The FinancePub Date : 2017-06-14DOI: 10.12677/FIN.2017.73018
吴 宏慧
{"title":"On the Benchmarking Effects of SHIBOR","authors":"吴 宏慧","doi":"10.12677/FIN.2017.73018","DOIUrl":"https://doi.org/10.12677/FIN.2017.73018","url":null,"abstract":"SHIBOR是中国正在培育的货币市场基准利率。本文从基准利率的基本属性出发,从市场性、抗干扰性、政策可调性、定价基准性四个方面,对当前SHIBOR作为中国货币市场基准利率的发展现状进行了分析。 SHIBOR is called on-the-progress benchmark interest rate of China money market. Based on the basic attributes of benchmark interest rates, this paper analyzes SHIBOR’s market breadth, stability, PBOC accessibility and various benchmarking correlations.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"33 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":"127052970","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}
The FinancePub Date : 2017-06-14DOI: 10.12677/fin.2017.73015
阎 可佳
{"title":"An Empirical Analysis on the Dynamic Conditional Correlations between the Both Return Indices of Shanghai Stock Exchange and Shenzhen Stock Exchange","authors":"阎 可佳","doi":"10.12677/fin.2017.73015","DOIUrl":"https://doi.org/10.12677/fin.2017.73015","url":null,"abstract":"基于上海证券交易市场上证综指和深圳证券交易市场深圳成分指数,本文计算了两市的收益指数。实证分析发现,在上证综指收益指数与深证成指收益指数之间,存在长期和短期协整关系、长期和短期双向Granger因果关系、高度动态条件相关关系、高度Clayton下尾依赖关系、以及高度Gumbel上尾依赖关系。 Based on the Shanghai Composite Index of Shanghai Stock Exchange and Shenzhen Component Index of Shenzhen Stock Exchange, this paper has calculated the compositional return indices of the both stock markets. The empirical analysis has found that between the both compositional return indices, there are long run and short run cointegration relations, long run and short run bidirectional Granger causality relations, higher dynamic conditional correlation (DCC), higher Clayton lower tail dependence, and higher Gumbel upper tail dependence.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"07 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":"130227007","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}
The FinancePub Date : 2017-06-14DOI: 10.12677/FIN.2017.73017
普 加丽
{"title":"Evaluation on the Internet Financial Innovation Ability of Chinese Commercial Banks—Based on the Analysis of CCB","authors":"普 加丽","doi":"10.12677/FIN.2017.73017","DOIUrl":"https://doi.org/10.12677/FIN.2017.73017","url":null,"abstract":"随着信息技术的发展,互联网金融创新成为我国商业银行改革的必经之路。本文以建设银行为典型样本对我国商业银行的互联网金融创新能力进行实证分析。首先,本文构建了由联网金融业务创新、科技应用创新、人力资源创新、风险管理创新等四大类指标组成的中国银行互联网金融创兴能力评价体系。其次,采用因子分析法对建设银行的互联网金融创新能力进行实证检验,并以工商银行和招商银行作为比较对象进行了分析。实证结果发现,建设银行的互联网金融创新综合能力与工商银行基本持平,并优于招商银行,但三家银行的四大分类指标表现各异。最后,本文提出我国商业银行应当从科技、人才、服务和产品以及风险管理四个方面来提高互联网金融创新能力。 With the development of information technology, it is necessary for Chinese commercial banks to accelerate their internet financial innovation. In this paper, an evolution system including indexes on the innovation of internet financial business, technology application, human resources and risk management has been constructed to analyze the internet innovation ability of banking sector in China. Taking CCB as a representative sample and ICBC and CMB as comparison objects, the author empirically tests on the internet financial innovation ability of the above three banks by factor analysis. The results prove that the comprehensive internet financial innovation ability of CCB stays at the same level with that of ICBC but higher than that of CMB, but the three banks present outstanding performance on different indexes. Therefore, Chinese commercial banks should improve their Internet financial innovation ability in aspects such as technology development, talents cultivation, service and product improvement, together with risk management.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"37 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":"133199350","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}
The FinancePub Date : 2017-06-14DOI: 10.12677/FIN.2017.73014
杨智玲, 鞠荣华
{"title":"兴仁县社会信用体系建设的模式与成效 The Model and Effect of Social Credit System Construction in Xingren County","authors":"杨智玲, 鞠荣华","doi":"10.12677/FIN.2017.73014","DOIUrl":"https://doi.org/10.12677/FIN.2017.73014","url":null,"abstract":"社会信用体系是金融基础设施建设的重要组成部分,对实现普惠金融具有重要意义。为推进农村普惠金融发展,提高农村金融服务的覆盖率和可得性,贵州省兴仁县农村商业银行结合当地的实际情况积极开展农村信用体系建设,探索出有特色的农村信用体系建设模式。本文通过总结兴仁县农村商业银行开展信用体系建设的具体实践,分析其在信用体系建设过程中取得的成效,进而对在全国范围内推进社会信用体系建设提出政策建议。 The social credit system is an important part of the financial infrastructure; it is beneficial to realize the inclusive finance. To promote the development of the rural inclusive finance and improve the coverage and availability of rural financial services, Xingren County Rural Commercial Bank in Guizhou Province actively carried out the rural credit system construction and explored a distinctive rural credit system construction model. This paper summarizes the practice of the credit system construction of Xingren County Rural Commercial Bank, and analyzes its achievements in the process of credit system construction, and puts forward some policy suggestions on promoting the construction of social credit system in the range of the whole country.","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":"123700588","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}
The FinancePub Date : 2017-05-02DOI: 10.12677/FIN.2017.72012
周 先平
{"title":"Should Stock Index Futures be Responsible for the 2015 Stock Market Crash?—An Empirical Analysis Based on Directional Spillover Models","authors":"周 先平","doi":"10.12677/FIN.2017.72012","DOIUrl":"https://doi.org/10.12677/FIN.2017.72012","url":null,"abstract":"2015年股灾期间,股指期货受到广泛批评。本文使用方向性波动溢出模型,研究了沪深300、中证500、上证50三种股票价格指数分别与IF、IC、IH股指期货之间的动态波动溢出效应。研究发现,股灾期间,IF对中证500、上证50确实有推波助澜的作用,但沪深300依然对IF有净(正向)波动溢出效应;2016年1月股指期货交易新规则推出以后,IF对沪深300、中证500、上证50都有净(正向)波动溢出效应。结论是,2015年股灾的爆发并不完全是由股指期货导致的,至少从净影响来看股指期货并没有加剧沪深300的波动;股指期货交易规则的调整并没有很好地平抑现货市场波动。对沪深300、中证500、上证50与IC,沪深300、中证500、上证50与IH的实证研究也支持这一结论。最后提出了一些完善股票交易规则和股指期货交易规则的政策建议。 During the 2015 stock market crash, stock index futures have been widely criticized. The dynamic volatility spillover effects between CSI 300, CSI 500, SSE 50 and IF, IC, IH index futures are examined respectively by using directional spillover models. The stock index futures should not solely responsible for the crash, which is especially true from the perspective of directional spillover effects between CSI 300 and IF. There are many transaction rule modifications for stock index futures including the introduction and suspension of circuit breakers, but those modifications destabilized the stock markets. Robustness analysis also supports the conclusions. Some policy implications and suggestions are given finally.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114694327","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}
The FinancePub Date : 2017-05-02DOI: 10.12677/fin.2017.72009
崔 婧岑
{"title":"Innovations of Financial Credit Services under the New-Type Urbanzation—Based on the Comparative Analysis between Beijing and Qinghai","authors":"崔 婧岑","doi":"10.12677/fin.2017.72009","DOIUrl":"https://doi.org/10.12677/fin.2017.72009","url":null,"abstract":"在新型城镇化建设的大背景下,金融业不仅是发展的条件,也是发展的目的之一,显得十分重要。一些金融机构也为推进我国新型城镇化建设,推出了一些新的信贷服务。然而我们认为信贷服务处于“需求大于供给”的状态,所以目前针对城镇化建设的相关信贷服务是远远不够的。通过了解新型城镇化框架下金融机构已推出的关于信贷服务的政策,以及其中特点及不足,从而对相关信贷政策的创新提出合理化建议。 With the construction of new urbanization, it is obviously vital that the financial industry is not only the condition of development, but also one of the objects to develop. Some financial institu-tions have provided various credit services to propel our new urbanization. However, we believe that the situation of financial institutions is demand greater than supply. Therefore, the current credit services are far from enough. We have understood the credit policies which have advantages and disadvantages published by the financial institutions. Finally, we have given rea-sonable suggestions on the innovation of the related credit policies.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128527604","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}
The FinancePub Date : 2017-05-02DOI: 10.12677/FIN.2017.72011
蔡 金雯
{"title":"Investigation and Analysis to Solve the Difficult Financing Problem for Small and Medium-Sized Enterprise Based on P2P Platform","authors":"蔡 金雯","doi":"10.12677/FIN.2017.72011","DOIUrl":"https://doi.org/10.12677/FIN.2017.72011","url":null,"abstract":"文献[1]表明中小型企业对国民经济发展的推动作用不可忽视,但在融资方面一直受阻,P2P平台的出现为中小型企业融资提供了便利的渠道。近几年P2P网贷平台发展迅速,但由于缺乏完善的监管系统和相关政策法律,P2P平台的发展方向呈现难控现象。我们应当通过规范市场准入条件、经营业务监管、资金安全的监管、加强信息披露等措施,促进P2P健康发展,进一步缓解中小企业融资难的问题。 Small and medium enterprises on how to give an impetus to the development of national economy cannot be ignored, but in terms of financing has been blocked, the emergence of P2P platform provides a convenient channel for small and medium-sized enterprise financing. P2P network credit platform has developed rapidly in recent years, but because of the lack of perfect regulation system and related policy and law, the development direction of P2P platform is difficult to control. We should standardize the market access, business regulation, capital safety regulation and strengthen information disclosure, promoting the healthy development of the P2P to further ease the small and medium-sized enterprise financing difficult question.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127097759","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}
The FinancePub Date : 2017-05-02DOI: 10.12677/FIN.2017.72008
何林, 肖嘉亮, 郭世昆
{"title":"学生贷款资产证券化设计研究—基于工资比例还款模式 The Research of Design for Asset Securitization of Student Loan—Based on Income Contingent Loan","authors":"何林, 肖嘉亮, 郭世昆","doi":"10.12677/FIN.2017.72008","DOIUrl":"https://doi.org/10.12677/FIN.2017.72008","url":null,"abstract":"工资比例还款模式学生贷款是指按照自身工资的一定比例偿还学生贷款的本息的一种学生贷款。其还款现金流的特殊性一方面保障了较高的还款率,另一方面也需要适合的融资模式才能保证正常运行。资产证券化作为一种灵活、低成本的融资模式较为适用。本文主要内容是设计一款针对工资比例还款模式学生贷款的资产支持证券,一方面有利于贷款的发放机构获得流动性,另一方面也为我国资产证券化市场增添新的活力。 The income contingent loan is a kind of student loans that students repay the loans with a certain percentage of the salaries. The special cash flows of the income contingent loan result in higher repayment rate of the loans, and require the suitable financing models in order to ensure the sustainable operation of the loans. As a flexible, low-cost financing model, asset securitization is applicable. This paper attempts to design the asset securitization of the income contingent loan. On the one hand, it is conducive for the lending institutions to obtain liquidity. On the other hand, it can re-energize the asset securitization market.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"07 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129599596","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}
The FinancePub Date : 2016-12-16DOI: 10.12677/FIN.2017.71004
孙云, 赵勋, 郑西凡
{"title":"从美国次贷危机看我国住房抵押贷款证券化 The Reflection of Us Subprime Crisis on China’s Mortgage-Backed Securitization","authors":"孙云, 赵勋, 郑西凡","doi":"10.12677/FIN.2017.71004","DOIUrl":"https://doi.org/10.12677/FIN.2017.71004","url":null,"abstract":"随着中国房地产市场,银行房贷业务和住房抵押贷款规模的不断扩大,中国住房抵押贷款证券化也开始试点运行。美国因其住房抵押贷款市场规模庞大,发展成熟成为了主要借鉴对象。然而2007年美国次贷危机也将住房抵押贷款证券化的一系列问题显现了出来,对中国住房抵押证券化的发展造成了深远影响。本文旨在通过对我国住房抵押贷款证券化的发展现状及问题进行探析,在借鉴美国次贷危机经验教训的基础上,通过具化住房抵押贷款证券化流程,比对同阶段中美住房抵押贷款证券化的差异,研究适合我国住房抵押贷款证券化的发展道路。 With the development of the China’s real estate market, the rapid growth of bank mortgage business and continuous expansion of housing mortgage loan, China started a pilot project on MBS. The 2007 American sub-prime mortgage crisis exposed the problem of MBS in America. It also has a profound influence on the development of China’s MBS. On the basis of the lessons learning from the American sub-prime mortgage crisis, this paper aims to analyze the current situation and problems of MBS in China and put forward some advices.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123851996","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}