选好金融工具 规避汇率风险

本文针对汇率改革后青海省涉外企业对规避汇率风险的各类金融工具了解甚少的现状,就目前涉外企业可以选择的五种主要的金融避险工具及其适用范围和使用方法进行了介绍和分析,协助企业适应汇率改革,提高企业生存和盈利能力。

衍生金融工具在企业财务管理中的应用研究

随着社会经济和科学技术的快速发展,对于企业财务管理发展而言,原有的衍生金融工具已经无法适应其现阶段的需求和发展,同时由于经济全球化的影响,导致金融市场环境越来越复杂,商品之间的竞争日益激烈,因此,必须要加强对企业财务的管理,不断更新衍生金融工具,然后将其有效地应用在企业实际的财务管理中,促进企业长期且稳定的发展。主要阐述了衍生金融工具的概念和存在的风险,然后对其在企业财务管理发展中的具体应用进行了研究,进而提高衍生金融工具在企业财务管理中作用,并将其作用发挥到最大化。

促进黄金产业发展的金融工具创新

黄金产业是关系国民经济命脉、影响金融市场稳定的重要基础产业。黄金产业在保障国民经济和社会发展需要的同时,必须转变产业发展模式,加快结构调整和产业升级,走资源利用率高、经济效益优、环境污染少的可持续发展道路。面对日益激烈的市场竞争和价格波动,要以黄金市场金融工具创新为导向,学习、借鉴和吸收国外黄金市场发展和金融工具创新的先进经验,加快推进标准金租借平台、非标准金现货交易平台、黄金库存质押融资平台的搭建,加大黄金债券、黄金供应链融资等业务的创新力度。通过创新平台的建设和创新业务的拓展,丰富产金、用金企业的融资渠道,切实解决产金、用金企业"融资难"、"融金难"的问题;合理运用金融衍生工具抵御市场价格波动的风险,提升黄金产业企业的核心竞争力,促进我国黄金产业高质量、可持续地发展。

融媒体环境下基层新闻宣传工作的变革与创新——基于融媒体工具的应用研究

在融媒体环境下,基层新闻宣传工作正经历深刻 变革与创新。本文聚焦于融媒体工具在基层新闻宣传中的应 用实践,探讨融媒体环境下基层新闻宣传工作的变革需求及 融媒体工具推动基层新闻宣传工作的变革与创新策略,旨在 揭示融媒体工具在基层新闻宣传工作中如何驱动工作模式向 数字化、智能化转变,为相关单位的高质量发展提供参考意 见。

融媒体时代工具书出版的思考

为了更好地推动工具书的出版,文章采用实证方法,对比传统工具书与目前在线网络检索工具的不同,分析融媒体时代工具书出版的现状和困惑,提出融媒时代工具书应具有的基本特征是:提供优质丰富的内容,具有立体交互性;以用户需求为导向,提供知识服务;具有开放性,可碎片化和动态完善。文章以语文工具书、专科型工具书、学习型工具书的研发出版为例,分析目前出版界在融媒工具书的实践探索。文章认为,工具书的融媒化出版是必由之路,融媒体时代工具书的出版应在辞书内容、承载介质、编辑思维、编纂方式、人才培养及机制等方面进行进一步探索和努力。

论住房抵押贷款的证券化

实行住房抵押贷款证券化是支持住房产业发展 ,化解银行贷款风险和促进资本市场发展的客观需要。应参照国际经验 ,结合我国国情 ,建立专门的住房抵押二级机构 ,创新住房融资工具 ,选择适当的承销中介 。

Global Financial Crisis and Accounting Rules： The Implications of the New Exposure Draft （ED） Financial Instruments： Expected Credit Losses on the Evaluation of Banking Company Loans

During the financial crisis, the delayed recognition of credit losses on loans and other financial instruments was identified as a weakness in existing incurred loss model of impairment stated by International Accounting Standards （IAS） 39, because it is believed that this delay might generate pro-cyclical effects. In response to the recommendations of G20, Financial Crisis Advisory Group （FCAG）, and other international bodies, the International Accounting Standards Board （IASB） has undertaken, since 2009, as a part of the project to replace IAS 39, a project （partially shared with Financial Accounting Standards Board （FASB）） aimed at introducing an expected loss model of impairment. Within the scope of this subset project, the IASB has previously issued two exposure documents proposing models to account for expected credit losses： an exposure draft （ED） Financial Instrument： Amortized Cost and Impairment, published in November 2009, and a supplementary document （SD） Financial Instrument： Impairment, published jointly with the FASB in January 2011. However, neither of the two proposals received strong support from interested parties. Recently, the IASB, after the FASB＇s decision to withdraw from the joint project and to develop a separate expected credit loss model based on a single measurement approach consisting in the sole recognition of lifetime expected credit losses, published a third proposal--Ahe so-called expected credit losses model （ED/2013/3 Financial Instruments： Expected Credit Losses）.

Roles of Financial Innovation and Information Technology:Lessons from US Sub-prime Mortgage Crisis and Its Implications for China

The mortgage loan has evolved from a local lending instrument into a major global security and its role is unparallel to other financial instruments in the process of financial globalization. This paper explains how technology and financial innovation transformed the mortgage loan from a local security into a premier global security traded worldwide. It examines the fundamental flaws of this process and why it does not work in regards to mortgage lending and the re-securitization products that were created through financial innovation. The findings show that regulation was unable to keep pace with financial innovation, which created an environment where actors in the financial service sector were able to behave geographically irresponsibly by using information asymmetries to their advantage by par- ticipating in moral hazard activities and engaging in other immoral and unethical business practices that were centered around localized geography, which ultimately contributed to the global financial crisis. It also examines the roll of financial innovation in regard to the Lehman Brothers Mini-Bond in Hung and its role as a driving force behind China＇s newly emerging shadow banking sector. It concludes with a policy recommendation and its implication for China＇s continued economic development.

The Faithful Representation of Electrical Energy Sale and Purchase Agreements Under International Accounting Standards/International Financial Reporting Standards （IAS/IFRS）

This article aims at giving a contribution to the issue of accounting electrical energy sale and purchase agreements in accordance with the faithful representation principle. To this end, it must be ascertained whether electrical energy is bought/sold for an industrial use exclusively, so that the relevant transaction will be accounted as a normal purchase/sale, or through the lease of the relevant production plant, which would require the supply contract to be accounted in compliance with International Accounting Standards （IAS） 17 ＂Leasing＂. Alternatively, it must also be ascertained whether the relevant party is implementing financial trading strategies, as in such hypothesis, the supply contract is to be accounted as a financial instrument according to International Financial Reporting Standards （IFRS） 9/IAS 39 ＂Financial Instruments＂. Finally, the modalities used by a number of companies listed on European regulated markets to account such kind of contracts will be analyzed.

Recovery of Foreign Interest Rates from Exchange Binary Options

One of most challenging problems from applying the Black-Scholes model to financial derivatives, is reconciling the deviation between the expected and observed values. This study derives an extension of the Black-Scholes model and recovers the real drift of binary call options from their market prices. For space-dependent real drift, we obtain stable linearization and an integral equation. We also find that using market prices of options with different strike prices enables us to identify the term structure of the real drift. Results demonstrate that our new approach can confirm the existence of arbitrage opportunities in a binary option transaction.

Risk signal, financial derivatives transactions and the Indonesian GAAP

Motivated by the accounting events of firm＇s default related to derivatives and other financial instruments transactions, this study is aimed to investigate the capability of accounting information to signal the risks associated with the use of financial derivatives for hedging. Hypothesis are developed based on the theory and empirical evidences of manager＇s motive to use derivatives for hedging （Berkman ＆ Bradbury, 1968; Dune, et al., 2003） as well as signaling theory of accounting information （Ball ＆ Brown, 1968; Beaver ＆ Dukes, 1972; Jensen ＆ Meckling, 1976; Megginson, 1997）. The hypotheses are formulated in the Ordinary Least Square model. The study uses Statistical Product and Service Solutions （SPSS） version 14 as software to conduct the statistical tests. Non-bank and non-financial institutions firms with financial derivatives transactions listed in Indonesian Stock Exchange during 2001 to 2006 are chosen as the sample. Determinations of the time frame has considered the timing of introduction of revisions of accounting standard on derivatives and other financial instruments in Indonesia PSAK 50 Financial Instruments： Presentations and Disclosures which was published in July, 1998, as well as PSAK 55 Financial Instruments： Recognition and Measurements which was published in 1998. Based on the sample selections procedure and the completeness of the data required by the model, 24 firms listed during 2001-2006 or equal to 66 firm-years observations were identified as the data to be tested. Empirical evidences suggests that Indonesian GAAP is capable of providing signal associated with： （1） Fair value exposures related to manager＇s motive to reduce the cost of financial distress; （2） Cash flow exposures related to manager＇s motive to practice tax arbitrage as well as to overcome underinvestment problems; （3） Interest rate risks related to manager＇s motive to avoid the risk default due to limitations of debt covenants; （4） Forex risk related to manager＇s motive to control forex exposures caused by foreign operations as well as foreign sales.

The possible effects on the future management of local Italian authorities following the use of financial derivative instruments

The appeal from municipalities, provinces and regions to financial derivative instruments is tied to the need of overcoming the situations in a state of urgency inherent in a balance. On average, one local Italian authority in twenty has decided to underwrite a derivative product, giving life to a number of contracts that had a value of over 35 billion euro with an average value of 6.5 million for each contract until 2007. The boom of swaps has, since 2000 on, experienced a peak period from 2003 to the end of 2005, in which the Euribor rate touched a very low level, maintained itself for long periods at around 2% and fallen in some cases even under this value. Many of the contracts completed before 2006, which link the debt of local authorities to variable rates, but also many of those completed from 2006 onwards that moved debt onto fixed rate, which are now a source of loss for the balance of local authorities that have underwritten them. In the 2002-2008 period, the number of the stipulation of contracts local authorities reported to the Ministry of Economy and Finance is about 900, corresponding to more or less 150 per year, which affected 18 regions, 44 provinces, 532 municipalities and 4 mountain commtmities, for a total of 594 authorities. Therefore, the local authorities have approached the derivative instruments in an often approximate way without a real awareness, both for the conditions that were being negotiated and the effects that they would have produced in perspective. The purpose of this work is to highlight the consequences of the use of derivative instruments on the future management of local authorities.

LBOs in Theory and Practice, Learning Outcomes of a Crisis

The purpose of this paper is to examine whether or not a financial crisis has an impact on the use of financial tools like MBO （management buy-outs）. For a long time LBO （leveraged buyout） has being considered as an easy and tax saving way to transfer the property rights of SMEs companies. Financial markets speculation on the same time used this tool in a non reasonable way and transformed it on a bubble increasing furthermore the financial crisis. In a certain extend this paper proves that what happened is a remake of what happened in the late 1990. From a theoretical point of view the article proves that the LBO＇s are just a partial answer to the agency problems very present to the literature.

Economic Factors in the Use of Renewable Energy Sources in Kazakhstan

The purpose of this research was to study economic incentives to use renewable energy sources in the Republic of Kazakhstan and to give suggestions for production and circulation of the ＂green＂ certificates as a new financial instrument. The author analyzed European Union and Kazakhstani experience of economic incentives to reduce emissions and introduction of renewable energy sources. As a result of conducted research, the proposal to produce and circulate new financial instruments in Kazakhstan is made; as well as economic and environmental factors of renewable energy sources in the Republic of Kazakhstan are defined.

Global Financial Crisis： Systemic Failure and the Underlying Knowledge Gap

Recently, global financial crisis or meltdown rocked the international financial market. This havoc was the result of the reckless use of financial derivatives that received spontaneous patronization from the financial whiz, but it is strange to discover that those proponents of market economy embarked on policy that was purely Keynesian in principle. The episode started in August 2007 with the collapse of subprime mortgage market and reached its climax during August 2008. Central banks in many countries of the western world intervened in the market to pump additional fund to give buoyancy in the credit market. The crisis encapsulated with the queer idea of financial instruments and multiple origins related to subprime mortgage left its trail in both developed and developing countries. Thus, an elaborate analysis of the causal link among various innovative instruments highlighting a mismatch between academic doctrine and real-life perspective and the inadequacy of the institutional arrangements supposed to tame the volatility of the market may be a useful guide to financial analysts and policy planners. The purpose of this paper is to highlight systemic gaps in the meltdown and redefine the contour of macroeconomics most appropriate to weather such catastrophe in the future.

Importance of strengthening the control of bank risk under information background

In the context of the information age, with the causes of the financial deregulation of the bank in the financial industry competition intensifies, the communication of science and technology advancement, there are innovative financial instruments to achieve orgasm. With that, comes the increased risk of commercial banks. China＇ s banking innovation started late, but rapidly develops. More seriously, in the development of the innovation process, there is not enough emphasis on the legal risk, which causes great risks.

Research on the Reasonable Strategy of the Development of Commercial Banks under the Perspective of P2P Internet Financial Risks

In this paper, we conduct research on the reasonable strategy of the development of commercial banks under the perspective of P2P Internet financial risks. P2P financial model mainly for China＇ s small and medium enterprises and individuals to provides financing services. Generally need to use e-commerce professional network platform lending to help both sides to establish lending relationship and complete the related formalities. Traditional commercial banks need reform to keep up with the novel financial tools related to the Internet financing which will be discussed below.

Discussion on Practice of Financial Innovation in Chinese Commercial Banks

In general, based on the traditional operation and management model, innovation means reforming the activities of financial institutions, financial instruments, technology of financial services as well as organizational forms of financial markets, because promoting the overall development of the financial industry is the fundamental purpose of financial innovation, we should optimize the allocation of the existing resources of the financial institutions and improve financial efficiency, thus gradually promote the market competitiveness of financial institutions.

The Study of Legal Issue of Policy Banks

China has built three policy banks since 1994, which are China Development Bank, China Export-import Bank and China Agricultural Development Bank. Policy banks, as an important financial instrument, have made great contributions to the development of China＇ s economy. But there isn＇ t an official law fbr policy banks for a long time. They just operate based on some relevant documents and regulations of their own. However these documents and regulations are always indistinct in law, which is not good for the further development of policy banks and the accomplishment of our country＇ s financial system. As a result, in order to standardize the operation of China＇ s policy banks, it＇ s essential to position policy banks in law accurately, which is also the only way to legalize policy banks. Aiming at finding out the problems existing in policy banks of China in present, this paper analyzes the general theory of policy banks, some relevant international experience and the current situation of law position of china＇ s policy banks. In addition, through the analyses of possible solutions, this paper wishes to reconstruct the legal location of China ＇ s policy banks.

Micro Credit is a Tool for Women Entrepreneurship Development

As a result of 30 years of an internal armed conflict, women and children not only lost male relatives in struggle, but comprised of the displaced. Most of the households in Sri Lanka are now headed exclusively by women. The micro finance institutions help the poor people in effective ways in order to generate income to enhance their standard of living in the rural areas. This study focuses on women entrepreneurship development through micro credit programme under post war development in Jaffna District selecting four rural areas which are Kopay, Chavakachcheri, Varani and Kodikamam. The main objective of this study is to identify the linkage with micro credit programmes and entrepreneurship development. Further it has an objective to identify the impact of micro credit on entrepreneurship development. The information has been gathered by primary data which has been distributed through the close ended questionnaire to the rural women in the above selected areas and seventy seven （77） responded out of 100. The relation between the micro credit programmes and women entrepreneurship development is examined using Statistical Package for Social Sciences （SPSS）. It is concluded that the Entrepreneurship development has a significant relationship （p〈0.05） with the microcredit programme and its impact on entrepreneurship development is crucial. It is suggested that the microcredit facilities are essential in women entrepreneurship development under post war development.