The Finance最新文献_第6页

普惠金融视角下民营银行发展：理念、困境与建议普惠金融视角下民营银行发展：理念、困境与建议

The Finance Pub Date : 2016-12-16 DOI: 10.12677/FIN.2017.71006

汪连新

{"title":"普惠金融视角下民营银行发展：理念、困境与建议","authors":"汪连新","doi":"10.12677/FIN.2017.71006","DOIUrl":"https://doi.org/10.12677/FIN.2017.71006","url":null,"abstract":"党的十八届三中全会首次提出“发展普惠金融”的理念，这是一种战略选择，也是基于我国金融业改革发展的现实要求，我国金融业迎来了新的发展机遇，同时也面临更深层的改革和转型。我国民营银行在发展初期，自身也存在的诸多问题和制度障碍，表现为出其难以树立良好信用、缺乏专业经营，人才缺乏、抵御风险能力较弱、业务经营范围受限制，同质化竞争严重等方面。本文遵循十八届五中全会提出“创新、协调、绿色、开放、共享”的新发展理念，扶持民营银行发展，加快我国银行业向多元化、市场化、专业化发展，以实现构建普惠金融的制度目标。 The Third Plenary Session of the 18th Central Committee of the Party puts forward the idea of “developing Pratt & Whitney Finance” for the first time. This is a strategic choice. Based on the reality of China’s financial industry reform and development, China’s financial industry has new development opportunities and also faces a deeper reform and transformation. China’s private banks are in the early stages of development. There are many problems and institutional barriers. It is difficult to establish a good credit, lacks professional management, lacks talents and has a weak ability to resist risks. Business scope is limited. The paper follows the new ideas of “innovation, harmonization, green, open and sharing” put forward in the 18 fifth plenary session, supports the development of private banks, and accelerates the diversification, marketization and specialization of China’s banking industry in order to achieve the goal of establishing the Pratt & Whitney financial system.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"48 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":"122665936","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

创新驱动发展因素分析 Analysis on the Factors of Innovation Driven Growth 创新驱动发展因素分析 Analysis on the Factors of Innovation Driven Growth

The Finance Pub Date : 2016-12-16 DOI: 10.12677/FIN.2016.71001

扶青

引用次数: 0

多期动态资产负债管理模型的研究—Mean-Field方法的应用 Study on a Multi-Period Mean-Variance Model with Liabilities—The Application of the Mean-Field Method 多期动态资产负债管理模型的研究—Mean-Field方法的应用 Study on a Multi-Period Mean-Variance Model with Liabilities—The Application of the Mean-Field Method

The Finance Pub Date : 2016-12-16 DOI: 10.12677/FIN.2017.71003

梁雪

引用次数: 0

负利率对养老金替代率和储蓄率影响的研究 The Study of the Influence of the Negative Interest Rate on Pension Replacement Rate and Saving Rate 负利率对养老金替代率和储蓄率影响的研究 The Study of the Influence of the Negative Interest Rate on Pension Replacement Rate and Saving Rate

The Finance Pub Date : 2016-10-13 DOI: 10.12677/FIN.2016.64013

张豪, 李彦夫, 牟娟, 周芬

{"title":"负利率对养老金替代率和储蓄率影响的研究 The Study of the Influence of the Negative Interest Rate on Pension Replacement Rate and Saving Rate","authors":"张豪, 李彦夫, 牟娟, 周芬","doi":"10.12677/FIN.2016.64013","DOIUrl":"https://doi.org/10.12677/FIN.2016.64013","url":null,"abstract":"基于世代交替模型(OLG模型)和简单目标储蓄理论的两阶段模型分析研究负利率对养老模型中的储蓄率和实际储蓄率的影响，继而得出实际利率小于−1时，储蓄率与养老金替代率成负相关。随着养老金替代率的下调。当中央银行实行负利率的时候，养老储蓄率会上升，而利率降低则会导致实际储蓄率上升。鉴于实行负利率会导致储蓄率上升，进而对经济产生负面影响的结果，因此得出国内不能实行名义负利率的结论。 This mainly draws a conclusion that the savings rate and pension replacement rate have a negative correlation when the interest rate is less than −1, which is based on two-stage model analysis of the impact of negative interest rates generational model (OLG model) and the simple theory of pension savings target model and the actual savings rate savings rate. The retirement savings rate will rise when the central bank implements the negative interest rates and the lower interest rates will lead to the rise of the actual savings rate with the pension replacement rate being lower. In view of the fact that implementation of negative interest rates will lead to the increase of the savings rate, and has a negative impact on the economy, the negative interest rates cannot be implemented in the country.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122209869","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

中国城市不动产价格泡沫之比较探讨 China’s Housing Bubbles and the Driving Factors—A Comparison of Three Cities 中国城市不动产价格泡沫之比较探讨 China’s Housing Bubbles and the Driving Factors—A Comparison of Three Cities

The Finance Pub Date : 2016-10-13 DOI: 10.12677/FIN.2016.64014

黄斐, 林左裕

{"title":"中国城市不动产价格泡沫之比较探讨 China’s Housing Bubbles and the Driving Factors—A Comparison of Three Cities","authors":"黄斐, 林左裕","doi":"10.12677/FIN.2016.64014","DOIUrl":"https://doi.org/10.12677/FIN.2016.64014","url":null,"abstract":"在中国大陆贷款利率及不动产相关税负长期偏低之下，住宅产品的投资需求不断上升，使得房价一路高涨。截至2010年，中国大陆推出一系列以抑制房价为主要目的的宏观调控政策。由于中国大陆地幅辽阔，各地的不动产市场因受各种因素影响而发展各异，因此本文选择了北京、上海、广州三个具区域发展代表性的重点城市作为研究对象。本文以基本价值与市场价格间的差距作为泡沫程度的估计，计算这三个城市2007年至2012年的房价泡沫情况。藉由这三个城市的不动产市场泡沫情况，通过共整合分析来探讨中国城市不动产价格泡沫的影响因素。实证结果显示，人均可支配收入、金融机构各项信贷总额都与不动产价格泡沫具有正向关系，不动产价格泡沫则对其本身具有负面影响，而抵押贷款利率与不动产价格泡沫先是正向而后转为负向的关系。研究结果建议政府在针对不同城市之房价泡沫处理上，宜针对城市的特性对症下药，方可能得到预期的政策效果。 The long-term low interest rates for mortgages and the real estate related taxes in China conti-nuously encouraged the investment demand for housing products, and consequently resulted in high housing prices. Chinese government launched a series of housing regulation to dampen the over-heating real estate market since 2010. Given that China has a vast territory of great variety, the impact of these policy tools on different local real estate markets may vary. The purpose of this study aims to explore the real estate bubbles and the determinants in Beijing, Shanghai and Guangzhou. We measured the housing bubbles in these cities from 2007 to 2012 by comparing the fundamental values with market prices. Based on the estimated housing bubbles, we then applied the Cointegration analysis to further explore the factors contributing to the housing bubbles in three cities. The empirical results show that disposable income and total mortgage loans of financial institutions are positively related to China’s housing bubbles. In addition, the impact of loan interest on housing bubbles was positive first and then turns negative with respect to the magni-tude of increasing rates. Results of this study suggest that macro policy tools to curb bubbles should consider different characteristics of cities for plausible policy results.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115555920","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GM(1,1)模型的珠海横琴新区固定资产投资分析与预测 Analysis and Forecast on Investment in Fixed Assets of Hengqin New Area in Zhuhai Based on GM(1,1) 基于GM(1,1)模型的珠海横琴新区固定资产投资分析与预测 Analysis and Forecast on Investment in Fixed Assets of Hengqin New Area in Zhuhai Based on GM(1,1)

The Finance Pub Date : 2016-05-13 DOI: 10.12677/FIN.2016.63011

黄玲, 刘婧

引用次数: 0

我国商业银行开展投资银行业务的策略探析 Studies on Strategies for Domestic Commercial Banks to Develop Investment Banking Businesses 我国商业银行开展投资银行业务的策略探析 Studies on Strategies for Domestic Commercial Banks to Develop Investment Banking Businesses

The Finance Pub Date : 2016-05-13 DOI: 10.12677/FIN.2016.63010

刁璐, 陈赫

{"title":"我国商业银行开展投资银行业务的策略探析 Studies on Strategies for Domestic Commercial Banks to Develop Investment Banking Businesses","authors":"刁璐, 陈赫","doi":"10.12677/FIN.2016.63010","DOIUrl":"https://doi.org/10.12677/FIN.2016.63010","url":null,"abstract":"随着金融全球化的发展，发展投资银行业务，已经作为商业银行提高赢利水平、增强金融创新能力的重要内容，正日益受到国内各家商业银行的瞩目。为了顺应金融市场的变革对传统商业银行业务的挑战和市场竞争，满足客户的全方位的金融服务要求，大力发展投资银行业务,实现资本市场业务和商业银行业务的对接,是我国商业银行为应对挑战,培育其核心竞争力，推进其经营结构调整而作出的一项有效的战略性选择。对于目前尚处于摸索阶段的商业银行投资银行业务仍有一些问题需要引起重视。本文以国外开展投资银行业务的理论与实践为鉴，探析了国内商业银行投资银行业务开展的必要性及其存在的主要问题，并提出了相应的对策。 With the development of financial globalization, investment banking businesses, which have been used as an important part of commercial banks to improve the level of profitability and enhance financial innovation capability, are increasingly subject to the attention of domestic commercial banks. In order to adapt to the changes in the financial market of the traditional commercial banking business challenges and market competition and to meet a full range of financial services of customers, vigorously developing investment banking business and docking capital market businesses and commercial banking businesses is an effective strategic choice for China's com-mercial banks to cope with the challenges, cultivate its core competitiveness and promote its business structure adjustment. For the commercial banks still stay in the exploratory stage of the investment banking business, there are still a number of issues that need to be paid attention to. This paper takes the theory and practice of overseas investment banking for reference; then studies the necessity and problems of domestic commercial banks’ investment banking business, and finally puts forward the corresponding countermeasures.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133447532","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

Research on Analyst: A Survey and New Developments 分析师研究:综述与新进展

The Finance Pub Date : 2016-05-13 DOI: 10.12677/FIN.2016.63012

俞鸿琳

{"title":"Research on Analyst: A Survey and New Developments","authors":"俞鸿琳","doi":"10.12677/FIN.2016.63012","DOIUrl":"https://doi.org/10.12677/FIN.2016.63012","url":null,"abstract":"对分析师的研究是近年来公司金融领域中的研究热点，其研究的中心问题是对分析师预测的精准性及其影响因素的考察。本文以这一中心问题作为主线来梳理相关文献，综述了有关对分析师预测精准性研究以及对分析师预测精准性影响因素探讨的文献，并介绍了相关研究的最新进展——注重私有信息对分析师预测的重要性，以及对分析师关系网络研究的兴起。本文最后认为，对分析师关系网络的研究尚有充足的空间，尤其对于我国，关系网络对分析师预测的影响作用将会更为重要和突出。 The research on analyst is hot in the corporate finance field. The key issue is the research on the accuracy of analysts’ forecast and the factors affecting the accuracy of analysts’ forecast. The article reviewed the research paper about the accuracy of analysts’ forecast and the factors affecting the accuracy of analysts’ forecast. Besides, the article introduced the lately development of the research on analyst—emphasis on the importance of private information to analysts’ forecast and the rise of the research on analysts’ social network. The article holds that there is plenty of space to research the analysts’ social network. Especially in China, the social network which influences the analyst forecasts will be more important and prominent.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116198761","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

从台湾授信评估方式探讨中国大陆地区中小企业授信评估要素之研究 Study on Mainland China SME Credit Assessment Elements Using Credit Assessment Methods from Taiwan from Taiwan

The Finance Pub Date : 2016-05-13 DOI: 10.12677/FIN.2016.63009

李梁坚, 吴林娜

引用次数: 0

Enterprises Life Cycle and Capital Structure of SMEs 企业生命周期与中小企业资本结构

The Finance Pub Date : 2016-02-03 DOI: 10.12677/FIN.2016.62006

王汀汀

{"title":"Enterprises Life Cycle and Capital Structure of SMEs","authors":"王汀汀","doi":"10.12677/FIN.2016.62006","DOIUrl":"https://doi.org/10.12677/FIN.2016.62006","url":null,"abstract":"生命周期对企业财务行为有着重要影响。本文以571家中小企业板制造业企业2010~2014年的数据为样本，用现金流量法界定企业所处生命周期，并对不同阶段的资本结构及其影响因素进行对比分析。实证结果表明，相对于成熟期和衰退期，成长期企业资产负债率和长期负债率更高。在企业生命周期的不同阶段，资本结构的影响因素也存在差异：成长期企业资产负债率与成长能力正相关，与非债务税盾负相关，而成熟期和衰退期企业资产负债率则受到盈利能力的负向影响；成长期和衰退期企业长期负债率受企业规模的正向影响以及成长能力和非债务税盾的负向影响，而成熟期企业长期负债率则与盈利能力负相关。 The enterprises life cycle always has a significant effect on financial behavior. In this paper, we construct a panel data containing 571 listed SMEs during 2010 and 2014 as samples. We use cash flow structure to measure life cycle of our samples, and aim at exploring and comparing the decisions of capital structure of SMEs in different life cycle. It turns out that compared with maturation and recession stages, the growth stage has higher Debt-Asset Ratio (DAR) and Long Term Debt Ratio (LTD); influencing factors of the capital structure are various among different stages. The growth has a positive effect on DAR in growth stage while non-debt tax shield has a negative one. But the probability and DAR in maturation and recession stages are negatively correlated. Besides, the firm’s size has positive effects on LTD in growth and recession stages while the non-debt tax shield and growth have negative ones. Probability is negatively correlated with LTD in maturity stage.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"166 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122058595","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