The Finance最新文献_第4页

京津冀一体化背景下河北省产业结构优化与金融支持的互动关系 The Interaction between Industrial Adjustment and Financial Support of Hebei Province under the Background of Beijing, Tianjin and Hebei Integration 京津冀一体化背景下河北省产业结构优化与金融支持的互动关系 The Interaction between Industrial Adjustment and Financial Support of Hebei Province under the Background of Beijing, Tianjin and Hebei Integration

The Finance Pub Date : 2017-11-09 DOI: 10.12677/FIN.2017.75027

丁蕊

{"title":"京津冀一体化背景下河北省产业结构优化与金融支持的互动关系 The Interaction between Industrial Adjustment and Financial Support of Hebei Province under the Background of Beijing, Tianjin and Hebei Integration","authors":"丁蕊","doi":"10.12677/FIN.2017.75027","DOIUrl":"https://doi.org/10.12677/FIN.2017.75027","url":null,"abstract":"京津冀一体化背景下，根据2000~2015年河北省经济年鉴的数据，对河北省产业结构优化率和金融相关率、金融效率指标进行时间序列分析和回归分析。分析结果表明，河北省产业结构优化率与金融相关率、金融效率指标之间存在长期均衡关系，但不存在因果关系。为实现河北省产业结构优化与金融支持的良性互动关系，需要扩展融资渠道，增加资本投放；支持保险业的发展，获得更多资金保障；加快农村金融机构改革，大力发展“绿色农业”；完善金融人才奖励机制，引进和培养高级金融人才。 Under the background of the integration of Beijing, Tianjin and Hebei Province, according to the data of 2000~2015 years of Economic Yearbook of Hebei Province, I use the time series analysis and regression analysis of the industrial adjusted rate to analyze the financial related rate and the financial efficiency index of Hebei province. The results show that there is a long-term equilibrium relationship between the industrial adjusted rate of Hebei province and the financial related rate and the financial efficiency index, but there is no causality. In order to realize the interactive relationship between the industrial adjustment and the financial support in Hebei Province, there are some measures: expanding the financing channels, increasing capital investment; supporting the development of the insurance industry, getting more funding; speeding up the reform of rural financial institutions and vigorously developing “green agriculture”; improving the financial talent incentive mechanism, introducing and training the senior financial personnel.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130346507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

基于VaR与CVaR的股票风险实证分析 Empirical Analysis of Stock Risk Based on VaR and CVaR 基于VaR与CVaR的股票风险实证分析 Empirical Analysis of Stock Risk Based on VaR and CVaR

The Finance Pub Date : 2017-11-09 DOI: 10.12677/FIN.2017.75026

李子赫, 张金平, 冯兰兰

引用次数: 1

The Mode and Innovation of Debt-to-Equity Swap Reform in Commercial Banks 商业银行债转股改革模式与创新

The Finance Pub Date : 2017-08-10 DOI: 10.12677/FIN.2017.74024

朱约之, 严渝军

{"title":"The Mode and Innovation of Debt-to-Equity Swap Reform in Commercial Banks","authors":"朱约之, 严渝军","doi":"10.12677/FIN.2017.74024","DOIUrl":"https://doi.org/10.12677/FIN.2017.74024","url":null,"abstract":"作为降杠杆、推动经济转型的重要举措，债转股改革自重启之日起便受到广泛关注。本轮改革不仅对第三方机构持股这一90年代后期主导模式进行完善，突出市场作用、放宽主体限制、引入社会资本，更创新提出银行新设子公司持股模式，但同样兼具利弊。在对两种模式分别进行阐述后，本文结合国外先行改革、国内经济动态，按照不同主体进行划分，对债转股的未来发展提出建议。 As an important measure to reduce the leverage and promote the economic transformation, the reform of the debt-to-equity swap has received wide attention since its reopening. This round of reform not only improves the third party ownership mode which used to be the dominant in the late 1990s by highlighting the role market plays, relaxing the restrictions about subjects and in-troducing social capital, but also puts forward the creative bank’s subsidiary ownership mode having both advantages and disadvantages. After introducing and explaining these two modes respectively, combined with foreign previous reforms and domestic economic dynamics, this paper provides some suggestions for the future developments of the debt-to-equity swap reform based on different subjects.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122502344","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

基于POT模型的地震风险评估与巨灾债券设计 Earthquake Risk Assessment Based on POT Model and the Design of Earthquake Catastrophe Bond 基于POT模型的地震风险评估与巨灾债券设计 Earthquake Risk Assessment Based on POT Model and the Design of Earthquake Catastrophe Bond

The Finance Pub Date : 2017-08-10 DOI: 10.12677/FIN.2017.74021

王喆, 尚勤, 孟芊汝

{"title":"基于POT模型的地震风险评估与巨灾债券设计 Earthquake Risk Assessment Based on POT Model and the Design of Earthquake Catastrophe Bond","authors":"王喆, 尚勤, 孟芊汝","doi":"10.12677/FIN.2017.74021","DOIUrl":"https://doi.org/10.12677/FIN.2017.74021","url":null,"abstract":"中国巨灾风险严峻，急需构建有效的巨灾风险分散机制。本文以地震巨灾为切入点，基于极值理论中的POT模型对中国地震灾害损失进行了评估。选取经过物价调整后的1990~2015中国地震年损失数据为研究样本，利用蒙特卡洛模拟对样本数据进行扩充，有效避免了由于样本的数据量较小对结果准确性的影响。进一步，对风险进行分层，并依此设计了一种地震巨灾债券，其中综合考虑到债券发行方以及投资者的利益，为我国构建多层次地震巨灾风险保险体系的构建提供参考。 China’s catastrophe risk is grim, so it is urgent to construct an effective risk mitigation mechanism. In this paper, the earthquake catastrophe is set as the starting point, and model of China’s earthquake disaster damage assessment is based on the extreme value theory of the POT. The annual loss data of the 1990~2015 earthquake in China were selected as the study sample. The Monte Carlo simulation is used to expand the sample data, which effectively avoid the effect of the small amount of data volume on the accuracy of the results. Furthermore, this paper not only stratifies the earthquake catastrophic risk but also designs a simple earthquake catastrophe bond, which provides a reference for the establishment of a multi-level earthquake catastrophic risk insurance system.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114943505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Research on the Innovation Efficiency of China’s A-Share 16 Listed Banks during the 13th Five-Year Plan Based on the Three-Stage DEA Method 基于三阶段DEA方法的“十三五”期间中国a股16家上市银行创新效率研究

The Finance Pub Date : 2017-08-10 DOI: 10.12677/FIN.2017.74025

吕喜明

{"title":"Research on the Innovation Efficiency of China’s A-Share 16 Listed Banks during the 13th Five-Year Plan Based on the Three-Stage DEA Method","authors":"吕喜明","doi":"10.12677/FIN.2017.74025","DOIUrl":"https://doi.org/10.12677/FIN.2017.74025","url":null,"abstract":"上个世纪，由于全球金融创新浪潮的兴起，以及计算机在金融创新方面的运用，商业银行的传统业务受到了巨大的冲击。进入21世纪，商业银行的传统存贷业务已经下滑60%。商业银行为了追求利益最大化，也开始重视对业务、技术、服务的创新。所以为了提升我国商业银行的创新水平，对我国商业银行的创新效率的研究显得尤为重要。我们以我国16家商业银行为主要研究对象从技术效率、纯技术效率、规模效率三个方面，通过运用传统DEA模型(CCR)，得到三个方面初步的效率指标，之后通过SFA模型建立松弛变量，得到调整后的投入值，在通过第三阶段DEA处理方法，消除了环境因素和随机误差的影响，得到了同质化的创新指标，这对综合分析我国商业银行的创新效率提供了样本，通过对比分析这些数据，得出我国商业银行创新现在所面临的问题，通过扩大经营规模和产品创新等方法解决问题。 In the last century, the rise of the global financial innovation tide and the use of computers in financial innovation have had a tremendous impact on the traditional business of commercial banks. In the 21st century, commercial banks’ traditional deposit and loan business have fallen by 60%. Commercial banks, in order to maximize the pursuit of interests, began to concentrate on business, technology, and service innovation. Therefore, in order to enhance the innovation level of China’s commercial banks, it is extremely important to study the innovation efficiency of commercial banks in China. We use the traditional DEA model (CCR) to get three initial efficiency indexes from the three aspects of technical efficiency, pure technical efficiency and scale efficiency, and then use the SFA model to establish the relaxation variable, and the adjusted input value is obtained, which can be used to improve the innovation efficiency of China’s commercial banks by providing a sample of the innovation efficiency of China’s commercial banks, and then, through the third stage DEA treatment method, which eliminates the influence of environmental factors and random errors. By comparing these data, it is concluded that the innovation of our commercial banks is now facing the problem, and the problems are solved by enlarging the scale of operation and product innovation.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114271269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

绿色金融视角下银行信贷政策效率性评估研究 Research on the Efficiency Evaluation of Bank Credit Policy from the Perspective of Green Finance 绿色金融视角下银行信贷政策效率性评估研究 Research on the Efficiency Evaluation of Bank Credit Policy from the Perspective of Green Finance

The Finance Pub Date : 2017-08-10 DOI: 10.12677/FIN.2017.74022

杨洋

引用次数: 0

不同年龄群体对长期护理保险需求的影响因素分析—以北京市为例 Factor Analysis of the Influences on the Long-Term Care Insurance Demand of Different Age Groups—Taking Beijing as an Example 不同年龄群体对长期护理保险需求的影响因素分析—以北京市为例 Factor Analysis of the Influences on the Long-Term Care Insurance Demand of Different Age Groups—Taking Beijing as an Example

The Finance Pub Date : 2017-08-10 DOI: 10.12677/FIN.2017.74020

荆涛, 杨舒, 孙瑞肖

{"title":"不同年龄群体对长期护理保险需求的影响因素分析—以北京市为例 Factor Analysis of the Influences on the Long-Term Care Insurance Demand of Different Age Groups—Taking Beijing as an Example","authors":"荆涛, 杨舒, 孙瑞肖","doi":"10.12677/FIN.2017.74020","DOIUrl":"https://doi.org/10.12677/FIN.2017.74020","url":null,"abstract":"目前我国长期护理保险有效需求不足是长期护理保险发展滞后的重要原因之一。本文以北京市为例，以不同年龄群体为出发点，基于实地问卷调查数据对长期护理保险有效需求的影响因素进行实证分析，并基于实证结果得出各年龄群体对长期护理保险需求的特点。研究表明：居民在40~60岁年龄段购买长期护理保险的意愿较强；经济因素和健康因素会影响各个年龄群体对长期护理保险需求；而婚姻状况、兄弟姐妹数量、子女数量、就业单位等因素只会对某年龄阶段人群的长期护理保险需求产生影响。为此，保险公司应按年龄对消费者市场进行细分，推出多样化的长期护理保险产品，如推出缴费方式多样化、保障范围多样化或给付方式多样化的长期护理保险产品。 At present, lacking of the effectual demand of long-term care insurance in China is one of the great causes of the slow development of long-term care insurance. Taking Beijing as an example, using different age groups as a starting point, combining survey samples, we analyze and explain influence factors on the long-term care insurance demand of different age groups, and conclude the characteristics of the different age groups’ demand. Research has shown that residents at 40 to 60 years old age are willing to buy long-term care insurance; economic and health factors affect the demand of different age groups; while the marital status, the number of siblings, the number of children, and the employment unit only influence on one certain age groups. Therefore, the insurance company shall subdivide the market based on the age of the consumer, and present more diversified long-term care insurance products, such as diversified payment methods, diversified insurance coverage or diversified benefit mode.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127109618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

中国开放式股票型基金管理实力的实证研究 Skills of Fund Managers—Evidence from China’s Open-Ended Equity Funds 中国开放式股票型基金管理实力的实证研究 Skills of Fund Managers—Evidence from China’s Open-Ended Equity Funds

The Finance Pub Date : 2017-06-14 DOI: 10.12677/FIN.2017.73016

许佳璇, 梁建峰

引用次数: 0

Research on Competitive Strategy of Third-Party Online Payment in the Consumer Market 第三方在线支付在消费市场的竞争策略研究

The Finance Pub Date : 2017-06-14 DOI: 10.12677/FIN.2017.73013

赵延明

{"title":"Research on Competitive Strategy of Third-Party Online Payment in the Consumer Market","authors":"赵延明","doi":"10.12677/FIN.2017.73013","DOIUrl":"https://doi.org/10.12677/FIN.2017.73013","url":null,"abstract":"结合双边市场理论和综合技术接受理论(UTAUT)，对第三方网络支付平台C端市场(个人用户市场)的竞争现状进行分析，构建结构方程模型(SEM)，研究个人用户使用第三方网络支付的影响因素。调查数据及实证结果表明：按照影响程度的大小，影响个人用户使用第三方网络支付的因素为绩效期望、社会影响、感知风险，其中感知风险存在负向影响，努力期望对绩效期望存在正向影响，网络效应正向影响努力期望与绩效期望。基于个人用户的使用行为和归属结构，从价格竞争、非价格竞争两个角度提出第三方网络支付平台在C端市场的竞争策略。 This paper analyzes the competition of third-party online payment in the consumer market and uses the UTAUT theory and the bilateral market theory to construct a structural equation model (SEM) for the analysis of influencing factors of individual users’ behavior toward third-party online payment. The questionnaires and data analysis show that the factors, ranked in accordance with influence degree, including performance expectancy, social influence and perceived risk, and meanwhile perceived risk have significant negative influence on behavioral intention. The performance expectancy is influenced by effort expectancy, and the network effect has positive influence on performance expectation and effort expectation. Based on the characteristics of users' behavior, relative competitive strategies of third-party online payment in the consumer market are put forward.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125867225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A Modeling and Empirical Test of China Interest Rate Corridor 中国利率走廊的模型与实证检验

The Finance Pub Date : 2017-06-14 DOI: 10.12677/FIN.2017.73019

楚义芳

{"title":"A Modeling and Empirical Test of China Interest Rate Corridor","authors":"楚义芳","doi":"10.12677/FIN.2017.73019","DOIUrl":"https://doi.org/10.12677/FIN.2017.73019","url":null,"abstract":"选择银行间质押式回购利率为货币市场代表性利率，以常备借贷便利为走廊上限做中国利率走廊模拟，结果表明，目前只有隔夜和7天品种的利率走廊效果明显。借助泰勒规则，对隔夜、7天、1个月、3个月、6个月五个期限品种的银行间质押式回购利率进行检验，结果显示，五种期限品种的质押式回购利率都满足泰勒规则。这说明，以质押式回购利率为标志的中国货币市场利率具有较高程度的可预估性；质押式回购利率可以作为中国利率走廊的目标利率；经过进一步持续的跟踪、模拟，可以形成中国利率走廊上限模型，并将之付诸市场实践。 We try to construct China Interest Rate Corridor by selecting the rates of REPO as a representative of China money market rates, and capped by SLF (Standing Lending Facility) rates, unfortunately only 2 (overnight and 7-days) of the 5 rates (plus: 1 month, 3 months, 6 months) have been effectively channeled by the respective corridors. But interestingly, all the 5 rates successfully passed the empirical test under Taylor’s Rule. It demonstrates that, under Taylor’s Rule, the REPO rates are to a greater degree predictable. So, it is reasonable to choose some REPO rate/rates as the target rate/rates of interest rate corridors, and it is also probable to further establish corridor cap by modeling, and put them into practice thereafter.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128856873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0