银行股权关联、银行业竞争与民营企业融资约束

本文以公司参股银行为视角,在行为金融理论、企业组织理论与信贷融资理论相融合的分析框架下,构建基于异质预期的信贷配置模型,探讨了银行股权关联和银行业竞争影响民营企业融资约束的传导机理。以A股民营企业2006~2013年的数据为例,运用Heckman两阶段回归等方法,我们发现:参股银行和提高银行业竞争性均能显著缓解民营企业的融资约束,参股比例越高该效应越强,且两者在缓解融资约束方面存在替代关系。但进一步的分析显示,银行股权关联对资本配置的影响具有两面性:即银行股权关联所带来的融资优势能够减少因资金短缺导致的投资不足,但代理问题的存在也可能导致银行股权关联被部分异化,使其对于资本配置的正向作用减弱甚至被异化为利益寻租的工具。上述结论既丰富了委托代理理论与公司财务理论的相关研究成果,也有助于我们深入理解银行股权关联的"正面效果"和"负面效果"。     

用因子分析法对农业上市公司进行财务评价

本文运用SPSS中的因子分析技术,选用2004年6月30日的财务报表数据为例,对我国农业类上市公司的15项财务评价指标进行了综合分析。此实例说明通过实证可以对我国农业类上市公司的经营现状进行综合评价,为决策者提供较为客观的决策依据。     

我国金融控股公司模式的风险和控制

随着经济全球化和金融市场国际化背景下金融机构之间竞争的日益加剧,为取得竞争优势与市场占有率,我国的各类金融机构兼并重组,形成了多元化金融集团。这种多元化的金融集团是以金融控股公司模式存在的,有利于各类控股子公司共享资源、降低成本、增强整体竞争力。但金融控股公司由于控制金融资源过多,对整体社会经济的影响力过强,其发生系统风险的危害性也比较大。如何实现对金融控股公司模式的风险监控,让金融控股公司在经济和金融全球化环境下健康发展是亟待解决的问题。     

中国银行业监管问题研究

银行业的正常监管对于金融安全和健康发展意义重大,阐述了中国银行业监管的现状,分析了中国银行业监管中存在的问题,在此基础上提出了中国银行业监管改革的对策。     

“次贷”危机后影子银行监管改革的国际比较

美国＂次贷＂危机以来,主要发达国家及国际组织相继推出了金融监管改革的方案,力图将影子银行体系纳入监管框架中来,以降低和控制金融系统性风险。文章通过对主要发达国家金融监管体系变化的比较分析,总结各国针对影子银行监管改革的新发展,以及监管改革方案的特点、缺陷和不足,探索有效监管银子银行的途径,为我国完善我国金融监管体系,提高对影子银行监管的效率提供参考建议。     

宏观审慎监管框架下银行系统性风险传染测度研究

次贷危机的爆发并在全球范围内迅速蔓延凸显了研究一国系统性风险传染效应的必要性和紧迫性。为了从全局的视角对银行系统的潜在损失进行衡量,文章借鉴投入产出分析中列昂惕夫逆矩阵求解的思路对传统矩阵法进行改进,求解风险传染逆矩阵,构建银行风险传染测度模型;并运用该模型对我国银行系统性风险传染进行测度,结果显示危机传染具有明显的乘数放大效应,核心资本和损失率的大小是银行能否承受风险的关键。为了确保银行能更好地抵御系统性风险,监管当局应实施宏、微观审慎监管并重,同时加强监管的国际合作。     

银行服务失误对消费者情绪和行为的影响

采取情景模拟方法和通过实证研究,发现银行三类服务失误对消费者外在负面情绪、内在负面情绪和抱怨行为都有显著影响,消费者负面情绪对抱怨行为和转换行为有显著影响,银行服务失误和消费者抱怨行为并不必然导致转换行为,这些结论弥补了理论界在此领域的研究不足,并有助于推动银行重视服务失误和正确对待消费者抱怨,进而提升整体服务质量。     

关于银行业稳定性、效率及其关系研究综述

总结国内外学者对银行业稳定性、效率及其关系研究动向,分别对银行业的稳定性、效率及两者关系研究进行了系统综述。已有相关成果存在的缺陷主要是研究多从银行稳定或银行效率割裂的角度来进行的,较少考虑两者之间的关系;侧重定性分析,缺少相关模型及实证分析;对两者之间的具体关系缺乏探讨。     

A Specialized Inventory Problem in Banks: Optimizing Retail Sweeps

Deposits held at Federal Reserve Banks are an essential input to the business activity of most depository institutions in the United States. Managing these deposits is an important and complex inventory problem for two reasons. First, Federal Reserve regulations require that depository institutions hold certain amounts of such deposits at the Federal Reserve Banks to satisfy statutory reserve requirements against customers' transaction accounts (demand deposits and other checkable deposits). Second, some inventory of such deposits is essential for banks to operate one of their core lines of business: furnishing payment services to households and firms. Because the Federal Reserve does not pay interest on such deposits used to satisfy statutory reserve requirements, banks seek to minimize their inventory of such deposits. In 1994, the banking industry introduced a new inventory management tool for such deposits, the retail deposit sweep program, which avoids the statutory requirement by reclassifying transaction deposits as savings deposits. This is an interesting inventory problem for fungible items, where the conversion process is reversible. We examine two methods for operating such sweeps programs within the limits of Federal Reserve regulations, and we develop a stochastic dynamic programming model to implement one such method, the threshold method.     

Investigating the implementation of SME-friendly policy in public procurement

Public sector employees with responsibility for purchasing are under increasing pressure to implement small and medium enterprise (SME)-friendly policies. Such policies are intended to make it easier for SMEs to compete for and win public sector contracts. In spite of the socio-economic importance of this issue, there remains a dearth of evidence on what is happening in practice. Using primary survey data from 271 public buyers in Ireland, this paper examines the extent to which SME-friendly procurement policy is being implemented and the individual and organization factors that affect implementation. The findings reveal a gap between what government policy recommends public buyers and their organizations should do to facilitate SMEs versus what they are actually doing. Policy familiarity, procurement involvement, organization size and the maturity of the procurement function are shown to be positively associated with the implementation of SME-friendly policy. For managers and legislators, the findings underline the need to invest in the human capital dimension of public procurement if policy implementation rates are to improve.