附加保函的应付款资产支持证券定价研究--一个基于无套利原理和风险减值因子的定价模型

以附加保函的应付款资产为例,研究了短期资产证券化的定价问题。将应付款资产与保函的全部现金流作为证券化的基础资产,在分析其主要风险暴露的基础上,将风险因素转化为证券化产品价值的减值因子,并根据无套利原理构建了适用于短期资产支撑证券的定价模型。定价模型不以相同或相似证券的价格作为计算基础,只需调整模型的风险减值因子和重新预测无风险利率,即可实现重新或多次定价。运用CIR模型与蒙塔卡罗模拟进行仿真案例实验,实验表明模型对短期资产证券化的定价结果在可接受的范围内。     

2008年美国金融危机中联储局的非传统应对措施

2008年美国遭遇自上世纪30年代经济大萧条以来最为严重的一次金融危机,姑且不论过去数年,联储局的货币政策或监管措施是否有瑕疵,在2008年危机日益恶化,眼见整个美国金融市场功能即将崩溃之际,联储局运用了传统功能以外的机制,发挥了一个中央银行面对瞬息变化的金融体系应有的弹性。联储局的权力虽然让它看起来像是宪法中规定美国政府三个部门外的＂第四个部门＂,但是2008年一连串的行动,确实也是度过此次危机的关键。这些行动纵然有美中不足之处,但达到了向银行与交易商提供资金以缓和＂去杠杆化＂过程的目的,并且改善信用市场的流动性以舒解融资渠道,扩充了商业融资渠道,防止金融机构资产负债的失衡。     

后次贷危机时代我国资产证券化发展现状与展望

后次贷危机时代,世界资产证券化市场陷入低谷。中国的资产证券化试点运行与发展在国内外新的政治、经济环境下,面临新的考验,同时也蕴含新的机遇。本文分析了当前我国资产证券化发展的现状,进而探讨了未来如何有效设计和推动我国资产证券化发展的前景。     

美国资产证券化构造之法律问题研究

资产证券化是起源于美国的新兴融资方法,资产证券化构造主要涉及到三个法律问题:SPV的"破产隔离"、应收账款的"真实买卖"、以及应收账款的转让"完善"。美国的实践为这些问题的解决提供了可资参照的标准,中国的资产证券化立法也可以借鉴美国的经验来解决这些法律问题。     

"人的安全":一种"还原主义"和"理想主义"的误导

"人的安全"概念的使用,在安全理论研究中引发了一种"还原主义"和"理想主义"的误导,忽视了其他安全议程的道义主张和安全化的具体实践,并加剧了把安全看做是某种可期望的终极目标的危险.因而,"人的安全" 作为一种分析框架,在国际安全研究中缺乏理论的价值.     

以国有股表决权证券化推动东北老工业基地改造--兼论国有经济新型政企关系构建

推动东北老工业基地改造的关键是,将东北国有上市公司的国有股表决权证券化为类似于股票的国有股表决权证,竟价发行后上市流通交易,与原有流通股一起构成统一的公司控制权市场.改进政府对公司的控制模式,分离主动表决权与被动表决权,制定<国有股被动表决权行使法>,政府只以被动表决权方式行使有关政治、产业政策方面的保留权利;而将资源配置方面的权利售予流通股公众,由流通股东控制公司经营权,调动流通股东促进资源配置的积极性,形成政府依法监管与企业自主经营相结合的新型政企关系.     

中国巨灾风险管理模式研究

本文在借鉴发达国家巨灾风险管理经验的基础上,认为商业化、事前补偿的巨灾保险有助于最大限度提升巨灾风险管理的效率、最小化巨灾事件的经济后果,是巨灾风险管理发展的趋势。我国应该逐步构建以政府为主导,涵盖政府、保险公司、再保险公司、资本市场和潜在受灾者五个主体的巨灾风险商业化管理新模式。新模式中政府的主要职能是巨灾风险的事前防范和事中控制,并担当极端损失事件的最后保险人;巨灾风险的经济后果主要由受灾者、（再）保险公司和资本市场共同承担,政府在这个过程中负责制定政策并促使巨灾风险商业化关系模式的形成。     

Gender,visuality and violence: visual securitization and the 2001 war in Afghanistan

Visual securitization (the discursive processes by which images are assigned security implications) is integral to understanding how war and political violence is made possible. However, its insights have yet to be coupled with feminist international relations (IR) scholarship, which is alert to the connections between gender and (in)security. This article synthesizes these two research areas through Lene Hansen’s (2011) framework of visual securitization to investigate the gendered logics that underpinned the 2001 war in Afghanistan. By analyzing 123 photojournalistic images alongside American media texts and foreign policy discourse, I argue western images of Afghan women enacted a specific visuality through which they became constructed as a legitimate matter of security. The article makes two important contributions through this analysis. Firstly, it extends feminist understanding of the war in Afghanistan by demonstrating how the interplay between the visual and textual, and the gendered and racial logics operating within such interplay, visually produced Afghan women as a referent object of security. Secondly, this argument illustrates how gender can be critical in enabling the acceptance of visual securitizations, and how such securitizations can be enacted through gendered representations of insecurity and threat.     

The logic of protection: narratives of HIV/AIDS in the UN Security Council

ABSTRACT

When HIV/AIDS was first addressed by the UN Security Council in 2000, it was seen as the culmination of a successful securitization process and a pivotal moment for introducing human security. However, concern for the epidemic was paired with problems in including a nonmilitary issue on the Security Council’s agenda and the fear that peacekeepers were vectors of HIV. Reports of peacekeepers being involved in sexual exploitation and abuse added to these problems. This article aims to understand how gender has informed the efforts to address these issues and to rehabilitate peacekeeping forces and the Security Council from the legitimacy challenges that arose in this context. The article argues that including nonmilitary issues on the Security Council agenda requires adjustment to fit a war/peace logic. Drawing on feminist theories on security and protection, the analysis shows that the security narrative on HIV/AIDS did not form a coherent protection logic until the 2011 reformulation, when HIV/AIDS was constructed as part of the problem of wartime rape. This reformulation is interpreted as an appropriation of gender equality to reproduce a military security doctrine.     

我国住房抵押贷款证券化的几点思考

住房抵押贷款证券化作为20世纪70年代国际金融界的一个创新,正在世界范围内迅猛发展着.实践证明,住房抵押贷款证券化在推动住房金融市场、加速住宅产业的发展、提高商业银行住房贷款的流动性等方面具有极大的优势.本文首先对证券化的运行机理进行了分析,然后结合国内现状,提出了几点关于实施住房抵押贷款证券化的政策建议.