The Finance最新文献_第8页

金融发展对居民收入不平等影响的实证分析—来自云南16个地州市的经验证据 The Effect of Financial Development on the Residents’ Income Inequality—An Empirical Analysis from 16 Cites in Yunnan Province 金融发展对居民收入不平等影响的实证分析—来自云南16个地州市的经验证据 The Effect of Financial Development on the Residents’ Income Inequality—An Empirical Analysis from 16 Cites in Yunnan Province

The Finance Pub Date : 2015-10-09 DOI: 10.12677/FIN.2015.54011

刘方, 杨晓鹃

{"title":"金融发展对居民收入不平等影响的实证分析—来自云南16个地州市的经验证据 The Effect of Financial Development on the Residents’ Income Inequality—An Empirical Analysis from 16 Cites in Yunnan Province","authors":"刘方, 杨晓鹃","doi":"10.12677/FIN.2015.54011","DOIUrl":"https://doi.org/10.12677/FIN.2015.54011","url":null,"abstract":"云南省金融发展对居民收入不平等的改善具有一定的作用。论文采用2008~2012年云南省16个地州市的面板数据进行实证分析，结果发现：云南省金融发展与收入不平等是非线性关系，二者呈“倒U型”。因此，缩减云南省居民间的收入不平等必须注重金融发展的规模与效率、深化金融发展的同时需考量区域间金融发展和收入不平等存有的异质性，才能制定良好的经济金融政策，以缩减居民收入不平等程度。 Financial development has a certainly effect on the reduction of income inequality. Using the panel data of 16 cities from 2008 to 2012 in Yunnan Province, this paper examines the relationship between financial development and residents’ income inequality by empirical analysis in Yunnan Province. The results of regression suggest that there is a nonlinear relationship of “inverted U shape” between financial development and income inequality. Therefore, reducing the income inequality needs to pay attention to the scale and efficiency of financial development, deepen financial development, and consider the entities of heterogeneity in regional financial development and income inequality for making perfectly economic and finance policies to reduce the income inequality of residents in Yunnan.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"165 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114513167","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

国有股与政府董事对银行业绩的影响 The Effect of State Ownership and Government-Affiliated Board Members on the Performance of Banks in China 国有股与政府董事对银行业绩的影响 The Effect of State Ownership and Government-Affiliated Board Members on the Performance of Banks in China

The Finance Pub Date : 2015-10-09 DOI: 10.12677/FIN.2015.54008

郎灵

{"title":"国有股与政府董事对银行业绩的影响 The Effect of State Ownership and Government-Affiliated Board Members on the Performance of Banks in China","authors":"郎灵","doi":"10.12677/FIN.2015.54008","DOIUrl":"https://doi.org/10.12677/FIN.2015.54008","url":null,"abstract":"以2004年到2013年30家银行的数据作为样本，分析国有股和政府董事对银行资产收益率、不良贷款率和收入费用率的影响。结果显示，国有股比例越高，或政府董事比例越高，对经营业绩负面的影响越明显。这与政府重视社会利益和政治利益的假说一致。过去十年中政府介入对不良贷款率所代表的银行稳健性明显地产生了不利影响。减少政府干预，发挥市场机制的调节作用有利于建设稳健的银行体系。 Using the data of 30 Chinese banks during the period of 2004–2013 as a sample, we analyze the im-pacts of state ownership and government-affiliated board members on bank’s return on assets, non-performed loan rates and cost-income rates. We find that the higher state-owned stock rate and more government-affiliated members make bank performance worse. The result is consistent with the hypotheses of “development view” or “politic view” of government. In the past decade govern-ment’s intervention made negative effect on banks’ soundness measured by NPL rate. The findings suggest that the government has to give up the intervention in order for a more effective and sound banking system.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124405611","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

Empirical Analysis of Impacts of QFII Trading Strategies on Stock Returns QFII交易策略对股票收益影响的实证分析

The Finance Pub Date : 2015-10-09 DOI: 10.12677/fin.2015.54010

刘慧香

{"title":"Empirical Analysis of Impacts of QFII Trading Strategies on Stock Returns","authors":"刘慧香","doi":"10.12677/fin.2015.54010","DOIUrl":"https://doi.org/10.12677/fin.2015.54010","url":null,"abstract":"从行为金融学的角度出发，考察2010年三季度至2014年三季度70家QFII的交易策略对股票收益的影响。首先，通过MT指标的构建，检验惯性或反转现象的存在性；然后，按照MT值将不同的股票进行分类，采用Jegadeesh和Titman (1993)的模型研究惯性或反转交易策略的收益性，考察QFII的惯性或反转交易策略对股票收益的影响。结果表明，QFII大多倾向于追涨杀跌的惯性交易策略，并且惯性收益随着MT值的增长而增长，说明QFII的惯性交易策略影响了股票的惯性收益。 From the viewpoint of behavioral finance, this paper investigates the impact on stock returns of trading strategies for 70 QFII from the third quarter of 2010 to the third quarter of 2014. Firstly, the existence of momentum or contrarian phenomenon is tested by constructing a MT measure; then, the sample stocks are classified by the value of MT, and the stock returns are examined by using the model of Jegadeesh and Titman (1993) to analyze the impact of momentum or contra-rian strategy of QFII on stock return. Empirical results show that QFII tend to mostly use momentum strategy and also momentum return grows with the growth of MT value, implying that momentum strategy of QFII affects stocks’ momentum return.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123748231","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

中国农村资金互助组织发展的现状及对策 Status Quo and Countermeasures of Development of Rural Mutual Cooperative Organizations in China 中国农村资金互助组织发展的现状及对策 Status Quo and Countermeasures of Development of Rural Mutual Cooperative Organizations in China

The Finance Pub Date : 2015-07-01 DOI: 10.12677/FIN.2015.53006

鞠荣华, 刘芸利

{"title":"中国农村资金互助组织发展的现状及对策 Status Quo and Countermeasures of Development of Rural Mutual Cooperative Organizations in China","authors":"鞠荣华, 刘芸利","doi":"10.12677/FIN.2015.53006","DOIUrl":"https://doi.org/10.12677/FIN.2015.53006","url":null,"abstract":"本文在对4个省、自治区和直辖市包括7家正规和7家非正规的农村资金互助组织进行调研访谈的基础上，从治理机制与风险控制、基本业务规则、经营状况和社会认可度几个方面描述了我国农村资金互助组织发展的现状，认为农村资金互助组织具有志愿服务、社区基础、无需抵押和资金封闭运行等优势，但也存在内部治理不完善、缺乏外部监管、名称被滥用、不能接入央行系统等问题，最后，本文提出了完善法律法规、明确监管主体、借助行业协会力量进行监管的对策建议。 On the basis of field interview and questionnaire investigation on 14 sample rural mutual cooper-ative organizations in 4 provinces, autonomous regions and municipalities in China, among which 7 are formal approved by China Banking Regulatory Commission and the other 7 are informal. This paper describes the status quo from perspectives of governance and internal control, business rules, operation results and social cognition, proposes the advantages of these organizations such as volunteer service, community basis, no need of mortgage and closed funds operation, and points out the problems of these organizations such as incomplete internal governance, lack of external supervision, name abuse and no connection with central bank system. Finally, the paper makes some suggestions such as improving law and regulations, clarifying regulatory body and drawing support from mutual cooperative association.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130606144","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

个股特质流动性风险与资产定价—基于中国A股市场的实证研究 Idiosyncratic Liquidity Risk and Asset Pricing—An Empirical Research Based on Data of China’s Stock Market 个股特质流动性风险与资产定价—基于中国A股市场的实证研究 Idiosyncratic Liquidity Risk and Asset Pricing—An Empirical Research Based on Data of China’s Stock Market

The Finance Pub Date : 2015-07-01 DOI: 10.12677/FIN.2015.53007

梁建峰, 孟令昊

{"title":"个股特质流动性风险与资产定价—基于中国A股市场的实证研究 Idiosyncratic Liquidity Risk and Asset Pricing—An Empirical Research Based on Data of China’s Stock Market","authors":"梁建峰, 孟令昊","doi":"10.12677/FIN.2015.53007","DOIUrl":"https://doi.org/10.12677/FIN.2015.53007","url":null,"abstract":"传统观点认为通过充分分散投资，资产的个股特质流动性风险可被完全对冲，因此资产定价研究主要探讨系统流动性风险溢价。然而，最新文献成果验证了美国股票市场个股特质流动性风险与股票价格的显著相关关系，令个股特质流动性风险因子受到学术关注。本文通过横截面分析和时间序列回归研究中国A股市场个股特质流动性风险的定价作用。结果显示中国A股市场特质流动性波动率是相对独立的风险因子且与资产收益率呈显著正相关；经典定价模型加入个股特质流动性风险因子后对中国A股市场的解释力和资产定价效率均得到提高。 It is well accepted that in a well-diversified portfolio, only systematic liquidity risk affects asset returns. However, recent research finds out that idiosyncratic liquidity risk is positively priced in the cross-section of stock returns in US stock market. This paper defines idiosyncratic volatility of liquidity as a proxy for idiosyncratic liquidity risk, and investigates the effect of idiosyncratic vo-latility of liquidity on asset pricing based on data of China’s stock market. It turns out that in China’s stock market, idiosyncratic volatility of liquidity is a relatively independent variable, and it presents significant and stable positive correlation with the stock return.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114777246","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 DARE for VaR 对风险的挑战

The Finance Pub Date : 2015-05-13 DOI: 10.3917/FINA.361.0007

Benjamin Hamidi, Christophe Hurlin, P. Kouontchou, Bertrand B. Maillet

引用次数: 4

论套期保值中金融工具侧盈亏的性质 On the Nature of Financial Tool Side of Profit and Loss in the Hedge 论套期保值中金融工具侧盈亏的性质 On the Nature of Financial Tool Side of Profit and Loss in the Hedge

The Finance Pub Date : 2015-04-29 DOI: 10.12677/FIN.2015.52005

毕鹏

{"title":"论套期保值中金融工具侧盈亏的性质 On the Nature of Financial Tool Side of Profit and Loss in the Hedge","authors":"毕鹏","doi":"10.12677/FIN.2015.52005","DOIUrl":"https://doi.org/10.12677/FIN.2015.52005","url":null,"abstract":"在套期保值中，金融工具侧能与现货侧匹配上的盈亏，其性质是风险对冲因子，不直接影响企业的损益，无论是盈是亏，无论盈亏多少，都不应该“大惊小怪”。金融工具侧因基差产生的盈利，其性质类似于财产清理中恰逢相关资产价格走高所获得的非正常收益；而亏损的性质类似于财产保险中投保人所获得的保险赔偿不能完全覆盖其财产损失部分。金融工具侧因套保方案执行不严格所产生的盈亏，其性质属于企业投机所产生的盈亏，应该加强管理，避免发生。 In a hedging, profits and losses made by financial tools can be matched with those made by spot exchanges. The hedging of risk does not directly affect the profit and loss of the enterprise. Re-gardless of its profitability and the amount of profit or loss, one should not fuss. Profits generated by changing of basis in financial tools are similar to the abnormal returns gained by rising of the relevant asset prices in the property liquidation, while losses are similar to those parts of property losses which the insurance cannot cover. Profits and losses of an enterprise caused by a lax ex-ecution of hedging scheme should belong to those profits and losses made by speculation. The en-terprise should strengthen management to avoid this.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131751808","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

The Estimation of RMB’s Equilibrium Exchange Rate Based on BEER Method 基于BEER法的人民币均衡汇率估算

The Finance Pub Date : 2015-01-08 DOI: 10.12677/FIN.2015.51002

谢朝阳

{"title":"The Estimation of RMB’s Equilibrium Exchange Rate Based on BEER Method","authors":"谢朝阳","doi":"10.12677/FIN.2015.51002","DOIUrl":"https://doi.org/10.12677/FIN.2015.51002","url":null,"abstract":"本文在对已有的均衡汇率决定理论和方法进行比较和简要评述的基础上，选择BEER方法实证测算了人民币实际均衡汇率和实际汇率的错位情况。协整方程表明净国外资产的增加、非贸易品与贸易品价格之比上升和贸易条件的改善都会引起人民币实际汇率升值，而贸易开放度提高会引起人民币实际汇率贬值；所选样本期内汇率错位情况表明，除个别年份实际汇率接近均衡汇率水平外，多数年份都存在不同程度的错位；近几年来人民币实际汇率并不存在着严重低估，甚至还存在着一定程度的高估。因此，我们应坚持汇率制度改革的进程，根据国内经济结构和形势变化推进改革，避免受外部力量的影响和干扰。 This paper firstly compares some theories and methods for assessing the equilibrium exchange rate, and then applies BEER method to estimate RMB’s real equilibrium exchange rate and its mi-salignment. The cointegration equation indicates that the increment of net foreign assets, the im-provement of the terms of trade and the increment of the ratio between the price of non-traded goods and that of traded goods will drive RMB real exchange rate appreciation while the enhance of trade openness will drive RMB real exchange rate depreciation. And the misalignment result shows that misalignment of RMB’s real exchange rate exists in most periods of the observed periods. The current RMB real exchange rate is a little overvalued instead of undervalued. We should insist on the process of exchange rate reform and carry forward it gradually depending on our economic structure and situation.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"436 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132608116","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

人民币跨境流通对金融生态的影响分析 Analysis of the Impact of RMBCross-Border Circulation on Financial Ecology 人民币跨境流通对金融生态的影响分析 Analysis of the Impact of RMBCross-Border Circulation on Financial Ecology

The Finance Pub Date : 2015-01-08 DOI: 10.12677/FIN.2015.51003

柳娜, 刘方, 丁文丽

{"title":"人民币跨境流通对金融生态的影响分析 Analysis of the Impact of RMBCross-Border Circulation on Financial Ecology","authors":"柳娜, 刘方, 丁文丽","doi":"10.12677/FIN.2015.51003","DOIUrl":"https://doi.org/10.12677/FIN.2015.51003","url":null,"abstract":"人民币跨境流通是当前我国推进人民币国际化战略的关键环节和重要步骤。随着人民币跨境流通规模的显著增大，必然对当前所处的金融生态提出更高要求，它不啻带来诸多负面冲击，而且还倒逼加快改善我国的金融生态。因此，推进人民币跨境流通的同时必须着力改善我国的金融生态，建立更加符合现代化的金融服务支撑体系，减弱人民币跨境流通对金融生态的负面影响，提升正向效应，从而更好地发挥其正向导引作用。 RMB cross-border circulation is the key part and the important step of promoting the RMB inter-nationalization strategy. With the expanding to more countries and areas worldwide, the circulation of RMB requires that China should provide a perfect financial ecology under its impacts. As a result, with improving RMB cross-border circulation, China should also improve its financial ecology at the same time, setting up the modern financial service support system which abates the negative impact of the financial ecology by RMB cross-border circulation and promotes its positive effects.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134298738","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

P2P网络借贷平台信用风险研究 Research on Credit Risk of P2P Network Lending Platform P2P网络借贷平台信用风险研究 Research on Credit Risk of P2P Network Lending Platform

The Finance Pub Date : 2015-01-08 DOI: 10.12677/FIN.2015.51001

谢朝阳, 王娇

{"title":"P2P网络借贷平台信用风险研究 Research on Credit Risk of P2P Network Lending Platform","authors":"谢朝阳, 王娇","doi":"10.12677/FIN.2015.51001","DOIUrl":"https://doi.org/10.12677/FIN.2015.51001","url":null,"abstract":"本文通过对P2P网络借贷平台信用风险进行结构性分析，探究平台内部不同关联主体之间的信用风险，进而结合我国P2P网络借贷平台发展情况，分析国内P2P平台信用风险及其成因。鉴此提出，监管层应设置P2P平台准入门槛，强化过程监管，建立P2P行业信用评级标准，实施资金托管制度等。此外，平台应加强自律，严格执行对借款人的信用审核，加强平台风险管理，且平台与平台之间应加强合作，促进信息共享。 Through making an structural analysis on credit risk of P2P network lending platform, this article discussed the credit risks among different related subjects of the internal platform, and then ana-lyzed the credit risk and its causes of the domestic P2P platform combined with the development of P2P network lending platform in China. So we proposed that regulators should set the access threshold, strengthen the process of supervision, establish a credit rating of P2P industry standards, and implement the fund trusteeship system, etc. In addition, the platform should strengthen self-discipline, execute the credit checks of the borrower's strictly, and reinforce the risk management. Besides, the platform should strengthen the cooperation with the other platforms, and facilitate the information sharing.","PeriodicalId":251115,"journal":{"name":"The Finance","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126912991","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: 6