产品市场竞争优势、资本结构与商业信用支持——基于中国上市公司的实证研究

以2005年-2013年中国上市公司为样本,探讨产品市场竞争优势的含义及度量方法,产品市场竞争优势对企业资本结构与商业信用支持的影响,以及宏观、行业和微观因素如何发挥调节作用.研究发现:第一,产品市场竞争优势有助于降低企业的负债水平,并刺激企业对上下游企业提供更多的商业信用支持;第二,在经济越发达的地区、竞争强度越弱的行业,以及民营控股上市公司中,产品市场竞争优势会进一步降低企业的负债水平,同时加强其对上下游企业的商业信用支持.研究结论为从理论上更加全面和准确地理解产品市场竞争优势与企业资本结构和商业信用支持的关系提供了新的科学依据.     

金融危机与金融衍生产品的健康发展

美国金融危机与金融衍生产品有着密切的联系,金融衍生产品的过度创新加大了本轮金融危机的波动。因此．如何健康发展金融衍生产品、如何防范衍生金融风险成为目前世界各国关注的重要问题。本文在分析美国金融危机根源的基础上．结合金融衍生产品两面性的特点和我国金融市场的现状,指出保障我国金融衍生产品的健康发展应注意的问题。     

流动性、流动性风险与基金业绩——基于我国开放式基金的实证研究

本文构建了我国资本市场的流动性因子,从基金持有资产的角度度量基金的流动性及其风险,分别考察二者对业绩的影响,并在控制某些基金特征之后,从流动性效应、持续性等方面研究了二者对于业绩的综合影响。实证结果显示,流动性beta是一个有效的流动性风险测度,基金业绩中存在流动性溢价和流动性风险溢价,表明基金的流动性和流动性风险不仅可以预测业绩,还可用于识别基金经理是否具有主动管理能力,从而为投资者决策提供了有效的方法。     

产品市场竞争与企业商业信用行为研究

企业的市场竞争力是企业得以生存和发展的重要决定因素,作为资金链条中非常重要的外部资金来源和经营手段,商业信用反应了企业的市场化行为;商业信用行为是企业经营战略选择的一部分,企业商业信用行为选择的战略目标是实现企业价值的最大化。     

多因素视角下商业信用期限决策的双层规划模型与实证研究

以往商业信用的理论通常是单视角的,本文试图在体现激励相容思想的双层规划框架下初步建立起一个能够综合财务、市场和成本因素的商业信用期限决策模型。在供应商和零售商详细建模的基础上,通过分析,将双层规划等价地转化为非线性规划。由约束条件和目标函数的分析,提炼出影响信用期限激励相容决策的关键因素包括融资能力、市场需求敏感性、成本结构。设计了三类因素变化的不同情景,模拟分析了三类因素的影响。利用中国的一组中小企业实际数据对模型与模拟分析的结论进行了实证检验。考虑到变量的内生性问题,分别从供应商和零售商的角度建立了两类联立方程实证模型,采用2sls,3sls,sur三类方法进行了模型的估计和检验。最终的结论表明,商业信用是一种重要的"激励-协调-利益分配"机制,它的决策是一个涉及多个公司运营层面的交互作用过程。资金成本是影响供应商信用期限决策的最重要因素,市场需求是影响(中小企业)零售商还款时间最重要的因素。     

表外负债与会计信息质量、商业信用——基于上市公司表外负债监察角度的实证研究

表外负债是介于法律边界的融资方式,现行会计准则下,它可以使上市公司在不增加账面债务信息的情况下获得融资。但巴塞尔协议将其信用风险转换系数核定为100%,可见表外负债给上市公司与会计信息使用者带来了巨大隐性风险。本文通过实证研究发现表外负债信息的披露与会计信息质量显著正相关,即自愿披露表外负债信息的上市公司具有较高的会计信息质量;而同样作为融资替代方式的商业信用与表外负债显著正相关,也就是说商业信用可以作为表外负债信息识别与监管的易获取替代变量。这对于如何提高会计信息质量有一定的启示,并且为现实条件限制下监管部门强化表外负债监察和职能部门优化风险管控,以及外部利益相关者识别表外负债风险提供了可信依据。     

金融危机背景下我国金融衍生品市场发展与完善的思考

本文通过对金融衍生品的定义、特点、功能和风险方面的解析及对美国金融危机根源的探析,阐明了金融衍生品不是金融危机产生的原因,并提出了我国发展和完善金融衍生品市场的有关建议。     

金融危机形势下国内金融企业内部控制措施研究

随着次贷危机的深入，金融企业已经面临越来越多的外部风险，同时金融资本全球化正经历着资本积累从真实化到金融化的巨大而深刻的变革，在促进世界生产发展的同时，也赋予了国际金融业务以巨大的风险，使得监管的难度越来越高。如何加强内部控制措施，是企业健康发展的重要保证。     

Trust, Confidence, and the 2008 Global Financial Crisis

The 2008 global financial crisis has been compared to a "once-in-a-century credit tsunami," a disaster in which the loss of trust and confidence played key precipitating roles and the recovery from which will require the restoration of these crucial factors. Drawing on the analogy between the financial crisis and environmental and technological hazards, recent research on the role of trust and confidence in the latter is used to provide a perspective on the former. Whereas "trust" and "confidence" are used interchangeably and without explicit definition in most discussions of the financial crisis, this perspective uses the TCC model of cooperation to clearly distinguish between the two and to demonstrate how this distinction can lead to an improved understanding of the crisis. The roles of trust and confidence—both in precipitation and in possible recovery—are discussed for each of the three major sets of actors in the crisis, the regulators, the banks, and the public. The roles of trust and confidence in the larger context of risk management are also examined; trust being associated with political approaches, confidence with technical. Finally, the various stances that government can take with regard to trust—such as supportive or skeptical—are considered. Overall, it is argued that a clear understanding of trust and confidence and a close examination of the specific, concrete circumstances of a crisis—revealing when either trust or confidence is appropriate—can lead to useful insights for both recovery and prevention of future occurrences.     

信用风险中性定价方法及实证研究

信用定价是信用风险管理的核心,风险中性定价方法具有传统定价方法不可比拟的优点.本文系统地给出了信用风险中性定价的步骤和关键参数估计的方法,并将该方法运用到72家上市公司信用风险的定价实践中,实证结果表明,10%是中国企业风险中性违约概率的重要临界值,同时,股权结构对中国企业风险中性违约概率有重要的影响.     

Global Financial Crisis and International Institutions: Challenges, Opportunities and Change

The global financial crisis is not just another economic downturn. It signals the need for fundamental changes in the management of the global market economy. Certainly, time has come to reshuffle voting rights in the World Bank and International Monetary Fund, recognizing shifts in global economic power. Also, the question remains of whether effective collective international action can be taken on climate change and global ecology. The crisis has offered the opportunity for reflection on the basic rules, leading hopefully to institutional evolution and not merely a huge anti-cyclical spending frenzy with a rejuvenated Keynes.     

Symposium Introduction: The Global Financial Crisis, Governance and Institutional Dynamics

This Introduction sets the scene for the Symposium by appreciating the significance of analyzing the global financial crisis and responses to it from governance and institutional perspectives. There were clear systemic failures that had long existed and continue to be in need of concerted action. These failures and relevant responses are appropriately addressed in terms of the intertwining of states, markets and civil societies, with associated reference to choices and opportunities, principal-agent relationships, guardians and the guarded, and levels of maturity, responsibility and trust. There are significant systemic challenges which remain to be met.     

Governance Implications of the Global Financial Crisis: United States Experience

In the financial debacle, public and private organizations failed to protect owners and stakeholders from calamity. Given the immense financial bubble, could improved governance have made a difference? Many large complex financial institutions may not be sufficiently governable to avoid unpleasant major surprises. Ponderous processes of enacting laws and regulations, and the substantial influence of powerful stakeholders in those processes, mean that fluid markets are likely to mitigate or even avoid the impact of regulatory improvements that policymakers suggest. Better information must flow to decision makers, but the dynamics of a bubble may impede effective risk management by financial firms and government.     

Global Financial Crisis: The Australian Experience in International Perspective

This article addresses the impact of the global financial crisis in Australia. Obviously the impact has been varied and complicated, so that the picture presented can be no more than a sketch seeking to identify some of the main influences and governmental responses to them. In the event, the impact was relatively light in Australia, with credit accruing to a fairly effective regulatory system, though serious implementation problems developed. The article also explores the issue of the economic stimulus strategy more generally, and connections between the crisis experience and related movement in the arena of government-private sector relations.     

银行贷款、商业信用融资及我国上市公司的公司治理

本文讨论了银行贷款以及商业信用融资对我国上市公司公司治理的影响.通过对1995到2000年间上市公司CEO更换的研究,我们得到两个结论:第一,在经营业绩为负的公司中,银行贷款与强制性CEO更换存在负向关系,而商业信用融资与强制性CEO更换存在正向关系;第二,在盈利能力一般的公司中,商业信用融资与强制性CEO更换仍为正向关系,但银行贷款与强制性CEO更换却不存在明显的关系.以上结果表明,商业信用融资在CEO强制性更换中起到了积极的作用,改善了上市公司的公司治理,而银行贷款却没有起到相应的作用,甚至有负面的作用.     

Nonsense on Stilts: United Kingdom Perspectives on the Global Financial Crisis and Governance

This article explores the governance implications for the UK of the financial crisis. It locates the UK’s system as a differentiated polity within a system of multi-level governance, noting the importance of EU institutions in reassessing the regulatory framework for the finance industry. It explores the historical, political and theoretical context and argues that the reforms so far advocated remain a part of the new public management (NPM) paradigm. There is something of a mix of dynamics involved, and although the debates taking place are wide-ranging, they are rooted in the structures of the past and the present. UK governance needs to invest in its values as well as its institutions.     

从波动性和流动性判别股指期货跨市场价格操纵行为

股指期货价格操纵一般具有期现跨市场联合操纵的特点,仅按单一市场从波动性分析去判别价格操纵行为是不够充分的。本文引入流动性分析为判别提供了更充分的依据:首先运用GARCH模型分析被操纵资产在波动性的异常变化,判断价格序列偏离了自然特性,具有被操纵的嫌疑;然后利用日交易量、日持仓量和Amivest流动性比率等指标分析流动性的异常变化,发现与根据跨市场操纵过程推测的变化一致,从而构成价格操纵行为的事实依据。