占压、骗取供应商贷款的综合治理，风险预誓机制等相关问题提出了自己的一些见解。     

我国上市公司资本结构的评价模型

加入世贸组织 ,将对我国国有商业银行的银行业务、优质客户、人力资源和资产质量造成严重的冲击 ,为此 ,国有商业银行必须采取五个方面的对策 :增强银行实力、开展业务创新、提高服务质量、完善人力资源管理制度和加强资产质量管理。     

论商业银行核心竞争力的内涵及主要特征

商业银行的核心竞争力是商业银行在激烈的市场竞争中形成的优于竞争对手、保持竞争优势和持续发展的能力,体现了商业银行特殊的市场价值取向、抵抗市场风险和获得持续竞争优势的能力,集中反映了商业银行在市场竞争下的竞争能力和竞争优势。商业银行的知识、信息技术、经营机制、文化和伦理是影响商业银行核心竞争力的主要因素。战略价值性、独特性、延展性、系统整合性和动态性是商业银行核心竞争力的主要特征。     

Sources of Bank Interest Rate Risk

We investigate bank stocks'sensitivity to changes in interest rates and the factors affecting this sensitivity. We focus on whether the exposure of commercial banks to interest rate risk is conditioned on certain balance sheet and income statement ratios. We find a significantly negative relation between bank stock returns and changes in interest rates over the period 1991–1996. We also find that bank characteristics measured from basic financial statement information explain bank stocks'sensitivity to interest rate changes. These results suggest that bank managers, analysts, and regulators can use this information to assess the relative risk exposure of banks.